# EDGAR Filing Document

**Accession Number:** 0000898745
**File Stem:** 0000898745-26-000760
**Filing Date:** 2026-6
**Character Count:** 2614235
**Document Hash:** c841f6c8b922b1d5ca38f72d67c09acf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898745-26-000760.hdr.sgml**: 20260626

**ACCESSION NUMBER**: 0000898745-26-000760

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 80

**FILED AS OF DATE**: 20260626

**DATE AS OF CHANGE**: 20260626

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRINCIPAL FUNDS, INC.
- **CENTRAL INDEX KEY:** 0000898745

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

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07572
- **FILM NUMBER:** 261125072

**BUSINESS ADDRESS:**
- **STREET 1:** 711 HIGH STREET
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392
- **BUSINESS PHONE:** 515-235-9328

**MAIL ADDRESS:**
- **STREET 1:** PRINCIPAL FINANCIAL GROUP
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRINCIPAL FUNDS, INC
- **DATE OF NAME CHANGE:** 20211220

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRINCIPAL FUNDS INC
- **DATE OF NAME CHANGE:** 20080616

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRINCIPAL INVESTORS FUND INC
- **DATE OF NAME CHANGE:** 20001012
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRINCIPAL FUNDS, INC.
- **CENTRAL INDEX KEY:** 0000898745

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

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-59474
- **FILM NUMBER:** 261125071

**BUSINESS ADDRESS:**
- **STREET 1:** 711 HIGH STREET
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392
- **BUSINESS PHONE:** 515-235-9328

**MAIL ADDRESS:**
- **STREET 1:** PRINCIPAL FINANCIAL GROUP
- **CITY:** DES MOINES
- **STATE:** IA
- **ZIP:** 50392

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRINCIPAL FUNDS, INC
- **DATE OF NAME CHANGE:** 20211220

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRINCIPAL FUNDS INC
- **DATE OF NAME CHANGE:** 20080616

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRINCIPAL INVESTORS FUND INC
- **DATE OF NAME CHANGE:** 20001012

## Series and Classes Contracts Data

### Diversified Income Fund (f/k/a Global Diversified Income Fund) (Series ID: S000024296)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000071805 | Institutional Class | PGDIX           |
| C000071807 | Class A             | PGBAX           |
| C000071808 | Class C             | PGDCX           |
| C000190075 | R-6                 | PGBLX           |

Registration No. 033-59474

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-1A**

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

Post-Effective Amendment No. 294

and

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

Amendment No. 294

**PRINCIPAL FUNDS, INC.**

(Registrant Exact Name as Specified in Charter)

711 High Street

Des Moines, IA 50392

(Address of Principal Executive Offices)

(515) 247-6651

(Registrant's Telephone Number, including Area Code)

---

| |
|:---|
| John L. Sullivan |
| The Principal Financial Group |
| Des Moines, Iowa 50392 |
| (Name and Address of Agent for Service) |

---

**Approximate Date of Proposed Public Offering:** 

As soon as practicable after the effective date of this Registration Statement.

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

☐&nbsp;&nbsp;&nbsp;&nbsp;immediately upon filing pursuant to paragraph (b)

☐&nbsp;&nbsp;&nbsp;&nbsp;on (date) pursuant to paragraph (b)

☒&nbsp;&nbsp;&nbsp;&nbsp;60 days after filing pursuant to paragraph (a)

☐&nbsp;&nbsp;&nbsp;&nbsp;on (date) pursuant to paragraph (a)

☐&nbsp;&nbsp;&nbsp;&nbsp;75 days after filing pursuant to paragraph (a)(2)

☐&nbsp;&nbsp;&nbsp;&nbsp;on (date) pursuant to paragraph (a)(2) of rule 485

**If appropriate, check the following box:**

☐&nbsp;&nbsp;&nbsp;&nbsp;This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

**Title of Securities Being Registered:** 

Classes A, C, Institutional, and R-6 Shares

**EXPLANATORY NOTE**

Principal Funds, Inc. (the "Registrant") is filing this Amendment to change the name, revise the principal investment strategies and risks, remove the sub-advisors, and change the portfolio managers of an existing series of the Registrant (the Diversified Income Fund). The Amendment includes the following: (1) facing page; (2) Part A (Prospectus for Classes A, C, Institutional, and R-6 Shares for the Multi-Sector Income Fund, formerly the Diversified Income Fund); (3) Part B (Statement of Additional Information that includes each series of the Registrant with an October 31 fiscal year end); (4) Part C; and (5) signature pages. The Amendment is not being filed to update or amend the Prospectus for Registrant's other series or share classes with an October 31 fiscal year end. The Amendment is not being filed to update or amend the Prospectus or Statement of Additional Information for Registrant's series or share classes with an August 31 fiscal year end.

------

**PRINCIPAL FUNDS, INC.** 

**("PFI" or the "Registrant")**

**Class A Shares**

**Class C Shares**

**Institutional Class Shares**

**Class R-6 Shares**

The date of this Prospectus is ______________

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Ticker Symbols by Share Class** | **Ticker Symbols by Share Class** | **Ticker Symbols by Share Class** | **Ticker Symbols by Share Class** |
| **Fund** | **A** | **C** | **Inst.** | **R-6** |
| Multi-Sector Income *(formerly, Diversified Income)* | PGBAX | PGDCX | PGDIX | PGBLX |

---

<u>The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.</u>

------

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
| | **<u>Page</u>** |
| FUND SUMMARY |  |
| &nbsp;&nbsp;&nbsp;&nbsp;MULTI-SECTOR INCOME FUND | <u>[4](#i1dd39137ff4e4fa980500142a93492d7_241)</u> |
| ADDITIONAL INFORMATION ABOUT INVESTMENT STRATEGIES AND RISKS | <u>[10](#i1dd39137ff4e4fa980500142a93492d7_940)</u> |
| PORTFOLIO HOLDINGS INFORMATION | <u>[21](#i1dd39137ff4e4fa980500142a93492d7_943)</u> |
| MANAGEMENT OF THE FUND | <u>[22](#i1dd39137ff4e4fa980500142a93492d7_946)</u> |
| PRICING OF FUND SHARES | <u>[23](#i1dd39137ff4e4fa980500142a93492d7_949)</u> |
| CONTACT PRINCIPAL FUNDS, INC. | <u>[24](#i1dd39137ff4e4fa980500142a93492d7_952)</u> |
| PURCHASE OF FUND SHARES | <u>[24](#i1dd39137ff4e4fa980500142a93492d7_955)</u> |
| REDEMPTION OF FUND SHARES | <u>[28](#i1dd39137ff4e4fa980500142a93492d7_958)</u> |
| EXCHANGE OF FUND SHARES | <u>[30](#i1dd39137ff4e4fa980500142a93492d7_961)</u> |
| DIVIDENDS AND DISTRIBUTIONS | <u>[32](#i1dd39137ff4e4fa980500142a93492d7_964)</u> |
| FREQUENT PURCHASES AND REDEMPTIONS | <u>[33](#i1dd39137ff4e4fa980500142a93492d7_967)</u> |
| TAX CONSIDERATIONS | <u>[34](#i1dd39137ff4e4fa980500142a93492d7_970)</u> |
| CHOOSING A SHARE CLASS AND THE COSTS OF INVESTING | <u>[35](#i1dd39137ff4e4fa980500142a93492d7_973)</u> |
| DISTRIBUTION PLANS AND INTERMEDIARY COMPENSATION | <u>[40](#i1dd39137ff4e4fa980500142a93492d7_976)</u> |
| FUND ACCOUNT INFORMATION | <u>[42](#i1dd39137ff4e4fa980500142a93492d7_979)</u> |
| APPENDIX A - DESCRIPTION OF BOND RATINGS | <u>[A](#i1dd39137ff4e4fa980500142a93492d7_982)-1</u> |
| APPENDIX B - INTERMEDIARY-SPECIFIC SALES CHARGE WAIVERS AND REDUCTIONS | <u>[B](#i1dd39137ff4e4fa980500142a93492d7_985)-1</u> |
| APPENDIX C - FINANCIAL HIGHLIGHTS | <u>[C](#i1dd39137ff4e4fa980500142a93492d7_988)-1</u> |
| ADDITIONAL INFORMATION | D |

---

------

**MULTI-SECTOR INCOME FUND** 

(formerly, DIVERSIFIED INCOME FUND)

**Objective**

The Fund seeks income.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares of Principal Funds, Inc. More information about these and other discounts is available from your financial intermediary and in "Choosing a Share Class and The Costs of Investing" beginning on page ___ of the Fund's Prospectus, Appendix B to the Prospectus titled "Intermediary-Specific Sales Charge Waivers and Reductions," and "Multiple Class Structure" beginning on page ___ of the Fund's Statement of Additional Information.

If you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Share Class** | **Share Class** | **Share Class** | **Share Class** |
| | **A** | **C** | **Inst.** | **R-6** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 3.75% |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of the offering price or NAV when Sales Load is paid, whichever is less) | 1.00% | 1.00% |  |  |

---

**Annual Fund Operating Expenses** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Share Class** | **Share Class** | **Share Class** | **Share Class** |
| | **A** | **C** | **Inst.** | **R-6** |
| Management Fees <sup>(1)</sup> | 0.58% | 0.58% | 0.58% | 0.58% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | N/A | N/A |
| Other Expenses <sup>(2)</sup> | 0.12% | 0.14% | 0.12% | 0.06% |
| Acquired Fund Fees and Expenses <sup>(3)</sup> | 0.02% | 0.02% | 0.02% | 0.02% |
| **Total Annual Fund Operating Expenses** | **0.97%** | **1.74%** | **0.72%** | **0.66%** |
| Expense Reimbursement <sup>(4)</sup> | N/A | N/A | (0.03)% | (0.03)% |
| **Total Annual Fund Operating Expenses after Expense Reimbursement** | **0.97%** | **1.74%** | **0.69%** | **0.63%** |

---

<sup>(1)</sup> Fees have been restated to reflect current fees.

<sup>(2)</sup> Includes 0.01% of expenses associated with the reclaim of foreign taxes paid. The expense is not subject to the contractual expense limit.

<sup>(3)</sup> Based on estimated expenses for the current fiscal year.

<sup>(4)</sup> Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund's expenses by paying, if necessary, expenses normally payable by the Fund (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.66% for Institutional Class shares. In addition, for Class R-6, the expense limit will maintain "Other Expenses" (expressed as a percent of average net assets on an annualized basis) not to exceed 0.02% (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses). It is expected that the expense limits will continue through the period ending February 29, 2028; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limits prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year.

------

**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 assumes conversion of the Class C shares to Class A shares after the eighth year. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The calculation of costs takes into account any applicable contractual fee waivers and/or expense reimbursements for the period noted in the table above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 year** | **3 years** | **5 years** | **10 years** |
| **Class A** | $470 | $672 | $891 | $1520 |
| **Class C** | 277 | 548 | 944 | 1848 |
| **Institutional Class** | 70 | 227 | 398 | 892 |
| **Class R-6** | 64 | 208 | 365 | 820 |

---

With respect to Class C shares, you would pay the following expenses if you did not redeem your shares (all other classes would be the same as in the above example):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 year** | **3 years** | **5 years** | **10 years** |
| **Class C** | $177 | $548 | $944 | $1848 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 92.9% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund generally invests a majority of its assets in fixed-income securities, such as investment-grade corporate bonds, which are rated at the time of purchase Baa3 or higher by Moody's Ratings ("Moody's") or BBB- or higher by S&P Global Ratings ("S&P Global"); bank loans; high yield bonds (also known as "junk bonds"), which are rated at the time of purchase Ba1 or lower by Moody's and BB+ or lower by S&P Global; preferred securities; foreign securities (including emerging market securities and sovereign debt); U.S. government securities; and securitized products. Securitized products include asset-backed securities and mortgage-backed securities, such as residential and commercial mortgage-backed securities, collateralized mortgage and loan obligations, and to-be-announced ("TBA") transactions.

The securities in which the Fund invests include instruments with variable or floating interest rates. The Fund is not managed to a particular maturity or duration.

The Fund also uses derivative strategies. A derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. The derivatives in which the Fund invests include interest rate swaps or futures to manage fixed-income exposure, credit default swaps to increase or decrease in an efficient manner exposures to certain sectors or individual issuers, and currency forwards to hedge currency risk and express views on the direction of currency.

**Principal Risks**

The value of your investment in the Fund changes with the value of the Fund's investments. Many factors affect that value, and it is possible to lose money by investing in the Fund. 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. The principal risks of investing in the Fund are listed below in alphabetical order and not in order of significance.

**Bank Loans Risk.** Changes in economic conditions are likely to cause issuers of bank loans (also known as senior floating rate interests) to be unable to meet their obligations. In addition, the value of the collateral securing the loan (if any) may decline, causing a loan to be substantially unsecured. Underlying credit agreements governing the bank loans, reliance on market makers, priority of repayment, and overall market volatility may harm the liquidity of loans.

**Counterparty Risk.** Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations.

------

**Derivatives Risk.** Derivatives may not move in the direction anticipated by the portfolio manager. Transactions in derivatives may increase volatility, cause the liquidation of portfolio positions when not advantageous to do so, and result in disproportionate losses that may be substantially greater than a fund's initial investment.

• **Credit Default Swaps.** Credit default swaps involve special risks in addition to those associated with swaps generally because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). The protection "buyer" in a credit default contract may be obligated to pay the protection "seller" an up-front payment or a periodic stream of payments over the term of the contract, provided, generally, that no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the "par value" (i.e., full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. The Fund may be either the buyer or seller in the transaction.

• **Currency Contracts.** Derivatives related to currency contracts involve the specific risk of government action that would restrict the ability of the Fund to deliver or receive currency.

• **Forward Contracts, Futures, and Swaps.** Forward contracts, futures, and swaps involve specific risks, including: the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward contract, future, or swap; possible lack of a liquid secondary market for a forward contract, future, or swap and the resulting inability to close a forward contract, future, or swap when desired; counterparty risk; and if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements.

**Emerging Markets Risk.** Investments in emerging markets may have more risk than those in developed markets because the emerging markets are less developed and more illiquid. Emerging markets can also be subject to increased social, economic, regulatory, and political uncertainties and can be extremely volatile. The U.S. Securities and Exchange Commission, the U.S. Department of Justice, and other U.S. authorities may be limited in their ability to pursue bad actors in emerging markets, including with respect to fraud.

**Fixed-Income Securities Risk.** Fixed-income securities are subject to interest rate, credit quality, and liquidity risks. The market value of fixed-income securities generally declines when interest rates rise, and increased interest rates may adversely affect the liquidity of certain fixed-income securities. Moreover, an issuer of fixed-income securities could default on its payment obligations due to increased interest rates or for other reasons.

**Floating and Variable Rate Securities Risk.** The market prices of securities with variable and floating interest rates are generally less sensitive to interest rate changes than are the market prices of securities of fixed interest rates. Floating and variable rate securities may decline in value if market interest rates or interest rates paid by them do not move as expected. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund's ability to sell the securities at any given time.

**Foreign Currency Risk.** Risks of investing in securities denominated in, or that trade in, foreign (non-U.S.) currencies include changes in foreign exchange rates and foreign exchange restrictions.

**Foreign Securities Risk.** The risks of foreign securities include loss of value as a result of: political or economic instability; nationalization, expropriation, or confiscatory taxation; settlement delays; and limited government regulation (including less stringent reporting, accounting, and disclosure standards than are required of U.S. companies).

**Hedging Risk.** A fund that implements a hedging strategy using derivatives and/or securities could expose the fund to the risk that can arise when a change in the value of a hedge does not match a change in the value of the asset it hedges. In other words, the change in value of the hedge could move in a direction that does not match the change in value of the underlying asset, resulting in a risk of loss to the Fund.

**High Portfolio Turnover Risk.** High portfolio turnover (more than 100%) caused by active and frequent trading of portfolio securities may result in accelerating the realization of taxable gains and losses, lower fund performance, and increased brokerage costs.

**High Yield Securities Risk.** High yield fixed-income securities (commonly referred to as "junk bonds") are subject to greater credit quality risk than higher rated fixed-income securities and should be considered speculative.

------

**Portfolio Duration Risk.** Portfolio duration is a measure of the expected life of a fixed-income security and its sensitivity to changes in interest rates. The longer a fund's average portfolio duration, the more sensitive the fund will be to changes in interest rates, which means funds with longer average portfolio durations may be more volatile than those with shorter durations.

**Preferred Securities Risk.** Because preferred securities have a lower priority claim on assets or earnings than senior bonds and other debt instruments in a company's capital structure, they are subject to greater credit and liquidation risk than more senior debt instruments. In addition, preferred securities are subject to other risks, such as limited or no voting rights, deferring or skipping distributions, interest rate risk, and redeeming the security prior to any stated maturity date.

**Redemption and Large Transaction Risk.** Ownership of the Fund's shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause the Fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to Fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.

**Securitized Products Risk.** Investments in securitized products are subject to risks similar to traditional fixed-income securities, such as credit, interest rate, liquidity, prepayment, extension, and default risk, as well as additional risks associated with the nature of the assets and the servicing of those assets. Unscheduled prepayments on securitized products may have to be reinvested at lower rates. A reduction in prepayments may increase the effective maturities of these securities, exposing them to the risk of decline in market value over time (extension risk).

**Sovereign Debt Risk.** Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity's debt position in relation to the economy, or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.

**U.S. Government Securities Risk.** Yields available from U.S. government securities are generally lower than yields from many other fixed-income securities. The value of U.S. government securities may be adversely impacted by changes in interest rates, changes in the credit rating of the U.S. government, or a default by the U.S. government.

**Performance**

The following information provides some indication of the risks of investing in the Fund. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You may get updated performance information at www.principalam.com/mutualfundperformance.

The bar chart shows the investment returns of the Fund's Class A shares for each full calendar year of operations for 10 years (or, if shorter, the life of the Fund). These annual returns do not reflect sales charges on Class A shares; if they did, results would be lower. The table shows for the last one, five, and ten calendar year periods (or, if shorter, the life of the Fund), how the Fund's average annual total returns compare with those of one or more broad measures of market performance.

For periods prior to the inception date of Class R-6 shares (June 12, 2017), the performance shown in the table for Class R-6 shares is that of the Fund's Institutional Class shares, adjusted to reflect the fees and expenses of Class R-6 shares. These adjustments result in performance for such periods that is no higher than the historical performance of the Institutional Class shares.

------

**Total Returns as of December 31**

![chart-eaf7e2a54012483da7a.jpg](chart-eaf7e2a54012483da7a.jpg)

---

| | | |
|:---|:---|:---|
| **Highest return for a quarter during the period of the bar chart above:** | **Q4 2020** | **8.39%** |
| **Lowest return for a quarter during the period of the bar chart above:** | **Q1 2020** | **(17.02)%** |
| **Year-to-date return for Class A shares:** | **Q2 2026** | ***pending*** |

---

**Average Annual Total Returns**

**For the periods ended December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| **Class A Return Before Taxes** | **2.20%** | **2.18%** | **3.80%** |
| **Class A Return After Taxes on Distributions** | **(0.08)%** | **0.09%** | **1.82%** |
| **Class A Return After Taxes on Distributions and Sale of Fund Shares** | **1.35%** | **0.80%** | **2.10%** |
| **Class C Return Before Taxes** | **4.36%** | **2.18%** | **3.56%** |
| **Institutional Class Return Before Taxes** | **6.49%** | **3.29%** | **4.53%** |
| **Class R-6 Return Before Taxes** | **6.49%** | **3.32%** | **4.55%** |
| Bloomberg US Aggregate Index (reflects no deduction for fees, expenses, or taxes)  | 7.30% | (0.36)% | 2.01% |

---

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only and would be different for the other share classes.

**Investment Advisor and Portfolio Managers**

Principal Global Investors, LLC

• Michael Goosay (since 2026), Portfolio Manager

• Tina Paris (since 2026), Portfolio Manager

------

**Purchase and Sale of Fund Shares**

---

| | | |
|:---|:---|:---|
| **Share Class** | **Investment Type** | **Purchase Minimum**<br>**Per Fund** |
| **A and C** | Initial Investment | $1000<sup>(1)</sup> |
| **A and C** | Initial Investment for accounts with an Automatic Investment Plan (AIP) | $100 |
| **A and C** | Subsequent Investments | $100<sup>(1)(2)</sup> |
| **Institutional and R-6** | There are no minimum initial or subsequent investment requirements for eligible purchasers. | N/A |

---

<sup>(1)</sup> Some exceptions apply; see "Purchase of Fund Shares - Minimum Investments" for more information.

<sup>(2)</sup> For accounts with an AIP, the subsequent automatic investments must total $1,200 annually if the initial $1,000 minimum has not been met.

You may purchase or redeem shares on any business day (normally any day when the New York Stock Exchange is open for regular trading) through your plan, intermediary, or Financial Professional by sending a written request to Principal Funds at P.O. Box 219971, Kansas City, MO 64121-9971 (regular mail) or 801 Pennsylvania Ave., Ste. 219971, Kansas City, MO 64105-1307 (overnight mail); calling us at 1-800-222-5852; or accessing our website (www.principal.com).

Class C shares are subject to an 8-year automatic conversion plan whereby Class C shares held for eight years after purchase will automatically convert to Class A shares of the same Fund. See Purchase of Fund Shares for more information.

**Tax Information**

The Fund's distributions you receive are generally subject to federal income tax as ordinary income or capital gain and may also be subject to state and local taxes, unless you are tax-exempt or your account is tax-deferred in which case your distributions would be taxed when withdrawn from the tax-deferred account.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment, or to recommend one share class of the Fund over another share class. Ask your salesperson or visit your financial intermediary's website for more information.

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**ADDITIONAL INFORMATION ABOUT INVESTMENT STRATEGIES AND RISKS**

The Fund's investment objective is described in the summary section for the Fund. The summary section also describes the Fund's principal investment strategies, including the types of securities in which the Fund invests, and the principal risks of investing in the Fund. The principal investment strategies are not the only investment strategies available to the Fund, but they are the ones the Fund primarily uses to achieve its investment objective.

Except for Fundamental Restrictions described in the Registrant's Statement of Additional Information ("SAI"), the Registrant's Board (the "Board") may change any Fund's objective or investment strategies without a shareholder vote if it determines such a change is in the best interests of the Fund. If there is a material change to the Fund's investment objective or investment strategies, you should consider whether the Fund remains an appropriate investment for you. There is no guarantee that the Fund will meet its objective.

The Fund is designed to be a portion of an investor's portfolio. No fund is intended to be a complete investment program. Investors should consider the risks of the Fund before making an investment; it is possible to lose money by investing in the Fund.

The following investment strategies and risks (before the "Principal Strategies and Risks" below) apply to the Fund and, depending on market conditions, can materially impact the management of the Fund.

**Cash Management**

The Fund may have uninvested cash balances pending investment in other securities, pending payment of redemptions, or in other circumstances where liquidity is necessary or desirable. The Fund may hold uninvested cash; invest it in cash equivalents such as money market funds, including the Principal Funds, Inc. - Government Money Market Fund; lend it to other Principal Funds pursuant to the Fund's interfund lending facility; and/or invest in other instruments that those managing the Fund's assets deem appropriate for cash management purposes. Generally, these types of investments offer less potential for gains than other types of securities. For example, to attempt to provide returns similar to its benchmark, the Fund (whether its usage of derivatives and/or investment companies is principal to the Fund or not) may invest uninvested cash in derivatives, such as total return swaps, the credit default swap index (CDX), stock index futures contracts, or exchange-traded funds ("ETFs"), including Principal Exchange-Traded Funds ETFs. In selecting such investments, Principal Global Investors, LLC ("PGI"), the Fund's investment advisor, may have conflicts of interest due to economic or other incentives to make or retain an investment in certain affiliated funds instead of in other investments that may be appropriate for the Fund.

**Liquidity** 

The Fund has established a liquidity risk management program as required by the U.S. Securities and Exchange Commission's (the "SEC") Liquidity Rule. Under the program, PGI assesses, manages, and periodically reviews the Fund's liquidity risk, which is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors' interests in the Fund. As part of the program, PGI classifies each investment as a "highly liquid investment," "moderately liquid investment," "less liquid investment," or "illiquid investment." The liquidity of the Fund's portfolio investments is determined based on relevant market, trading, and investment-specific considerations under the program. To the extent that an investment is deemed to be an illiquid investment or a less liquid investment, the Fund can expect to be exposed to greater liquidity risk.

Certain fund holdings may be deemed to be less liquid or illiquid because they cannot be readily sold without significantly impacting the value of the holdings. A fund is exposed to liquidity risk when trading volume, lack of a market maker, or legal restrictions impair its ability to sell particular securities or close derivative positions at an advantageous price. Funds with principal investment strategies that involve securities of companies with smaller market capitalizations, foreign securities, derivatives, high yield bonds, and bank loans, or securities with substantial market and/or credit risk, tend to have the greatest exposure to liquidity risk.

Liquidity risk also refers to the risk of unusually high redemption requests, redemption requests by certain large shareholders such as institutional investors or asset allocators, or other unusual market conditions that may make it difficult for a fund to sell investments within the allowable time period to meet redemptions. Meeting such redemption requests could require a fund to sell securities at reduced prices or under unfavorable conditions, which would reduce the value of the fund.

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**Market Volatility and Securities Issuers**

The value of a fund's portfolio securities may decrease in response to overall stock or bond market movements. Markets tend to move in cycles, with periods of rising prices and periods of falling prices. Stocks tend to go up and down in value more than bonds. The value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage, and reduced demand for the issuer's goods or services. As a result, the value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.

Additionally, U.S. and world economies, as well as markets (or certain market sectors), may experience greater volatility in response to the occurrence of, or the threat or potential of, natural or man-made disasters and geopolitical events, such as war, acts of terrorism, pandemics, military actions, trade disputes, tariffs, economic sanctions, inflation, rapid interest rate changes, supply chain disruptions, political instability, or social unrest. Moreover, if a fund's investments are concentrated in certain sectors, its performance could be worse than the overall market.

Global events can impact the securities markets. The risk of actual or threatened war or military conflict (such as Russia's invasion of Ukraine, the conflict between Israel and Hamas, and rising tensions involving the United States, Israel, and Iran) has caused and could continue to cause significant market disruptions and volatility in global markets. The extent and duration of any such military action, sanctions resulting from those hostilities, and resulting market disruptions could be substantial.

Health crises, such as a global pandemic, may cause disruptions to business operations, supply chains, and customer activity; event cancellations and restrictions; and service cancellations and restrictions. These disruptions may exacerbate other pre-existing political, social, economic, market, and financial risks and negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant ways.

Market disruption events could also impair the information technology and other operational systems upon which a fund's investment advisor or sub-advisor rely, and could otherwise disrupt the ability of the fund's service providers to perform essential tasks. In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in a fund being, among other things, unable to buy or sell certain securities or financial instruments or accurately price its investments.

Governmental and quasi-governmental authorities and regulators throughout the world, such as the Federal Reserve, have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs, and dramatic changes to interest rates. Such policy changes may adversely affect the value, volatility, and liquidity of dividend and interest-paying securities.

The impact of current and future market disruption events may last for an extended period of time and could result in a substantial economic downturn or recession. Such events could have significant adverse direct or indirect effects on the funds and their investments, and may result in a fund's inability to achieve its investment objective, cause funds to experience significant redemptions, cause the postponement of reconstitution/rebalance dates of passive funds' underlying indices, adversely affect the prices and liquidity of the securities and other instruments in which a fund invests, negatively impact the fund's performance, and cause losses on your investment in the fund. You should also review this Prospectus and the SAI to understand the Fund's discretion to implement temporary defensive measures, as well as the circumstances in which the Fund may satisfy redemption requests in-kind.

**Securities Lending**

To generate additional income, the Fund may lend its portfolio securities to broker-dealers and other institutional borrowers to the extent permitted under the Investment Company Act of 1940, as amended (the "1940 Act") or the rules, regulations, or interpretations thereunder. A fund that lends its securities will continue to receive amounts equal to the interest or dividend payments generated by the loaned securities. In addition to receiving these amounts, the fund generates income on the loaned securities by receiving a fee from the borrower, and by earning interest on the collateral received from the borrower. A negotiated portion of the income is paid to a securities lending agent (e.g., a bank or trust company) that arranged the loan. During the term of the loan, the fund's investment performance will reflect changes in the value of the loaned securities.

A borrower's obligations under a securities loan is secured continuously by collateral posted by the borrower and held by the custodian in an amount at least equal to the market value of the loaned securities. Generally, cash collateral that a fund receives from securities lending activities will be invested in money market funds, which may include the Principal Funds, Inc. - Government Money Market Fund, which is managed by PGI and for which PGI receives a management fee. Collateral may also be invested in unaffiliated money market funds.

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Securities lending involves exposure to certain risks, including the risk of losses resulting from problems in the settlement and accounting process; the risk of a mismatch between the return on cash collateral reinvestments and the fees the fund has agreed to pay a borrower; and credit, legal, counterparty, and market risk. A fund's participation in a securities lending transaction may affect the amount, timing, and character of distributions derived from such transaction to shareholders. Qualified dividend income does not include "payments in lieu of dividends," which the Fund anticipates it will receive in securities lending transactions.

**Temporary Defensive Measures**

From time to time, as part of its investment strategy, the Fund may invest without limit in cash and cash equivalents for temporary defensive purposes in response to adverse market, economic, or political conditions. For this purpose, cash equivalents include: bank notes, bank certificates of deposit, bankers' acceptances, repurchase agreements, commercial paper, and commercial paper master notes, which are floating rate debt instruments without a fixed maturity. In addition, the Fund may purchase U.S. government securities, preferred stocks, and debt securities, whether or not convertible into or carrying rights for common stock. There is no limit on the extent to which the Fund may take temporary defensive measures. In taking such measures, the Fund may lose the benefit of upswings and may limit its ability to meet, or fail to achieve, its investment objective.

**Principal Strategies and Risks**

The following describes certain of the Fund's principal investment strategies and their related risks in greater detail. The strategies and risks are listed in alphabetical order and not in order of significance. The SAI contains additional information about investment strategies and their related risks.

**Active Management**

The performance of a fund that is actively managed will reflect, in part, the ability of those managing the investments of the fund to make investment decisions that are suited to achieving the fund's investment objective. Actively managed funds may invest differently from the benchmark against which the fund's performance is compared. When making decisions about whether to buy or sell equity securities, considerations may include, among other things, a company's strength in fundamentals, its potential for earnings growth over time, its ability to navigate certain macroeconomic environments, the current price of its securities relative to their perceived worth and relative to others in its industry, and analysis from computer models. When making decisions about whether to buy or sell fixed-income investments, considerations may include, among other things, the strength of certain sectors of the fixed-income market relative to others; interest rates; a range of economic, political, and financial factors; the balance between supply and demand for certain asset classes; the credit quality of individual issuers; the fundamental strengths of corporate and municipal issuers; and other general market conditions.

Models, which may assist portfolio managers and analysts in formulating their securities trading and allocation decisions by providing investment and risk management insights, may also expose a fund to risks. Models may be predictive in nature, which models depend heavily on the accuracy and reliability of historical data that is supplied by others and may be incorrect or incorrectly input. The fund bears the risk that the quantitative models used will not be successful in identifying trends or in determining the size and direction of investment positions that will enable the fund to achieve its investment objective. In addition, "model prices" will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments.

An active fund's investment performance depends upon the successful allocation of the fund's assets among asset classes, geographical regions, industry sectors, and specific issuers and investments. There is no guarantee that these allocation techniques and decisions will produce the desired results. It is possible to lose money on an investment in a fund as a result of these allocation decisions. If a fund's investment strategies do not perform as expected, the fund could underperform other funds with similar investment objectives or lose money. Moreover, buying and selling securities to adjust the fund's asset allocation may increase portfolio turnover and generate transaction costs.

Investment advisors with large assets under management in the Fund, or in other funds that have the same strategy as the Fund, may have difficulty fully investing such Fund's assets according to its investment objective due to potential liquidity constraints and high transaction costs. The Fund may add additional investment advisors or close the Fund to new investors to address such risks.

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**Bank Loans (also known as Senior Floating Rate Interests)**

Bank loans typically hold the most senior position in the capital structure of a business entity (the "Borrower"), are secured by specific collateral, and have a claim on the Borrower's assets and/or stock that is senior to that held by the Borrower's unsecured subordinated debtholders and stockholders. The proceeds of bank loans primarily are used to finance leveraged buyouts, recapitalizations, mergers, acquisitions, stock repurchases, dividends, and, to a lesser extent, to finance internal growth and for other corporate purposes. Bank loans are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the bank loan. The Fund may purchase bank loans that are rated below-investment-grade (sometimes called "junk") or will be comparable if unrated, which means they are more likely to default than investment-grade loans. A default could lead to non-payment of income, which would result in a reduction of income to the Fund, and there can be no assurance that the liquidation of any collateral would satisfy the Borrower's obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated. Most bank loans are not traded on any national securities exchange. Bank loans generally have less liquidity than investment-grade bonds, and there may be less public information available about them. Bank loan interests may not be considered "securities," and purchasers, therefore, may not be entitled to rely on the anti-fraud protections of the federal securities laws.

The primary and secondary market for bank loans may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may cause a fund to be unable to realize full value and, thus, cause a material decline in a fund's net asset value. Because transactions in bank loans may be subject to extended settlement periods, a fund may not receive proceeds from the sale of a bank loan for a period of time after the sale. As a result, sale proceeds may not be available to make additional investments or to meet a fund's redemption obligations for a period of time after the sale of the bank loans, which could lead to a fund having to sell other investments, borrow to meet obligations, or borrow to remain fully invested while awaiting settlement.

Bank loans pay interest at rates that are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank, the Secured Overnight Financing Rate (SOFR), or the prime rate offered by one or more major U.S. banks.

Bank loans generally are subject to mandatory and/or optional prepayment. Because of these prepayment conditions and because there may be significant economic incentives for the borrower to repay, prepayments may occur.

**Counterparty Risk**

Counterparty risk is the risk that the counterparty to a contract or other obligation will be unable or unwilling to honor its obligations. If a counterparty fails to meet its contractual obligations, goes bankrupt, or otherwise experiences a business interruption, a fund could miss investment opportunities or otherwise hold investments it would prefer to sell, resulting in losses for the fund. In addition, a fund may suffer losses if a counterparty fails to comply with applicable laws or other requirements. Counterparty risk is pronounced during unusually adverse market conditions and is particularly acute in environments in which financial services firms are exposed to systemic risks.

**Derivatives**

Generally, a derivative is a financial arrangement, the value of which is derived from, or based on, a traditional security, asset, or market index. A fund may invest in certain derivative strategies to earn income, manage or adjust the risk profile of the fund, replace more direct investments, or obtain exposure to certain markets. A fund may enter into forward commitment agreements, which call for the fund to purchase or sell a security on a future date at a fixed price. A fund may also enter into contracts to sell its investments either on demand or at a specific interval.

The risks associated with derivative investments include:

• increased volatility of a fund and/or the failure of the investment to mitigate volatility as intended;

• the inability of those managing investments of the fund to correctly predict the direction of securities prices, interest rates, currency exchange rates, asset values, and other economic factors;

• losses caused by unanticipated market movements, which may be substantially greater than a fund's initial investment and are potentially unlimited;

• the possibility that there may be no liquid secondary market, which may make it difficult or impossible to close out a position when desired;

• the possibility that the counterparty may fail to perform its obligations; and

• the inability to close out certain hedged positions to avoid adverse tax consequences.

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There are many different types of derivatives and many different ways to use them. The specific derivatives that are principal strategies of the Fund are listed in the Fund Summary.

• Credit default swap agreements may be entered into by a fund as a "buyer" or "seller" of credit protection. Credit default swap agreements involve special risks because they may be difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). Credit default swaps can increase credit risk because a fund has exposure to both the issuer of the referenced obligation and the counterparty to the credit default swap.

• Foreign currency contracts (such as foreign currency options and foreign currency forward and swap agreements) may be used by funds to increase exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another. A forward currency contract involves a privately negotiated obligation to purchase or sell a specific currency at a future date at a price set in the contract. For currency contracts, there is also a risk of government action through exchange controls that would restrict the ability of a fund to deliver or receive currency.

• Forwards, futures contracts, and options thereon (including commodities futures); options (including put or call options); and swap agreements and over-the-counter swap agreements (e.g., interest rate swaps, total return swaps, and credit default swaps) may be used by funds for hedging purposes in order to try to mitigate or protect against potential losses due to changing interest rates, securities prices, asset values, currency exchange rates, and other market conditions; non-hedging purposes to seek to increase the fund's income or otherwise enhance return; and as a low-cost method of gaining exposure to a particular market without investing directly in those securities or assets.

These derivative investments are subject to special risk considerations, particularly that changes in the value of the derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate, or index, and the fund could lose more than the initial amount invested. In addition, if a fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, even when it may be disadvantageous to do so. Options and swap agreements also involve counterparty risk. With respect to options, there may be difference in trading hours for the options markets and the markets for the underlying securities (rate movements can take place in the underlying markets that cannot be reflected in the options markets) and an insufficient liquid secondary market for particular options.

• Index/structured securities are derivative securities whose value or performance is linked to other equity securities (such as depositary receipts), currencies, interest rates, indices, or other financial indicators (reference indices).

**Emerging Markets**

The Fund considers a security to be tied economically to an emerging market if the issuer or guarantor of the security has its principal place of business or principal office in an emerging market, has its principal securities trading market in an emerging market, or derives a majority of its revenue from emerging markets. The Fund also considers a security to be tied economically to an emerging market if the currency of settlement of the security is the currency of the emerging market.

Usually, the term "emerging market" (also called a "developing market") means any market that is considered to be an emerging market by the international financial community (such as markets tied to securities included in the MSCI Emerging Markets Index or Bloomberg Emerging Markets USD Aggregate Bond Index). Emerging markets generally exclude the U.S., Canada, Japan, Hong Kong, Singapore, Australia, New Zealand, and most nations located in Western Europe, unless otherwise stated in the Fund Summary.

Investments in companies in emerging markets are subject to higher risks than investments in companies in more developed markets. These risks include:

• increased social, political, and economic instability;

• a smaller market for these securities and low or nonexistent trading volume that results in a lack of liquidity and greater price volatility;

• lack of publicly available information, including reports of payments of dividends or interest on outstanding securities;

• foreign government policies that may restrict opportunities, including restrictions on investment in issuers or industries deemed sensitive to national interests;

• relatively new capital market structure or market-oriented economy;

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• the possibility that recent favorable economic developments may be slowed or reversed by unanticipated political or social events in these countries;

• restrictions that may make it difficult or impossible for a fund to vote proxies, exercise shareholder rights, pursue legal remedies, and obtain judgments in foreign courts; and

• possible losses through the holding of securities in domestic and foreign custodial banks and depositories.

In addition, many developing markets have experienced substantial and, in some periods, extremely high rates of inflation for many years. Inflation and rapid fluctuations in inflation rates have had and may continue to have negative effects on the economies, currencies, interest rates, and securities markets of those markets.

Repatriation of investment income, capital, and proceeds of sales by foreign investors may require governmental registration and/or approval in some developing markets. A fund could be adversely affected by delays in or a refusal to grant any required governmental registration or approval for repatriation.

Further, the economies of developing markets generally are heavily dependent upon international trade and, accordingly, have been and may continue to be adversely affected by trade barriers, exchange controls, managed adjustments in relative currency values, and other protectionist measures imposed or negotiated by the countries with which they trade.

The SEC, the U.S. Department of Justice, and other U.S. authorities may be limited in their ability to pursue bad actors, including instances of fraud in emerging markets. For example, in certain emerging markets, there are significant legal obstacles to obtaining information needed for investigations or litigation. Similar limitations apply to the pursuit of actions against individuals, including officers, who may have engaged in fraud or wrongdoing. In addition, local authorities often are constrained in their ability to assist U.S. authorities and overseas investors more generally. There are also legal or other obstacles to seeking access to funds in a foreign country.

**Fixed-Income Securities**

Fixed-income securities include bonds and other debt instruments that are used by issuers to borrow money from investors (examples include corporate bonds, convertible securities, asset-and mortgage-backed securities, and municipal, agency, and U.S. government securities). The issuer of a fixed-income security generally pays the investor a fixed, variable, or floating rate of interest. The amount borrowed must be repaid at maturity. Some debt securities, such as zero coupon bonds, do not pay current interest, but are sold at a discount from their face values.

Fixed-income securities are sensitive to changes in interest rates. Interest rate changes can be sudden and unpredictable, and are influenced by a number of factors, including governmental policy, monetary policy, inflation expectations, perceptions of risk, and supply and demand for fixed-income securities. In general, fixed-income security prices rise when interest rates fall and fall when interest rates rise. An increase in interest rates from a low interest rate environment may lead to heightened volatility, rapid sales of fixed-income securities, and redemptions alongside reduced liquidity and dealer market-making capacity in fixed-income markets.

If interest rates fall, issuers of callable bonds may call (repay) securities with high interest rates before their maturity dates; this is known as call risk. In this case, an investor, such as the Fund, would likely reinvest the proceeds from these securities at lower interest rates, resulting in a decline in the Fund's income. Very low interest rates, including rates that fall below zero (where banks charge for depositing money), may detract from the Fund's performance and its ability to maintain positive returns to the extent the Fund is exposed to such interest rates. To the extent the Fund is exposed to an investment with a negative interest rate to maturity, the Fund would generate a negative return on that investment. Floating rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline.

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In June 2023, the Secured Overnight Financing Rate ("SOFR") replaced the London InterBank Offered Rate ("LIBOR") as the benchmark interest rate for dollar-denominated derivatives and loans in the United States pursuant to the Adjustable Interest Rate (LIBOR) Act. Prior to the adoption of SOFR, LIBOR was the globally accepted benchmark for interest rates; however, the United Kingdom's Financial Conduct Authority, which regulated LIBOR, ceased publication of LIBOR rates on June 30, 2023. Countries outside of the United States have opted to use different alternatives to LIBOR than SOFR. The effect of LIBOR's discontinuation and replacement on new or existing financial instruments or operational processes will vary depending on a number of factors, including, for example, fallback provisions in contracts, replacement language in contracts, and legislative action. In addition, LIBOR's discontinuation and replacement may affect the value, liquidity, or return on certain investments to which the Fund is exposed and may result in costs in connection with closing out positions and entering into new trades. These impacts are likely to persist until new reference rates and fallbacks for both legacy and new instruments and contracts are commercially accepted and market practices become settled. SOFR is calculated by short-term repurchase agreements, backed by U.S. Treasuries. LIBOR was a forward-looking rate, while SOFR reflects an overnight rate, making SOFR much less susceptible to market fluctuations and manipulations than LIBOR.

Fixed-income securities are also affected by the credit quality of the issuer. Investment-grade debt securities are medium and high-quality securities. Some bonds, such as lower grade or "junk bonds", may have speculative characteristics and may be particularly sensitive to economic conditions and the financial condition of the issuers. Credit risk refers to the possibility that the issuer of the security will not be able to make principal and interest payments when due.

Additionally, a fund's exposure to investments in companies with smaller market capitalizations may involve greater risks, price volatility (wide, rapid fluctuations), and less liquidity than investments in larger, more mature companies.

**Floating and Variable Rate Securities** 

Floating and variable rate securities provide for periodic adjustment in the interest rate paid on the securities. The market prices of securities with variable and floating interest rates are generally less sensitive to interest rate changes than are the market prices of securities of fixed interest rates. Floating and variable rate securities may decline in value if market interest rates or interest rates paid by them do not move as expected, and generally carry lower yields than fixed securities of the same maturity. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund's ability to sell the securities at any given time.

These securities will not generally increase in value if interest rates decline. A decline in interest rates may result in a reduction in income received from variable and floating rate securities held by the Fund and may adversely affect the value of the Fund's shares. Floating rate securities generally are subject to legal or contractual restrictions on resale, may trade infrequently, and their value may be impaired when the Fund needs to liquidate such loans. Benchmark interest rates may not accurately track market interest rates. Although floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject to credit risk and default risk, which could impair their value.

**Foreign Currency**

Certain of a fund's investments will be denominated in foreign currencies or traded in securities markets in which settlements are made in foreign currencies. Any income on such investments is generally paid to a fund in foreign currencies. In addition, funds may engage in foreign currency transactions for both hedging and investment purposes, as well as to increase exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another.

The value of foreign currencies relative to the U.S. dollar varies continually, causing changes in the dollar value of a fund's portfolio investments (even if the local market price of the investments is unchanged) and changes in the dollar value of a fund's income available for distribution to its shareholders. The effect of changes in the dollar value of a foreign currency on the dollar value of a fund's assets and on the net investment income available for distribution may be favorable or unfavorable. Transactions in non-U.S. currencies are also subject to many of the risks of investing in foreign (non-U.S.) securities; for example, changes in foreign economies and political climates are more likely to affect a fund that has foreign currency exposure than a fund that invests exclusively in U.S. companies and currency. There also may be less government supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information. Transactions in foreign currencies, foreign currency denominated debt, and certain foreign currency options, futures contracts, and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned.

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A fund may incur costs in connection with conversions between various currencies. In addition, a fund may be required to liquidate portfolio assets, or may incur increased currency conversion costs, to compensate for a decline in the dollar value of a foreign currency occurring between the time when a fund declares and pays a dividend, or between the time when a fund accrues and pays an operating expense in U.S. dollars. To protect against a change in the foreign currency exchange rate between the date on which a fund contracts to purchase or sell a security and the settlement date for the purchase or sale, to gain exposure to one or more foreign currencies, or to "lock in" the equivalent of a dividend or interest payment in another currency, a fund might purchase or sell a foreign currency on a spot (i.e., cash) basis at the prevailing spot rate.

Currency hedging involves some of the same general risks and considerations as other transactions with similar instruments (i.e., derivative instruments) and hedging. Currency transactions are also subject to additional risks. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments. These forms of governmental actions can result in losses to a fund if it is unable to deliver or receive currency or monies in settlement of obligations. They could also cause hedges the fund has entered into to be rendered useless, resulting in full currency exposure as well as incurring transaction costs. Settlement of a currency forward contract for the purchase of most currencies must occur at a bank based in the issuing nation. The ability to establish and close out positions on trading options on currency futures contracts is subject to the maintenance of a liquid market that may not always be available.

**Foreign Securities**

The Fund considers a security to be tied economically to countries outside the U.S. (a "foreign security") if the issuer or guarantor of the security has its principal place of business or principal office outside the U.S., has its principal securities trading market outside the U.S., or derives a majority of its revenue from outside the U.S. The Fund also considers a security to be a foreign security if the settlement currency for the security is currency of a country outside of the U.S.

There may be less publicly available information about foreign companies than U.S. companies, and information about foreign securities in which the Fund invests may be less reliable or complete. Foreign companies, including those listed on U.S. securities exchanges, may not be subject to the same uniform accounting, auditing, and financial reporting practices as are required of U.S. companies with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor oversight, stockholder proxy requirements, and the requirements mandating timely and accurate disclosure of information. In addition, securities of many foreign companies are less liquid and more volatile than securities of comparable U.S. companies. Commissions on foreign securities exchanges may be generally higher than those on U.S. exchanges.

Foreign markets also have different clearance and settlement procedures than those in U.S. markets. In certain markets, there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct these transactions. Delays in settlement could result in temporary periods when a portion of fund assets is not invested and earning no return. If a fund is unable to make intended security purchases due to settlement problems, the fund may miss attractive investment opportunities. In addition, a fund may incur a loss as a result of a decline in the value of its portfolio if it is unable to sell a security.

With respect to certain foreign countries, there is the possibility of nationalization, expropriation, or confiscatory taxation, political or social instability, or diplomatic developments that could affect a fund's investments in those countries. In addition, a fund may also suffer losses due to differing accounting practices and treatments. Investments in foreign securities are subject to laws of the foreign country that may limit the amount and types of foreign investments. Changes of governments or of economic or monetary policies, in the U.S. or abroad, changes in dealings between nations, currency convertibility, or exchange rates could result in investment losses for a fund.

Foreign securities are often traded with less frequency and volume and, therefore, may have greater price volatility than is the case with many U.S. securities. Brokerage commissions, custodial services, and other costs relating to investment in foreign countries are generally more expensive than in the U.S. Though a fund intends to acquire the securities of foreign issuers where there are public trading markets, economic or political turmoil in a country in which a fund has a significant portion of its assets or deterioration of the relationship between the U.S. and a foreign country may reduce the liquidity of a fund's portfolio. The fund may have difficulty meeting a large number of redemption requests. Furthermore, there may be difficulties in obtaining or enforcing judgments against foreign issuers.

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A fund may invest in a foreign company by purchasing depositary receipts. Depositary receipts are certificates of ownership of shares in a foreign-based issuer held by a bank or other financial institution. They are alternatives to purchasing the underlying security but are subject to the foreign securities risks to which they relate.

A fund may file claims to recover foreign withholding taxes on dividend and interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or securities where such withholding tax reclaim is possible. Whether or when a fund will receive a withholding tax refund is within the control of the tax authorities in such countries. Where a fund expects to recover withholding taxes, the net asset value of a fund generally includes accruals for such tax refunds. If the likelihood of recovery materially decreases, accruals in the fund's net asset value for such refunds may be written down partially or in full, which will adversely affect the fund's net asset value. Shareholders in the fund at the time an accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether they were shareholders during the accrual period. Conversely, if a fund receives a tax refund that has not been previously accrued, shareholders in the fund at the time of the successful recovery will benefit from the resulting increase in the fund's net asset value. Shareholders who sold their shares prior to such time will not benefit from such increase in the fund's net asset value.

If a fund's portfolio invests significantly in a certain geographic region, any negative development affecting that region will have a greater impact on the fund than a fund that is not as heavily invested in that region.

**Hedging**

Hedging is a strategy that can be used to attempt to mitigate or protect against potential losses due to changing interest rates, securities prices, asset values, currency exchange rates, and other market conditions. The success of a fund's hedging strategy will be subject to the ability of those managing the fund's investments to correctly assess the degree of correlation between the performance of the instruments used in the hedging strategy and the performance of the investments in the portfolio being hedged. Since the characteristics of many investments change as markets change or time passes, the success of a fund's hedging strategy will also be subject to the ability of those managing the fund's investments to continually recalculate, readjust, and execute hedges in an efficient and timely manner. For a variety of reasons, those managing the Fund's investments may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Such imperfect correlation may prevent a fund from achieving the intended hedge or expose a fund to risk of loss. In addition, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs.

**High Portfolio Turnover**

"Portfolio turnover" is the term used in the industry for measuring the amount of trading that occurs in a fund's portfolio during the year. For example, a 100% turnover rate means that, on average, every security in the portfolio has been replaced once during the year. Funds with high turnover rates (more than 100%) often have higher transaction costs (which are paid by the fund), may result in higher taxes when fund shares are held in a taxable account, and may lower the fund's performance. High portfolio turnover can result in a lower capital gain distribution due to higher transaction costs added to the basis of the assets or can result in lower ordinary income distributions to shareholders when the transaction costs cannot be added to the basis of assets. Both events reduce fund performance.

Please consider all the factors when you compare the turnover rates of different funds. You should also be aware that the "total return" line in the Financial Highlights section reflects portfolio turnover costs.

**High Yield Securities**

Below-investment-grade securities are fixed-income securities that are rated at the time of purchase Ba1 or lower by Moody's Ratings ("Moody's") and BB+ or lower by S&P Global Ratings ("S&P Global"). If the security has been rated by only one of the rating agencies, that rating will determine the security's rating; if the security is rated differently by the rating agencies, the highest rating will be used; and if the security has not been rated by either of the rating agencies, those selecting such investments will determine the security's quality.

Below-investment-grade securities are sometimes referred to as high yield or "junk bonds" and are considered speculative, particularly with respect to the issuer's continuing ability to meet principal and interest payments. Such securities could be in default at time of purchase.

Investing in high yield securities involves special risks in addition to those associated with investing in investment-grade securities:

• High yield securities may be less liquid than investment-grade securities.

• The secondary market on which high yield securities are traded may be less liquid, which may reduce the price of the security and adversely affect, and cause large fluctuations in, the daily price of the Fund's shares.

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• Analysis of the creditworthiness of issuers of high yield securities is more complex. To the extent a fund invests in high yield securities, its ability to meet its objective may be more dependent on such credit analyses.

• High yield securities may be more susceptible to real or perceived adverse economic and competitive industry conditions. Although high yield securities prices tend to be less sensitive to interest rate changes than those of investment-grade securities, they tend to be more sensitive to adverse economic downturns or individual corporate developments. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the value and liquidity of high yield securities, especially in a thinly traded market.

• If the issuer of high yield securities defaults, a fund may incur additional expenses to seek recovery.

• If an issuer of high yield securities undergoes a corporate restructuring, such high yield securities may become exchanged for or converted into reorganized equity of the underlying issuer. Moreover, to the extent that a bond indenture or loan agreement does not contain sufficiently protective covenants or otherwise permits the issuer to take certain actions to the fund's detriment (such as distributing cash to equity holders, incurring additional indebtedness, and disposing of assets), the underlying value of the high yield security may decline.

The use of credit ratings for evaluating high yield securities also involves certain risks. For example, credit ratings reflect the safety of principal and interest payments, not the market value risk of high yield securities. Also, credit rating agencies may fail to change credit ratings in a timely manner to reflect subsequent events. If a credit rating agency changes the rating of a portfolio security held by a fund, the fund may retain the security.

**Portfolio Duration**

Average duration is a mathematical calculation of the average life of a bond (or for a bond fund, the average life of the fund's underlying bonds, weighted by the percentage of the fund's assets that each represents) that serves as a useful measure of its price risk. Duration is an estimate of how much the value of the bonds held by a fund will fluctuate in response to a change in interest rates. For example, if a fund has an average duration of 4 years and interest rates rise by 1%, the value of the bonds held by the fund will decline by approximately 4%, and if the interest rates decline by 1%, the value of the bonds held by the fund will increase by approximately 4%. Longer term bonds and zero coupon bonds are generally more sensitive to interest rate changes. Duration, which measures price sensitivity to interest rate changes, is not necessarily equal to average maturity.

**Preferred Securities**

Preferred securities include preferred stock and various types of junior subordinated debt and trust preferred securities. Preferred securities may pay fixed rate or adjustable-rate distributions and generally have a payment "preference" over common stock, but are junior to the issuer's senior debt in a liquidation of the issuer's assets. Preference would mean that a company must pay on its preferred securities before paying on its common stock, and that any claims of the preferred security holder would typically be ahead of common stockholders' claims on assets in a corporate liquidation.

Holders of preferred securities usually have no right to vote for corporate directors or on other matters. The market value of preferred securities is sensitive to changes in interest rates as they are typically fixed-income securities; the fixed-income payments are expected to be the primary source of long-term investment return. While some preferred securities are issued with a final maturity date, others are perpetual in nature. In certain instances, a final maturity date may be extended and/or the final payment of principal may be deferred at the issuer's option for a specified time without triggering an event of default for the issuer. In addition, an issuer of preferred securities may have the right to redeem the securities before their stated maturity date. For instance, for certain types of preferred securities, a redemption may be triggered by a change in federal income tax or securities laws. As with call provisions, a redemption by the issuer may reduce the return of the security held by the fund. Preferred securities may be subject to provisions that allow an issuer, under certain circumstances to skip (indefinitely) or defer (possibly up to 10 years) distributions. If a fund owns a preferred security that is deferring its distribution, the fund may be required to report income for tax purposes while it is not receiving any income.

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Preferred securities are typically issued by corporations, generally in the form of interest or dividend bearing instruments, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The preferred securities market is generally divided into the $25 par "retail" and the $1,000 par "institutional" segments. The $25 par segment includes securities that are listed on the New York Stock Exchange ("NYSE") (exchange traded), which trade and are quoted with accrued dividend or interest income, and which are often callable at par value five years after their original issuance date. The institutional segment includes $1,000 par value securities that are not exchange-listed (over the counter), which trade and are quoted on a "clean" price, i.e., without accrued dividend or interest income, and which often have a minimum of 10 years of call protection from the date of their original issuance. Preferred securities can also be issued by real estate investment trusts and involve risks similar to those associated with investing in real estate investment trust companies.

**Redemption and Large Transaction Risk**

Ownership of a fund's shares may be concentrated in one or a few large investors (such as funds of funds, institutional investors, and asset allocation programs) that may redeem or purchase shares in large quantities. These transactions may cause a fund to sell securities to meet redemptions or to invest additional cash at times it would not otherwise do so, which may result in increased transaction costs, increased expenses, changes to expense ratios, and adverse effects to fund performance. Such transactions may also accelerate the realization of taxable income if sales of portfolio securities result in gains. Moreover, reallocations by large shareholders among share classes of a fund may result in changes to the expense ratios of affected classes, which may increase the expenses paid by shareholders of the class that experienced the redemption.

**Securitized Products**

Securitized products are fixed-income instruments that represent interests in underlying pools of collateral or assets. The value of the securitized product is derived from the performance, value, and cash flows of the underlying asset(s).

A fund's investments in securitized products are subject to risks similar to traditional fixed-income securities, such as credit, interest rate, liquidity, prepayment, extension, and default risk, as well as additional risks associated with the nature of the assets and the servicing of those assets. Prepayment risk may make it difficult to calculate the average life of a fund's investment in securitized products. Securitized products are generally issued as pass-through certificates, which represent the right to receive principal and interest payments collected on the underlying pool of assets, which are passed through to the security holder. Therefore, repayment depends on the cash flows generated by the underlying pool of assets. The securities may be rated as investment grade or below investment grade.

The specific securitized products that are principal strategies of the Fund are listed in the Fund Summary.

• Mortgage-backed securities ("MBS") represent an interest in a pool of underlying mortgage loans secured by real property. MBS are sensitive to changes in interest rates but may respond to these changes differently from other fixed-income securities due to the possibility of prepayment of the underlying mortgage loans. If interest rates fall and the underlying loans are prepaid faster than expected, the fund may have to reinvest the prepaid principal in lower yielding securities, thus reducing the fund's income. Conversely, rising interest rates tend to discourage refinancings and the underlying loans may be prepaid more slowly than expected, reducing a fund's potential to reinvest the principal in higher yielding securities and extending the duration of the underlying loans. In addition, when market conditions result in an increase in default rates on the underlying loans and the foreclosure values of the underlying real estate is less than the outstanding amount due on the underlying loan, collection of the full amount of accrued interest and principal on these investments may be doubtful. The risk of such defaults is generally higher in the case of underlying mortgage pools that include sub-prime mortgages (mortgages granted to borrowers whose credit histories would not support conventional mortgages).

• Commercial mortgage-backed securities ("CMBS") represent an interest in a pool of underlying commercial mortgage loans secured by real property such as retail, office, hotel, multi-family, and industrial properties. CMBS are issued in several classes with different levels of yield and credit protection, and the CMBS class in which a fund invests influences the interest rate, credit, and prepayment risks. Many of the loans related to CMBS do not allow voluntary prepayment, which can help mitigate or eliminate prepayment risk.

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• Residential mortgage-backed securities ("RMBS") represent an interest in a pool of underlying residential mortgage loans secured by residential real estate. Residential mortgage loans may be prepaid at any time. Residential mortgage loans are obligations of the borrowers thereunder and are not typically insured or guaranteed by any other person or entity, although such loans may be securitized by government agencies and the securities issued may be guaranteed. The rate of defaults and losses on residential mortgage loans will be affected by many factors, including general economic conditions and those in the geographic area where the associated properties are located, the terms of the loan, the borrower's "equity" in the mortgaged property or properties and the borrower's financial circumstances. If a residential mortgage loan is in default, foreclosure of such loan may be a lengthy, difficult, and expensive process. The market for defaulted residential mortgage loans or foreclosed single-family properties may also be very limited.

• Asset-backed securities ("ABS") are backed by non-mortgage assets such as company receivables, company loans, truck and auto loans, student loans, leases, and credit card receivables. ABS entail credit risk. They also may present a risk that, in the event of default, the liquidation value of the underlying assets may be inadequate to pay any unpaid interest or principal.

• In a to-be-announced ("TBA") transaction, a fund agrees to purchase or sell mortgage-backed securities for a fixed price at a future date. The seller agrees to deliver a mortgage-backed security to the fund at a future date but does not specify the particular security to be delivered. Instead, the fund agrees to accept any security that meets specified terms. There can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, the fund will still bear the risk of any decline in the value of the security to be delivered. If the counterparty to a transaction fails to deliver the securities, the fund could suffer a loss.

**Sovereign Debt**

Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity's debt position in relation to the economy, or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There is 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.

**U.S. Government Securities**

U.S. government securities, such as Treasury bills, notes, and bonds and mortgage-backed securities guaranteed by the Government National Mortgage Association (Ginnie Mae), are supported by the full faith and credit of the United States; others are supported by the right of the issuer to borrow from the U.S. Treasury; others are supported by the discretionary authority of the U.S. government to purchase the agency's obligations; and still others are supported only by the credit of the issuing agency, instrumentality, or enterprise.

There is no assurance that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so. In addition, certain governmental entities have been subject to regulatory scrutiny regarding their accounting policies and practices and other concerns that may result in legislation, changes in regulatory oversight, and/or other consequences that could adversely affect the credit quality, availability, or investment character of securities issued by these entities. The value and liquidity of U.S. government securities may be affected adversely by changes in the ratings of those securities.

**PORTFOLIO HOLDINGS INFORMATION**

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

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**MANAGEMENT OF THE FUNDS**

**The Manager and Advisor**

Principal Global Investors, LLC ("PGI"), an indirect subsidiary of Principal Financial Group, Inc. <sup>®</sup> ("Principal <sup>®</sup> "), serves as the manager and advisor for the Fund. Through the Management Agreement with the Registrant, PGI provides investment advisory services and certain corporate administrative services for the Fund.

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| | |
|:---|:---|
| **Advisor:** | **Principal Global Investors, LLC** (doing business as Principal Asset Management<sup>SM</sup>), 711 High Street, Des Moines, IA 50392, is part of a diversified global asset management organization that utilizes specialized investment teams and affiliates to provide institutional investors and individuals with diverse investment capabilities, including fixed income, equities, real estate, and asset allocation. In addition to its asset management offices in the U.S., PGI has asset management offices of affiliate advisors located in Europe, Asia, Latin America, and Australia. PGI has been a registered investment advisor since 1998. |
| **Funds:** | In fulfilling its investment advisory responsibilities, PGI provides day-to-day discretionary investment services (directly making decisions to purchase or sell securities) for the Fund. |

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As reflected in the Fund Summary, the day-to-day portfolio management is shared by two portfolio managers. The portfolio managers operate as a team, sharing authority and responsibility for research and the day-to-day management of the portfolio. Additional information about the portfolio managers follows. With respect to the biographies, references to Principal <sup>®</sup> encompass various entities and groups within the Principal organization, as well as investment teams within PGI.

**Michael Goosay** has been with Principal<sup>®</sup> since 2023. Prior to that, Mr. Goosay was the Head of Global Pensions and Multi-Sector Fixed Income Portfolio Management at Goldman Sachs Asset Management since 2009. He earned a bachelor's degree in Finance from Albright College and an M.B.A. from Rutgers University.

**Tina Paris** has been with Principal<sup>®</sup> since 2001. She earned a bachelor's degree in Finance and Economics from the University of Northern Iowa and an M.B.A with a Finance emphasis from the University of Iowa. Ms. Paris has earned the right to use the Chartered Financial Analyst designation.

The SAI provides additional information about each portfolio manager's compensation, other accounts managed by the portfolio manager, and the portfolio manager's ownership of securities in the Fund.

**Participating Affiliate Agreement**

In rendering investment advisory services to the Fund, the advisor may use the resources of one or more of its respective foreign (non-U.S.) affiliates that are not registered under the Investment Advisers Act of 1940, as amended, to provide portfolio management, research, and trading services to the Fund. Under a Participating Affiliate Agreement, and pursuant to applicable guidance from the Staff of the SEC, U.S. registered advisors are allowed to use investment advisory and trading resources of such unregistered advisory affiliates subject to the regulatory supervision of the registered advisor. For example, some Principal Funds assets are managed by employees of Principal Global Investors (Europe) Limited pursuant to such an arrangement. Each such affiliate and any of their respective employees who provide services to the Fund are considered under the Participating Affiliate Agreement to be "supervised persons" of the advisor as that term is defined in the Investment Advisers Act of 1940, as amended.

**Fees Paid to PGI**

The Fund pays PGI a fee for its services. The fee the Fund paid (as a percentage of the Fund's average daily net assets) for the fiscal year ended October 31, 2025 was:

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| | |
|:---|:---|
| **Fund** | **Percentage of the Fund's Average Daily Net Assets** |
| Multi-Sector Income | 0.66% |

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The discussions regarding the basis for the Board's approval of the Management Agreement for the Fund will be available in the Registrant's Form N-CSR filing on the SEC's website at www.sec.gov for the period ending October 31, 2026.

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**Manager of Managers**

The Registrant operates as a Manager of Managers. Under an order received from the SEC (the "Order"), the Registrant and PGI may enter into and materially amend agreements with unaffiliated and wholly-owned affiliated sub-advisors (affiliated sub-advisors that are at least 95% owned, directly or indirectly, by PGI or an affiliated person of PGI) without obtaining shareholder approval, including to:

• hire one or more sub-advisors;

• change sub-advisors; and

• reallocate management fees between PGI and sub-advisors.

Although there is no present intent to do so, the Fund may, in the future, rely on current SEC Staff guidance that expands relief under the Order to allow PGI to enter into and materially amend agreements with majority-owned affiliated sub-advisors (affiliated sub-advisors that are at least 50% owned, directly or indirectly, by PGI or an affiliated person of PGI), and, further, to all sub-advisors regardless of the degree of affiliation with PGI.

In order to rely on the varying degrees of relief granted by the Order and/or the SEC Staff guidance, a fund must receive approval from its shareholders (or, in the case of a new fund, the fund's sole initial shareholder before the fund is available to the other purchasers).

The Fund's shareholders have approved reliance on the Order, as supplemented by the SEC Staff guidance, as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Unaffiliated<br>Sub-Advisors** | **Wholly-Owned**<br>**Affiliated Sub-Advisors** | **Majority-Owned<br>Affiliated Sub-Advisors** | **Any Other Sub-Advisors Regardless of Degree of Affiliation** |
| Multi-Sector Income | X | X | X | |

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PGI has ultimate responsibility for the investment performance of the Fund if it utilizes a sub-advisor due to its responsibility to oversee sub-advisors and recommend their hiring, termination, and replacement.

In accordance with a separate exemptive order that the Registrant and PGI have obtained from the SEC, the Board may approve a new sub-advisory agreement or a material amendment to an existing sub-advisory agreement at a meeting that is not in person, provided that the Board Members are able to participate in the meeting using a means of communication that allows them to hear each other simultaneously during the meeting and the other conditions in the exemptive order are met.

**PRICING OF FUND SHARES**

The Fund's shares are bought and sold at the current share price. The share price of each class of the Fund is calculated each day the New York Stock Exchange ("NYSE") is open. Share prices are not calculated on the days on which the NYSE is closed for trading, generally: New Year's Day; Martin Luther King, Jr. Day; Washington's Birthday/ Presidents' Day; Good Friday; Memorial Day; Juneteenth; Independence Day; Labor Day; Thanksgiving Day; and Christmas. The share price of the Fund is determined as of the close of business of the NYSE (normally, 3:00 p.m. Central Time). When an order to buy or sell shares is received, the share price used to fill the order is the next price calculated after the order is received (in proper form) at the transaction processing center in Kansas City, Missouri. To process your transaction (purchase, redemption, or exchange) on the day it is received, it must be received (with complete information) on a day that the NYSE is open and before the close of trading on the NYSE (normally, 3:00 p.m. Central Time).

Orders received after 3:00 p.m. Central Time or on days that the NYSE is not open will be processed on the next day that the NYSE is open for normal trading. The Fund will not treat an intraday unscheduled disruption in NYSE trading as a closure of the NYSE and will price shares as of 3:00 p.m. Central Time, if the particular disruption directly affects only the NYSE.

If we receive an application or purchase request for a new mutual fund account or subsequent purchase into an existing account that is accompanied by a check and the application or purchase request does not contain complete information, we may hold the application (and check) for up to two business days while we attempt to obtain the necessary information. If we receive the necessary information within two business days, we will process the order using the next share price calculated. If we do not receive the information within two business days, we will return the application and check to you.

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The share price is calculated by:

• taking the current market value of the total assets of the Fund,

• subtracting liabilities of the Fund,

• dividing the remainder proportionately into the classes of the Fund,

• subtracting the liability of each class, and

• dividing the remainder by the total number of shares outstanding for that class.

With respect to any portion of the Fund's assets invested in other registered investment companies, that portion of the Fund's NAV is calculated based on the price (NAV or market, as applicable) of such other registered investment companies.

**Notes:**

• If market quotations are not readily available for a security owned by the Fund, its fair value is determined using a policy adopted by the Board. Fair valuation pricing is subjective and creates the possibility that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security.

• The Fund's securities may be traded on foreign securities markets that generally complete trading at various times during the day before the close of the NYSE. Foreign securities and currencies are converted to U.S. dollars using the exchange rate in effect at the close of the NYSE. Securities traded outside of the Western Hemisphere are valued using a fair value policy adopted by the Registrant. These fair valuation procedures are intended to discourage shareholders from investing in the Fund for the purpose of engaging in market timing or arbitrage transactions.

• The trading of foreign securities generally or in a particular country or countries may not take place on all days the NYSE is open or may trade on days the NYSE is closed. Thus, the value of the foreign securities held by the Fund may change on days when shareholders are unable to purchase or redeem shares.

• Certain securities issued by companies in emerging markets may have more than one quoted valuation at any point in time. These may be referred to as local price and premium price. The premium price is often a negotiated price that may not consistently represent a price at which a specific transaction can be effected. The Registrant has a policy to value such securities at a price at which PGI expects the securities may be sold.

**CONTACT PRINCIPAL FUNDS, INC.** 

Contact information for Principal Funds, Inc. ("Principal Funds") is as follows:

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| | |
|:---|:---|
| **Mailing Addresses:** | **Mailing Addresses:** |
| **Regular Mail** | **Overnight Mail** |
| Principal Funds | Principal Funds |
| P.O. Box 219971 | 801 Pennsylvania Ave., Ste. 219971 |
| Kansas City, MO 64121-9971 | Kansas City, MO 64105-1307 |

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You may speak with a Client Relations Specialist by calling 1-800-222-5852, between 7:00 a.m. and 7:00 p.m. Central Time on any day that the NYSE is open.

To obtain Automated Clearing House ("ACH") or wire instructions, please contact a Client Relations Specialist.

For additional information about Principal Funds, Inc., go to www.PrincipalAM.com.

**PURCHASE OF FUND SHARES**

Principal Funds, Inc. offers funds in multiple share classes: A, C, J, Institutional, R-3, R-5, R-6, and S. Funds available in multiple share classes have the same investments, but differing expenses. Institutional Class and Classes A, C, and R-6 shares are available in this Prospectus.

The Fund reserves the right to refuse or cancel any purchase orders, including those by exchange, for any reason. For example, the Fund does not intend to permit market timing because short-term or other excessive trading into and out of the Fund may harm performance by disrupting portfolio management strategies and by increasing expenses. Accordingly, the Fund may reject any purchase orders from market timers or investors that, in PGI's opinion, may be disruptive to the Fund. For these purposes, PGI may consider an investor's trading history in the Fund or other funds advised by PGI and accounts under common ownership or control.

PGI may recommend to the Board, and the Board may elect, to close the Fund or share classes to new investors or to close the Fund or share classes to new and existing investors.

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The Registrant will not issue certificates for shares.

No salesperson, broker-dealer, or other person is authorized to give information or make representations about the Fund other than those contained in this Prospectus. Information or representations not contained in this Prospectus may not be relied upon as having been provided or made by the Registrant, the Fund, PGI, any sub-advisor (if any), or Principal Funds Distributor, Inc. ("PFD" or the "Distributor").

**Procedures for Opening an Account**

<u>Classes A and C Shares</u>

Shares of the Fund are generally purchased through Financial Professionals. Financial Professionals may establish shareholder accounts according to their procedures or they may establish shareholder accounts directly with the Fund by visiting our website to obtain the appropriate forms.

Your Financial Professional can help you buy shares of the Fund by mail, through bank wire, direct deposit, or Automatic Investment Plan ("AIP"). No wires are accepted on days when the NYSE is closed or when the Federal Reserve is closed (because the bank that would receive your wire is closed). An investment in the Fund may be held in various types of accounts, including individual, joint ownership, trust, and business accounts. The Fund also offers a range of custodial accounts for those who wish to invest for retirement and/or education expenses. Prospective shareholders should consult with their Financial Professional before making decisions about the account and type of investment that are appropriate for them.

<u>Institutional Class and Class R-6 Shares</u>

Shares of the Fund are generally purchased through Financial Professionals. There are no sales charges on Institutional Class and Class R-6 shares of the Fund.

Shareholder accounts in these share classes are generally maintained under an open account system. Under this system, an account is opened and maintained for each investor (generally within an omnibus account, plan level account, or institutional investor). Each investment is confirmed by sending the investor a statement of account showing the current purchase or sale and the total number of shares owned. The statement of account is treated by the Fund as evidence of ownership of Fund shares. Contact your Financial Professional for additional information on how to buy shares.

**Verification of Identity**

To help the government fight the funding of terrorism and money laundering activities, federal law requires financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we (or your Financial Professional) may ask for your name, address, date of birth, and other information that will allow us (or your Financial Professional) to verify your identity. We (or your Financial Professional) may also ask to see your driver's license or other identifying documents.

If concerns arise with verification of your identity, no transactions, other than redemptions, will be permitted while we attempt to reconcile the concerns. If we are unable to verify your identity on a timely basis, we may close your account or take such other action as we deem appropriate.

The Fund will not establish accounts with foreign addresses. If an existing shareholder with a U.S. address moves to a foreign location and updates the address on the shareholder's account, we are unable to process any purchases or exchanges on that account. The Fund will not establish accounts that are for the benefit of a business/organization that is illegal under federal and/or state law (such as a marijuana clinic) or a person who owns or receives income from such an entity or whose source of funds is illegal.

**Eligible Purchasers**

You must be an eligible purchaser for a particular share class to buy shares of the Fund available in that share class. At the sole discretion of the Distributor, the Fund may broaden or limit the designation of eligible purchasers, permit certain types of investors to open new accounts, impose further restrictions on purchases, or reject any purchase orders, all without prior notice. The Fund's shares may not be offered in every state. Please check with your Financial Professional or our home office for state availability.

<u>Institutional Class and Class R-6 Shares</u>

Some eligible purchasers (as listed below) purchase shares through plans or other intermediaries; such plans or intermediaries may impose fees in addition to those charged by the Fund. The services or share classes available to you may vary depending upon how you wish to purchase shares of the Fund. Each investor's financial considerations are different. You should speak with your Financial Professional to help you decide which share class is best for you.

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| | | |
|:---|:---|:---|
| **Eligible purchasers currently include, but are not limited to:** | **Institutional** | **R-6** |
| retirement and pension plans to which Principal Life Insurance Company ("Principal Life") provides recordkeeping services | X | X |
| separate accounts of Principal Life | X | X |
| Principal Life or any of its subsidiaries or affiliates | X | X |
| any fund distributed by PFD if the fund seeks to achieve its investment objective by investing primarily in shares of mutual funds | X | X |
| clients of Principal Global Investors, LLC | X | X |
| certain employer-sponsored retirement plans with plan level omnibus accounts | X | X |
| certain pension plans and employee benefit plans | X | X |
| certain retirement account investment vehicles administered by foreign or domestic pension plans | X | X |
| an investor who buys shares through an omnibus account with certain intermediaries, such as a broker-dealer, bank, or other financial institution, pursuant to a written agreement between the intermediary and PFD or its affiliate | X | X |
| certain retirement plan clients that have an organization, approved by Principal Life, for purposes of providing plan recordkeeping services | X | X |
| investors investing at least $1,000,000 per fund | X | X |
| sponsors, recordkeepers, or administrators of wrap account, mutual fund asset allocation, or fee-based programs or participants in those programs | X | X |
| certain institutional investors that provide recordkeeping for retirement plans or other employee benefit plans | X | X |
| institutional clients that Principal Life has approved for purposes of providing plan recordkeeping | X | X |
| institutional investors investing for their own account, including banks, trust companies, financial intermediaries, corporations, endowments, and foundations | X | X |
| collective trust funds, fund of funds, or other pooled investment vehicles, and entities acting for the account of a public entity | X | X |
| certain clients of a private banking division pursuant to a written agreement between the bank and PFD or its affiliate | X | X |
| the portfolio manager of any advisor to the fund | X |  |
| certain institutional investors with special arrangements (for example, insurance companies, employee benefit plans, retirement plans, and Section 529 Plans, among others) | X | X |
| retirement plans and IRAs investing through a retirement marketplace enabled by state legislation | X |  |
| ReFlow Fund, LLC in connection with the ReFlow liquidity program | X | X |

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**Investment Company Purchasers**

The Fund is an investment company registered with the SEC under the 1940 Act. If a purchaser of Fund shares is also a registered investment company or a private fund relying on Section 3(c)(1) or Section 3(c)(7) of the 1940 Act, it may be limited by the 1940 Act in the amount of Fund shares it can purchase (i.e., Section 12(d)(1)(A)). Such purchaser must comply with such limitations or avail itself, if possible, of any applicable exemptions from such limitations (e.g., a registered investment company may rely on Rule 12d1-4 of the 1940 Act).

**Minimum Investments**

<u>Classes A and C Shares</u>

Principal Funds has a minimum initial investment amount of $1,000 and a minimum subsequent investment amount of $100. Initial and subsequent investment minimums apply on a per-Fund basis for the Fund in which a shareholder invests.

Shareholders must meet the minimum initial investment amount of $1,000 unless an Automatic Investment Plan ("AIP") is established. With an AIP, the minimum initial investment is $100. Accounts or automatic payroll deduction plans established with an AIP that do not meet the minimum initial investment must maintain subsequent automatic investments that total at least $1,200 annually.

Minimum initial and subsequent investments may be waived or reduced on accounts set up for: certain employee benefit plans; retirement plans qualified under Internal Revenue Code Section 401(a); payroll deduction plans submitting contributions in an electronic format devised and/or approved by the Fund; the ReFlow liquidity program; and purchases through an omnibus account with a broker-dealer, investment advisor, or other financial institution. Your financial intermediary may impose different investment minimums.

<u>Institutional Class and Class R-6 Shares</u>

There are no minimum initial or subsequent investment requirements for an investor who otherwise qualifies as an eligible purchaser.

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**Payment**

<u>Classes A and C Shares</u> 

Payments are to be made via personal or financial institution check (for example, a bank or cashier's check), bank wire, direct deposit, or Automatic Investment Plan ("AIP"). No wires are accepted on days when the NYSE is closed or when the Federal Reserve is closed (because the bank that would receive your wire is closed). We consider your purchase of Fund shares by check to be your authorization to make an automated clearing house ("ACH") debit entry to your account. We reserve the right to refuse any payment that we feel presents a fraud or money laundering risk. Examples of the types of payments we will not accept are cash, starter checks, money orders, travelers' checks, credit card checks, and foreign checks.

The Fund may, in its discretion and under certain limited circumstances, accept securities as payment for Fund shares at the applicable net asset value ("'NAV"). For federal income tax purposes, a purchase of shares with securities will be treated as a sale or exchange of such securities on which the investor will generally realize a taxable gain or loss. The Fund will value securities used to purchase its shares using the same method the Registrant uses to value its portfolio securities as described in this Prospectus.

You may reinvest your redemption proceeds, dividend payment, or capital gain distribution without an initial sales charge or contingent deferred sales charge, in the same share class of any other fund of Principal Funds within 90 days of the date of the redemption. To purchase the shares without a sales charge (initial or contingent deferred) as described in this section, the shareholder must notify Principal Funds at the time of reinvestment that the shareholder is reinvesting proceeds within 90 days of the date of redemption. The original redemption will be considered a sale for federal (and state) income tax purposes even if the proceeds are reinvested within 90 days. If a loss is realized on the sale, the reinvestment may be subject to the "wash sale" rules resulting in the postponement of the recognition of the loss for tax purposes.

Your Financial Professional can help you make a direct deposit from your paycheck (if your employer approves) or from a government allotment. Direct deposit allows you to deposit automatically all or part of your paycheck (or government allotment) to your Principal Funds account(s). You can request a Direct Deposit Authorization Form to give to your employer or the governmental agency (either of which may charge a fee for this service). Shares will be purchased on the day the ACH notification is received by the transfer agent's bank. On days when the NYSE is closed, but the bank receiving the ACH notification is open, your purchase will be priced at the next calculated share price.

Your Financial Professional can help you establish an AIP. You may make regular monthly investments with automatic deductions from your bank or other financial institution account. You select the day of the month the deduction is to be made (if none is selected, the investment will be made on the 15th of the month). If that date is a non-trading day, we will process the deduction on the next trading day. If the next trading day falls in the next month or year, we will process the deduction on the day before your selected day.

<u>Institutional Class and Class R-6 Shares</u>

Payments are generally to be made through your plan or intermediary. We reserve the right to refuse any payment that we feel presents a fraud or money laundering risk. Examples of the types of payments we will not accept are cash, starter checks, money orders, travelers' checks, credit card checks, and foreign checks.

For Institutional Class shareholders investing through a retirement marketplace enabled by state legislation, please contact Principal Funds by calling 1-800-222-5852, between 7:00 a.m. and 7:00 p.m. Central Time on any day that the NYSE is open.

**Automatic Conversion of Class C Shares**

Effective April 19, 2021, Class C shares held for eight years after purchase will automatically convert to Class A shares of the same Fund. The automatic conversion will generally occur on the 22nd day of each month or, if the 22nd day is not a business day, on the next business day (each, a "Conversion Date"). If the eighth anniversary of a purchase of Class C shares falls on a Conversion Date, a shareholder's Class C shares will be automatically converted on that date. If the eighth anniversary occurs between Conversion Dates, a shareholder's Class C shares will be automatically converted on the next Conversion Date after such anniversary. Automatic conversions will be on the basis of the NAV per share, without the imposition of any sales charge (including a CDSC), fee, or other charge. Automatic conversions of Class C shares will constitute tax-free exchanges for federal income tax purposes.

Class C shares of the Fund acquired through a reinvestment of dividends and distributions will convert to Class A shares of the Fund on the Conversion Date pro rata with the converting Class C shares of that Fund that were not acquired through reinvestment of dividends and distributions.

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Class C shares held through a financial intermediary in certain omnibus accounts may be converted by the financial intermediary once it is determined that the Class C shares have been held for the required period. It is the financial intermediary's (and not the Fund's) responsibility to maintain appropriate supporting records and to ensure that the shareholder is credited with the proper holding period, and it is the responsibility of the shareholder or their financial intermediary to determine that the shareholder is eligible for the conversion. Additionally, some intermediaries may have adopted different policies and procedures related to the conversion of Class C shares, including shorter schedules for conversion. Please consult with your financial intermediary if you have any questions.

**REDEMPTION OF FUND SHARES**

Under normal circumstances, you may redeem shares of any class of the Fund at any time. There is no fee for any redemption. The Board has determined that it is not necessary to impose a fee upon the redemption of Fund shares because the Fund has adopted transfer restrictions as described in Exchange of Fund Shares.

The shares you redeem will have the NAV per share that is next computed after the Fund receives and accepts your redemption order in proper and complete form. The amount you receive will be reduced by any applicable CDSC, except as noted below; see Choosing a Share Class and the Costs of Investing - One-Time Fee - Contingent Deferred Sales Charge ("CDSC") - CDSC Waiver. Your redemption proceeds will generally be sent on the next business day (a day when the NYSE is open for normal business) following the date on which your request is received and accepted in proper and complete form. Although you can redeem your shares at any time, if you purchased shares by check or ACH and subsequently request a redemption of those shares, your redemption proceeds will generally be delayed for seven calendar days after the purchase to allow a sufficient period of time to ensure your recent payment has been cleared by the relevant bank. To redeem shares purchased by check or ACH within the previous seven days, the Fund requires redemption requests with respect to those shares to be submitted in writing or by telephone, unless you contact the Fund and make an alternate arrangement.

Under unusual circumstances, the Fund may suspend redemptions, or postpone payments for more than seven days, as permitted by federal securities law.

Under normal circumstances, the Fund expects to meet redemption requests through holdings of cash, the sale of investments held in cash equivalents, and/or by selling liquid index futures or other instruments used for cash management purposes. In situations in which such holdings are not sufficient to meet redemption requests, the Fund will typically borrow money through the Fund's interfund lending facility or through a bank line-of-credit. No Fund can borrow under the bank line-of-credit while also a lender under the interfund lending facility. The Fund may also choose to sell portfolio assets for the purpose of meeting such requests. The Fund further reserves the right to distribute "in kind" securities from the Fund's portfolio in lieu (in whole or in part) of cash under certain circumstances, including under stressed market conditions.

The agreement for the above-mentioned line of credit is with State Street Bank and Trust Company.

**Classes A and C Shares**

You will be charged a $10 wire fee if you have the sale proceeds wired to your bank. It may take additional business days for your financial institution to post this payment to your account at that financial institution. At your request, the check will be sent overnight (a $15 overnight fee will be deducted from your account unless other arrangements are made).

Distributions from IRA, SEP, SIMPLE, 403(b), and SAR-SEP accounts may be taken as:

• lump sum of the entire interest in the account,

• partial interest in the account, or

• periodic payments of either a fixed amount or an amount based on certain life expectancy calculations.

Tax penalties may apply to distributions before the participant reaches age 59½.

Selling shares may create a gain or a loss for federal (and state) income tax purposes. You should maintain accurate records for use in preparing your income tax returns.

Generally, sales proceeds are:

• payable to all owners on the account (as shown in the account registration) and

• mailed to the address on the account (if not changed within the last 15 days) or sent by wire or ACH to previously authorized U.S. bank account (if not added or changed within the last 15 days).

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For other payment arrangements, please call Principal Funds. You should also call Principal Funds for special instructions that may apply to sales from accounts:

• when an owner has died;

• for certain employee benefit plans; or

• owned by corporations, partnerships, agents, or fiduciaries.

Except as described above, you may redeem shares of the Fund in any of the following ways:

<u>By Mail</u>

To sell shares by mail, you must:

• Send a letter or our distribution form, which is signed by an owner of the account,

• Specify the account number, and

• Specify the number of shares or the dollar amount to be sold.

If you send a letter rather than our distribution form, the letter must be in a form acceptable to the Fund.

<u>By Telephone or Website, in amounts of $100,000 or less</u>

To sell shares by telephone:

• The request may be made by a shareholder or by the shareholder's Financial Professional.

• The combined amount requested from all funds to which the redemption request relates is $100,000 or less.

• The address on the account must not have been changed within the last 15 days and telephone privileges must apply to the account from which the shares are being sold.

• Wire or ACH to a previously authorized U.S. bank account that must not have been added or changed within the last 15 days.

• If our phone lines are busy or our website is unavailable, you may need to send in a written sell order.

Telephone and/or website redemption privileges are NOT available for all account types.

**Classes A, C, and Institutional Shares - Systematic Withdrawal Plans**

You may set up a systematic withdrawal plan on a monthly, quarterly, semiannual, or annual basis to sell enough shares to provide a fixed amount of money ($100 minimum amount; the required minimum is waived to the extent necessary to meet the required minimum distribution as defined by the Internal Revenue Code).

You can set up a systematic withdrawal plan by:

• completing the applicable section of the application,

• sending us your written instructions,

• completing a Systematic Withdrawal Plan Request form, or

• calling us if you have telephone privileges on the account (telephone privileges may not be available for all types of accounts).

Your systematic withdrawal plan continues until:

• you instruct us to stop or

• your Fund account balance is zero.

When you set up the withdrawal plan, you select which day you want the sale made (if none is selected, the sale will be made on the 15th of the month). If the selected date is not a trading day, the sale will take place on the preceding trading day (if that day falls in the month or year before your selected date, the transaction will take place on the next trading day after your selected date). If telephone privileges apply to the account, you may change the date or amount by telephoning us. Sales made under your systematic withdrawal plan will reduce and may eventually exhaust your account. The Fund from which the systematic withdrawal is made makes no recommendation as to either the number of shares or the fixed amount that you withdraw.

**Institutional Class and Class R-6 Shares**

You may redeem shares of the Fund in any of the following ways:

<u>Through an Employer Sponsored Retirement Plan Administrator or Record-Keeper</u>

If you own Fund shares in an eligible retirement or employee benefit plan, you must sell your shares through the plan's administrator or record-keeper.

<u>Through your Financial Professional</u>

If your Fund shares are held for you in nominee form, you must sell those shares through your intermediary or dealer.

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<u>By Mail</u>

To sell shares by mail, you must:

• Send a letter or our distribution form, which is signed by an owner of the account,

• Specify the account number, and

• Specify the number of shares or the dollar amount to be sold.

If you send a letter rather than our distribution form, the letter must be in a form acceptable to the Fund.

<u>By Telephone</u>

To sell shares by telephone:

• Telephone privileges must apply to the account from which the shares are sold.

• A shareholder or the shareholder's Financial Professional may request to sell shares by telephone.

• A maximum amount (listed below) of redemption requests will be permitted per day per account, as the combined amount from all funds, provided the proceeds are to be sent to a previously authorized U.S. bank account that must not have been added or changed within the last 15 days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ $10,000,000 for Institutional Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ◦ $500,000 for Class R-6.

• A maximum of $500,000 of redemption requests will be permitted per day, as the combined amount from all funds, provided the proceeds are to be sent by check through the mail to the address on the account and such address must not have changed within the last 15 days.

• If our telephone lines are busy, you may need to send in a written sell order.

**Distributions in Kind**

Payment for shares of the Fund tendered for redemption is ordinarily made by check. However, the Fund may determine that it would be detrimental to the remaining shareholders of the Fund to make payment of a redemption order wholly or partly in cash. Under certain circumstances, therefore, the Fund may pay the redemption proceeds in whole or in part by a distribution of "in kind" securities from the Fund's portfolio in lieu of cash. If the Fund pays the redemption proceeds in kind, the redeeming shareholder might incur brokerage or other costs in selling the securities for cash. In addition, the securities received will be subject to market risk until sold. Typically, such in kind redemptions made to an affiliated person would be distributed pro rata. The Fund will value securities used to pay redemptions in kind using the same method the Registrant uses to value its portfolio securities as described in this Prospectus. The Fund may also use redemption in kind for certain Fund shares held by ReFlow.

**EXCHANGE OF FUND SHARES**

An exchange between funds is a redemption of shares of one fund and a concurrent purchase of shares in another fund with the redemption proceeds. All exchanges completed on the same day are considered a single exchange for purposes of the exchange limitations described below. To prevent excessive exchanges, and under other circumstances where the Board or PGI believes it is in the best interests of the Fund, the Fund reserves the right to revise or terminate this exchange privilege, limit the amount or further limit the number of exchanges, reject any exchange, or close an account.

**Classes A and C Shares**

Your shares in the Fund may be exchanged without a sales charge or CDSC for the same class of any other Principal Funds. However, the original purchase date of the shares from which an exchange is made is used to determine if newly acquired shares are subject to a CDSC when they are sold. The Fund reserves the right to revise or terminate the exchange privilege at any time.

You may exchange shares by:

• sending a written request to Principal Funds,

• using our website, or

• calling us, if you have telephone privileges on the account.

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<u>Automatic Exchange Election</u>

This election authorizes an exchange from one fund of Principal Funds to another fund of Principal Funds on a monthly, quarterly, semi-annual, or annual basis. You can set up an automatic exchange by:

• completing the Automatic Exchange Election section of the application,

• calling us if telephone privileges apply to the account from which the exchange is to be made,

• sending us your written instructions, or

• completing an Automatic Exchange Election form.

Your automatic exchange continues until:

• you instruct us to stop (by calling us if telephone privileges apply to the account or sending us your written instructions) or

• your fund account balance of the account from which shares are redeemed is zero.

You may specify the day of the exchange (if none is selected, the exchange will be made on the 15th of the month). If the selected day is not a trading day, the sale will take place on the preceding trading day (if that day falls in the month or year before your selected date, the transaction will take place on the next trading day after your selected date). If telephone privileges apply to the account, you may change the date or amount by telephoning us.

<u>General</u>

• An exchange by any joint owner is binding on all joint owners.

• If you do not have an existing account in the fund to which the exchange is being made, a new account is established. The new account has the same owner(s), dividend and capital gain options, and dealer of record as the account from which the shares are being exchanged.

• All exchanges are subject to the minimum investment and eligibility requirements of the fund being acquired.

• You may acquire shares of a fund only if its shares are legally offered in your state of residence.

When money is exchanged or transferred from one account registration or tax identification number to another, the account holder is relinquishing his or her rights to the money. Therefore, exchanges and transfers can only be accepted by telephone if the exchange (transfer) is between:

• accounts with identical ownership,

• an account with a single owner to one with joint ownership if the owner of the single owner account is also an owner of the account with joint ownership,

• a single owner to a Uniform Transfers to Minors Act ("UTMA") account if the owner of the single owner account is also the custodian on the UTMA account, or

• a single or jointly owned account to an IRA account to fund the yearly IRA contribution of the owner (or one of the owners in the case of a jointly owned account).

The exchange is treated as a sale of shares for federal (and state) income tax purposes and may result in a capital gain or loss.

Fund shares used to fund an employee benefit plan may be exchanged only for shares of other funds available to the employee benefit plan. Such an exchange must be made by following the procedures provided in the employee benefit plan and the written service agreement.

**Institutional Class and Class R-6 Shares**

A shareholder, which may include a beneficial owner of shares held in nominee name or a participant in a participant-directed employee benefit plan, may exchange Fund shares under certain circumstances. In addition to any restrictions an intermediary (which may include, without limitation, an employee retirement plan or other employee benefit plan, plan administrator, plan record keeper, or managed account provider) imposes, Fund shares may be exchanged, without charge, for shares of the same share class of any other fund of the Principal Funds, provided that:

• the shareholder has not exchanged shares of the Fund within 30 days preceding the exchange,

• the share class of such other fund is available through the intermediary,

• the share class of such other fund is available in the shareholder's state of residence, and

• with respect to shares purchased through an intermediary that is willing and able to impose the 30-day exchange or repurchase restriction described below, the shareholder has not exchanged shares of the Fund within 30 days preceding the exchange.

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With respect to shares purchased through an intermediary that is willing and able to impose a 30-day exchange or repurchase restriction, an order to purchase shares of any fund will be rejected if the shareholder redeemed shares from that fund within the preceding 30-day period. The 30-day exchange or purchase restriction does not apply to exchanges or purchases made on a scheduled basis such as scheduled periodic portfolio rebalancing transactions or to transactions by managers of funds of funds in shares of the underlying funds.

If Fund shares are purchased through an intermediary that is unable or unwilling to impose the 30-day exchange or repurchase restriction described above, Fund management may waive this restriction based on:

• exchange and repurchase limitations that the intermediary is able to impose if, in management's judgment, such limitations are reasonably likely to prevent excessive trading in Fund shares; or

• the implementation of other transaction monitoring management believes is reasonably likely to identify and prevent excessive trading in Fund shares.

The Fund's transfer agent employs transaction monitoring that management believes is reasonably likely to identify and prevent excessive trading in Fund shares. The 30-day exchange or repurchase restriction described above is not imposed with respect to shares held directly with the Fund's transfer agent. However, such shares may be purchased through an intermediary that imposes such an exchange or repurchase restriction.

**DIVIDENDS AND DISTRIBUTIONS**

Dividends are based on estimates of income, expenses, and shareholder activity for the Fund. Actual income, expenses, and shareholder activity may differ from estimates; consequently, differences, if any, will be included in the calculation of subsequent dividends. The Fund pays its net investment income monthly to record date shareholders.

For more details on the payment schedule, go to: www.principal.com/tax-center.

You may ask to have your dividends paid to you in cash. If you do not request cash payment, your dividend will be applied to purchase additional shares of the Fund monthly.

Net realized capital gains, if any, are distributed annually in December. Payments are made to shareholders of record on the business day before the payable date. Capital gains may be taxable at different rates, depending on the length of time that the Fund holds its assets. If deemed necessary by the Board and management to comply with regulatory requirements or if in the best interest of shareholders, dividend and capital distributions may be paid at other times during the year.

Dividend and capital gains distributions will be reinvested, without a sales charge, in shares of the Fund; however, you may authorize (on your application or at a later time) the distribution to be:

• invested in shares of another of the Principal Funds without a sales charge (distributions of the Fund may be directed only to one receiving fund); or

• paid in cash, if the amount is $10 or more.

Generally, for federal income tax purposes, Fund distributions are taxable as ordinary income, except that any distributions of long-term capital gains will be taxed as such, regardless of how long Fund shares have been held. Special tax rules apply to Fund distributions to Individual Retirement Accounts and other retirement plans. A tax advisor should be consulted to determine the suitability of the Fund as an investment by such a plan and the tax treatment of distributions by the Fund. A tax advisor can also provide information on the potential impact of possible foreign, state, and local taxes. The Fund's investments in foreign securities may be subject to foreign withholding taxes. In that case, the Fund's yield on those securities would be decreased.

To the extent that distributions the Fund pays are derived from a source other than net income (such as a return of capital), you will receive a notice disclosing the source of such distributions. Furthermore, such notice will be posted monthly on our website at www.principal.com/tax-center. You may request a copy of all such notices, free of charge, by telephoning 1-800-222-5852. The amounts and sources of distributions included in such notices are estimates only and you should not rely upon them for purposes of reporting income taxes. The Fund will send shareholders a Form 1099-DIV for the calendar year that will tell shareholders how to report these distributions for federal income tax purposes.

The Fund's payment of income dividends and capital gains has the effect of reducing the share price by the amount of the payment. Distributions from the Fund, whether received in cash or reinvested in additional shares, may be subject to federal (and state) income tax. For these reasons, buying shares of the Fund shortly before it makes a distribution may be disadvantageous to you.

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**FREQUENT PURCHASES AND REDEMPTIONS**

The Fund is not designed for, and does not knowingly accommodate, frequent purchases and redemptions of Fund shares. If you intend to trade frequently and/or use market timing investment strategies, you should not purchase the Fund.

Frequent purchases and redemptions pose a risk to the Fund because they may:

• &nbsp;&nbsp;&nbsp;&nbsp;Disrupt the management of the Fund by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ◦ forcing the Fund to hold short-term (liquid) assets rather than investing for long-term growth, which results in lost investment opportunities for the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ causing unplanned portfolio turnover;

• Hurt the portfolio performance of the Fund; and

• Increase expenses of the Fund due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;increased broker-dealer commissions and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;increased recordkeeping and related costs.

The Fund may be at greater risk of harm due to frequent purchases and redemptions. A fund that invests in foreign securities may appeal to investors attempting to take advantage of time-zone arbitrage. The Fund has adopted procedures to "fair value" foreign securities owned by the Fund each day to discourage these market timing transactions in shares of the Fund.

The Board has also adopted policies and procedures with respect to frequent purchases and redemptions of shares of the Fund. The Fund monitors shareholder trading activity to identify and take action against abuses. When we do identify abusive trading, we will apply our policies and procedures in a fair and uniform manner. While our policies and procedures are designed to identify and protect against abusive trading practices, there can be no certainty that we will identify and prevent abusive trading in all instances. If we are not able to identify such excessive trading practices, the Fund and its shareholders may be harmed. If we, or the Fund, deem abusive trading practices to be occurring, we will take action that may include, but is not limited to:

• Rejecting exchange instructions from the shareholder or other person authorized by the shareholder to direct exchanges;

• Restricting submission of exchange requests by, for example, allowing exchange requests to be submitted by 1 <sup>st</sup> class U.S. mail only and disallowing requests made by facsimile, overnight courier, telephone, or via the internet;

• Limiting the number of exchanges during a year; and

• Taking such other action as directed by the Fund.

The Fund has reserved the right to accept or reject, without prior written notice, any exchange requests. In some instances, an exchange may be completed before a determination of abusive trading. In those instances, we will reverse the exchange and return the account holdings to the positions held before the exchange. We will give the shareholder written notice in this instance. Purchases and redemptions of Fund shares by ReFlow under the program are generally not considered excessive short-term trading under the Fund's Excessive Trading Policy.

<u>Institutional Class and Class R-6 Shares</u>

In addition to taking any of the foregoing actions, if we, or the Fund, deem abusive trading practices to be occurring, we may require a holding period of a minimum of 30 days before permitting exchanges among the funds where there is evidence of at least one round-trip exchange (exchange or redemption of shares that were purchased within 30 days of the exchange/redemption).

The Fund has adopted an exchange frequency restriction for these classes, described above in "Exchange of Fund Shares" to limit excessive trading in Fund shares.

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**TAX CONSIDERATIONS**

It is a policy of the Fund to make distributions of substantially all of its investment income and any net realized capital gains. Shareholders are responsible for federal income tax (and any other taxes, including state and local income taxes, if applicable) on dividends and capital gains distributions whether such dividends or distributions are paid in cash or are reinvested in additional shares. Special tax rules apply to distributions from IRAs and other retirement accounts. You should consult a tax advisor to determine the suitability of the Fund as an investment by such a plan and the tax treatment of Fund distributions.

Generally, dividends paid by the Fund from interest, dividends, or net short-term capital gains will be taxed as ordinary income. Distributions properly designated by the Fund as deriving from net gains on securities held for more than one year are taxable as such (generally at a 15% tax rate for individuals and taxable trusts, some individuals and taxable trusts will be subject to a 20% tax rate), regardless of how long you have held your shares. Distributions of investment income properly designated by the Fund as derived from "qualified dividend income" will be taxed at the rates applicable to long-term capital gains. Some high-income individuals and taxable trusts will be subject to a Medicare 3.8% tax on unearned net investment income.

A return of capital is a non-dividend distribution that is not paid out of the earnings and profits of the Fund. A return of capital distribution is generally not taxed until your investment in the Fund has been recovered. A return of capital reduces your cost basis in the Fund, which may increase your tax liability upon the sale of your Fund shares or upon subsequent distributions in respect of your investment in the Fund.

Because of tax law requirements, you must provide the Fund with an accurate and certified taxpayer identification number (for individuals, generally a Social Security number) to avoid "back-up" withholding, which is imposed at a rate of 24%. The Fund is required, in certain cases, to withhold and remit to the U.S. Treasury 24% of ordinary income dividends and capital gain dividends, and the proceeds of redemption of shares, paid to any shareholder who has provided either an incorrect tax identification number or no number at all, who is subject to backup withholding by the Internal Revenue Service for failure to report the receipt of interest or dividend income properly, or who has failed to certify to the Fund that it is not subject to backup withholding or that it is a corporation or other "exempt recipient."

A shareholder recognizes gain or loss on the sale or redemption of shares of the Fund in an amount equal to the difference between the proceeds of the sales or redemption and the shareholder's adjusted tax basis in the shares. All or a portion of any loss so recognized may be disallowed if the shareholder purchases other shares of the Fund within 30 days before or after the sale or redemption. In general, any gain or loss arising from (or treated as arising from) the sale or redemption of shares of the Fund is considered capital gain or loss (long-term capital gain or loss if the shares were held for longer than one year). However, any capital loss arising from the sales or redemption of shares held for six months or less is disallowed to the extent of the amount of exempt-interest dividends received on such shares and (to the extent not disallowed) is treated as a long-term capital loss to the extent of the amount of capital gain dividends received on such shares. Capital losses in any year are deductible only to the extent of capital gains plus, in the case of a non-corporate taxpayer, $3,000 of ordinary income under current rules.

If a shareholder incurs a sales charge in acquiring shares of the Fund, disposes of such shares less than 91 days after they are acquired, and subsequently acquires shares of the Fund or another fund at a reduced sales charge pursuant to a right to reinvest at such reduced sales charge acquired in connection with the acquisition of the shares disposed of, then the sales charge on the shares disposed of (to the extent of the reduction in the sales charge on the shares subsequently acquired) shall not be taken into account in determining gain or loss on the shares disposed of but shall be treated as incurred on the acquisition of the shares subsequently acquired.

Any gain resulting from the redemption or exchange of your shares will generally also be subject to tax. For shares acquired after January 1, 2012, you will need to select a cost basis method to be used to calculate your reported gains and losses prior to or at the time of any redemption or exchange. If you do not select a method, the Fund's default method of average cost will be applied to the transactions. The cost basis method used on your account could significantly affect your taxes due and should be carefully considered. You should consult your tax advisor for more information on your own tax situation, including possible foreign, state, and local taxes.

Investments by the Fund in certain debt instruments or derivatives may cause the Fund to recognize taxable income in excess of the cash generated by such instruments. As a result, the Fund could be required at times to liquidate other investments to satisfy its distribution requirements under the Internal Revenue Code. The Fund's use of derivatives will also affect the amount, timing, and character of the Fund's distributions.

Early in each calendar year, the Fund will notify you of the amount and tax status of distributions paid to you for the preceding year.

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A dividend or distribution made after the purchase of shares of the Fund by a shareholder, although in effect a return of capital to that shareholder, would be taxable to that shareholder as described above, subject to a holding period requirement for dividends designated as qualified dividend income.

In addition, the Fund has elected and intends to qualify and be eligible to be treated each year as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"). The Fund must satisfy certain diversification and qualifying income tests under the Code in order to qualify as a RIC. If the Fund were to fail to qualify and be eligible to be treated as a RIC, the Fund would be subject to corporate-level taxation, thereby reducing the return on a shareholder's investment. In addition, the Fund could be required to recognize unrealized gains, pay taxes, and make distributions (which could be subject to interest charges) before requalifying for taxation as a RIC.

The information contained in this Prospectus is not a complete description of the federal, state, local, or foreign tax consequences of investing in the Fund. You should consult your tax advisor before investing in the Fund.

**CHOOSING A SHARE CLASS AND THE COSTS OF INVESTING**

Before you invest, you should understand the characteristics of each share class so you can be sure to choose the class that is right for you. Fund and share class selections must be made at the time of purchase.

Classes differ regarding the costs associated with buying, redeeming, and holding shares. Which class is best for you depends upon:

• the dollar amount you are investing,

• the amount of time you plan to hold the investment,

• any plans to make additional investments in the Principal Funds, and

• eligibility to purchase the class.

The following sections describe the fees and expenses you may pay if you invest in the Fund. You may pay both one-time fees and ongoing fees. Fees and expenses are important because they lower your earnings. Before investing, you should be sure you understand the nature of different costs. Your Financial Professional can help you with this process and can help you choose the share class and fund or funds that are appropriate for you based upon your investment objective, risk tolerance, and other factors. Financial Professionals may receive different compensation depending upon which class of shares you purchase.

**Fees and Expenses of the Fund**

<u>Classes A and C Shares</u>

These share classes may include a front-end sales charge and/or contingent deferred sales charge. There is no sales charge on shares of the Fund purchased with reinvested dividends or other distributions. You may obtain more information about sales charge reductions and waivers from your Financial Professional.

In some cases, the initial sales charge or contingent deferred sales charge may be waived or reduced. Appendix B to this Prospectus, titled "Intermediary-Specific Sales Charge Waivers and Reductions," contains information about intermediary-specific sales charge waivers and reductions that will be available if you purchase Fund shares through those intermediaries. The Prospectus discusses the initial sales charge or contingent deferred sales charge waivers or reductions that will be available if you purchase Fund shares directly from the Fund or through another intermediary not listed on Appendix B.

In all instances, to receive a waiver or reduction in the initial sales charge or contingent deferred sales charge, you or your Financial Professional must let the Fund know at the time you purchase or redeem shares that you qualify for such a waiver or reduction. It may be necessary for you to provide information and records, such as account statements, to determine your eligibility. If you or your Financial Professional do not let the Fund know that you are eligible for a waiver or reduction, you may not receive a sales charge discount to which you are otherwise entitled.

<u>Class C Shares</u>

Class C shares may not be suitable for large investments. Due to the higher expenses associated with Class C shares, it may be more advantageous for investors currently purchasing, intending to purchase, or with existing assets in amounts that may qualify for a reduced sales charge on Class A shares, including through Rights of Accumulation and/or Statement of Intent, to purchase Class A shares. Class C shares have higher annual expenses than Class A shares because they are subject to higher distribution fees.

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The Fund seeks to prevent investments in Class C shares by shareholders with at least $1 million of investments in Principal Funds eligible for inclusion pursuant to Rights of Accumulation. If you are making an initial purchase of Principal Funds of $1,000,000 or more and have selected Class C shares, the purchase will be of Class A shares of the fund(s) you have selected. If you are making subsequent purchases into your existing Principal Funds Class C share accounts and the combined value of the subsequent investment and your existing Classes A, C, and J share accounts combined for Rights of Accumulation purposes exceeds $1,000,000, the subsequent investment will be applied to purchase Class A shares of the fund(s) you have selected.

<u>Institutional Class and Class R-6 Shares</u>

Fund shares are sold without a front-end sales charge and do not have a contingent deferred sales charge. There is no sales charge on Fund shares purchased with reinvested dividends or other distributions.

However, if you purchase Institutional Class or Class R-6 shares through certain programs offered by certain financial intermediaries, you may be required to pay a commission and/or other forms of compensation to the broker, or to your Financial Professional or other financial intermediary. Shares of the Fund are usually available in other share classes that have different fees and expenses.

**One-Time Fee - Initial Sales Charge**

<u>Class A Shares</u>

The offering price for Class A shares is the NAV next calculated after receipt of an investor's order in proper form by the Fund or its servicing agent, plus any applicable initial sales charge as shown in the table below. The right-hand column in the table indicates what portion of the sales charge is paid to Financial Professionals and their brokerage firms ("dealers") for selling Class A shares.

**Note:&nbsp;&nbsp;&nbsp;&nbsp;**Because of rounding in the calculation of the offering price, the actual maximum front-end sales charge paid by an investor may be higher or lower than the percentages noted.

For more information regarding compensation paid to dealers, see "Distribution Plans and Intermediary Compensation."

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| | | | | |
|:---|:---|:---|:---|:---|
| **Multi-Sector Income Fund** | **Multi-Sector Income Fund** | **Multi-Sector Income Fund** | **Multi-Sector Income Fund** | **Multi-Sector Income Fund** |
| | | **Class A Sales Charge as % of:** | **Class A Sales Charge as % of:** | |
| |<br>**Amount of Purchase** | **Offering Price** | **Amount Invested** | **Dealer Allowance as %**<br>**of Offering Price** |
|  | Less than $100,000 | 3.75% | 3.90% | 3.00% |
|  | $100,000 but less than $250,000 | 2.75% | 2.83% | 2.25% |
|  | $250,000 but less than $500,000 | 1.50% | 1.52% | 1.00% |
|  | $500,000 or more | 0.00% | 0.00% | 0.00%\* |
| \* | The Distributor may pay authorized dealers commissions on purchases of Class A shares over $500,000 calculated as follows: 1.00% on purchases between $500,000 and $4,999,999, 0.50% on purchases between $5 million and $49,999,999, and 0.25% on purchases of $50 million or more. The commission rate is determined based on the cumulative investments over the life of the account combined with the investments in existing Classes A and C shares. | The Distributor may pay authorized dealers commissions on purchases of Class A shares over $500,000 calculated as follows: 1.00% on purchases between $500,000 and $4,999,999, 0.50% on purchases between $5 million and $49,999,999, and 0.25% on purchases of $50 million or more. The commission rate is determined based on the cumulative investments over the life of the account combined with the investments in existing Classes A and C shares. | The Distributor may pay authorized dealers commissions on purchases of Class A shares over $500,000 calculated as follows: 1.00% on purchases between $500,000 and $4,999,999, 0.50% on purchases between $5 million and $49,999,999, and 0.25% on purchases of $50 million or more. The commission rate is determined based on the cumulative investments over the life of the account combined with the investments in existing Classes A and C shares. | The Distributor may pay authorized dealers commissions on purchases of Class A shares over $500,000 calculated as follows: 1.00% on purchases between $500,000 and $4,999,999, 0.50% on purchases between $5 million and $49,999,999, and 0.25% on purchases of $50 million or more. The commission rate is determined based on the cumulative investments over the life of the account combined with the investments in existing Classes A and C shares. |

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*<u>Initial Sales Charge Waiver or Reduction</u>*

Class A shares of the Fund may be purchased without a sales charge or at a reduced sales charge. The availability of certain sales charge waivers and reductions will depend on whether you purchase your shares directly from the Fund or through a financial intermediary. Intermediaries may have different policies and procedures regarding the availability of initial (front-end) sales charge waivers or reductions. **Such intermediary-specific sales charge variations are described in Appendix B to this prospectus, titled "Intermediary-Specific Sales Charge Waivers and Reductions." If you purchase Fund shares through an intermediary listed on Appendix B, you will be eligible to the receive only the intermediary's applicable waivers and reductions described on Appendix B. If you purchase Fund shares directly from the Fund or through an intermediary not listed on Appendix B, you will be eligible to receive only the following initial sales charge waivers and reductions.** In all instances, it is your responsibility to notify the Fund or your financial intermediary at the time of purchase of any relationship or other facts qualifying you for sales charge waivers or reductions.

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*<u>Initial Sales Charge Waiver - For Purchases of Fund Shares From the Fund or Through Intermediaries Not Listed on Appendix B</u>*

*•* No initial sales charge will apply to purchases of Fund shares if the purchase is of sufficient size as disclosed in the preceding "Class A Sales Charges" table.

• You may reinvest the Funds' Class A share redemption proceeds without a sales charge within 90 days of the redemption, if you previously paid a sales charge.

• The Fund's Class A shares may be purchased without an initial sales charge by the following individuals, groups, and/or entities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any employee or registered representative (and their immediate family members and employees) of an authorized broker-dealer or company that makes available shares of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• clients investing in Class A shares through a "wrap account" or investment product offered through broker-dealers, registered investment advisors, and other financial institutions under which clients may pay a fee to the broker-dealer, registered investment advisor, or financial institution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any investor who buys Class A shares through an omnibus account held by financial intermediaries, such as a bank, broker-dealer, or other financial institution, and that does not accept or charge the initial sales charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • financial intermediaries who offer shares to self-directed investment brokerage accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • retirement plans or benefit plans, or participants in such plans, where the plan's investments in the Fund are part of an omnibus account. For clarification, such plans do not include individual retirement arrangements under IRC Section 408, such as Simplified Employee Pensions (SEP), SIMPLE IRAs or other IRAs.

• The following two bullet points are only applicable to intermediaries that are affiliated with Principal Financial Group, Inc. The Fund's Class A shares may be purchased without an initial sales charge by the following individuals, groups, and/or entities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Premier Credit Union when the shares are owned directly with Principal Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• non-ERISA clients of Principal Global Investors LLC.

*<u>Initial Sales Charge Reduction - For Purchases of Fund Shares From the Fund or Through Intermediaries Not Listed on Appendix B</u>*

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(3) The maximum sales charge that applies to purchases of Class A shares by qualified plans administered by Expertplan, Inc. that were previously converted from B share plans is the sales charge that applies to purchases of at least $250,000 but less than $500,000 as described in the sales charge tables; the regular sales charge applies to purchases of $500,000 or more in such accounts and to all purchases of the Fund shares.

(4) The maximum sales charge for all purchases made in an account that is included in a SIMPLE IRA, SEP, SAR-SEP, non-qualified deferred compensation, or payroll deduction plan established before March 1, 2002 with Principal Management Corporation as the Fund's transfer agent, is the sales charge that applies to purchases of at least $100,000 but less than $250,000 as described in the sales charge tables; the regular sales charge applies to purchases of $250,000 or more in such accounts and to all purchases of the Fund shares. The reduced sales charge applies to purchases made by or on behalf of participants to such plans who became participants on or before July 28, 2007.

<u>Class C Shares</u>

Purchases of Class C shares are not subject to a front-end sales load. The offering price for Class C shares is the NAV next calculated after receipt of an investor's order in proper form by the Fund or its servicing agent, with no initial sales charge. The Distributor currently pays authorized dealers commissions of up to 1.00% of the amount invested in Class C shares.

<u>Institutional Class and Class R-6 Shares</u>

Purchases of these classes of shares are not subject to a front-end sales load. The offering price for such shares is the NAV next calculated after receipt of an investor's order in proper form by the Fund or its servicing agent, with no initial sales charge.

**One-Time Fee - Contingent Deferred Sales Charge ("CDSC")**

If you sell (redeem) shares and the CDSC is imposed, it will reduce the amount of sales proceeds.

The CDSC is based on the lesser of the market value at the time of redemption or the initial purchase price of the shares sold. The CDSC does not apply to shares purchased with reinvested dividends or other distributions. The CDSC is not charged on exchanges. However, the original purchase date of the shares from which an exchange is made determines if the newly acquired shares are subject to the CDSC when they are sold.

If you sell some but not all of the shares in your account, the shares not subject to a CDSC will be sold first. Other shares will be sold in the order purchased (first in, first out). The CDSC does not apply to shares redeemed according to a systematic withdrawal plan limited to no more than 1.00% per month (measured cumulatively for non-monthly plans) of the value of the Fund account at the time, and beginning on the date, the systematic withdrawal plan is established.

<u>Class A Shares</u>

Class A shares purchased in amounts that are of sufficient size to qualify for a 0.00% sales charge, as disclosed in the "Class A Sales Charges" table, are generally subject to a CDSC of 1.00% if the shares are redeemed during the first 18 months after purchase, unless the dealer, at its discretion, has waived the commission. The Distributor may pay authorized dealers commissions up to 1.00% of the price of such purchases.

The CDSC generally will not be imposed on redemptions of shares purchased through an omnibus account with certain financial intermediaries, such as a bank or other financial institution, where no sales charge payments were advanced for purchases made through these entities.

<u>Class C Shares</u>

Each initial and subsequent purchase of Class C shares is subject to a CDSC of 1.00% for a period of 12 months from the date of purchase. Shares will be redeemed first from shares purchased through reinvested dividends and capital gain distributions, which are not subject to the CDSC, and then in order of purchase. Within 90 days after the sale of Class C shares, you may reinvest any amount of the sale proceeds in Class C shares and those shares purchased will not be subject to the 12-month CDSC.

<u>Institutional Class and Class R-6 Shares</u>

These share classes are not subject to a CDSC.

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*<u>CDSC Waiver</u>*

The CDSC may be waived on Classes A and C shares of the Fund; waivers vary depending on how shares are purchased. Certain waivers and reductions apply when shares are purchased directly from the Fund; others apply when shares are purchased through an intermediary. Intermediaries may have different policies and procedures regarding the availability of waivers or reductions of the CDSC. **Such intermediary-specific sales charge variations are described in Appendix B to this Prospectus, titled "Intermediary-Specific Sales Charge Waivers and Reductions." If you purchase Fund shares through an intermediary listed on Appendix B, you will be eligible to the receive only the intermediary's applicable waivers and reductions described on Appendix B. If you purchase Fund shares directly from the Fund or through an intermediary not listed on Appendix B, you will be eligible to receive only the following CDSC waivers and reductions.** In all instances, it is your responsibility to notify the Fund or your financial intermediary at the time of redemption of any facts qualifying you for sales charge waivers or reductions.

*<u>CDSC Waiver - For Purchases of Fund Shares From the Fund or Through Intermediaries Not Listed on Appendix B</u>*

For Classes A and C shares, the CDSC is waived on shares:

• redeemed within 90 days after an account is re-registered due to a shareholder's death;

• redeemed to pay surrender fees;

• redeemed to pay retirement plan fees;

• redeemed involuntarily from accounts with small balances;

• redeemed due to the shareholder's disability (as defined by the Internal Revenue Code) provided the shares were purchased before the disability;

• redeemed from retirement plans to satisfy minimum distribution rules under the Internal Revenue Code;

• redeemed from a retirement plan to assure the plan complies with the Internal Revenue Code;

• redeemed from retirement plans qualified under Section 401(a) of the Internal Revenue Code due to the plan participant's death, disability, retirement, or separation from service after attaining age 55;

• redeemed from retirement plans to satisfy excess contribution rules under the Internal Revenue Code; or

• redeemed using a systematic withdrawal plan (up to 1% per month (measured cumulatively with respect to non-monthly plans) of the value of the fund account at the time, and beginning on the date, the systematic withdrawal plan begins). (The free withdrawal privilege not used in a calendar year is not added to the free withdrawal privileges for any following year.)

**Ongoing Fees**

The ongoing fees are the operating expenses of the Fund, which are described in the "Annual Fund Operating Expenses" table included in the Summary for the Fund. These expenses reduce the value of each share you own. Because they are ongoing, they increase the cost of investing in the Fund.

The Fund pays ongoing fees to PGI and others who provide services to the Fund. These fees include:

• Management Fee (all Classes) - Through the Management Agreement with the Registrant, PGI has agreed to provide investment advisory services and corporate administrative services to the Fund.

• Distribution Fee (Classes A and C) - The Fund has adopted a distribution plan under Rule 12b-1 of the 1940 Act for the foregoing classes. Under the plan, these classes of the Fund pay a distribution fee based on the average daily NAV of the Fund. These fees pay distribution and other expenses for the sale of Fund shares and for services provided to shareholders. Because they are ongoing fees, over time, these fees may exceed other types of sales charges.

• Other Expenses (all Classes) - A portion of certain expenses are allocated to all classes of the Fund, unless an expense is specific to a particular share class. Other expenses include, for example, interest expense, expenses related to fund investments, certain expenses related to regulatory requirements, and index licensing fees. Additional examples of other expenses include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Transfer Agent Fee (all Classes) - Principal Shareholder Services, Inc. ("PSS") has entered into a Transfer Agency Agreement with the Registrant under which PSS provides transfer agent services to these classes. For Classes A, C, Institutional, and R-6 shares, these services are currently provided at cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ◦ Certain Operating Expenses (Institutional Class and Classes A, C, and R-6) — Expenses of registering and qualifying shares for sale, the cost of producing and distributing reports and prospectuses to shareholders of these classes, the cost of shareholder meetings held solely for shareholders of these classes, and other operating expenses of the Fund.

• Acquired Fund Fees and Expenses (all Classes) - Fees and expenses charged by other investment companies in which the Fund invests a portion of its assets.

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**DISTRIBUTION PLANS AND INTERMEDIARY COMPENSATION**

**Distribution and/or Service (12b-1) Fees**

Principal Funds Distributor, Inc. ("PFD" or the "Distributor") is the distributor for the shares of Principal Funds, Inc. PFD is an affiliate of Principal Life Insurance Company, a subsidiary of Principal Financial Group, Inc., and a member of Principal<sup>®</sup>.

The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act (the "12b-1 Plan") for each of the Classes A and C shares of the Fund. Under the 12b-1 Plan, except as noted below, the Fund makes payments from its assets attributable to the particular share class to the Fund's Distributor for distribution-related expenses and for providing services to shareholders of that share class. Payments under the 12b-1 Plan are made by the Fund to the Distributor pursuant to the 12b-1 Plan regardless of the expenses incurred by the Distributor. When the Distributor receives Rule 12b-1 fees, it may pay some or all of them to financial intermediaries whose customers are shareholders of the Fund for sales support services and for providing services to shareholders of that share class. Financial intermediaries may include, among others, broker-dealers, registered investment advisors, banks, trust companies, pension plan consultants, retirement plan administrators, and insurance companies. These financial intermediaries include Principal Securities, Inc., a broker-dealer affiliated with PGI. Because Rule 12b-1 fees are paid out of Fund assets and are ongoing fees, over time they will increase the cost of your investment in the Fund and may cost you more than other types of sales charges.

The maximum annual Rule 12b-1 fee for distribution-related expenses and/or for providing services to shareholders under each 12b-1 Plan (as a percentage of average daily net assets) is:

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| | |
|:---|:---|
| **Share Class** | **Maximum Annualized Rate 12b-1 Fee** |
| A | 0.25% |
| C | 1.00% |

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The Distributor generally uses Rule 12b-1 fees to finance any activity that is primarily intended to result in the sale of shares and for providing services to shareholders of the share class, and the activities vary depending on the share class. In addition to shareholder services, examples of such sales or distribution-related expenses include, but are not limited to:

• Compensation to salespeople and selected dealers, including ongoing commission payments.

• Printing of prospectuses and statements of additional information and reports for other-than-existing shareholders, and preparing and conducting sales seminars.

Examples of services to shareholders include furnishing information as to the status of shareholder accounts, responding to telephone and written inquiries of shareholders, and assisting shareholders with tax information.

Payments under the 12b-1 Plans will not automatically terminate for the Fund if it is closed to new investors or to additional purchases by existing shareholders. The Board will determine whether to terminate, modify, or leave unchanged the 12b-1 Plans when the Board directs the implementation of the closure of the Fund.

<u>Classes A and C Shares</u>

Generally, to receive 12b-1 fees from the Distributor, dealers or other intermediaries must be the dealer of record for shares with average daily net assets of at least $100,000. Generally, Class A shares must be held for three months before these fees are paid. In the case of Class C shares, generally these fees are not paid until such shares have been held for twelve months.

**Commissions, Finder's Fees, and Ongoing Payments** 

See "Choosing a Share Class and The Costs of Investing" for more details.

<u>Class A Shares</u>

All or a portion of the initial sales charge that you pay may be paid by the Distributor to intermediaries selling Class A shares. The Distributor may pay these intermediaries a commission of up to 1.00% on purchases of $1,000,000 or more (or $250,000 or $500,000 or more depending on the Fund purchased), which are not subject to initial sales charges.

<u>Class A Shares</u> 

Additionally, the Distributor generally makes ongoing 12b-1 fee payments to your intermediary at a rate that varies by class, as noted above under "Distribution and/or Service (12b-1) Fees."

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<u>Class C Shares</u>

The Distributor will pay, at the time of your purchase, a commission to your intermediary equal to 1.00% of your investment. Additionally, the Distributor generally makes ongoing 12b-1 fee payments to your intermediary as noted above under "Distribution and/or Service (12b-1) Fees."

**Additional Payments to Intermediaries**

Shares of the Fund are sold primarily through intermediaries, such as brokers, dealers, investment advisors, banks, trust companies, pension plan consultants, retirement plan administrators, and insurance companies.

<u>Classes A and C Shares</u>

In addition to payments pursuant to 12b-1 plans, sales charges, commissions, and finder's fees, including compensation for referrals, PGI or its affiliates enter into agreements with some intermediaries pursuant to which the intermediaries receive payments for providing services relating to Fund shares. Examples of such services are administrative, networking, recordkeeping, sub-transfer agency, and shareholder services. In some situations, the Fund will reimburse PGI or its affiliates for making such payments; in others, the Fund may make such additional payments directly to intermediaries.

PGI or its affiliates also pay, without reimbursement from the Fund, compensation from their own resources to certain intermediaries that support the distribution of shares of the Fund or provide services to Fund shareholders.

Such additional payments vary, but generally do not exceed: (a) 0.25% of the current year's sales of Fund shares by that intermediary and/or (b) 0.25% of average net asset value of Fund shares held by clients of such intermediary.

<u>Institutional Class and Class R-6 Shares</u>

In addition to payments pursuant to applicable 12b-1 plans, PGI or its affiliates enter into agreements with some intermediaries pursuant to which the intermediaries receive payments for providing services relating to Fund shares. Examples of such services are administrative, networking, recordkeeping, sub-transfer agency, and/or shareholder services. For Institutional Class shares, in some situations the Fund will reimburse PGI or its affiliates for making such payments; in others, the Fund may make such payments directly to the intermediaries.

PGI or its affiliates also pay, without reimbursement from the Fund, compensation from their own resources to certain intermediaries that support the distribution of shares of the Fund or provide services to Fund shareholders.

For Institutional Class shares, such payments vary, but generally do not exceed: (a) 0.10% of the current year's sales of Fund shares by that intermediary or (b) 0.10% of the average net asset value of Fund shares held by clients of such intermediary.

Principal Life Insurance Company is one such intermediary that provides services relating to Fund shares held in employee benefit plans, and it is typically paid other compensation described in this section as payable to intermediaries.

The Distributor and its affiliates do not pay compensation to intermediaries (other than to affiliates of the Distributor) for distribution services or other services to Fund shareholders for Class R-6 shares. For more information, see the SAI.

<u>Institutional Class and Classes A, C, and R-6 Shares</u>

The intermediary may pay to its Financial Professionals some or all of the amounts the Distributor and its affiliates pay to the intermediary. The amounts paid to intermediaries vary by share class and by Fund.

In some cases, the Distributor and its affiliates will provide payments or reimbursements in connection with the costs of conferences, educational seminars, training, and marketing efforts related to the Fund. Such activities may be sponsored by intermediaries or the Distributor. The costs associated with such activities may include travel, lodging, entertainment, and meals. In some cases, the Distributor will also provide payment or reimbursement for expenses associated with transactions ("ticket") charges and general marketing expenses.

For more information, see the SAI.

The payments described in this Prospectus may create a conflict of interest by influencing your Financial Professional or your intermediary to recommend the Fund over another investment, or to recommend one share class of the Fund over another share class. Ask your Financial Professional or visit your intermediary's website for more information about the total amounts paid to them by PGI and its affiliates, and by sponsors of other investment companies your Financial Professional may recommend to you.

Your intermediary may charge you additional fees other than those disclosed in this Prospectus. Ask your Financial Professional about any fees and commissions they charge.

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**FUND ACCOUNT INFORMATION**

**Statements**

You will receive quarterly statements for the Fund, or if you purchase through a third-party intermediary, on a periodic basis established by such intermediary. Such statements provide the number and value of shares you own, transactions during the period, dividends declared or paid, and other information. The year-end statement includes information for all transactions that took place during the year. Please review your statement as soon as you receive it. Keep your statements, as you may need them for tax reporting purposes.

Generally, each time you buy, sell, or exchange shares in Principal Funds, you will receive a confirmation shortly thereafter. It summarizes all the key information - what you bought or sold, the amount of the transaction, and other important information.

Certain purchases and sales are only included on your quarterly statement. These include accounts:

• when the only activity during the quarter are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ purchases of shares from reinvested dividends and/or capital gains,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ purchases under an Automatic Investment Plan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ sales under a Systematic Withdrawal Plan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ purchases or sales under an Automatic Exchange Election, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ conversion of Class C shares into Class A shares

• used to fund certain individual retirement or individual pension plans; or

• established under a payroll deduction plan.

If you need information about your account(s) at other times, you may call us or access your account on the internet.

**Orders Placed by Intermediaries**

Principal Funds may have an agreement with your intermediary, such as a broker-dealer, third-party administrator, or trust company, that permits the intermediary to receive orders on behalf of the Fund until 3:00 p.m. Central Time. The agreement may include authorization for your intermediary to designate other intermediaries ("sub-designees") to receive orders on behalf of the Fund on the same terms that apply to the intermediary. In such cases, if your intermediary or a sub-designee receives your order in correct form by the required time, transmits it to the Fund, and pays for it in accordance with the agreement, the Fund will price the order at the next NAV per share it computes after your intermediary or sub-designee received your order.

The time at which the Fund prices orders and the time until which the Fund or your intermediary or sub-designee will accept orders may change in the case of an emergency or if the NYSE closes at a time other than 3:00 p.m. Central Time.

**Transactions through Financial Institutions/Professionals**

Financial institutions and dealers may charge their customers a processing or service fee in connection with the purchase or redemption of Fund shares. The amount and applicability of such a fee is determined and disclosed to its customers by each individual financial institution or dealer. Processing or service fees typically are fixed, nominal dollar amounts and are in addition to the sales and other charges described in this Prospectus and the SAI.

Your financial institution or dealer will provide you with specific information about any processing or service fees you will be charged.

**Telephone and Internet Instructions**

The Fund reserves the right to refuse telephone and/or internet instructions. You are liable for a loss resulting from a fraudulent telephone or internet instruction that we reasonably believe is genuine. We use reasonable procedures to assure instructions are genuine. If the procedures are not followed, we may be liable for loss due to unauthorized or fraudulent transactions. The procedures include: recording all telephone instructions, requiring the use of a password (Personal Identification Number) for internet instructions, requesting personal identification information, and sending written confirmation to the shareholder's address of record.

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If you elect telephone privileges, instructions regarding your account(s) may be given to us via the telephone or internet. Your instructions:

• may be given by calling us;

• may be given via our website for certain transactions (for security purposes you need a username and password to use any of the internet services, including viewing your account information online. If you do not have a username or password, you may obtain one at our website); or

• may be given to your Financial Professional (a person employed by or affiliated with broker/dealer firms) who will in turn contact us with your instructions.

Instructions received from one owner are binding on all owners. In the case of an account owned by a corporation or trust, instructions received from an authorized person are binding on the corporation/trust unless we have a written notification requiring that more than one authorized person execute written instructions.

**Signature Guarantees**

Certain transactions require that your signature be guaranteed. A signature guarantee may help protect your account against fraud. If required, the signature(s) must be guaranteed by a commercial bank, trust company, credit union, savings and loan, national securities exchange member, or brokerage firm that participates in a Medallion program recognized by the Securities Transfer Association. A signature guaranteed by a notary public or savings bank is not acceptable. We reserve the right to require a signature guarantee on any transaction.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Signature guarantees are required in any of the following circumstances:** | **A** | **C** | **Inst.** | **R-6** |
| if you sell more than $100,000 (in the aggregate) from the Principal Funds | X | X |  |  |
| if you sell more than $500,000 (in the aggregate) from the Principal Funds |  |  | X | X |
| if you sell more than $10,000,000 if you have the proceeds sent electronically to a previously authorized U.S. bank account |  |  | X |  |
| if a sales proceeds check is payable to a party other than the account shareholder(s) |  |  | X | X |
| if a sales proceeds check is payable to a party other than the account shareholder(s) or Principal Life, Principal Bank, a retirement plan trustee or custodian that has agreed in writing to accept a transfer of assets from the Fund, or Principal Securities, Inc. payable through Pershing | X | X |  |  |
| to change ownership of an account | X | X | X | X |
| to add telephone transaction services and/or wire or ACH redemption privileges to an existing account if there is not a common owner between the bank account and mutual fund account | X | X | X | X |
| to change bank account information designated under an existing telephone withdrawal plan if there is not a common owner between the bank account and mutual fund account | X | X | X | X |
| to wire or ACH to a shareholder's U.S. bank account not previously authorized or when the request does not include a voided check or deposit slip indicating a common owner between the bank account and mutual fund account | X | X | X | X |
| to exchange or transfer among accounts with different ownership | X | X | X | X |
| to have a sales proceeds check mailed to an address other than the address on the account or to the address on the account if it has been changed within the preceding 15 days | X | X | X | X |

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**Reservation of Rights**

Principal Funds reserves the right to amend or terminate the special plans described in this Prospectus. Shareholders will be notified of any such action to the extent required by law.

Such plans include, for example, automatic investment, systematic withdrawal, waiver of Fund minimums for certain accounts, and waiver or reduction of the sales charge or contingent deferred sales charge for certain purchasers.

**Classes A and C Shares - Minimum Account Balance**

The Fund has a minimum required account balance of $1,000. The Fund reserves the right to redeem all shares in your account if the value of your account falls below $1,000. The Fund will mail the redemption proceeds to you. An involuntary redemption of a small account will not be triggered by market conditions alone. The Fund will notify you before involuntarily redeeming your account. You will have 30 days to make an additional investment of an amount that brings your account up to the required minimum. The Fund reserves the right to increase the required minimum.

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**Householding**

To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each Prospectus and Annual and Semi-Annual Reports will be mailed. In addition, your account information may be included with other householded accounts on the same quarterly and annual statements. The consolidation of these mailings, called householding, benefits Principal Funds and its shareholders by reduced printing and mailing expenses. If you prefer to receive multiple copies of these materials, you may write or call Principal Funds. Householding will be stopped within 30 days after we receive your request.

**Multiple Translations**

This Prospectus may be translated into other languages. In the event of any inconsistencies or ambiguity as to the meaning of any word or phrase in a translation, the English text will prevail.

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**APPENDIX A – DESCRIPTION OF BOND RATINGS**

<u>Moody's Ratings - Rating Definitions:</u>

Long-Term Obligation Ratings

Ratings assigned on Moody's global long-term obligation rating scales are forward-looking opinions of the relative credit risk of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Long-term ratings are assigned to issuers or obligations with an original maturity of one year or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.<sup>1</sup>

<sup>1</sup> *For certain structured finance, preferred stock and hybrid securities in which payment default events are either not defined or do not match investor's expectations for timely payment, the ratings reflect the likelihood of impairment and the expected financial loss in the event of impairment.*

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| | |
|:---|:---|
| Aaa: | Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of 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 considered upper-medium grade and are subject to low credit risk. |
| Baa: | Obligations rated Baa are subject to moderate credit risk. They are considered medium-grade and as such may possess certain speculative characteristics. |
| Ba: | Obligations rated Ba are judged to be speculative and are subject to substantial credit risk. |
| B: | Obligations rated B are considered speculative and are subject to high credit risk. |
| Caa: | Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk. |
| Ca: | Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest. |
| C: | Obligations rated C are the lowest rated class of bonds and are typically in default, with little prospect for recovery of principal or interest. |

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| | |
|:---|:---|
| **NOTE:** | Moody's appends numerical modifiers, 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category, the modifier 2 indicates a mid-range ranking, and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, issuers, financial companies, and securities firms.\* |

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**\***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 the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

SHORT-TERM NOTES: Short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default. Moody's employs the following three designations, all judged to be investment grade, to indicate the relative repayment ability of rated issuers:

Issuers rated Prime-1 (or related supporting institutions) have a superior ability to repay short-term debt obligations.

Issuers rated Prime-2 (or related supporting institutions) have a strong ability to repay short-term debt obligations.

Issuers rated Prime-3 (or related supporting institutions) have an acceptable ability to repay short-term obligations.

Issuers rated Not Prime do not fall within any of the Prime rating categories.

US MUNICIPAL SHORT-TERM DEBT: The Municipal Investment Grade (MIG) scale is used to rate US municipal bonds of up to three years maturity. MIG ratings are divided into three levels - MIG 1 through MIG 3 - while speculative grade short-term obligations are designated SG.

MIG 1 denotes superior credit quality, afforded excellent protection from established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

MIG 2 denotes strong credit quality with ample margins of protection, although not as large as in the preceding group.

MIG 3 notes are of acceptable credit quality. Liquidity and cash-flow protection may be narrow and market access for refinancing is likely to be less well-established.

SG denotes speculative-grade credit quality and may lack sufficient margins of protection.

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<u>Description of S&P Global Ratings' Credit Rating Definitions:</u>

S&P Global's credit rating, both long-term and short-term, is a forward-looking opinion of the creditworthiness of an obligor with respect to a specific obligation. This assessment takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation.

The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment as to market price or suitability for a particular investor.

The ratings are statements of opinion as of the date they are expressed furnished by the issuer or obtained by S&P Global Ratings from other sources S&P Global Ratings considers reliable. S&P Global Ratings does not perform an audit in connection with any rating and may, on occasion, rely on unaudited financial information. The ratings may be changed, suspended, or withdrawn as a result of changes in, or unavailability of, such information, or for other circumstances.

The ratings are based, in varying degrees, on the following considerations:

• Likelihood of payment - capacity and willingness of the obligor to meet its financial commitment on an obligation in accordance with the terms of the obligation;

• Nature of and provisions of the financial obligation;

• 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 creditor's rights.

LONG-TERM CREDIT RATINGS:

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| | |
|:---|:---|
| AAA: | Obligations rated 'AAA' have the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitment on the obligation is extremely strong. |
| AA: | Obligations rated 'AA' differ from the highest-rated issues only in small degree. The obligor's capacity to meet its financial commitment on the obligation is very strong. |
| A: | Obligations rated 'A' have a strong capacity to meet financial commitment on the obligation although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. |
| BBB: | Obligations rated 'BBB' exhibit adequate protection parameters; however, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to meet financial commitment on the obligation. |
| BB, B, CCC,<br>CC and C: | Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded, on balance, as having significant speculative characteristics. 'BB' indicates the lowest degree of speculation and 'C' the highest degree of speculation. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major risk exposures to adverse conditions. |
| BB: | Obligations rated 'BB' are less vulnerable to nonpayment than other speculative issues. However it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation. |
| B: | Obligations rated 'B' are more vulnerable to nonpayment than 'BB' but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair this capacity. |
| CCC: | Obligations rated 'CCC' are currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. If adverse business, financial, or economic conditions occur, the obligor is not likely to have the capacity to meet its financial commitment on the obligation. |
| CC: | Obligations rated 'CC' are 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 anticipated time to default. |
| C: | The rating 'C' is highly vulnerable to nonpayment, the obligation is expected to have lower relative seniority or lower ultimate recovery compared to higher rated obligations. |
| D: | Obligations rated 'D' are 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 rating will also be used upon filing for bankruptcy petition or the taking of similar action and where default is a virtual certainty. If an obligation is subject to a distressed exchange offer the rating is lowered to 'D'. |

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Plus (+) or Minus (-): 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.

NR: Indicates that a rating has not been assigned or is no longer assigned.

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SHORT-TERM CREDIT RATINGS: Ratings are graded into four categories, ranging from 'A-1' for the highest quality obligations to 'D' for the lowest.

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| | |
|:---|:---|
| A-1: | This is the highest category. The obligor's capacity to meet its financial commitment 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 commitment on these obligations is extremely strong. |
| A-2: | Issues carrying this designation are somewhat more susceptible to the adverse effects of the changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitment on the obligation is satisfactory. |
| A-3: | Issues carrying this designation exhibit adequate capacity to meet their financial obligations. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet it financial commitment on the obligation. |
| B: | Issues rated 'B' are regarded as vulnerable and have significant speculative characteristics. The obligor has capacity to meet financial commitments; however, it faces major ongoing uncertainties which could lead to obligor's inadequate capacity to meet its financial obligations. |
| C: | This rating is assigned to short-term debt obligations that are currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions to meet its financial commitment on the obligation. |
| D: | This rating indicates that the issue is either 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 rating will also be used upon filing for bankruptcy petition or the taking of similar action and where default is a virtual certainty. If an obligation is subject to a distressed debt restructuring the rating is lowered to 'D'. |

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MUNICIPAL SHORT-TERM NOTE RATINGS: S&P Global Ratings rates U.S. municipal notes with a maturity of less than three years as follows:

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| | |
|:---|:---|
| SP-1: | A strong capacity to pay principal and interest. Issues that possess a very strong capacity to pay debt service is given a "+" designation. |
| SP-2: | A satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the terms of the notes. |
| SP-3: | A speculative capacity to pay principal and interest. |
| D: | Assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty.  |

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**APPENDIX B – INTERMEDIARY-SPECIFIC SALES CHARGE WAIVERS AND REDUCTIONS**

Certain intermediaries have different policies and procedures regarding the availability of sales charge waivers and reductions, which are discussed below. In all instances, it is the purchaser's responsibility to notify the Fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or reductions. In order to receive a waiver or reduction offered by one intermediary or the Fund, the purchaser must purchase Fund shares from the Fund or intermediary offering the waiver or reduction. Please see the section of the prospectus entitled "CHOOSING A SHARE CLASS AND THE COSTS OF INVESTING" for more information on sales charges and waivers available for different classes.

Currently, the following intermediaries have implemented a schedule of sales charge waivers and reductions described below:

**<u>Ameriprise Financial</u>**

*<u>Front-end sales charge reductions on Class A shares purchased through Ameriprise Financial</u>*

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

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

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

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

*<u>Front-end sales charge waivers on Class A shares purchased through Ameriprise Financial</u>*

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

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

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

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

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

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

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

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*<u>CDSC waivers on Class A and C shares purchased through Ameriprise Financial</u>*

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

• Redemptions due to death or disability of the shareholder.

• Shares sold as part of a systematic withdrawal plan as described in this prospectus.

• Redemptions made in connection with a return of excess contributions from an IRA account.

• Shares purchased through a Right of Reinstatement (as defined above).

• Redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.

**<u>Edward D. Jones & Co., L.P. ("Edward Jones")</u>**

*<u>Policies Regarding Transactions Through Edward Jones</u>*

Effective on or after August 28, 2024, the following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or statement of additional information ("SAI") or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Principal Funds, Inc., or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

*<u>Breakpoints at Edward Jones</u>*

• Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.

*<u>Rights of Accumulation ("ROA") at Edward Jones</u>*

• The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of Principal Funds, Inc. held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

• The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

• ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

*<u>Letter of Intent ("LOI") at Edward Jones</u>*

• Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

• If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

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*<u>Sales Charge Waivers at Edward Jones</u>*

Sales charges are waived for the following shareholders and in the following situations:

• Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures.

• Shares purchased in an Edward Jones fee-based program.

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

• Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made from a share class that charges a front load and one of the following ("Right of Reinstatement"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The redemption and repurchase occur in the same account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The redemption proceeds are used to process an: IRA contribution, excess contributions, conversion, recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for ROA.

The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund products.

• Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

• Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

*<u>Contingent Deferred Sales Charge ("CDSC") Waivers at Edward Jones</u>*

• If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

• The death or disability of the shareholder.

• Systematic withdrawals with up to 10% per year of the account value.

• Return of excess contributions from an Individual Retirement Account (IRA).

• Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

• Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

• Shares exchanged in an Edward Jones fee-based program.

• Shares acquired through NAV reinstatement.

• Shares redeemed at the discretion of Edward Jones for Minimums Balances, as described below.

*<u>Other Important Information Regarding Transactions Through Edward Jones</u>*

Minimum Purchase Amounts

• Initial purchase minimum: $250

• Subsequent purchase minimum: none

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Minimum Balances

• Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ A fee-based account held on an Edward Jones platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ A 529 account held on an Edward Jones platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ An account with an active systematic investment plan or LOI

Exchanging Share Classes

• At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares of the same fund.

**<u>Janney Montgomery Scott</u>**

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

*<u>Front-end Sales Charge\* Waivers on Class A Shares Available at Janney</u>*

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

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

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

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

• Shares acquired through a right of reinstatement.

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

*<u>CDSC Waivers on Class A and C Shares Available at Janney</u>*

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

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

• Shares sold in connection with a return of excess contributions from an IRA account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches their qualified age based on applicable IRS regulations.

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

• Shares acquired through a right of reinstatement.

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

*<u>Front-end Sales Charge\* Discounts Available at Janney: Breakpoints, Rights of Accumulation, and/or Letters of Intent</u>*

• Breakpoints as described in the fund's Prospectus.

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

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

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

**<u>J.P. Morgan Securities LLC</u>**

Effective September 29, 2023, if you purchase or hold fund shares through an applicable J.P. Morgan Securities LLC brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge ("CDSC"), or back-end sales charge, waivers), share class conversion policy and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or SAI.

*<u>Front-end Sales Charge Waivers on Class A Shares Available at J.P. Morgan Securities LLC</u>*

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

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

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

• Shares purchased through rights of reinstatement.

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

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

*<u>Class C to Class A Share Conversion</u>*

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

*<u>CDSC Waivers on Class A and C Shares Available at J.P. Morgan Securities LLC</u>*

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

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

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

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

• Shares acquired through a right of reinstatement.

*<u>Front-end Load Discounts Available at J.P. Morgan Securities LLC: Breakpoints, Rights of Accumulation & Letters of Intent</u>*

• Breakpoints as described in the prospectus.

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

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

------

**<u>Merrill Lynch</u>**

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

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

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

*<u>Front-end Load Waivers Available at Merrill</u>*

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

• Shares purchased through a Merrill investment advisory program.

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

• Shares purchased through the Merrill Edge Self-Directed platform.

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

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

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

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

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

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

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

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

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

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

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

------

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

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

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

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

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

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

**<u>Morgan Stanley Wealth Management</u>**

*<u>Initial Sales Charge Waivers on Class A Shares Available at Morgan Stanley Wealth Management</u>*

Effective July 1, 2018, if you purchase Class A Fund shares through a Morgan Stanley Wealth Management transactional brokerage account you will be eligible only for the following initial sales charge waivers, which differ from those disclosed elsewhere in this prospectus or the SAI.

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

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

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

• Shares purchased through a Morgan Stanley self-directed brokerage account.

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

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

**<u>Oppenheimer & Co. Inc.</u>**

Effective June 12, 2020, shareholders purchasing Fund shares through an Oppenheimer & Co. Inc. ("OPCO") platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's prospectus or SAI.

*<u>Front-end Sales Load Waivers on Class A Shares Available at OPCO</u>*

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

• Shares purchased by or through a 529 Plan.

• Shares purchased through a OPCO affiliated investment advisory program.

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

------

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

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

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

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

*<u>CDSC Waivers on A, B and C Shares Available at OPCO</u>*

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

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

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

• Shares acquired through a right of reinstatement.

*<u>Front-end Load Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of Intent</u>*

• Breakpoints as described in this prospectus.

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

**<u>Raymond James</u>**

Effective March 1, 2019, shareholders purchasing fund shares through a Raymond James & Associates, Inc., Raymond James Financial Services, Inc. or each entity's affiliates ("Raymond James") platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or SAI.

*<u>Front-end Sales Load Waivers on Class A Shares Available at Raymond James</u>*

• Shares purchased in an investment advisory program.

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

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

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

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

*<u>CDSC Waivers on Classes A and C Shares Available at Raymond James</u>*

• Death or disability of the shareholder.

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

• Return of excess contributions from an IRA Account.

------

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

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

• Shares acquired through a right of reinstatement.

*<u>Front-end Load Discounts Available at Raymond James: Breakpoints, Rights of Accumulation, and/or Letters of Intent</u>*

• Breakpoints as described in this prospectus.

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

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

**<u>Robert W. Baird & Co.</u>**

Effective January 1, 2026, shareholders purchasing fund shares through a Robert W. Baird & Co. ("Baird") platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI.

*<u>Front-end Sales Charge Waivers on Investors A-shares Available at Baird</u>*

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund

• Shares purchased by employees and registered representatives of Baird or its affiliates and their family members as designated by Baird

• Shares purchased within 90 days following a redemption from a Principal Fund, provided (1) the redemption and purchase occur within the purchaser's Baird household and (2) the redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement)

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

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

*<u>CDSC Waivers on Investor A and C shares Available at Baird</u>*

• Shares sold due to death or disability of the shareholder

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

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

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable Internal Revenue Service regulations as described in the Fund's prospectus

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

• Shares acquired through a right of reinstatement

*<u>Front-end Sales Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulations</u>*

• Breakpoints as described in this prospectus

------

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

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

**<u>Stifel, Nicolaus & Company, Incorporated</u>**

Effective March 17, 2025, shareholders purchasing or holding Principal Funds, Inc's shares, including existing fund shareholders, through a Stifel or affiliated platform that provides trade execution, clearance, and/or custody services, will be eligible for the following sales charge load waivers (including front-end sales charge waivers and contingent deferred, or back-end, (CDSC) sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the Fund's SAI.

*<u>Class A Shares</u>*

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

*<u>Rights of accumulation</u>*

Rights of accumulation (ROA) that entitle shareholders to breakpoint discounts on front-end sales charges will be calculated by Stifel based on the aggregated holding of eligible assets in the Principal Funds, Inc. held by accounts within the purchaser's household at Stifel. Ineligible assets include class A Money Market Funds not assessed a sales charge. Fund Family assets not held at Stifel may be included in the calculation of ROA only if the shareholder notifies his or her financial advisor about such assets.

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

*<u>Front-end sales charge waivers on Class A shares available at Stifel</u>*

• Class C shares that have been held for more than seven (7) years may be converted to Class A shares or other front-end share class(es) of the same fund pursuant to Stifel's policies and procedures. To the extent that this prospectus elsewhere provides for a waiver with respect to the exchange or conversion of such shares following a shorter holding period, those provisions shall continue to apply.

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

• Shares purchased in a Stifel fee-based advisory program, often referred to as a "wrap" program.

• Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same or other fund within the Principal Funds, Inc.

• Shares purchased from the proceeds of redeemed shares of Principal Funds, Inc. so long as the proceeds are from the sale of shares from an account with the same owner/beneficiary within 90 days of the purchase. For the absence of doubt, automated transactions (i.e. systematic purchases, including salary deferral transactions and withdrawals) and purchases made after shares are sold to cover Stifel Nicolaus' account maintenance fees are not eligible for rights of reinstatement.

• Shares from rollovers into Stifel from retirement plans to IRAs.

• Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the direction of Stifel. Stifel is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in this prospectus.

• Purchases of Class 529-A shares through a rollover from another 529 plan.

• Purchases of Class 529-A shares made for reinvestment of refunded amounts.

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

------

• Charitable organizations and foundations, notably 501(c)(3) organizations.

*<u>Contingent Deferred Sales Charges Waivers on Class A and C Shares</u>*

• Death or disability of the shareholder or, in the case of 529 plans, the account beneficiary.

• Shares sold as part of a systematic withdrawal plan not to exceed 12% annually.

• Return of excess contributions from an IRA Account.

• Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations.

• Shares acquired through a right of reinstatement.

• Shares sold to pay Stifel fees or costs in such cases where the transaction is initiated by Stifel.

• Shares exchanged or sold in a Stifel fee-based program.

*<u>Share Class Conversions in Advisory Accounts</u>*

• Stifel reserves the right to convert shares to the lowest cost share class available at Stifel upon transfer of shares into an advisory program.

**<u>US Bancorp Investments, Inc. ("USBI")</u>**

Effective February 2021, Shareholders who purchase fund shares through a USBI platform or account or who own shares for which USBI or an affiliate is the broker-dealer of record, where the shares are held in an omnibus account at the fund, and who are invested in Class C shares will have their shares converted at NAV to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of USBI.

**<u>Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (collectively, "Wells Fargo Advisors")</u>**

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

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

*<u>Wells Fargo Advisors Class A share front-end sales charge waivers information</u>*

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

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

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

WellsTrade, the firm's online self-directed brokerage account, generally offers no-load share classes but there could be instances where a Class A share is offered without a front-end sales charge.

*<u>Wells Fargo Advisors Class 529-A share front-end sales charge waivers information</u>*

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

• Shares purchased through a rollover from another 529 plan.

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

------

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

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

*<u>Wells Fargo Advisors Contingent Deferred Sales Charge information</u>*

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

*<u>Wells Fargo Advisors Class A front-end load discounts</u>*

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

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

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

• Gift of shares will not be considered when determining breakpoint discounts.

*(updated March 16, 2026)*

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**APPENDIX C – FINANCIAL HIGHLIGHTS**

To be filed by amendment.

------

**ADDITIONAL INFORMATION**

Additional information about the Fund is available in the SAI dated March 1, 2026, as amended and restated ___________________, 2026, which is incorporated by reference into this Prospectus. Additional information about the Fund's investments is available in the Registrant's <u>[Annual Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000898745/000089874525000918/primary-document.htm)[(Part 1)](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000898745/000089874525000918/primary-document.htm)</u> (<u>[Part 2](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000898745/000089874525000919/primary-document.htm)</u>) (<u>[Part 3](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000898745/000089874525000920/primary-document.htm)</u>) and <u>[Semi-Annual Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000898745/000089874525000312/primary-document.htm)</u> to Shareholders filed on Form N-CSR. In the Registrant's Annual Report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during the last fiscal year. In Form N-CSR, you will find the Registrant's annual and semi-annual financial statements. The SAI and the Registrant's Annual and Semi-Annual Reports to Shareholders, and other information such as Fund financial statements, are available and can be obtained free of charge by writing Principal Funds, P.O. Box 219971, Kansas City, MO 64121-9971. In addition, the Registrant makes its SAI and Annual and Semi-Annual Reports available, free of charge, on www.PrincipalAM.com/Prospectuses. To request this and other information about the Fund and to make shareholder inquiries, telephone 1-800-222-5852.

Reports and other information about the Registrant are available on the EDGAR Database on the SEC's internet site at www.sec.gov. Copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

The Registrant has entered into a management agreement with PGI. The Registrant and/or PGI, on behalf of the Fund, enters into contractual arrangements with various parties, including, among others, the Fund's distributor, transfer agent, and custodian, who provide services to the Fund. These arrangements are between the Registrant and/or PGI and the applicable service provider. Shareholders are not parties to, or intended to be third-party beneficiaries of, any of these arrangements. Such arrangements are not intended to create in any individual shareholder or group of shareholders any right, including the right to enforce such arrangements against the service providers or to seek any remedy thereunder against PGI or any other service provider, either directly or on behalf of the Registrant or the Fund.

This Prospectus provides information that you should consider in determining whether to purchase shares of the Fund. This Prospectus, the SAI, or the contracts that are exhibits to the Registrant's Registration Statement are not intended to give rise to any agreement or contract between the Registrant and/or the Fund and any investor, or give rise to any contract or other rights in any individual shareholder, group of shareholders, or other person other than any rights conferred explicitly by federal or state securities laws that may not be waived.

Shares of the Fund are not deposits or obligations of, or guaranteed or endorsed by, Principal Bank or any other financial institution, nor are shares of the Fund federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency.

Principal Funds, Inc. SEC File 811-07572

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**PRINCIPAL FUNDS, INC.**

**("PFI" or the "Registrant")**

**Statement of Additional Information**

Dated March 1, 2026 as amended and restated ________________

This Statement of Additional Information ("SAI") is not a prospectus. It contains information in addition to the information in the Registrant's Prospectus. The Prospectus, which may be amended from time to time, contains the basic information you should know before investing in a Fund. You should read this SAI together with the Prospectus dated ____________, 2026 for the Multi-Sector Income Fund and the Prospectus dated March 1, 2026 for the other series of the Registrant, set forth in the table below.

**Incorporation by Reference:** To be filed by amendment.

For a free copy of the current Prospectus, Semi-Annual Report, or Annual Report, call 1-800-222-5852 or write:

Principal Funds

P.O. Box 219971

Kansas City, MO 64121-9971

The Prospectus may be viewed at www.PrincipalAM.com/Prospectuses.

The ticker symbols for series and share classes begin on the next page.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Ticker Symbols by Share Class** | **Ticker Symbols by Share Class** | **Ticker Symbols by Share Class** | **Ticker Symbols by Share Class** | **Ticker Symbols by Share Class** | **Ticker Symbols by Share Class** | **Ticker Symbols by Share Class** |
| **Fund/Portfolio** | **A** | **C** | **J** | **Inst.** | **R-3** | **R-5** | **R-6** |
| California Municipal | SRCMX | SRCCX |  | PCMFX |  |  |  |
| Core Fixed Income | CMPIX |  | PIOJX | PIOIX | PIOOX | PIOQX | PICNX |
| Core Plus Bond | PRBDX |  | PBMJX | PMSIX | PBMMX | PBMPX |  |
| Diversified International | PRWLX |  | PIIJX | PIIIX | PINRX | PINPX | PDIFX |
| Equity Income | PQIAX | PEUCX | PEIJX | PEIIX | PEIOX | PEIQX |  |
| Finisterre Emerging Markets Total Return Bond |  |  |  | PFUMX |  |  |  |
| Global Emerging Markets | PRIAX |  | PIEJX | PIEIX | PEAPX | PEPSX | PIIMX |
| Global Real Estate Securities | POSAX |  |  | POSIX | PGRKX | PGRUX | PGRSX |
| Government & High Quality Bond | CMPGX |  | PMRJX | PMRIX | PRCMX | PMREX |  |
| Government Money Market |  |  |  | PGVXX |  |  | PGWXX |
| High Yield | CPHYX | CCHIX |  | PHYTX |  |  | PHYFX |
| Inflation Protection |  |  | PIPJX | PIPIX | PIFPX | PBPPX |  |
| International Bond |  |  |  |  |  |  | PIBRX |
| International Equity |  |  |  | PINIX | PRPPX | PTPPX | PIIDX |
| LargeCap Growth I | PLGAX |  | PLGJX | PLGIX | PPUMX | PPUPX | PLCGX |
| LargeCap S&P 500 Index | PLSAX |  | PSPJX | PLFIX | PLFMX | PLFPX |  |
| LargeCap Value III |  |  | PLVJX | PLVIX | PPSFX | PPSRX |  |
| MidCap | PEMGX | PMBCX | PMBJX | PCBIX | PMBMX | PMBPX | PMAQX |
| MidCap S&P 400 Index |  |  | PMFJX | MPSIX | PMFMX | PMFPX | PMAPX |
| MidCap Value I | PCMVX |  | PVEJX | PVMIX | PMPRX | PABVX | PCMSX |
| Money Market | PCSXX |  | PMJXX |  |  |  |  |
| Multi-Sector Income *(formerly, Diversified Income)* | PGBAX | PGDCX |  | PGDIX |  |  | PGBLX |
| Overseas |  |  |  | PINZX | PINTX |  |  |
| Principal Capital Appreciation | CMNWX |  |  | PWCIX | PCAOX | PCAQX |  |
| Principal LifeTime Strategic Income | PALTX |  | PLSJX | PLSIX | PLSMX | PLSPX |  |
| Principal LifeTime 2020 | PTBAX |  | PLFJX | PLWIX | PTBMX | PTBPX |  |
| Principal LifeTime 2025 |  |  |  | LTSTX | LTVPX | LTPDX |  |
| Principal LifeTime 2030 | PTCAX |  | PLTJX | PMTIX | PTCMX | PTCPX |  |
| Principal LifeTime 2035 |  |  |  | LTIUX | LTAOX | LTPEX |  |
| Principal LifeTime 2040 | PTDAX |  | PTDJX | PTDIX | PTDMX | PTDPX |  |
| Principal LifeTime 2045 |  |  |  | LTRIX | LTRVX | LTRDX |  |
| Principal LifeTime 2050 | PPEAX |  | PFLJX | PPLIX | PTERX | PTEFX |  |
| Principal LifeTime 2055 |  |  |  | LTFIX | LTFDX | LTFPX |  |
| Principal LifeTime 2060 |  |  | PLTAX | PLTZX | PLTCX | PLTOX |  |
| Principal LifeTime 2065 |  |  |  | PLJIX | PLJCX | PLJEX |  |
| Principal LifeTime 2070 |  |  | PLTLX | PLTGX | PLTDX | PLTFX |  |
| Principal LifeTime Hybrid Income |  |  | PHJFX | PHTFX |  |  | PLTYX |
| Principal LifeTime Hybrid 2020 |  |  | PHJTX | PHTTX |  |  | PLTTX |
| Principal LifeTime Hybrid 2025 |  |  | PHJQX | PHTQX |  |  | PLFTX |
| Principal LifeTime Hybrid 2030 |  |  | PHJNX | PHTNX |  |  | PLZTX |
| Principal LifeTime Hybrid 2035 |  |  | PHJJX | PHTJX |  |  | PLRTX |
| Principal LifeTime Hybrid 2040 |  |  | PHJEX | PLTQX |  |  | PLMTX |
| Principal LifeTime Hybrid 2045 |  |  | PHJYX | PHTYX |  |  | PLNTX |
| Principal LifeTime Hybrid 2050 |  |  | PHJUX | PHTUX |  |  | PLJTX |
| Principal LifeTime Hybrid 2055 |  |  | PHJBX | PLTNX |  |  | PLHTX |
| Principal LifeTime Hybrid 2060 |  |  | PHJGX | PLTHX |  |  | PLKTX |
| Principal LifeTime Hybrid 2065 |  |  | PHJDX | PLHHX |  |  | PLHRX |
| Principal LifeTime Hybrid 2070 |  |  | PLKJX | PLKSX |  |  | PLKRX |
| Real Estate Securities | PRRAX | PRCEX | PREJX | PIREX | PRERX | PREPX | PFRSX |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Ticker Symbols by Share Class** | **Ticker Symbols by Share Class** | **Ticker Symbols by Share Class** | **Ticker Symbols by Share Class** | **Ticker Symbols by Share Class** | **Ticker Symbols by Share Class** | **Ticker Symbols by Share Class** |
| **Fund/Portfolio** | **A** | **C** | **J** | **Inst.** | **R-3** | **R-5** | **R-6** |
| SAM Balanced | SABPX | SCBPX | PSAJX | PSBIX | PBAPX | PSBFX |  |
| SAM Conservative Balanced | SAIPX | SCIPX | PCBJX | PCCIX | PCBPX | PCBFX |  |
| SAM Conservative Growth | SAGPX | SCGPX | PCGJX | PCWIX | PCGPX | PCWPX |  |
| SAM Flexible Income | SAUPX | SCUPX | PFIJX | PIFIX | PFIPX | PFIFX |  |
| SAM Strategic Growth | SACAX | SWHCX | PSWJX | PSWIX | PSGPX | PSGFX |  |
| Short-Term Income | SRHQX | STCCX | PSJIX | PSHIX | PSIOX | PSIQX |  |
| SmallCap | PLLAX |  | PSBJX | PSLIX | PSBMX | PSBPX | PSMLX |
| SmallCap Growth I |  |  | PSIJX | PGRTX | PPNMX | PPNPX | PCSMX |
| SmallCap S&P 600 Index |  |  | PSSJX | PSSIX | PSSMX | PSSPX | PSPIX |
| SmallCap Value II |  |  | PSMJX | PPVIX | PJARX | PLARX | PSMVX |
| Tax-Exempt Bond | PTEAX | PTBCX |  | PITEX |  |  |  |

---

------

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
| | **<u>Page</u>** |
| HISTORY OF THE FUNDS | &nbsp;&nbsp;&nbsp;<u>[5](#i2640ccc4af26459e9b752f05c4522470_7)</u> |
| DESCRIPTION OF THE FUNDS' INVESTMENTS AND RISKS | &nbsp;&nbsp;&nbsp;<u>[7](#i2640ccc4af26459e9b752f05c4522470_13)</u> |
| LEADERSHIP STRUCTURE AND BOARD | &nbsp;&nbsp;&nbsp;<u>[47](#i2640ccc4af26459e9b752f05c4522470_16)</u> |
| INVESTMENT ADVISORY AND OTHER SERVICES | &nbsp;&nbsp;&nbsp;<u>[56](#i2640ccc4af26459e9b752f05c4522470_19)</u> |
| MULTIPLE CLASS STRUCTURE | &nbsp;&nbsp;&nbsp;<u>[71](#i2640ccc4af26459e9b752f05c4522470_10)</u> |
| INTERMEDIARY COMPENSATION | &nbsp;&nbsp;&nbsp;<u>[72](#i2640ccc4af26459e9b752f05c4522470_22)</u> |
| BROKERAGE ALLOCATION AND OTHER PRACTICES | &nbsp;&nbsp;&nbsp;<u>[73](#i2640ccc4af26459e9b752f05c4522470_25)</u> |
| PURCHASE AND REDEMPTION OF SHARES | &nbsp;&nbsp;&nbsp;<u>[79](#i2640ccc4af26459e9b752f05c4522470_28)</u> |
| GOVERNMENT MONEY MARKET AND MONEY MARKET FUNDS MATERIAL EVENTS | &nbsp;&nbsp;&nbsp;<u>[83](#i2640ccc4af26459e9b752f05c4522470_31)</u> |
| PRICING OF FUND SHARES | &nbsp;&nbsp;&nbsp;<u>[83](#i2640ccc4af26459e9b752f05c4522470_34)</u> |
| TAX CONSIDERATIONS | &nbsp;&nbsp;&nbsp;<u>[85](#i2640ccc4af26459e9b752f05c4522470_37)</u> |
| PORTFOLIO HOLDINGS DISCLOSURE | &nbsp;&nbsp;&nbsp;<u>[86](#i2640ccc4af26459e9b752f05c4522470_40)</u> |
| REFLOW LIQUIDITY PROGRAM | &nbsp;&nbsp;&nbsp;<u>[89](#i2640ccc4af26459e9b752f05c4522470_1147)</u> |
| PROXY VOTING POLICIES AND PROCEDURES | &nbsp;&nbsp;&nbsp;<u>[89](#i2640ccc4af26459e9b752f05c4522470_43)</u> |
| FINANCIAL STATEMENTS | &nbsp;&nbsp;&nbsp;<u>[89](#i2640ccc4af26459e9b752f05c4522470_46)</u> |
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | &nbsp;&nbsp;&nbsp;<u>[89](#i2640ccc4af26459e9b752f05c4522470_49)</u> |
| GENERAL INFORMATION | &nbsp;&nbsp;&nbsp;<u>[90](#i2640ccc4af26459e9b752f05c4522470_52)</u> |
| CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES | &nbsp;&nbsp;&nbsp;<u>[91](#i2640ccc4af26459e9b752f05c4522470_55)</u> |
| PORTFOLIO MANAGER DISCLOSURE | &nbsp;&nbsp;&nbsp;<u>[92](#i2640ccc4af26459e9b752f05c4522470_82)</u> |
| APPENDIX A — DESCRIPTION OF BOND RATINGS | &nbsp;&nbsp;&nbsp;<u>[107](#i2640ccc4af26459e9b752f05c4522470_115)</u> |
| APPENDIX B — PRICE MAKE UP SHEET | &nbsp;&nbsp;&nbsp;<u>[110](#i2640ccc4af26459e9b752f05c4522470_118)</u> |
| APPENDIX C — PROXY VOTING POLICIES | &nbsp;&nbsp;&nbsp;<u>[113](#i2640ccc4af26459e9b752f05c4522470_121)</u> |

---

------

**HISTORY OF THE FUNDS**

Principal Funds, Inc. ("PFI" or the "Registrant"), a Maryland corporation, was organized as Principal Special Markets Fund, Inc. on January 28, 1993. The Registrant changed its name to Principal Investors Fund, Inc. effective September 14, 2000 and to Principal Funds, Inc. effective June 13, 2008.

On January 12, 2007, the Registrant acquired WM Trust I, WM Trust II, and WM Strategic Asset Management Portfolios, LLC.

Classes offered by each series of the Registrant (each, a "Fund" and, together, the "Funds") are shown in the following table.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Share Class** | **Share Class** | **Share Class** | **Share Class** | **Share Class** | **Share Class** | **Share Class** |
| **Fund/Portfolio** | **A** | **C** | **J** | **Inst.** | **R-3** | **R-5** | **R-6** |
| California Municipal | X | X |  | X |  |  |  |
| Core Fixed Income | X |  | X | X | X | X | X |
| Core Plus Bond | X |  | X | X | X | X |  |
| Diversified International | X |  | X | X | X | X | X |
| Equity Income | X | X | X | X | X | X |  |
| Finisterre Emerging Markets Total Return Bond |  |  |  | X |  |  |  |
| Global Emerging Markets | X |  | X | X | X | X | X |
| Global Real Estate Securities | X |  |  | X | X | X | X |
| Government & High Quality Bond | X |  | X | X | X | X |  |
| Government Money Market |  |  |  | X |  |  | X |
| High Yield | X | X |  | X |  |  | X |
| Inflation Protection |  |  | X | X | X | X |  |
| International Bond |  |  |  |  |  |  | X |
| International Equity |  |  |  | X | X | X | X |
| LargeCap Growth I | X |  | X | X | X | X | X |
| LargeCap S&P 500 Index | X |  | X | X | X | X |  |
| LargeCap Value III |  |  | X | X | X | X |  |
| MidCap | X | X | X | X | X | X | X |
| MidCap S&P 400 Index |  |  | X | X | X | X | X |
| MidCap Value I | X |  | X | X | X | X | X |
| Money Market | X |  | X |  |  |  |  |
| Multi-Sector Income *(formerly, Diversified Income)* | X | X |  | X |  |  | X |
| Overseas |  |  |  | X | X |  |  |
| Principal Capital Appreciation | X |  |  | X | X | X |  |
| Principal LifeTime Strategic Income | X |  | X | X | X | X |  |
| Principal LifeTime 2020 | X |  | X | X | X | X |  |
| Principal LifeTime 2025 |  |  |  | X | X | X |  |
| Principal LifeTime 2030 | X |  | X | X | X | X |  |
| Principal LifeTime 2035 |  |  |  | X | X | X |  |
| Principal LifeTime 2040 | X |  | X | X | X | X |  |
| Principal LifeTime 2045 |  |  |  | X | X | X |  |
| Principal LifeTime 2050 | X |  | X | X | X | X |  |
| Principal LifeTime 2055 |  |  |  | X | X | X |  |
| Principal LifeTime 2060 |  |  | X | X | X | X |  |
| Principal LifeTime 2065 |  |  |  | X | X | X |  |
| Principal LifeTime 2070 |  |  | X | X | X | X |  |
| Principal LifeTime Hybrid Income |  |  | X | X |  |  | X |
| Principal LifeTime Hybrid 2020 |  |  | X | X |  |  | X |
| Principal LifeTime Hybrid 2025 |  |  | X | X |  |  | X |
| Principal LifeTime Hybrid 2030 |  |  | X | X |  |  | X |
| Principal LifeTime Hybrid 2035 |  |  | X | X |  |  | X |
| Principal LifeTime Hybrid 2040 |  |  | X | X |  |  | X |
| Principal LifeTime Hybrid 2045 |  |  | X | X |  |  | X |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Share Class** | **Share Class** | **Share Class** | **Share Class** | **Share Class** | **Share Class** | **Share Class** |
| **Fund/Portfolio** | **A** | **C** | **J** | **Inst.** | **R-3** | **R-5** | **R-6** |
| Principal LifeTime Hybrid 2050 |  |  | X | X |  |  | X |
| Principal LifeTime Hybrid 2055 |  |  | X | X |  |  | X |
| Principal LifeTime Hybrid 2060 |  |  | X | X |  |  | X |
| Principal LifeTime Hybrid 2065 |  |  | X | X |  |  | X |
| Principal LifeTime Hybrid 2070 |  |  | X | X |  |  | X |
| Real Estate Securities | X | X | X | X | X | X | X |
| SAM Balanced | X | X | X | X | X | X |  |
| SAM Conservative Balanced | X | X | X | X | X | X |  |
| SAM Conservative Growth | X | X | X | X | X | X |  |
| SAM Flexible Income | X | X | X | X | X | X |  |
| SAM Strategic Growth | X | X | X | X | X | X |  |
| Short-Term Income | X | X | X | X | X | X |  |
| SmallCap  | X |  | X | X | X | X | X |
| SmallCap Growth I |  |  | X | X | X | X | X |
| SmallCap S&P 600 Index |  |  | X | X | X | X | X |
| SmallCap Value II |  |  | X | X | X | X | X |
| Tax-Exempt Bond | X | X |  | X |  |  |  |

---

Each class has different expenses. Because of these different expenses, the investment performance of the classes will vary. For more information, including your eligibility to purchase certain classes of shares, call Principal Funds at 1-800-222-5852.

Principal Global Investors, LLC ("PGI" or the "Manager") may recommend to the Board of Directors (the "Board"), and the Board may elect, to close certain Funds to new investors or close certain Funds to new and existing investors. PGI may make such a recommendation when a Fund approaches a size where additional investments in the Fund have the potential to adversely impact Fund performance and make it increasingly difficult to keep the Fund fully invested in a manner consistent with its investment objective. PGI may also recommend to the Board, and the Board may elect, to close certain share classes to new or new and existing investors.

------

**DESCRIPTION OF THE FUNDS' INVESTMENTS AND RISKS**

The Registrant is a registered, open-end management investment company, commonly called a mutual fund. The Registrant consists of multiple investment portfolios, which are referred to as "Funds." Each Fund has its own investment objective, strategies, and portfolio management team. As described below, each Fund has adopted a fundamental policy regarding diversification, as that term is used in the Investment Company Act of 1940, as amended (the "1940 Act"), and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time.

**Fund Policies**

The investment objective, principal investment strategies, and principal risks of each Fund are described in the Prospectus. This SAI contains supplemental information about those strategies and risks and the types of securities that those managing the investments of each Fund can select. Additional information is also provided about other strategies that each Fund may use to try to achieve its objective.

The composition of each Fund and the techniques and strategies that those managing a Fund's investments may use in selecting securities will vary over time. A Fund is not required to use all of the investment techniques and strategies available to it in seeking its goals.

Unless otherwise indicated, with the exception of the percentage limitations on borrowing, the restrictions apply at the time transactions are entered into. Accordingly, any later increase or decrease beyond the specified limitation, resulting from market fluctuations or in a rating by a rating service, does not require elimination of any security from a Fund's portfolio.

The investment objective of each Fund and, except as described below as "fundamental restrictions," the investment strategies described in this SAI and the Prospectus are not fundamental and may be changed by the Board without shareholder approval.

With the exception of the diversification test required by the Internal Revenue Code, the Funds will not consider collateral held in connection with securities lending activities when applying any of the following fundamental restrictions or any other investment restriction set forth in the Prospectus or SAI.

**Fundamental Restrictions**

Except as specifically noted, each Fund has adopted the following fundamental restrictions. Each fundamental restriction is a matter of fundamental policy and may not be changed without a vote of a majority of the outstanding voting securities of the affected Fund, except as permitted by the 1940 Act or other governing statute and the rules thereunder, the U.S. Securities and Exchange Commission (the "SEC"), or other regulatory agency with authority over the Funds. The 1940 Act provides that "a vote of a majority of the outstanding voting securities" of a Fund means the affirmative vote of the lesser of (1) more than 50% of the outstanding Fund shares or (2) 67% or more of the Fund shares present at a meeting if more than 50% of the outstanding Fund shares are represented at the meeting in person or by proxy. Each share has one vote, with fractional shares voting proportionately. Shares of all classes of a Fund will vote together as a single class, except when otherwise required by law or as determined by the Board.

Each Fund:

1)may not issue senior securities, except as permitted under the 1940 Act, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time.

2)has adopted a commodities policy, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The California Municipal Fund may not purchase or sell commodities, except as permitted under the 1940 Act, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The remaining Funds may not purchase or sell commodities, except as permitted by applicable law, regulation or regulatory authority having jurisdiction.

3)may not purchase or sell real estate, which term does not include securities of companies that deal in real estate or mortgages or investments secured by real estate or interests therein, except that each Fund reserves freedom of action to hold and to sell real estate acquired as a result of the Fund's ownership of securities.

4)may not borrow money, except as permitted under the 1940 Act, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time.

5)may not make loans, except as permitted under the 1940 Act, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time.

------

6)has adopted a policy regarding diversification, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The LargeCap Growth I and Real Estate Securities Funds have elected to be non-diversified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)It is anticipated that the LargeCap S&P 500 Index Fund will be diversified in approximately the same proportions as the respective index that the Fund uses to measure its performance. Because the LargeCap S&P 500 Index Fund seeks to track the performance of the securities included in its respective index, it is possible that LargeCap S&P 500 Index Fund may change from diversified to non-diversified as a result of a change in relative market capitalization or weighting of one or more constituents of the Fund's index. In such an instance, shareholder approval will not be sought when the LargeCap S&P 500 Index Fund crosses from diversified to non-diversified status due solely to a change in the relative market capitalization or index weightings of one or more constituents of the LargeCap S&P 500 Index Fund's index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)All other Funds have elected to be treated as a "diversified" investment company, as that term is used in the 1940 Act, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time.

7)has adopted a concentration policy, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Global Real Estate Securities and Real Estate Securities Funds will concentrate their investments in a particular industry or group of industries as described in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The LargeCap S&P 500 Index, MidCap S&P 400 Index, and SmallCap S&P 600 Index Funds will not concentrate their investments in a particular industry or group of industries, except to the extent that their related Index is also so concentrated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The remaining Funds may not concentrate, as that term is used in the 1940 Act, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction, from time to time, its investments in a particular industry or group of industries.

8)may not act as an underwriter of securities, except to the extent that the Fund may be deemed to be an underwriter in connection with the sale of securities held in its portfolio.

*On or about July 1, 2026, subject to shareholder approval, delete the preceding* Fundamental Restriction 6) a. *and replace with the following:*

6) has adopted a policy regarding diversification, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a) The Global Emerging Markets, LargeCap Growth I, Real Estate Securities, and Principal Capital Appreciation Funds have elected to be non-diversified.

**Non-Fundamental Restrictions**

Except as specifically noted, each Fund has also adopted the following non-fundamental restrictions. Non-fundamental restrictions are not fundamental policies and may be changed without shareholder approval. It is contrary to each Fund's present policy to:

1)Invest more than 15% of its net assets in illiquid securities and in repurchase agreements maturing in more than seven days, except to the extent permitted by applicable law or regulatory authority having jurisdiction, from time to time; however:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Government Money Market and Money Market Funds may each not invest more than 5% of its net assets in illiquid securities and in repurchase agreements maturing in more than seven days, except to the extent permitted by applicable law or regulatory authority having jurisdiction, from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)International Equity Fund, the Principal LifeTime Funds, Principal LifeTime Hybrid Funds, and the Strategic Asset Management (SAM) Portfolios have not adopted this non-fundamental restriction.

2)Pledge, mortgage, or hypothecate its assets, except to secure permitted borrowings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)With respect to the Principal LifeTime Funds, Principal LifeTime Hybrid Funds, and Strategic Asset Management (SAM) Portfolios, the deposit of underlying securities and other assets in escrow and other collateral arrangements in connection with transactions that involve any future payment obligation, as permitted under the 1940 Act, as amended, and as interpreted, modified, or otherwise permitted by any regulatory authority having jurisdiction, from time to time, by the underlying funds are not deemed to be pledges, mortgages, hypothecations, or other encumbrances.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)For all Funds, the deposit of underlying securities and other assets in escrow and other collateral arrangements in connection with transactions that involve any future payment obligation, as permitted under the 1940 Act, as amended, and as interpreted, modified, or otherwise permitted by any regulatory authority having jurisdiction, from time to time, are not deemed to be pledges, mortgages, hypothecations, or other encumbrances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)International Equity Fund has not adopted this non-fundamental restriction.

3)Invest in companies for the purpose of exercising control or management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)International Equity Fund has not adopted this non-fundamental restriction.

4)Invest more than 25% of its assets in foreign securities; however:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The High Yield Fund may not invest more than 35% of its assets in foreign securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The Diversified International, Finisterre Emerging Markets Total Return Bond, Global Emerging Markets, Global Real Estate Securities, International Bond Fund, Money Market, Multi-Sector Income, and Overseas Funds each may invest up to 100% of its assets in foreign securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The LargeCap S&P 500 Index, MidCap S&P 400 Index, and SmallCap S&P 600 Index Funds each may invest in foreign securities to the extent that the relevant index is so invested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The California Municipal, Government & High Quality Bond, Government Money Market, and Tax-Exempt Bond Funds may not invest in foreign securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)International Equity Fund, the Principal LifeTime Funds, Principal LifeTime Hybrid Funds, and the Strategic Asset Management (SAM) Portfolios have not adopted this non-fundamental restriction.

5)Invest more than 5% of its total assets in real estate limited partnership interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The Global Real Estate Securities, International Equity, Multi-Sector Income, and Real Estate Securities Funds and the Principal LifeTime Funds, Principal LifeTime Hybrid Funds, and the Strategic Asset Management (SAM) Portfolios have not adopted this non-fundamental restriction.

6)Acquire securities of other investment companies in reliance on Section 12(d)(1)(F) or (G) of the 1940 Act, invest more than 10% of its total assets in securities of other investment companies, invest more than 5% of its total assets in the securities of any one investment company, or acquire more than 3% of the outstanding voting securities of any one investment company, except in connection with a merger, consolidation, or plan of reorganization and except as permitted by the 1940 Act, SEC Rules adopted under the 1940 Act, or exemptions granted by the SEC. The Fund may purchase securities of closed-end investment companies in the open market where no underwriter or dealer's commission or profit, other than a customary broker's commission, is involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Principal LifeTime Funds, Principal LifeTime Hybrid Funds, and the Strategic Asset Management (SAM) Portfolios have not adopted this non-fundamental restriction.

International Equity Fund has adopted additional non-fundamental restrictions as noted below. The Fund:

1)may not purchase securities on margin, except that the Fund may obtain such short-term credits as are necessary for the clearance of transactions, and provided that margin payments in connection with futures contracts and options on futures contracts shall not constitute purchasing securities on margin.

2)may not purchase any security if, as a result, more than 15% of its net assets would be invested in securities that are deemed to be illiquid because they are subject to legal or contractual restrictions on resale or because they cannot be sold or disposed of in the ordinary course of business at approximately the prices at which they are valued.

**Non-Fundamental Policy - Rule 35d-1 under the 1940 Act - Investment Company Names** 

Except as specifically noted, each Fund has also adopted a non-fundamental policy, pursuant to SEC Rule 35d-1, which requires it, under normal circumstances, to invest at least 80% of its net assets, plus any borrowings for investment purposes, in the type of investments, industry, or geographic region (as described in the Prospectus) as suggested by the name of the Fund.

This policy applies at the time of purchase. A Fund will provide 60 days' notice to shareholders prior to implementing a change in this policy for the Fund. For purposes of this non-fundamental policy, each Fund tests market capitalization ranges monthly.

------

For purposes of testing this requirement with respect to:

• <u>Forward foreign currency contracts and other investments that have economic characteristics similar to foreign currency</u>: the value of such contracts and investments may include the Fund's investments in cash and/or cash equivalents to the extent such cash and/or cash equivalents are maintained with respect to the Fund's exposure under its forward foreign currency contracts and similar investments.

• <u>Derivatives instruments</u>: each Fund will typically count the mark-to-market value of such derivatives. However, a Fund may use a derivative contract's notional value when it determines that notional value is an appropriate measure of the Fund's exposure to investments. For example, with respect to single-name equity swaps that are "fully paid" (equity swaps in which cash and/or cash equivalents are posted as collateral for the purpose of covering the full notional value of the swap), each Fund will count the value of such cash and/or cash equivalents.

In addition, if a Fund's policy is to invest in a certain type of security, the Fund may gain exposure to that type of investment through derivatives or other instruments.

• <u>Investments in underlying funds (including ETFs)</u>: each Fund will count all investments in an underlying fund toward the requirement as long as 80% of the value of such underlying fund's holdings focus on the particular type of investment suggested by the Fund name.

The California Municipal, Diversified International, Inflation Protection, Multi-Sector Income, Principal Capital Appreciation, Short-Term Income, and Tax-Exempt Bond Funds, Principal LifeTime Funds, Principal LifeTime Hybrid Funds, and Strategic Asset Management (SAM) Portfolios have not adopted this non-fundamental policy.

The California Municipal Fund has adopted a fundamental policy that requires it, under normal circumstances, to invest at least 80% of its net assets in investments, the income from which is exempt from federal income tax and California state personal income tax or so that at least 80% of the income the Fund distributes will be exempt from federal income tax and California state personal income tax. The Fund also has adopted a non-fundamental policy that requires it, under normal circumstances, to invest at least 80% of its net assets in municipal obligations.

The Money Market Fund has also not adopted this non-fundamental policy as it is subject to Rule 2a-7 of the 1940 Act. The Government Money Market Fund has adopted a non-fundamental investment policy to invest under normal circumstances at least 80% of its nets assets, plus any borrowings for investment purposes, in government securities and repurchase agreements that are collateralized by government securities. As a government money market fund, the Government Money Market Fund must also meet a separate requirement, pursuant to Rule 2a-7 of the 1940 Act, to invest at least 99.5% of its total assets in cash, government securities, and or repurchase agreements that are collateralized fully.

The Tax-Exempt Bond Fund has also adopted a fundamental policy that requires it, under normal circumstances, to invest at least 80% of its net assets in investments, the income from which is exempt from federal income tax or so that at least 80% of the income the Fund distributes will be exempt from federal income tax.

**Investment Strategies and Risks Related to Borrowing and Senior Securities, Commodity-Related Investments, Industry Concentration, and Loans**

**Borrowing and Senior Securities**

Under the 1940 Act, a fund that borrows money is required to maintain continuous asset coverage (that is, total assets including borrowings, less liabilities exclusive of borrowings) of 300% of the amount borrowed, with an exception for borrowings not in excess of 5% of the fund's total assets made for temporary or emergency purposes. If a fund invests the proceeds of borrowing, borrowing will tend to exaggerate the effect on net asset value of any increase or decrease in the market value of a fund's portfolio. If a fund invests the proceeds of borrowing, money borrowed will be subject to interest costs that may or may not be recovered by earnings on the securities purchased. A fund also may be required to maintain minimum average balances in connection with a borrowing or to pay a commitment or other fee to maintain a line of credit; either of these requirements would increase the cost of borrowing over the stated interest rate.

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**Commodity-Related Investments and Commodity Interests**

<u>All Funds Except the Finisterre Emerging Markets Total Return Bond Fund</u>

Under the 1940 Act, a fund's registration statement must recite the fund's policy with regard to investing in commodities. Each Fund may invest in commodities and commodity interests to the extent permitted by applicable law and under its fundamental and non-fundamental policies and restrictions. Pursuant to a claim for exclusion filed with the Commodity Futures Trading Commission ("CFTC") on behalf of each of the Funds under Rule 4.5, PGI is not deemed to be a "commodity pool operator" under the Commodity Exchange Act ("CEA") as it specifically relates to PGI's operations with respect to the Funds, and, therefore, is not subject to registration or regulation under the CEA with respect to the operation of the Funds.

The CFTC amended Rule 4.5 exclusions for certain otherwise regulated persons from the definition of the term "commodity pool operator." Rule 4.5 provides that a registered investment advisor is excluded from the definition of "commodity pool operator" with respect to the operation of a registered investment company if the fund's use of futures contracts, options on futures contracts, and swaps is sufficiently limited that the fund can fall within one of two exclusions set out in Rule 4.5. Each Fund intends to limit its use of futures contracts, options on futures contracts, and swaps to the degree necessary to fall within one of the two exclusions. If a Fund is unable to do so, it may incur expenses that are necessary for PGI to comply with the CEA and rules the CFTC has adopted under it with respect to the operation of the Funds.

<u>Finisterre Emerging Markets Total Return Bond Fund</u>

Based on its current investment strategies, the Finisterre Emerging Markets Total Return Bond Fund is deemed to be a "commodity pool" under the CEA, and PGI is considered a "commodity pool operator" with respect to the Fund. PGI is, therefore, subject to dual regulation by the SEC and the CFTC. The CFTC or the SEC could alter the regulatory requirements governing the use of commodity futures (which include futures on broad-based securities indexes, interest rate futures, and currency futures) or options on commodity futures or swaps transactions by investment companies, including this Fund.

**Industry Concentration**

"Concentration" means a fund invests more than 25% of its net assets in a particular industry or group of industries. To monitor compliance with the policy regarding industry concentration, the Funds may use the industry classifications provided by Bloomberg, L.P., the Morgan Stanley Capital International (MSCI)/Standard & Poor's Global Industry Classification Standard (GICS), the Directory of Companies Filing Annual Reports with the SEC, or any other reasonable industry classification system.

• Each Fund interprets its policy with respect to concentration in a particular industry to apply only to direct investments in the securities of issuers in a particular industry. To the extent a Fund invests its assets in underlying investment companies, 25% or more of such Fund's total assets may be indirectly exposed to a particular industry or group of related industries through its investments in one or more underlying investment companies.

• For purposes of this restriction, government securities (such as treasury securities or mortgage-backed securities that are issued or guaranteed by the U.S. government, its agencies, or instrumentalities) are not subject to the Funds' industry concentration restrictions.

• Each Fund views its investments in municipal securities as not representing interests in any particular industry or group of industries. For information about municipal securities, see the Municipal Obligations section.

**Loans**

A Fund may not make loans to other persons, except (i) as permitted by the 1940 Act and the Rules and Regulations thereunder, or other successor law governing the regulation of registered investment companies, or interpretations or modifications thereof by the SEC, SEC Staff, or other authority of competent jurisdiction, or (ii) pursuant to exemptive or other relief or permission from the SEC, SEC Staff, or other authority of competent jurisdiction. Generally, this means the Funds are typically permitted to make loans but must take into account potential issues such as liquidity, valuation, and avoidance of impermissible transactions. Examples of permissible loans include (a) the lending of its portfolio securities, (b) the purchase of debt securities, loan participations, and/or engaging in direct corporate loans in accordance with the Fund's investment objective and policies, (c) the entry into a repurchase agreement (to the extent such entry is deemed to be a loan), and (d) loans to affiliated investment companies to the extent permitted by the 1940 Act or any exemptions therefrom that may be granted by the SEC.

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**Other Investment Strategies and Risks**

**Artificial Intelligence** 

The capabilities and use of artificial intelligence ("AI") are rapidly increasing. AI may be utilized by the Funds' advisor and/or sub-advisors; by issuers in which the Funds invest; or by the Funds' service providers. AI technologies rely heavily on the collection and analysis of large amounts of data and complex algorithms, and it is possible that AI may produce inaccurate, biased, misleading, or incomplete outputs that could lead to adverse effects for the advisor and/or sub-advisor, issuers, and/or service providers using such technologies. These adverse effects may include reputational harm, legal liability, disruptions to business operations, and/or operational errors and investment losses by users of AI technologies, all of which could impact the Funds. AI also could face regulatory scrutiny in the future, which could limit its development and use. It is impossible to predict the full extent of risks that could impact the Funds from the development and use of AI.

**Commodity Index-Linked Notes**

A commodity index-linked note is a type of structured note that is a derivative instrument. Over the long term, the returns on a fund's investments in commodity index-linked notes are expected to exhibit low or negative correlation with stocks and bonds, which means the prices of commodity-linked notes may move in a different direction than investments in traditional equity and debt securities. As an example, during periods of rising inflation, debt securities have historically tended to decrease in value and the prices of certain commodities, such as oil and metals, have historically tended to increase. The reverse may be true during "bull markets," when the value of traditional securities such as stocks and bonds is increasing. Under such economic conditions, a fund's investments in commodity index-linked notes may be expected not to perform as well as investments in traditional securities. There can be no assurance, however, that derivative instruments will perform in that manner in the future and, at certain times in the past, the price movements of commodity-linked investments have been parallel to debt and equity securities. If commodities prices move in tandem with the prices of financial assets, they may not provide overall portfolio diversification benefits.

**Contingent Convertible Securities ("CoCos")**

A Fund may invest in contingent convertible securities ("CoCos"). CoCos are hybrid debt securities 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 issuing banking institution's continued viability as a going-concern if the conversion trigger were not exercised. CoCos' unique equity conversion or principal write-down features are tailored to the issuing banking institution and its regulatory requirements. Some additional risks associated with CoCos include, but are not limited to, the following:

• The occurrence of a conversion event is inherently unpredictable and depends on many factors, some of which will be outside the issuer's control. Because of the uncertainty regarding whether a conversion event will occur, it may be difficult to predict when, if at all, a CoCo will be converted to equity, and a fund may suffer losses as a result.

• CoCos may have no stated maturity and fully discretionary coupons. This means coupon (i.e., interest) payments can be canceled at the banking institution's discretion or at the request of the relevant regulatory authority in order to help the bank absorb losses, without causing a default.

• CoCos are usually issued in the form of subordinated debt instruments to provide the appropriate regulatory capital treatment. If an issuer liquidates, dissolves, or winds-up before a conversion to equity has occurred, the rights and claims of the holders of the CoCos (such as a fund) against the issuer generally rank junior to the claims of holders of unsubordinated obligations of the issuer. In addition, if the CoCos are converted into the issuer's underlying equity securities after a conversion event (i.e., a "trigger"), each holder will be further subordinated.

• The value of CoCos is unpredictable and is influenced by many factors, including, without limitation: the creditworthiness of the issuer and/or fluctuations in such issuer's applicable capital ratios; supply and demand for CoCos; general market conditions and available liquidity; and economic, financial, and political events that affect the issuer, its particular market, or the financial markets in general. Moreover, the performance of CoCos may be correlated with one another and, as a result, negative information of one issuer may cause decline in the value of CoCos of many other issuers.

Due to these features, CoCos may have substantially greater risk than other securities in times of financial stress. If the trigger level is breached, the issuer's decision to write down, write off, or convert a CoCo may result in the fund's complete loss on an investment in CoCos with no chance of recovery, even if the issuer remains in existence.

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**Convertible Securities**

A convertible security is a bond, debenture, note, preferred stock, or other security that entitles the holder to acquire common stock or other equity securities of the same or a different issuer. A convertible security generally entitles the holder to receive interest paid or accrued until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have characteristics similar to non-convertible debt or preferred securities, as applicable. 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. Convertible securities are subordinate in rank to any senior debt obligations of the issuer, and, therefore, an issuer's convertible securities entail more risk than its debt obligations. Convertible securities generally offer lower interest or dividend yields than non-convertible debt securities of similar credit quality because of the potential for capital appreciation. In addition, convertible securities are often lower-rated securities.

Because of the conversion feature, the price of the convertible security will normally fluctuate in some proportion to changes in the price of the underlying asset, and as such is subject to risks relating to the activities of the issuer and/or general market and economic conditions. The income component of a convertible security may tend to cushion the security against declines in the price of the underlying asset. However, the income component of convertible securities causes fluctuations based upon changes in interest rates and the credit quality of the issuer.

If the conversion value of a convertible security increases to a point that approximates or exceeds its investment value, the value of the security will be principally influenced by its conversion value. A convertible security will sell at a premium over its conversion value to the extent investors place value on the right to acquire the underlying common stock while holding an income-producing security.

A convertible security may be subject to redemption at the option of the issuer at a predetermined price. If a convertible security held by a fund is called for redemption, the fund would be required to permit the issuer to redeem the security and convert it to underlying common stock, or would sell the convertible security to a third party, which may have an adverse effect on the fund's ability to achieve its investment objective.

<u>Synthetic Convertibles</u>

More flexibility is possible in the assembly of a synthetic convertible security than in the purchase of a convertible security. Although synthetic convertible securities may be selected where the two components are issued by a single issuer, thus making the synthetic convertible security similar to the traditional convertible security, the character of a synthetic convertible security allows the combination of components representing distinct issuers, when such a combination may better achieve a fund's investment objective. A synthetic convertible security 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 security 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 security 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 security or instrument, such as a call option or warrant, purchased to create the synthetic convertible security. 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 security includes the income-producing component as well, the holder of a synthetic convertible security also faces the risk that interest rates will rise, causing a decline in the value of the income-producing instrument.

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**Corporate Reorganizations**

Funds may invest in securities for which a tender or exchange offer has been made or announced and in securities of companies for which a merger, consolidation, liquidation, or reorganization proposal has been announced if, in the judgment of those managing the fund's investments, there is a reasonable prospect of capital appreciation significantly greater than the brokerage and other transaction expenses involved. The primary risk of such investments is that if the contemplated transaction is abandoned, revised, delayed, or becomes subject to unanticipated uncertainties, including, for example, new or revised laws or regulations, the market price of the securities may decline below the purchase price paid by a fund.

In general, securities that are the subject of such an offer or proposal sell at a premium to their historic market price immediately prior to the announcement of the offer or proposal. However, the increased market price of such securities may discount what the stated or appraised value of the security would be if the contemplated transaction were approved or consummated. Such investments may be advantageous when the discount: significantly overstates the risk of the contingencies involved; significantly undervalues the securities, assets, or cash to be received by shareholders of the prospective company as a result of the contemplated transaction; or fails adequately to recognize the possibility that the offer or proposal may be replaced or superseded by an offer or proposal of greater value. The evaluation of such contingencies requires unusually broad knowledge and experience on the part of those managing the fund's investments, which must appraise not only the value of the issuer and its component businesses, but also the financial resources and business motivation of the offer or proposal as well as the dynamics of the business climate when the offer or proposal is in process.

**Cyber Security Issues**

Each Fund and its service providers may be subject to cyber security risks. Those risks include, among others, theft, misuse, or corruption of data maintained online or digitally; denial of service attacks on websites; the loss or unauthorized release of confidential and proprietary business and personal information; operational disruption; or various other forms of cyber security breaches. Cyber-attacks against or security breakdowns of a Fund or its service providers may harm the Fund and its shareholders, potentially resulting in, among other things, financial losses, the inability to buy or sell Fund shares, the inability to calculate a Fund's NAV, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance and remediation costs. Geopolitical tensions may, from time to time, increase the scale and sophistication of cyber-attacks. Cyber security risks may also affect issuers of securities in which a Fund invests, potentially causing the Fund's investment in such issuers to lose value. Despite cyber security protocols and other risk management processes, there can be no guarantee that a Fund will avoid losses relating to cyber security risks or other information security breaches. The rapidly increasing capabilities and use of artificial intelligence (as discussed under "Artificial Intelligence"), including by bad actors, could exacerbate these risks.

**Derivatives**

<u>Options on Securities and Securities Indices</u>

Funds may write (sell) and purchase call and put options on securities and on securities indices. Funds may engage in these transactions to hedge against a decline in the value of securities owned or an increase in the price of securities that the Fund plans to purchase, or to generate additional revenue.

• Exchange-Traded Options. An exchange-traded option may be closed out only on an exchange that generally provides a liquid secondary market for an option of the same series. If a liquid secondary market for an exchange-traded option does not exist, it might not be possible to effect a closing transaction with respect to a particular option, with the result that a Fund would have to exercise the option in order to consummate the transaction.

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• Over the Counter ("OTC") Options. OTC options differ from exchange-traded options in that they are two-party contracts, with price and other terms negotiated between buyer and seller, and generally do not have as much market liquidity as exchange-traded options. An OTC option (an option not traded on an established exchange) may be closed out only by agreement with the other party to the original option transaction. With OTC options, a Fund is at risk that the other party to the transaction will default on its obligations or will not permit the Fund to terminate the transaction before its scheduled maturity. While a Fund will seek to enter into OTC options only with dealers who agree to or are expected to be capable of entering into closing transactions with a Fund, there can be no assurance that a Fund will be able to liquidate an OTC option at a favorable price at any time prior to its expiration. OTC options are not subject to the protections afforded purchasers of listed options by the Options Clearing Corporation or other clearing organizations.

• FLexible EXchange Options ("FLEX Options"). FLEX Options are customized options contracts available through national securities exchanges that are guaranteed for settlement by the Options Clearing Corporation ("OCC"), a market clearinghouse. FLEX Options provide investors with the ability to customize terms of an option, including exercise prices, exercise styles (European-style options, which are exercisable only at the expiration date, versus American-style options, which are exercisable any time prior to the expiration date), and expiration dates, while achieving price discovery in competitive, transparent auction markets and avoiding the counterparty exposure of the OTC option positions.

There is no assurance that a liquid secondary market on an options exchange will exist for any particular option, or at any particular time, and for some options no secondary market on an exchange or elsewhere may exist. If a Fund is unable to close out a call option on securities that it has written before the option is exercised, the Fund may be required to purchase the optioned securities in order to satisfy its obligation under the option to deliver such securities. If the Fund is unable to effect a closing sale transaction with respect to options on securities that it has purchased, it would have to exercise the option in order to realize any profit and would incur transaction costs upon the purchase and sale of the underlying securities. The writing and purchasing of options is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Imperfect correlation between the options and securities markets may detract from the effectiveness of attempted hedging. Options transactions may result in significantly higher transaction costs and portfolio turnover for a Fund.

*Writing Call and Put Options*. When a Fund writes a call option, it gives the purchaser of the option the right to buy a specific security at a specified price at any time before the option expires. When a Fund writes a put option, it gives the purchaser of the option the right to sell to the Fund a specific security at a specified price at any time before the option expires. In both situations, the Fund receives a premium from the purchaser of the option.

The premium received by a Fund reflects, among other factors, the current market price of the underlying security, the relationship of the exercise price to the market price, the time period until the expiration of the option and interest rates. The premium generates additional income for the Fund if the option expires unexercised or is closed out at a profit. By writing a call, a Fund limits its opportunity to profit from any increase in the market value of the underlying security above the exercise price of the option, but it retains the risk of loss if the price of the security should decline. By writing a put, a Fund assumes the risk that it may have to purchase the underlying security at a price that may be higher than its market value at time of exercise.

A Fund usually owns the underlying security covered by any outstanding call option. With respect to an outstanding put option, a Fund deposits and maintains with its custodian or segregates on the Fund's records, cash, or other liquid assets with a value at least equal to the market value of the option that was written.

Once a Fund has written an option, it may terminate its obligation before the option is exercised. The Fund executes a closing transaction by purchasing an option of the same series as the option previously written. The Fund has a gain or loss depending on whether the premium received when the option was written exceeds the closing purchase price plus related transaction costs.

*Purchasing Call and Put Options*. When a Fund purchases a call option, it receives, in return for the premium it pays, the right to buy from the writer of the option the underlying security at a specified price at any time before the option expires. A Fund purchases call options in anticipation of an increase in the market value of securities that it intends ultimately to buy. During the life of the call option, the Fund is able to buy the underlying security at the exercise price regardless of any increase in the market price of the underlying security. For a call option to result in a gain, the market price of the underlying security must exceed the sum of the exercise price, the premium paid, and transaction costs.

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When a Fund purchases a put option, it receives, in return for the premium it pays, the right to sell to the writer of the option the underlying security at a specified price at any time before the option expires. A Fund purchases put options in anticipation of a decline in the market value of the underlying security. During the life of the put option, the Fund is able to sell the underlying security at the exercise price regardless of any decline in the market price of the underlying security. In order for a put option to result in a gain, the market price of the underlying security must decline, during the option period, below the exercise price enough to cover the premium and transaction costs.

Once a Fund purchases an option, it may close out its position by selling an option of the same series as the option previously purchased. The Fund has a gain or loss depending on whether the closing sale price exceeds the initial purchase price plus related transaction costs.

*Options on Securities Indices*. Each Fund may purchase and sell put and call options on any securities index based on securities in which the Fund may invest. Securities index options are designed to reflect price fluctuations in a group of securities or segment of the securities market rather than price fluctuations in a single security. Options on securities indices are similar to options on securities, except that the exercise of securities index options requires cash payments and does not involve the actual purchase or sale of securities. Each Fund engages in transactions in put and call options on securities indices for the same purposes as they engage in transactions in options on securities. When a Fund writes call options on securities indices, it holds in its portfolio underlying securities which, in the judgment of those managing the fund's investments, correlate closely with the securities index and which have a value at least equal to the aggregate amount of the securities index options.

*Index Warrants*. A Fund may purchase put warrants and call warrants whose values vary depending on the change in the value of one or more specified securities indices ("index warrants"). Index warrants are generally issued by banks or other financial institutions and give the holder the right, at any time during the term of the warrant, to receive upon exercise of the warrant a cash payment from the issuer based on the value of the underlying index at the time of exercise. In general, if the value of the underlying index rises above the exercise price of the index warrant, the holder of a call warrant will be entitled to receive a cash payment from the issuer upon exercise based on the difference between the value of the index and the exercise price of the warrant; if the value of the underlying index falls, the holder of a put warrant will be entitled to receive a cash payment from the issuer upon exercise based on the difference between the exercise price of the warrant and the value of the index. The holder of a warrant would not be entitled to any payments from the issuer at a time when, in the case of a call warrant, the exercise price is more than the value of the underlying index, or in the case of a put warrant, the exercise price is less than the value of the underlying index. If a Fund were not to exercise an index warrant prior to its expiration, then a Fund would lose the amount of the purchase price paid by it for the warrant. A Fund will normally use index warrants in a manner similar to its use of options on securities indices.

*Risks Associated with Option Transactions*. An option position may be closed out only on an exchange that provides a secondary market for an option of the same series. A Fund generally purchases or writes only those options for which there appears to be an active secondary market. However, there is no assurance that a liquid secondary market on an exchange exists for any particular option, or at any particular time. If a Fund is unable to effect closing sale transactions in options it has purchased, it has to exercise its options in order to realize any profit and may incur transaction costs upon the purchase or sale of underlying securities. If the Fund is unable to effect a closing purchase transaction for a covered option that it has written, it is not able to sell the underlying securities until the option expires or is exercised. A Fund's ability to terminate option positions established in the over-the-counter market may be more limited than a Fund's ability to terminate exchange-traded options and may also involve the risk that broker-dealers participating in such transactions might fail to meet their obligations.

<u>Futures Contracts and Options on Futures Contracts</u>

Funds may purchase and sell futures contracts of many types, including for example, futures contracts covering indexes, financial instruments, and foreign currencies. Funds may purchase and sell financial futures contracts and options on those contracts. Financial futures contracts are commodities contracts based on financial instruments such as U.S. Treasury bonds or bills or on securities indices such as the S&P 500 Index. The Commodity Futures Trading Commission regulates futures contracts, options on futures contracts, and the commodity exchanges on which they are traded. Through the purchase and sale of futures contracts and related options, a Fund may seek to hedge against a decline in the value of securities owned by the Fund or an increase in the price of securities that the Fund plans to purchase. Funds may also purchase and sell futures contracts and related options to maintain cash reserves while simulating full investment in securities and to keep substantially all of its assets exposed to the market. Funds may enter into futures contracts and related options transactions both for hedging and non-hedging purposes.

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*Futures Contracts*. Funds may purchase or sell a futures contract to gain exposure to a particular market asset without directly purchasing that asset. When a Fund sells a futures contract based on a financial instrument, the Fund is obligated to deliver that kind of instrument at a specified future time for a specified price. When a Fund purchases that kind of contract, it is obligated to take delivery of the instrument at a specified time and to pay the specified price. In most instances, these contracts are closed out by entering into an offsetting transaction before the settlement date. The Fund realizes a gain or loss depending on whether the price of an offsetting purchase plus transaction costs are less or more than the price of the initial sale or on whether the price of an offsetting sale is more or less than the price of the initial purchase plus transaction costs. Although the Fund usually liquidates futures contracts on financial instruments, by entering into an offsetting transaction before the settlement date, they may make or take delivery of the underlying securities when it appears economically advantageous to do so.

A futures contract based on a securities index provides for the purchase or sale of a group of securities at a specified future time for a specified price. These contracts do not require actual delivery of securities but result in a cash settlement. The amount of the settlement is based on the difference in value of the index between the time the contract was entered into and the time it is liquidated (at its expiration or earlier if it is closed out by entering into an offsetting transaction).

When a Fund purchases or sells a futures contract, it pays a commission to the futures commission merchant through which the Fund executes the transaction. When entering into a futures transaction, the Fund does not pay the execution price, as it does when it purchases a security, or a premium, as it does when it purchases an option. Instead, the Fund deposits an amount of cash or other liquid assets (generally about 5% of the futures contract amount) with its futures commission merchant. This amount is known as "initial margin." In contrast to the use of margin account to purchase securities, the Fund's deposit of initial margin does not constitute the borrowing of money to finance the transaction in the futures contract. The initial margin represents a good faith deposit that helps assure the Fund's performance of the transaction. The futures commission merchant returns the initial margin to the Fund upon termination of the futures contract if the Fund has satisfied all its contractual obligations.

Subsequent payments to and from the futures commission merchant, known as "variation margin," are required to be made on a daily basis as the price of the futures contract fluctuates, a process known as "marking to market." The fluctuations make the long or short positions in the futures contract more or less valuable. If the position is closed out by taking an opposite position prior to the settlement date of the futures contract, a final determination of variation margin is made. Any additional cash is required to be paid to or released by the broker and the Fund realizes a loss or gain.

In using futures contracts, a Fund may seek to establish with more certainty than would otherwise be possible the effective price of or rate of return on portfolio securities or securities that the Fund proposes to acquire. A Fund, for example, sells futures contracts in anticipation of a rise in interest rates that would cause a decline in the value of its debt investments. When this kind of hedging is successful, the futures contract increases in value when the Fund's debt securities decline in value and thereby keeps the Fund's net asset value from declining as much as it otherwise would. A Fund may also sell futures contracts on securities indices in anticipation of or during a stock market decline in an endeavor to offset a decrease in the market value of its equity investments. When a Fund is not fully invested and anticipates an increase in the cost of securities it intends to purchase, it may purchase financial futures contracts.

When increases in the prices of equities are expected, a Fund may purchase futures contracts on securities indices in order to gain rapid market exposure that may partially or entirely offset increases in the cost of the equity securities it intends to purchase.

*Options on Futures Contracts*. Funds may also purchase and write call and put options on futures contracts. A call option on a futures contract gives the purchaser the right, in return for the premium paid, to purchase a futures contract (assume a long position) at a specified exercise price at any time before the option expires. A put option gives the purchaser the right, in return for the premium paid, to sell a futures contract (assume a short position), for a specified exercise price, at any time before the option expires.

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Upon the exercise of a call, the writer of the option is obligated to sell the futures contract (to deliver a long position to the option holder) at the option exercise price, which will presumably be lower than the current market price of the contract in the futures market. Upon exercise of a put, the writer of the option is obligated to purchase the futures contract (deliver a short position to the option holder) at the option exercise price, which will presumably be higher than the current market price of the contract in the futures market. However, as with the trading of futures, most options are closed out prior to their expiration by the purchase or sale of an offsetting option at a market price that reflects an increase or a decrease from the premium originally paid. Options on futures can be used to hedge substantially the same risks addressed by the direct purchase or sale of the underlying futures contracts. For example, if a Fund anticipates a rise in interest rates and a decline in the market value of the debt securities in its portfolio, it might purchase put options or write call options on futures contracts instead of selling futures contracts.

If a Fund purchases an option on a futures contract, it may obtain benefits similar to those that would result if it held the futures position itself. But in contrast to a futures transaction, the purchase of an option involves the payment of a premium in addition to transaction costs. In the event of an adverse market movement, however, the Fund is not subject to a risk of loss on the option transaction beyond the price of the premium it paid plus its transaction costs.

When a Fund writes an option on a futures contract, the premium paid by the purchaser is deposited with the Fund's custodian. The Fund must maintain with its futures commission merchant all or a portion of the initial margin requirement on the underlying futures contract. It assumes a risk of adverse movement in the price of the underlying futures contract comparable to that involved in holding a futures position. Subsequent payments to and from the futures commission merchant, similar to variation margin payments, are made as the premium and the initial margin requirements are marked to market daily. The premium may partially offset an unfavorable change in the value of portfolio securities, if the option is not exercised, or it may reduce the amount of any loss incurred by the Fund if the option is exercised.

*Risks Associated with Futures Transactions*. There are many risks associated with transactions in futures contracts and related options. The value of the assets that are the subject of the futures contract may not move in the anticipated direction. A Fund's successful use of futures contracts is subject to the ability of those managing the fund's investments to predict correctly the factors affecting the market values of the Fund's portfolio securities. For example, if a Fund is hedged against the possibility of an increase in interest rates which would adversely affect debt securities held by the Fund and the prices of those debt securities instead increases, the Fund loses part or all of the benefit of the increased value of its securities it hedged because it has offsetting losses in its futures positions. Other risks include imperfect correlation between price movements in the financial instrument or securities index underlying the futures contract, on the one hand, and the price movements of either the futures contract itself or the securities held by the Fund, on the other hand. If the prices do not move in the same direction or to the same extent, the transaction may result in trading losses.

Prior to exercise or expiration, a position in futures may be terminated only by entering into a closing purchase or sale transaction. This requires a secondary market on the relevant contract market. A Fund enters into a futures contract or related option only if there appears to be a liquid secondary market. There can be no assurance, however, that such a liquid secondary market exists for any particular futures contract or related option at any specific time. Thus, it may not be possible to close out a futures position once it has been established. Under such circumstances, the Fund continues to be required to make daily cash payments of variation margin in the event of adverse price movements. In such situations, if the Fund has insufficient cash, it may be required to sell portfolio securities to meet daily variation margin requirements at a time when it may be disadvantageous to do so. In addition, the Fund may be required to perform under the terms of the futures contracts it holds. The inability to close out futures positions also could have an adverse impact on the Fund's ability effectively to hedge its portfolio.

Most United States futures exchanges limit the amount of fluctuation permitted in futures contract prices during a single trading day. This daily limit establishes the maximum amount that the price of a futures contract may vary either up or down from the previous day's settlement price at the end of a trading session. Once the daily limit has been reached in a particular type of contract, no more trades may be made on that day at a price beyond that limit. The daily limit governs only price movements during a particular trading day and therefore does not limit potential losses because the limit may prevent the liquidation of unfavorable positions. Futures contract prices have occasionally moved to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and subjecting some futures traders to substantial losses.

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<u>Debt-Linked and Equity-Linked Securities</u>

Each Fund may invest in debt-linked and equity-linked securities. The investment results of such instruments are intended to correspond generally to the performance of one or more specified equity or debt securities, or of a specific index or analogous "basket" of equity or debt securities. Therefore, investing in these instruments involves risks similar to the risks of investing in the underlying stocks or bonds directly. In addition, a Fund bears the risk that the issuer of an equity- or debt-linked security may default on its obligations under the instrument. Equity- and debt-linked securities are often used for many of the same purposes as, and share many of the same risks with, other derivative instruments as well as structured notes. Like many derivatives and structured notes, equity- and debt-linked securities may be considered illiquid, potentially limiting a Fund's ability to dispose of them.

<u>Hybrid Instruments</u>

A hybrid instrument is a type of derivative that combines a traditional stock or bond with an option or forward contract. Generally, the principal amount, amount payable upon maturity or redemption, or interest rate of a hybrid is tied (positively or negatively) to the price of some currency or securities index or another interest rate or some other economic factor (each a "benchmark"). The interest rate or (unlike most fixed income securities) the principal amount payable at maturity of a hybrid security may be increased or decreased, depending on changes in the value of the benchmark. An example of a hybrid could be a bond issued by an oil company that pays a small base level of interest with additional interest that accrues in correlation to the extent to which oil prices exceed a certain predetermined level. Such a hybrid instrument would be economically similar to a combination of a bond and a call option on oil.

Hybrids can be used as an efficient means of pursuing a variety of investment goals, including currency hedging, duration management and increased total return. Hybrids may not bear interest or pay dividends. The value of a hybrid or its interest rate may be a multiple of a benchmark and, as a result, may be leveraged and move (up or down) more steeply and rapidly than the benchmark. These benchmarks may be sensitive to economic and political events, such as currency devaluations, which cannot be readily foreseen by the purchaser of a hybrid. Under certain conditions, the redemption value of a hybrid could be zero. Thus, an investment in a hybrid may entail significant market risks that are not associated with a similar investment in a traditional, U.S. dollar-denominated bond that has a fixed principal amount and pays a fixed rate or floating rate of interest. The purchase of hybrids also exposes the Fund to the credit risk of the issuer of the hybrids. These risks may cause significant fluctuations in the NAV of a Fund.

Certain hybrid instruments may provide exposure to the commodities markets. These are derivative securities with one or more commodity-linked components that have payment features similar to commodity futures contracts, commodity options or similar instruments. Commodity-linked hybrid instruments may be either equity or debt securities, leveraged or unleveraged, and are considered hybrid instruments because they have both security and commodity-like characteristics. A portion of the value of these instruments may be derived from the value of a commodity, futures contract, index or other economic variable and therefore are subject to many of the same risks as investments in those underlying securities, instruments or commodities.

Certain issuers of structured products such as hybrid instruments may be deemed to be investment companies as defined in the 1940 Act. As a result, a Fund's investments in these products may be subject to limits applicable to investments in investment companies and may be subject to restrictions contained in the 1940 Act.

<u>Spread Transactions</u>

Funds may engage in spread trades, which typically represent a simultaneous purchase and sale of two different contracts designed to capture the change in the relationship in price between the two contracts. Spread transactions are typically accompanied by lower margin requirements and lower volatility than an outright purchase. Funds may purchase spread options. The purchase of a covered spread option gives the Fund the right to put, or sell, a security that it owns at a fixed dollar spread or fixed yield spread in relationship to another security that the Fund does not own, but which is used as a benchmark. The risk to the Fund in purchasing covered spread options is the cost of the premium paid for the spread option and any transaction costs. In addition, there is no assurance that closing transactions will be available. The security covering the spread option is maintained in segregated accounts either with the Fund's custodian or on the Fund's records. The Funds do not consider a security covered by a spread option to be "pledged" as that term is used in the Fund's policy limiting the pledging or mortgaging of assets. The purchase of spread options can be used to protect Funds against adverse changes in prevailing credit quality spreads, i.e., the yield spread between high quality and lower quality securities.

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<u>Swap Agreements and Options on Swap Agreements</u>

Funds may engage in swap transactions, including, but not limited to, swap agreements on interest rates, security or commodity indexes, specific securities and commodities, and credit and event-linked swaps, to the extent permitted by its investment restrictions. To the extent a Fund may invest in foreign currency-denominated securities, it may also invest in currency swap agreements and currency exchange rate swap agreements. Funds may also enter into options on swap agreements ("swap options").

Funds may enter into swap transactions for any legal purpose consistent with its investment objectives and policies, such as for the purpose of attempting to obtain or preserve a particular return or spread at a lower cost than obtaining a return or spread through purchases and/or sales of instruments in other markets; to protect against currency fluctuations; as a duration management technique; to protect against any increase in the price of securities a Fund anticipates purchasing at a later date; to gain exposure to one or more securities, currencies, or interest rates; to take advantage of perceived mispricing in the securities markets; or to gain exposure to certain markets in the most economical way possible.

Swap agreements are two party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount," i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a "basket" of securities or commodities representing a particular index.

• Interest Rate Swaps. Interest rate swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (for example, an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal). Forms of swap agreements also include interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap"; interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor"; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels.

• Currency Swaps. A currency swap is an agreement to exchange cash flows on a notional amount based on changes in the relative values of the specified currencies.

• Index Swaps. An index swap is an agreement to make or receive payments based on the different returns that would be achieved if a notional amount were invested in a specified basket of securities (such as the S&P 500 Index) or in some other investment (such as U.S. Treasury Securities).

• Total Return Swaps. A total return swap is an agreement to make payments of the total return from a specified asset or instrument (or a basket of such instruments) during the specified period, in return for payments equal to a fixed or floating rate of interest or the total return from another specified asset or instrument. Alternatively, a total return swap can be structured so that one party will make payments to the other party if the value of the relevant asset or instrument increases, but receive payments from the other party if the value of that asset or instrument decreases.

• Commodity Swap Agreements. Consistent with a Fund's investment objectives and general investment policies, certain of the Funds may invest in commodity swap agreements. For example, an investment in a commodity swap agreement may involve the exchange of floating-rate interest payments for the total return on a commodity index. In a total return commodity swap, a Fund will receive the price appreciation of a commodity index, a portion of the index, or a single commodity in exchange for paying an agreed-upon fee. If the commodity swap is for one period, a Fund may pay a fixed fee, established at the outset of the swap. However, if the term of the commodity swap is for more than one period, with interim swap payments, a Fund may pay an adjustable or floating fee. With a "floating" rate, the fee may be pegged to a base rate, such as the Secured Overnight Financing Rate (SOFR) or a similar reference rate, and is adjusted each period. Therefore, if interest rates increase over the term of the swap contract, a Fund may be required to pay a higher fee at each swap reset date.

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• Credit Default Swap Agreements. The "buyer" in a credit default contract is obligated to pay the "seller" a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If an event of default occurs, the seller must pay the buyer the full notional value, or "par value," of the reference obligation in exchange for the reference obligation. A Fund may be either the buyer or seller in a credit default swap transaction. If a Fund is a buyer and no event of default occurs, the Fund will lose its investment and recover nothing. However, if an event of default occurs, the Fund (if the buyer) will receive the full notional value of the reference obligation that may have little or no value. As a seller, a Fund receives a fixed rate of income throughout the term of the contract, which typically is between six months and five years, provided that there is no default event. If an event of default occurs, the seller must pay the buyer the full notional value of the reference obligation. In addition, collateral posting requirements are individually negotiated and there is no regulatory requirement that a counterparty post collateral to secure its obligations or a specified amount of cash, depending upon the terms of the swap, under a credit default swap. Furthermore, there is no requirement that a party be informed in advance when a credit default swap agreement is sold. Accordingly, a Fund may have difficulty identifying the party responsible for payment of its claims. The notional value of credit default swaps with respect to a particular investment is often larger than the total par value of such investment outstanding and, in event of a default, there may be difficulties in making the required deliveries of the reference investments, possibly delaying payments.

Funds may invest in derivative instruments that provide exposure to one or more credit default swaps. For example, a Fund may invest in a derivative instrument known as the Loan-Only Credit Default Swap Index ("LCDX"), a tradable index with 100 equally-weighted underlying single-name loan-only credit default swaps ("LCDS"). Each underlying LCDS references an issuer whose loans trade in the secondary leveraged loan market. A Fund can either buy the index (take on credit exposure) or sell the index (pass credit exposure to a counterparty). While investing in these types of derivatives will increase the universe of debt securities to which a Fund is exposed, such investments entail additional risks that are not typically associated with investments in other debt securities. Credit default swaps and other derivative instruments related to loans are subject to the risks associated with loans generally, as well as the risks of derivative transactions.

• Investment Pools. Funds may invest in publicly or privately issued interests in investment pools whose underlying assets are credit default, credit-linked, interest rate, currency exchange, equity-linked or other types of swap contracts and related underlying securities or securities loan agreements. The pools' investment results may be designed to correspond generally to the performance of a specified securities index or "basket" of securities, or sometimes a single security. These types of pools are often used to gain exposure to multiple securities with a smaller investment than would be required to invest directly in the individual securities. They also may be used to gain exposure to foreign securities markets without investing in the foreign securities themselves and/or the relevant foreign market. To the extent that a Fund invests in pools of swaps and related underlying securities or securities loan agreements whose return corresponds to the performance of a foreign securities index or one or more foreign securities, investing in such pools will involve risks similar to the risks of investing in foreign securities. In addition to the risks associated with investing in swaps generally, a Fund bears the risks and costs generally associated with investing in pooled investment vehicles, such as paying the fees and expenses of the pool and the risk that the pool or the operator of the pool may default on its obligations to the holder of interests in the pool, such as a Fund. Interests in privately offered investment pools of swaps may be considered illiquid.

• Contracts for Differences. "Contracts for differences" are swap arrangements in which a Fund may agree with a counterparty that its return (or loss) will be based on the relative performance of two different groups or "baskets" of securities. For example, as to one of the baskets, a Fund's return is based on theoretical long futures positions in the securities comprising that basket, and as to the other basket, a Fund's return is based on theoretical short futures positions in the securities comprising that other basket. The notional sizes of the baskets will not necessarily be the same, which can give rise to investment leverage. Funds may also use actual long and short futures positions to achieve the market exposure(s) as contracts for differences. Funds may enter into swaps and contracts for differences for investment return, hedging, risk management and for investment leverage.

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• Swaptions. A swap option (also known as "swaptions") is a contract that gives a counterparty the right (but not the obligation) in return for payment of a premium, to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement, at some designated future time on specified terms. The buyer and seller of the swap option agree on the strike price, length of the option period, the term of the swap, notional amount, amortization and frequency of settlement. Funds may engage in swap options for hedging purposes or in an attempt to manage and mitigate credit and interest rate risk. Funds may write (sell) and purchase put and call swap options. The use of swap options involves risks, including, among others, imperfect correlation between movements of the price of the swap options and the price of the securities, indices or other assets serving as reference instruments for the swap option, reducing the effectiveness of the instrument for hedging or investment purposes.

*Obligations under Swap Agreements*. The swap agreements a Fund enters into settle in cash and, therefore, provide for calculation of the obligations of the parties to the agreement on a "net basis." Consequently, a Fund's current obligations (or rights) under such a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). A Fund's current obligations under such a swap agreement will be accrued daily (offset against any amounts owed to the Fund).

*Risks Associated with Swap Agreements*. Swaps can be highly volatile and may have a considerable impact on a Fund's performance, as the potential gain or loss on any swap transaction is not subject to any fixed limit. Whether a Fund's use of swap agreements or swap options will be successful in furthering its investment objective of total return will depend on the ability of those managing the fund's investments to predict correctly whether certain types of investments are likely to produce greater returns than other investments. Because they are two party contracts and because they may have terms of greater than seven days, swap agreements may be considered to be illiquid. Moreover, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. The Funds will enter into swap agreements only with counterparties that present minimal credit risks, as determined by those managing the fund's investments. Certain restrictions imposed on each Fund by the Internal Revenue Code may limit a Fund's ability to use swap agreements.

Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swap option than it will incur when it purchases a swap option. When a Fund purchases a swap option, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swap option, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement.

*Liquidity of Swap Agreements*. Some swap markets have 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. As a result, these swap markets have become relatively liquid. The liquidity of swap agreements will be determined by those managing the fund's investments based on various factors, including:

• the frequency of trades and quotations,

• the number of dealers and prospective purchasers in the marketplace,

• dealer undertakings to make a market,

• the nature of the security (including any demand or tender features), and

• the nature of the marketplace for trades (including the ability to assign or offset a portfolio's rights and obligations relating to the investment).

Such determination will govern whether a swap will be deemed to be within each Fund's restriction on investments in illiquid securities.

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*Valuing Swap Agreements*. For purposes of applying a fund's investment policies and restrictions (as stated in the Prospectuses and this SAI) swap agreements are generally valued by the funds at market value. In the case of a credit default swap, however, in applying certain of the funds' investment policies and restrictions the fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the funds' other investment policies and restrictions. For example, a fund may value credit default swaps at full exposure value for purposes of the fund's credit quality guidelines because such value reflects the fund's actual economic exposure during the term of the credit default swap agreement. In this context, both the notional amount and the market value may be positive or negative depending on whether the fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

<u>Permissible Uses of Futures and Options on Futures Contracts</u>

Each Fund may enter into futures contracts and related options transactions, for hedging purposes and for other appropriate risk management purposes, and to modify the Fund's exposure to various currency, commodity, equity, or fixed-income markets. Each Fund may engage in futures trading in an effort to generate returns. When using futures contracts and options on futures contracts for hedging or risk management purposes, each Fund determines that the price fluctuations in the contracts and options are substantially related to price fluctuations in securities held by the Fund or which it expects to purchase. In pursuing traditional hedging activities, each Fund may sell futures contracts or acquire puts to protect against a decline in the price of securities that the Fund owns. Each Fund may purchase futures contracts or calls on futures contracts to protect the Fund against an increase in the price of securities the Fund intends to purchase before it is in a position to do so.

<u>Limitations on the Use of Futures, Options on Futures Contracts, and Swaps</u>

*All Funds except the Finisterre Emerging Markets Total Return Bond Fund.* CFTC Rule 4.5 provides that an investment company does not meet the definition of "commodity pool operator" under the CEA if its use of futures contracts, options on futures contracts, and swaps is sufficiently limited that the fund can fall within one of two exclusions set out in Rule 4.5. Each Fund intends to limit its use of futures contracts, options on futures contracts, and swaps to the degree necessary to fall within one of the two exclusions. If a Fund is unable to do so, it may incur expenses that are necessary to comply with the CEA and the rules the CFTC has adopted under it

*Finisterre Emerging Markets Total Return Bond Fund.* The Finisterre Emerging Markets Total Return Bond Fund is deemed to be a regulated "commodity pool" under the CEA and, as a result, may invest in futures contracts, options on futures contracts, and swaps in excess of the limitations imposed by the CFTC under Rule 4.5.

<u>Risk of Potential Government Regulation of Derivatives</u>

It is possible that additional government regulation of various types of derivative instruments, including futures, options and swap agreements, may limit or prevent a fund from using such instruments as a part of its investment strategy, and could ultimately prevent a fund from being able to achieve its investment objective. It is difficult to predict the effects future legislation and regulation in this area, but the effects could be substantial and adverse. It is possible that legislative and regulatory activity could limit or restrict the ability of a fund to use certain instruments as a part of its investment strategy.

Limits or restrictions applicable to the counterparties with which the funds engage in derivative transactions could also prevent the funds from using certain instruments.

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**Environmental, Social, and Governance Factors in the Selection of Portfolio Securities**

*(Applicable to all Funds or portions of the Funds, other than California Municipal Fund, Government & High Quality Bond Fund, Government Money Market Fund, Inflation Protection Fund, LargeCap S&P 500 Index Fund, Midcap S&P 400 Index Fund, the portion of MidCap Value I Fund managed by Victory Capital Management Inc., Money Market Fund, Small Cap Fund, and SmallCap S&P 600 Index Fund.)*

The portfolio managers of the Funds consider one or more environmental, social, and/or governance ("ESG") factors along with other, non-ESG factors in making investment decisions. The consideration of ESG factors is intended to further the stated objective of the particular Funds. These ESG factors are generally no more significant than other factors in the investment selection process, such that ESG factors may not be determinative in deciding to include or exclude any particular investment in the portfolio. By way of example, environmental factors can include one or more of the following: climate change, natural resources, pollution and waste, and environmental opportunities. Social factors can include one or more of the following: human capital, product liability, stakeholder opposition, and social opportunities. Governance factors can include corporate governance and/or corporate behavior. Integration of ESG factors is qualitative and subjective by nature. There is no guarantee that the criteria used, or judgment exercised, will reflect the beliefs or values of any particular investor. Further, there is no assurance that any strategy or integration of ESG factors will be successful or profitable.

Further, the portfolio managers of the Finisterre Emerging Markets Total Return Bond Fund and a portion of the emerging market debt investments in the Multi-Sector Income Fund use filtering techniques based on ESG criteria, which can result in the exclusion of companies that have exposures to certain controversial sectors. The exclusion of companies from the investable universe may, under certain circumstances, detract from investment performance.

**Fixed-Income Securities**

<u>ETNs</u>

Certain funds may invest in, or sell short, exchange-traded notes ("ETNs"). ETNs are typically senior, unsecured, unsubordinated debt securities whose returns are linked to the performance of a particular market index less applicable fees and expenses. ETNs are listed on an exchange and traded in the secondary market. The fund may hold the ETN until maturity, at which time the issuer is obligated to pay a return linked to the performance of the relevant market index. ETNs do not make periodic interest payments and principal is not protected.

ETNs are subject to credit risk and the value of the ETN may drop due to a downgrade in the issuer's credit rating, despite the underlying market benchmark or strategy remaining unchanged. The value of an ETN may also be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying assets, changes in the applicable interest rates, changes in the issuer's credit rating, and economic, legal, political, or geographic events that affect the referenced underlying asset. When a Fund invests in ETNs, it will bear their proportionate share of any fees and expenses borne by the ETN. The Fund's decision to sell its ETN holdings may be limited by the availability of a secondary market. ETNs are also subject to tax risk. The Internal Revenue Service ("IRS") and Congress are considering proposals that would change the timing and character of income and gains from ETNs. There may also be times when an ETN share trades at a premium or discount to its market benchmark or strategy.

<u>Funding Agreements</u>

Some Funds may invest in Guaranteed Investment Contracts ("GICs") and similar funding agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an insurance company's general account. The insurance company then credits to a Fund on a monthly basis guaranteed interest, which is based on an index (such as SOFR or a similar reference rate). The funding agreements provide that this guaranteed interest will not be less than a certain minimum rate. The purchase price paid for a funding agreement becomes part of the general assets of the insurance company. GICs are considered illiquid securities and will be subject to any limitations on such investments, unless there is an active and substantial secondary market for the particular instrument and market quotations are readily available.

Generally, funding agreements are not assignable or transferable without the permission of the issuing company, and an active secondary market in some funding agreements does not currently exist. Investments in GICs are subject to the risks associated with fixed-income instruments generally, and are specifically subject to the credit risk associated with an investment in the issuing insurance company.

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<u>Inflation-Indexed Bonds</u>

Some Funds may invest in inflation-indexed bonds or inflation protected debt securities, which are fixed income securities whose value is periodically adjusted according to the rate of inflation. Two structures are common. The U.S. Treasury and some other issuers utilize a structure that accrues inflation into the principal value of the bond. Most other issuers pay out the Consumer Price Index accruals as part of a semi-annual coupon. Inflation-indexed securities issued by the U.S. Treasury (Treasury Inflation Protected Securities or TIPS) have maturities of approximately five, ten or thirty years, although it is possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on a semi-annual basis equal to a fixed percentage of the inflation-adjusted principal amount. If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond's inflation measure.

The periodic adjustment of U.S. inflation-indexed bonds is tied to the Consumer Price Index for Urban Consumers (CPI-U), which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index calculated by that government. Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity.

<u>Step-Coupon Securities</u>

Each Fund may invest in step-coupon securities. Step-coupon securities trade at a discount from their face value and pay coupon interest. The coupon rate is low for an initial period and then increases to a higher coupon rate thereafter. Market values of these types of securities generally fluctuate in response to changes in interest rates to a greater degree than conventional interest-paying securities of comparable term and quality. Under many market conditions, investments in such securities may be illiquid, making it difficult for a Fund to dispose of them or determine their current value.

<u>"Stripped" Securities</u>

Each Fund may invest in stripped securities, which are usually structured with two or more classes that receive different proportions of the interest and principal distribution on a pool of U.S. government or foreign government securities or mortgage assets. In some cases, one class will receive all of the interest (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). Stripped securities commonly have greater market volatility than other types of fixed-income securities. In the case of stripped mortgage securities, if the underlying mortgage assets experience greater than anticipated payments of principal, a Fund may fail to recoup fully its investments in IOs. Stripped securities may be illiquid. Stripped securities may be considered derivative securities.

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<u>Structured Notes</u>

Some Funds may invest in a broad category of instruments known as "structured notes." These instruments are debt obligations issued by 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 the value of a foreign currency, an index of securities (such as the S&P 500 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 a fund would not ordinarily purchase directly (such as stocks traded in a market that is not open to U.S. investors). They also can be used to hedge the risks associated with other investments a fund holds. For example, if a structured note has an interest rate that fluctuates inversely with general changes in a country's stock market index, the value of the structured note would generally move in the opposite direction to the value of holdings of stocks in that market, thus moderating the effect of stock market movements on the value of a fund's portfolio as a whole. The cash flow on the underlying instruments may be apportioned among the newly issued structured notes to create securities with different investment characteristics such as varying maturities, payment priorities or interest rate provisions; the extent of the payments made with respect to structured notes is dependent on the extent of the cash flow on the underlying instruments.

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 the change in the external factor or factors. Structured notes also may be more difficult to accurately price than less complex securities and instruments or more traditional debt securities. 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 analysis of those managing the fund's investments of the issuer's creditworthiness and financial prospects, and of their forecast as to changes in relevant economic and 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 securities.

<u>Zero-Coupon Securities</u>

Each Fund may invest in zero-coupon securities. Zero-coupon securities have no stated interest rate and pay only the principal portion at a stated date in the future. They usually trade at a substantial discount from their face (par) value. Zero-coupon securities are subject to greater market value fluctuations in response to changing interest rates than debt obligations of comparable maturities that make distributions of interest in cash.

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**Foreign Currency Transactions**

<u>Options on Foreign Currencies</u>

A Fund may buy and write options on foreign currencies in a manner similar to that in which futures or forward contracts on foreign currencies will be utilized. Each Fund may use options on foreign currencies to hedge against adverse changes in foreign currency conversion rates. For example, a decline in the U.S. dollar value of a foreign currency in which portfolio securities are denominated will reduce the U.S. dollar value of such securities, even if their value in the foreign currency remains constant. In order to protect against such diminutions in the value of the portfolio securities, a Fund may buy put options on the foreign currency. If the value of the currency declines, a Fund will have the right to sell such currency for a fixed amount in U.S. dollars, thereby offsetting, in whole or in part, the adverse effect on its portfolio. Conversely, when a rise in the U.S. dollar value of a currency in which securities to be acquired are denominated is projected, thereby increasing the cost of such securities, a Fund may buy call options on the foreign currency. The purchase of such options could offset, at least partially, the effects of the adverse movements in exchange rates. As in the case of other types of options, however, the benefit to a Fund from purchases of foreign currency options will be reduced by the amount of the premium and related transaction costs. In addition, if currency exchange rates do not move in the direction or to the extent desired, a Fund could sustain losses or lesser gains on transactions in foreign currency options that would require a Fund to forgo a portion or all of the benefits of advantageous changes in those rates.

Each Fund also may write options on foreign currencies. For example, to hedge against a potential decline in the U.S. dollar due to adverse fluctuations in exchange rates, a Fund could, instead of purchasing a put option, write a call option on the relevant currency. If the decline expected by a Fund occurs, the option will most likely not be exercised and the diminution in value of portfolio securities will be offset at least in part by the amount of the premium received. Similarly, instead of purchasing a call option to hedge against a potential increase in the U.S. dollar cost of securities to be acquired, a Fund could write a put option on the relevant currency which, if rates move in the manner projected by a Fund, will expire unexercised and allow a Fund to hedge the increased cost up to the amount of the premium. If exchange rates do not move in the expected direction, the option may be exercised and a Fund would be required to buy or sell the underlying currency at a loss, which may not be fully offset by the amount of the premium. Through the writing of options on foreign currencies, a Fund also may lose all or a portion of the benefits that might otherwise have been obtained from favorable movements in exchange rates.

<u>Futures on Currency</u>

A foreign currency future provides for the future sale by one party and purchase by another party of a specified quantity of foreign currency at a specified price and time. A public market exists in futures contracts covering a number of foreign currencies. Currency futures contracts are exchange-traded and change in value to reflect movements of a currency or a basket of currencies. Settlement must be made in a designated currency.

<u>Forward Foreign Currency Exchange Contracts</u>

Each Fund may, but is not obligated to, enter into forward foreign currency exchange contracts. Currency transactions include forward currency contracts and exchange listed or over-the-counter options on currencies. A forward currency contract involves a privately negotiated obligation to purchase or sell a specific currency at a specified future date at a price set at the time of the contract.

The typical use of a forward contract is to "lock in" the price of a security in U.S. dollars or some other foreign currency which a Fund is holding in its portfolio. By entering into a forward contract for the purchase or sale, for a fixed amount of dollars or other currency, of the amount of foreign currency involved in the underlying security transactions, a Fund may be able to protect itself against a possible loss resulting from an adverse change in the relationship between the U.S. dollar or other currency which is being used for the security purchase and the foreign currency in which the security is denominated in or exposed to during the period between the date on which the security is purchased or sold and the date on which payment is made or received.

Those managing the fund's investments also may from time to time utilize forward contracts for other purposes. For example, they may be used to hedge a foreign security held in the portfolio or a security which pays out principal tied to an exchange rate between the U.S. dollar and a foreign currency, against a decline in value of the applicable foreign currency. They also may be used to lock in the current exchange rate of the currency in which those securities anticipated to be purchased are denominated in or exposed to. At times, each Fund may enter into "cross-currency" hedging transactions involving currencies other than those in which securities are held or proposed to be purchased are denominated.

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It should be noted that the use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities. It simply establishes a rate of exchange between the currencies that can be achieved at some future point in time. Additionally, although such contracts tend to minimize the risk of loss due to a decline in the value of the hedged currency, they also tend to limit any potential gain that might result if the value of the currency increases.

**Foreign Securities**

Investing in foreign securities carries political and economic risks distinct from those associated with investing in the United States. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on or delays in the removal of funds or other assets of a fund, political or financial instability, or diplomatic and other developments that could affect such investments. Foreign investments may be affected by actions of foreign governments adverse to the interests of U.S. investors, including the possibility of expropriation or nationalization of assets, confiscatory taxation, restrictions on U.S. investment, or on the ability to repatriate assets or to convert currency into U.S. dollars. There may be a greater possibility of default by foreign governments or foreign-government sponsored enterprises. Investments in foreign countries also involve a risk of local political, economic, or social instability; military action or unrest; or adverse diplomatic developments.

<u>Asia-Pacific Countries</u>

In addition to the risks of foreign investing and the risks of investing in emerging markets, the developing market Asia-Pacific countries in which a Fund may invest are subject to certain additional or specific risks. 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.

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. 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. 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.

<u>China</u>

Investing in China involves special considerations, including: the risk of nationalization or expropriation of assets or confiscatory taxation; greater governmental involvement in and control over the economy, interest rates and currency exchange rates; controls on foreign investment and limitations on repatriation of invested capital; greater social, economic and political uncertainty; dependency on exports and the corresponding importance of international trade; and currency exchange rate fluctuations. 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. Furthermore, it is difficult for foreign investors to directly access money market securities in China because of investment and trading restrictions. These and other factors may decrease the value and liquidity of a fund's investments.

A fund may obtain exposure to companies based or operated in China by investing through legal structures known as variable interest entities ("VIEs"). VIEs are not formally recognized under Chinese law and are subject to risks, such as the risk that China could cease to allow VIEs, could impose new restrictions on VIEs, or could deem the contractual arrangements of VIEs unenforceable. These risks could limit or eliminate the remedies and rights available to VIEs and their investors, such as a fund. If these risks materialize, the value of a fund's investments in VIEs could be adversely affected, and a fund could incur significant losses with no available recourse.

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<u>Investments in Stock Connect and Bond Connect</u>

Funds may invest in China A shares, which are shares of certain Chinese companies listed and traded through the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect programs ("Stock Connect"). Stock Connect is a securities trading and clearing program established by Hong Kong Exchanges and Clearing Limited, the Shanghai Stock Exchange ("SSE"), the Shenzhen Stock Exchange ("SZSE") and China Securities Depository and Clearing Corporation Limited, which seeks to provide mutual stock market access between Mainland China and Hong Kong. Trading through Stock Connect is subject to numerous restrictions and risks that could impair the Fund's ability to invest in or sell China A shares and adversely affect the Fund's performance, such as the following:

• China A shares generally may not be sold, purchased or otherwise transferred other than through Stock Connect in accordance with applicable rules, regulations, and restrictions. Such securities may lose their eligibility, in which case they presumably could be sold but could no longer be purchased through Stock Connect. Market volatility and settlement difficulties in the China A share markets may result in significant fluctuations in the prices and liquidity of the securities traded on such markets. Further regulations or restrictions, such as limitations on redemptions or suspension of trading, may adversely impact the Fund.

• Stock Connect is generally only available on business days when both the China and Hong Kong markets are open and when banking services are available in both markets on the corresponding settlement days. As a result, a Fund may not be able trade when it would be otherwise attractive to do so, and the Fund may not be able to dispose of its China A shares in a timely manner.

• Investing in China A shares is subject to Stock Connect's clearance and settlement procedures, which could pose risks to the Fund. Certain requirements must be completed before the market opening, or a Fund cannot sell the shares on that trading day. Stock Connect also imposes quotas that limit aggregate net purchases on an exchange on a particular day, and an investor cannot purchase and sell the same security through Stock Connect on the same trading day. Once the daily quota is reached, orders to purchase additional China A shares through Stock Connect will be rejected. Such restrictions could limit a Fund's ability to sell its China A shares in a timely manner, or to sell them at all.

• If a Fund holds 5% or more of a China A share issuer's total shares through Stock Connect investments, the Fund must return any profits obtained from the purchase and sale of those shares if both transactions occur within a six-month period. All accounts managed by the Funds' Advisor and/or its affiliates will be aggregated for purposes of this 5% limitation, which makes it more likely that a Fund's profits may be subject to these limitations.

• Stock Connect uses an omnibus clearing structure, and the Fund's shares will be registered in its custodian's name on the Central Clearing and Settlement System. This may limit the ability of the Fund's advisor to effectively manage a Fund, and may expose the Fund to the credit risk of its custodian or to greater risk of expropriation. Investment in China A shares through Stock Connect may be available only through a single broker that is an affiliate of the Fund's custodian, which may affect the quality of execution provided by such broker.

• China A shares purchased through Stock Connect will be held via a book entry omnibus account in the name of Hong Kong Securities Clearing Company Limited ("HKSCC"), Hong Kong's clearing entity, and not the Fund's name as the beneficial owner. Therefore, a Fund's ability to exercise its rights as a shareholder and to pursue claims against the issuer of China A shares may be limited. While Chinese regulations and the Hong Kong Stock Exchange have issued clarifications and guidance supporting the concept of beneficial ownership through Stock Connect, the interpretation of beneficial ownership in China by regulators and courts may continue to evolve.

• The Fund's investments in China A shares through Stock Connect are generally subject to Chinese securities regulations and listing rules, among other restrictions. The Fund will not benefit from access to Hong Kong investor compensation funds, which are set up to protect against defaults of trades, when investing through Stock Connect. Investments in China A shares may not be covered by the securities investor protection programs of the exchanges and, without the protection of such programs, will be subject to the risk of default by the broker. If the depository of the SSE and the SZSE defaulted, a Fund may not be able to recover fully its losses from the depository or may be delayed in receiving proceeds as part of any recovery process.

• Fees, costs and taxes imposed on foreign investors (such as the Fund) may be higher than comparable fees, costs and taxes imposed on owners of other securities that provide similar investment exposure. Trades using Stock Connect may also be subject to various fees, taxes and market charges imposed by Chinese market participants and regulatory authorities. Uncertainties in China's tax rules related to the taxation of income and gains from investments in China A shares could result in unexpected tax liabilities for the Fund, and the withholding tax treatment of dividends and capital gains payable to overseas investors currently is unsettled.

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• Because trades of eligible China A shares on Stock Connect must be settled in Renminbi (RMB), the Chinese currency, Funds investing through Stock Connect will be exposed to RMB currency risks. The ability to hedge RMB currency risks may be limited. The RMB is subject to exchange control restrictions, and the Fund could be adversely affected by delays in converting currencies into RMB and vice versa.

• Because Stock Connect is in its early stages, the effect on the market for trading China A shares with the introduction of numerous foreign investors is currently unknown. Stock Connect is relatively new and may be subject to further interpretation and guidance. There can be no assurance as to Stock Connect's continued existence or whether future developments regarding the program may restrict or adversely affect the Fund's investments or returns.

Funds may also invest in China Interbank bonds traded on the China Interbank Bond Market ("CIBM") through the China - Hong Kong Bond Connect program ("Bond Connect"). In China, the Hong Kong Monetary Authority Central Money Markets Unit holds Bond Connect securities on behalf of investors (such as the Fund) in accounts maintained with maintained with a China-based custodian (either the China Central Depository & Clearing Co. or the Shanghai Clearing House). Investments using Bond Connect are subject to risks similar to those described above with respect to Stock Connect.

<u>Europe</u>

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. Certain funds may invest in securities of issuers that are domiciled in, or have significant operations in, member countries of the Economic and Monetary Union of the European Union (the "EU"), which requires member countries to comply with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls. 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 countries. Although certain European countries do not use the euro, many of these countries are obliged to meet the criteria for joining the euro zone. 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. 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 United Kingdom (the "UK") departed the EU on January 31, 2020 (commonly referred to as "Brexit"). As a result of Brexit, the UK may be less stable than it had been in prior years, and investments in the UK may be more volatile due to economic uncertainty and currency exchange rate fluctuations. The impact of these actions by European countries, 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.

<u>Japan</u>

Japanese investments may be significantly affected by events influencing Japan's economy and 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. Japan is located in a seismically active area, and has experienced earthquakes and tsunamis that have significantly affected important elements of its infrastructure. Due to these events, Japan's financial markets can fluctuate dramatically. The full extent of the impact of earthquakes and tsunamis 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.

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<u>Latin America</u>

Most Latin American countries have experienced, at one time or another, severe and persistent levels of inflation, including, in some cases, hyperinflation. This has, in turn, led to high interest rates, extreme measures by governments to keep inflation in check, and a generally debilitating effect on economic growth. Although inflation in many countries has lessened, there is no guarantee it will remain at lower levels. In addition, the political history of certain Latin American countries has been characterized by political uncertainty, intervention by the military in civilian and economic spheres, and political corruption. Such developments, if they were to reoccur, could reverse favorable trends toward market and economic reform, privatization, and removal of trade barriers, and result in significant disruption in securities markets. Certain Latin American countries may also have managed currencies, which are maintained at artificial levels to the U.S. dollar rather than at levels determined by the market. This type of system can lead to sudden and large adjustments in the currency which, in turn, can have a disruptive and negative effect on foreign investors. There is no significant foreign exchange market for many currencies and it would, as a result, be difficult for the Fund to engage in foreign currency transactions designed to protect the value of the Fund's interests in securities denominated in such currencies. Finally, a number of Latin American countries are among the largest debtors of developing markets. There have been moratoria on, and reschedulings of, repayment with respect to these debts. Such events can restrict the flexibility of these debtor nations in the international markets and result in the imposition of onerous conditions on their economies.

**High Yield Securities**

Each Fund may invest a portion of its assets in bonds that are rated below investment grade (sometimes called "high yield bonds" or "junk bonds"), which are rated at the time of purchase Ba1 or lower by Moody's Ratings ("Moody's") and BB+ or lower by S&P Global Ratings. If the bond has been rated by only one of the rating agencies, that rating will determine the bond's rating; if the bond is rated differently by the rating agencies, the highest rating will be used; and if the bond has not been rated by either of the rating agencies, those selecting such investments will determine the bond's quality. Lower-rated bonds involve a higher degree of credit risk, which is the risk that the issuer will not make interest or principal payments when due. In the event of an unanticipated default, a fund would experience a reduction in its income and could expect a decline in the market value of the bonds so affected. Issuers of high yield securities may be involved in restructurings or bankruptcy proceedings that may not be successful. If an issuer defaults, it may not be able to pay all or a portion of interest and principal owed to the fund, it may exchange the high yield securities owned by the fund for other securities, including equities, and/or the fund may incur additional expenses while seeking recovery of its investment. Some funds may also invest in unrated bonds of foreign and domestic issuers. Unrated bonds, while not necessarily of lower quality than rated bonds, may not have as broad a market. Because of the size and perceived demand of the issue, among other factors, certain municipalities may not incur the expense of obtaining a rating. Those managing the fund's investments will analyze the creditworthiness of the issuer, as well as any financial institution or other party responsible for payments on the bond, in determining whether to purchase unrated bonds. Unrated bonds will be included in the limitation each fund has with regard to high yield bonds unless those managing the fund's investments deem such securities to be the equivalent of investment-grade bonds. Some of the high yield securities consist of Rule 144A securities. High yield securities may contain any type of interest rate payment or reset terms, including fixed rate, adjustable rate, zero coupon, contingent, deferred, payment-in-kind, and those with auction rate features.

**Initial Public Offerings ("IPOs")**

An IPO is a company's first offering of stock to the public. IPO risk is that the market value of IPO shares 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. In addition, the market for IPO shares can be speculative and/or inactive for extended periods. The limited number of shares available for trading in some IPOs may make it more difficult for a fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. Investors in IPO shares can be affected by substantial dilution in the value of their shares by sales of additional shares and by concentration of control in existing management and principal shareholders.

When a fund's asset base is small, a significant portion of the fund's performance could be attributable to investments in IPOs because such investments would have a magnified impact on the fund. As the fund's assets grow, the effect of the fund's investments in IPOs on the fund's performance probably will decline, which could reduce the fund's performance. Because of the price volatility of IPO shares, a fund may choose to hold IPO shares for a very short period. This may increase the turnover of the fund's portfolio and lead to increased expenses to the fund, such as commissions and transaction costs. By selling IPO shares, the fund may realize taxable gains it will subsequently distribute to shareholders.

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**Interfund Lending and Borrowing**

The SEC has granted an exemption permitting Principal Funds to borrow money from and lend money to each other for temporary or emergency purposes. The loans are subject to a number of conditions designed to ensure fair and equitable treatment of all participating funds, including the following: (1) no fund may borrow money through the program unless it receives a more favorable interest rate than a rate approximating the lowest interest rate at which bank loans would be available to any of the participating funds under a loan agreement; and (2) no fund may lend money through the program unless it receives a more favorable return than that available from an investment in overnight repurchase agreements. In addition, a fund may participate in the program only if and to the extent that such participation is consistent with a fund's investment objectives and policies. Interfund loans and borrowings have a maximum duration of seven days. Loans may be called on one day's notice. A fund may have to borrow from a bank at a higher interest rate if an interfund loan is called or not renewed. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional costs. The Board is responsible for overseeing and periodically reviewing the interfund lending program.

**Inverse Floating Rate and Other Variable and Floating Rate Instruments**

Each Fund may purchase variable and floating rate instruments. These instruments may include variable amount master demand notes that permit the indebtedness thereunder to vary in addition to providing for periodic adjustments in the interest rate. These instruments may also include leveraged inverse floating rate debt instruments, or "inverse floaters". The interest rate of an inverse floater resets in the opposite direction from the market rate of interest on a security or interest to which it is related. 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 and is subject to many of the same risks as derivatives. The higher degree of leverage inherent in inverse floaters is associated with greater volatility in their market values. Certain of these investments may be illiquid. The absence of an active secondary market with respect to these investments could make it difficult for a Fund to dispose of a variable or floating rate note if the issuer defaulted on its payment obligation or during periods that a Fund is not entitled to exercise its demand rights, and a Fund could, for these or other reasons, suffer a loss with respect to such instruments.

**Investment Company Securities**

Securities of other investment companies, including shares of closed-end investment companies (including interval funds), unit investment trusts, various exchange-traded funds ("ETFs"), and other open-end investment companies, represent interests in professionally managed portfolios that may invest in a variety of instruments. Certain types of investment companies, such as certain closed-end investment companies, do not continuously offer their shares for sale (like open-end investment companies) but instead issue a fixed number of shares that trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. An interval fund is a type of closed-end investment company that is continuously offered at net asset value, is not listed on an exchange, and only periodically offers to repurchase a limited amount of outstanding shares from its shareholders. Investing in interval funds involves liquidity risk, and the liquidity risk is even greater in interval funds that invest in securities of companies with smaller market capitalizations, derivatives, securities with substantial market and/or credit risk, or securities that are themselves illiquid. Other types of investment companies, such as ETFs, are continuously offered at net asset value but may also be traded in the secondary market. ETFs are often structured to perform in a similar fashion to a broad-based securities index. Investing in ETFs involves generally the same risks as investing directly in the underlying instruments. Investing in ETFs involves the risk that they will not perform in exactly the same fashion, or in response to the same factors, as the index or underlying instruments. Shares of ETFs may trade at prices other than NAV.

A fund that invests in another investment company is subject to the risks associated with direct ownership of the securities in which such investment company invests. Fund shareholders indirectly bear their proportionate share of the expenses of each such investment company, including its advisory and administrative fees. The fund would also continue to pay its own advisory fees and other expenses. Consequently, the fund and its shareholders would, in effect, absorb two levels of fees with respect to investments in other investment companies.

A fund may invest in affiliated underlying funds, and those who manage such fund's investments and their affiliates may earn different fees from different underlying funds and may have an incentive to allocate more fund assets to underlying funds from which they receive higher fees.

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**Master Limited Partnerships ("MLPs")**

An MLP is an entity that is generally taxed as a partnership for federal income tax purposes and that derives each year at least 90% of its gross income from "Qualifying Income". Qualifying Income includes interest, dividends, real estate rents, gain from the sale or disposition of real property, income and gain from commodities or commodity futures, and income and gain from mineral or natural resources activities that generate Qualifying Income. MLP interests (known as units) are traded on securities exchanges or over-the-counter. An MLP's organization as a partnership and compliance with the Qualifying Income rules generally eliminates federal tax at the entity level.

An MLP has one or more general partners (who may be individuals, corporations, or other partnerships) which manage the partnership, and limited partners, which provide capital to the partnership but have no role in its management. Typically, the general partner is owned by company management or another publicly traded sponsoring corporation. When an investor buys units in an MLP, the investor becomes a limited partner. Holders of MLP units have limited control and voting rights on matters affecting the partnership and are exposed to a remote possibility of liability for all of the obligations of that MLP in the event that a court determines that the rights of the holders of MLP units to vote to remove or replace the general partner of that MLP, to approve amendments to that MLP's partnership agreement, or to take other action under the partnership agreement of that MLP would constitute "control" of the business of that MLP, or a court or governmental agency determines that the MLP is conducting business in a state without complying with the partnership statute of that state. Holders of MLP units are also exposed to the risk that they will be required to repay amounts to the MLP that are wrongfully distributed to them.

The business of certain MLPs is affected by supply and demand for energy commodities because such MLPs derive revenue and income based upon the volume of the underlying commodity produced, transported, processed, distributed, and/ or marketed. Pipeline MLPs have indirect commodity exposure to oil and gas price volatility because, although they do not own the underlying energy commodity, the general level of commodity prices may affect the volume of the commodity the MLP delivers to its customers and the cost of providing services such as distributing natural gas liquids. The costs of natural gas pipeline MLPs to perform services may exceed the negotiated rates under "negotiated rate" contracts. Processing MLPs may be directly affected by energy commodity prices. Propane MLPs own the underlying energy commodity, and therefore have direct exposure to energy commodity prices. The MLP industry in general could be hurt by market perception that MLP's performance and valuation are directly tied to commodity prices.

Pipeline MLPs are common carrier transporters of natural gas, natural gas liquids (primarily propane, ethane, butane and natural gasoline), crude oil or refined petroleum products (gasoline, diesel fuel and jet fuel). Pipeline MLPs also may operate ancillary businesses such as storage and marketing of such products. Pipeline MLPs derive revenue from capacity and transportation fees. Historically, pipeline output has been less exposed to cyclical economic forces due to its low-cost structure and government-regulated nature. In addition, most pipeline MLPs have limited direct commodity price exposure because they do not own the product being shipped.

Processing MLPs are gatherers and processors of natural gas as well as providers of transportation, fractionation and storage of natural gas liquids ("NGLs"). Processing MLPs derive revenue from providing services to natural gas producers, which require treatment or processing before their natural gas commodity can be marketed to utilities and other end user markets. Revenue for the processor is fee based, although it is not uncommon to have some participation in the prices of the natural gas and NGL commodities for a portion of revenue.

Propane MLPs are distributors of propane to homeowners for space and water heating. Propane MLPs derive revenue from the resale of the commodity on a margin over wholesale cost. The ability to maintain margin is a key to profitability. Propane serves approximately 3% of the household energy needs in the United States, largely for homes beyond the geographic reach of natural gas distribution pipelines. Approximately 70% of annual cash flow is earned during the winter heating season (October through March). Accordingly, volumes are weather dependent, but have utility type functions similar to electricity and natural gas.

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MLPs operating interstate pipelines and storage facilities are subject to substantial regulation by the Federal Energy Regulatory Commission ("FERC"), which regulates interstate transportation rates, services and other matters regarding natural gas pipelines including: the establishment of rates for service; regulation of pipeline storage and liquified natural gas facility construction; issuing certificates of need for companies intending to provide energy services or constructing and operating interstate pipeline and storage facilities; and certain other matters. FERC also regulates the interstate transportation of crude oil, including: regulation of rates and practices of oil pipeline companies; establishing equal service conditions to provide shippers with equal access to pipeline transportation; and establishment of reasonable rates for transporting petroleum and petroleum products by pipeline. Certain MLPs regulated by the FERC have the right, but are not obligated, to redeem common units held by an investor who is not subject to U.S. federal income taxation. The financial condition and results of operations of an MLP that redeems its common units could be adversely impacted.

MLPs are subject to various federal, state and local environmental laws and health and safety laws as well as laws and regulations specific to their particular activities. These laws and regulations address: health and safety standards for the operation of facilities, transportation systems and the handling of materials; air and water pollution requirements and standards; solid waste disposal requirements; land reclamation requirements; and requirements relating to the handling and disposition of hazardous materials. MLPs are subject to the costs of compliance with such laws applicable to them, and changes in such laws and regulations may adversely affect their results of operations.

MLPs may be subject to liability relating to the release of substances into the environment, including liability under federal "Superfund" and similar state laws for investigation and remediation of releases and threatened releases of hazardous materials, as well as liability for injury and property damage for accidental events, such as explosions or discharges of materials causing personal injury and damage to property. Such potential liabilities could have a material adverse effect upon the financial condition and results of operations of MLPs.

MLPs are subject to numerous business related risks, including: deterioration of business fundamentals reducing profitability due to development of alternative energy sources, consumer sentiment with respect to global warming, changing demographics in the markets served, unexpectedly prolonged and precipitous changes in commodity prices and increased competition that reduces the MLP's market share; the lack of growth of markets requiring growth through acquisitions; disruptions in transportation systems; the dependence of certain MLPs upon the energy exploration and development activities of unrelated third parties; availability of capital for expansion and construction of needed facilities; a significant decrease in natural gas production due to depressed commodity prices or otherwise; the inability of MLPs to successfully integrate recent or future acquisitions; and the general level of the economy.

**Municipal Obligations and AMT-Subject Bonds**

Municipal Obligations are obligations issued by or on behalf of states, territories, and possessions of the United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, including municipal utilities, or multi-state agencies or authorities. The interest on Municipal Obligations is exempt from federal income tax in the opinion of bond counsel to the issuer. Three major classifications of Municipal Obligations are: Municipal Bonds, that generally have a maturity at the time of issue of one year or more; Municipal Notes, that generally have a maturity at the time of issue of six months to three years; and Municipal Commercial Paper, that generally has a maturity at the time of issue of 30 to 270 days.

The term "Municipal Obligations" includes debt obligations issued to obtain funds for various public purposes, including the construction of a wide range of public facilities such as airports, bridges, highways, housing, hospitals, mass transportation, schools, streets, water and sewer works, and electric utilities. Other public purposes for which Municipal Obligations are issued include refunding outstanding obligations, obtaining funds for general operating expenses, and lending such funds to other public institutions and facilities. To the extent that a fund invests a significant portion of its assets in municipal obligations issued in connection with a single project, the fund likely will be affected by the economic, business or political environment of the project.

AMT-Subject Bonds are industrial development bonds issued by or on behalf of public authorities to obtain funds to provide for the construction, equipment, repair or improvement of privately operated housing facilities, sports facilities, convention or trade show facilities, airport, mass transit, industrial, port or parking facilities, air or water pollution control facilities, and certain local facilities for water supply, gas, electricity, or sewage or solid waste disposal. They are considered to be Municipal Obligations if the interest paid thereon qualifies as exempt from federal income tax in the opinion of bond counsel to the issuer, even though the interest may be subject to the federal individual alternative minimum tax.

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<u>Municipal Bonds</u>

Municipal Bonds may be either "general obligation" or "revenue" issues. General obligation bonds are secured by the issuer's pledge of its faith, credit, and taxing power for the payment of principal and interest. Revenue bonds are payable 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 (e.g., the user of the facilities being financed), but not from the general taxing power. Industrial development bonds and pollution control bonds in most cases are revenue bonds and generally do not carry the pledge of the credit of the issuing municipality. The payment of the principal and interest on industrial revenue bonds depends solely on the ability of the user of the facilities financed by the bonds to meet its financial obligations and the pledge, if any, of real and personal property so financed as security for such payment. Funds may also invest in "moral obligation" bonds that are normally issued by special purpose public authorities. If an issuer of moral obligation bonds is unable to meet its obligations, the repayment of the bonds becomes a moral commitment but not a legal obligation of the state or municipality in question.

<u>Municipal Commercial Paper</u>

Municipal Commercial Paper refers to short-term obligations of municipalities that may be issued at a discount and may be referred to as Short-Term Discount Notes. Municipal Commercial Paper is likely to be used to meet seasonal working capital needs of a municipality or interim construction financing. Generally they are repaid from general revenues of the municipality or refinanced with long-term debt. In most cases Municipal Commercial Paper is backed by letters of credit, lending agreements, note repurchase agreements or other credit facility agreements offered by banks or other institutions.

<u>Municipal Notes</u>

Municipal Notes usually are general obligations of the issuer and are sold in anticipation of a bond sale, collection of taxes, or receipt of other revenues. Payment of these notes is primarily dependent upon the issuer's receipt of the anticipated revenues. Other notes include "Construction Loan Notes" issued to provide construction financing for specific projects, and "Bank Notes" issued by local governmental bodies and agencies to commercial banks as evidence of borrowings. Some notes ("Project Notes") are issued by local agencies under a program administered by the U.S. Department of Housing and Urban Development. Project Notes are secured by the full faith and credit of the United States.

• Bank Notes are notes issued by local governmental bodies and agencies such as those described above to commercial banks as evidence of borrowings. The purposes for which the notes are issued are varied but they are frequently issued to meet short-term working-capital or capital-project needs. These notes may have risks similar to the risks associated with TANs and RANs.

• Bond Anticipation Notes ("BANs") are usually general obligations of state and local governmental issuers which are sold to obtain interim financing for projects that will eventually be funded through the sale of long-term debt obligations or bonds. The ability of an issuer to meet its obligations on its BANs is primarily dependent on the issuer's access to the long-term municipal bond market and the likelihood that the proceeds of such bond sales will be used to pay the principal and interest on the BANs.

• &nbsp;&nbsp;&nbsp;&nbsp;Construction Loan Notes are issued to provide construction financing for specific projects. Permanent financing, the proceeds of which are applied to the payment of construction loan notes, is sometimes provided by a commitment by the Government National Mortgage Association ("GNMA") to purchase the loan, accompanied by a commitment by the Federal Housing Administration to insure mortgage advances thereunder. In other instances, permanent financing is provided by commitments of banks to purchase the loan. The California Municipal and Tax-Exempt Bond Funds will only purchase construction loan notes that are subject to GNMA or bank purchase commitments.

• Revenue Anticipation Notes ("RANs") are issued by governments or governmental bodies with the expectation that future revenues from a designated source will be used to repay the notes. In general, they also constitute general obligations of the issuer. A decline in the receipt of projected revenues, such as anticipated revenues from another level of government, could adversely affect an issuer's ability to meet its obligations on outstanding RANs. In addition, the possibility that the revenues would, when received, be used to meet other obligations could affect the ability of the issuer to pay the principal and interest on RANs.

• Tax Anticipation Notes ("TANs") are issued by state and local governments to finance the current operations of such governments. Repayment is generally to be derived from specific future tax revenues. TANs are usually general obligations of the issuer. A weakness in an issuer's capacity to raise taxes due to, among other things, a decline in its tax base or a rise in delinquencies, could adversely affect the issuer's ability to meet its obligations on outstanding TANs.

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<u>Other Municipal Obligations</u>

Other kinds of Municipal Obligations are occasionally available in the marketplace, and the fund may invest in such other kinds of obligations to the extent consistent with its investment objective and limitations. Such obligations may be issued for different purposes and with different security than those mentioned.

<u>Stand-By Commitments</u>

Funds may acquire stand-by commitments with respect to municipal obligations held in their respective portfolios. Under a stand-by commitment, a broker-dealer, dealer, or bank would agree to purchase, at the relevant funds' option, a specified municipal security at a specified price. Thus, a stand-by commitment may be viewed as the equivalent of a put option acquired by a fund with respect to a particular municipal security held in the fund's portfolio.

The amount payable to a fund upon its exercise of a stand-by commitment normally would be 1) the acquisition cost of the municipal security (excluding any accrued interest that the fund paid on the acquisition), less any amortized market premium or plus any amortized market or original issue discount during the period the fund owned the security, plus, 2) all interest accrued on the security since the last interest payment date during the period the security was owned by the fund. Absent unusual circumstances, the fund would value the underlying municipal security at amortized cost. As a result, the amount payable by the broker-dealer, dealer or bank during the time a stand-by commitment is exercisable would be substantially the same as the value of the underlying municipal obligation.

A fund's right to exercise a stand-by commitment would be unconditional and unqualified. Although a fund could not transfer a stand-by commitment, it could sell the underlying municipal security to a third party at any time. It is expected that stand-by commitments generally will be available to the funds without the payment of any direct or indirect consideration. The funds may, however, pay for stand-by commitments if such action is deemed necessary. In any event, the total amount paid for outstanding stand-by commitments held in a fund's portfolio would not exceed 0.50% of the value of a fund's total assets calculated immediately after each stand-by commitment is acquired.

The funds intend to enter into stand-by commitments only with broker-dealers, dealers, or banks that those managing the fund's investments believe present minimum credit risks. A fund's ability to exercise a stand-by commitment will depend upon the ability of the issuing institution to pay for the underlying securities at the time the stand-by commitment is exercised. The credit of each institution issuing a stand-by commitment to a fund will be evaluated on an ongoing basis by those managing the fund's investments.

A fund intends to acquire stand-by commitments solely to facilitate portfolio liquidity and does not intend to exercise its right thereunder for trading purposes. The acquisition of a stand-by commitment would not affect the valuation of the underlying municipal security. Each stand-by commitment will be valued at zero in determining net asset value. Should a fund pay directly or indirectly for a stand-by commitment, its costs will be reflected in realized gain or loss when the commitment is exercised or expires. The maturity of a municipal security purchased by a fund will not be considered shortened by any stand-by commitment to which the obligation is subject. Thus, stand-by commitments will not affect the dollar-weighted average maturity of a fund's portfolio.

<u>Variable and Floating Rate Obligations</u>

Certain Municipal Obligations, obligations issued or guaranteed by the U.S. government or its agencies or instrumentalities, and debt instruments issued by domestic banks or corporations may carry variable or floating rates of interest. Such instruments bear interest at rates which are not fixed, but which vary with changes in specified market rates or indices, such as a bank prime rate or tax-exempt money market index. Variable rate notes are adjusted to current interest rate levels at certain specified times, such as every 30 days. A floating rate note adjusts automatically whenever there is a change in its base interest rate adjustor, e.g., a change in the prime lending rate or specified interest rate indices. Typically, such instruments carry demand features permitting the fund to redeem at par.

The fund's right to obtain payment at par on a demand instrument upon demand could be affected by events occurring between the date the fund elects to redeem the instrument and the date redemption proceeds are due which affects the ability of the issuer to pay the instrument at par value. Those managing the fund's investments monitor on an ongoing basis the pricing, quality, and liquidity of such instruments and similarly monitor the ability of an issuer of a demand instrument, including those supported by bank letters of credit or guarantees, to pay principal and interest on demand. Although the ultimate maturity of such variable rate obligations may exceed one year, the fund treats the maturity of each variable rate demand obligation as the longer of a) the notice period required before the fund is entitled to payment of the principal amount through demand or b) the period remaining until the next interest rate adjustment. Floating rate instruments with demand features are deemed to have a maturity equal to the period remaining until the principal amount can be recovered through demand.

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Funds may purchase participation interests in variable rate Municipal Obligations (such as industrial development bonds). A participation interest gives the purchaser an undivided interest in the Municipal Obligation in the proportion that its participation interest bears to the total principal amount of the Municipal Obligation. A fund has the right to demand payment on seven days' notice, for all or any part of the fund's participation interest in the Municipal Obligation, plus accrued interest. Each participation interest is backed by an irrevocable letter of credit or guarantee of a bank. Banks will retain a service and letter of credit fee and a fee for issuing repurchase commitments in an amount equal to the excess of the interest paid on the Municipal Obligations over the negotiated yield at which the instruments were purchased by the fund.

<u>Risks of Municipal Obligations</u>

The yields on Municipal Obligations are dependent on a variety of factors, including general economic and monetary conditions, money market factors, conditions in the Municipal Obligations market, size of a particular offering, maturity of the obligation, and rating of the issue. The fund's ability to achieve its investment objective also depends on the continuing ability of the issuers of the Municipal Obligations in which it invests to meet their obligation for the payment of interest and principal when due.

Municipal Obligations are subject to the provisions of bankruptcy, insolvency, and other laws affecting the rights and remedies of creditors, such as the Federal Bankruptcy Act. They are also subject to federal or state laws, if any, which extend the time for payment of principal or interest, or both, or impose other constraints upon enforcement of such obligations or upon municipalities to levy taxes. The power or ability of issuers to pay, when due, principal of and interest on Municipal Obligations may also be materially affected by the results of litigation or other conditions.

From time to time, proposals have been introduced before Congress for the purpose of restricting or eliminating the federal income tax exemption for interest on Municipal Obligations. It may be expected that similar proposals will be introduced in the future. If such a proposal was enacted, the ability of the fund to pay "exempt interest" dividends may be adversely affected. The fund would reevaluate its investment objective and policies and consider changes in its structure.

<u>Special Considerations Relating to California Municipal Obligations</u>

The California Municipal Fund concentrates its investments in California municipal obligations, and therefore may be significantly impacted by political, economic, or regulatory developments that affect issuers in California and their ability to pay principal and interest on their obligations. The ability of issuers to pay interest on, and repay principal of, California municipal obligations may be affected by 1) amendments to the California Constitution and related statutes that limit the taxing and spending authority of California government entities, 2) voter initiatives, 3) a wide variety of California laws and regulations, including laws related to the operation of health care institutions and laws related to secured interests in real property, and 4) the general financial condition of the State of California and the California economy. The Tax-Exempt Bond Fund also invests in California municipal obligations.

<u>Taxable Investments of the Municipal Funds</u>

The California Municipal and Tax-Exempt Bond Funds may invest a portion of their assets, as described in the Prospectus, in taxable short-term investments consisting of: Obligations issued or guaranteed by the U.S. Government or its agencies or instrumentalities, domestic bank certificates of deposit and bankers' acceptances, short-term corporate debt securities such as commercial paper, and repurchase agreements ("Taxable Investments"). These investments must have a stated maturity of one year or less at the time of purchase and must meet the following standards: banks must have assets of at least $1 billion; commercial paper must be rated at least "A" by S&P Global or "Prime" by Moody's or, if not rated, must be issued by companies having an outstanding debt issue rated at least "A" by S&P Global or Moody's; corporate bonds and debentures must be rated at least "A" by S&P Global or Moody's. Interest earned from Taxable Investments is taxable to investors. When, in the opinion of the Fund's Manager, it is advisable to maintain a temporary "defensive" posture, the California Municipal and Tax-Exempt Bond Funds may invest without limitation in Taxable Investments. At other times, the following investments will not exceed 20% of the Fund's total assets: Taxable Investments; Municipal Obligations that do not meet quality standards required for the 80% portion of the portfolio; and Municipal Obligations, the interest on which is treated as a tax preference item for purposes of the federal individual alternative minimum tax.

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<u>Insurance</u>

The insured municipal obligations in which the California Municipal and Tax-Exempt Bond Funds may invest are insured under insurance policies that relate to the specific municipal obligation in question. This insurance is generally non-cancelable and will continue in force so long as the municipal obligations are outstanding, and the insurer remains in business.

The insured municipal obligations are generally insured as to the scheduled payment of all installments of principal and interest as they fall due. The insurance covers only credit risk and therefore does not guarantee the market value of the obligations in a Fund's investment portfolio or a Fund's NAV. The Fund's NAV will continue to fluctuate in response to fluctuations in interest rates. A Fund's investment policy requiring investment in insured municipal obligations will not affect the Fund's ability to hold its assets in cash or to invest in escrow-secured and defeased bonds or in certain short-term tax-exempt obligations, or affect its ability to invest in uninsured taxable obligations for temporary or liquidity purposes or on a defensive basis.

**Pay-in-Kind Securities**

Each Fund may invest in pay-in-kind securities. Pay-in-kind securities pay dividends or interest in the form of additional securities of the issuer, rather than in cash. These securities are usually issued and traded at a discount from their face amounts. The amount of the discount varies depending on various factors, such as the time remaining until maturity of the securities, prevailing interest rates, the liquidity of the security, and the perceived credit quality of the issuer. The market prices of pay-in-kind securities generally are more volatile than the market prices of securities that pay interest periodically and are likely to respond to changes in interest rates to a greater degree than are other types of securities having similar maturities and credit quality.

**Portfolio Turnover (Active Trading)**

Portfolio turnover is a measure of how frequently a portfolio's securities are bought and sold. The portfolio turnover rate is generally calculated as the dollar value of the lesser of a portfolio's purchases or sales of shares of securities during a given year, divided by the monthly average value of the portfolio securities during that year (excluding securities whose maturity or expiration at the time of acquisition were less than one year). For example, a portfolio reporting a 100% portfolio turnover rate would have purchased and sold securities worth as much as the monthly average value of its portfolio securities during the year.

It is not possible to predict future turnover rates with accuracy. Many variable factors are outside the control of a portfolio manager. The investment outlook for the securities in which a portfolio may invest may change as a result of unexpected developments in securities markets, economic or monetary policies, or political relationships. High market volatility may result in a portfolio manager using a more active trading strategy than might otherwise be employed. Each portfolio manager considers the economic effects of portfolio turnover but generally does not treat the portfolio turnover rate as a limiting factor in making investment decisions.

Sale of shares by investors may require the liquidation of portfolio securities to meet cash flow needs. In addition, changes in a particular portfolio's holdings may be made whenever the portfolio manager considers that a security is no longer appropriate for the portfolio or that another security represents a relatively greater opportunity. Such changes may be made without regard to the length of time that a security has been held.

Higher portfolio turnover rates generally increase transaction costs that are expenses of the Fund. Active trading may generate short-term gains (losses) for taxable shareholders.

The following Funds had significant variation in portfolio turnover rates over the two most recently completed fiscal years:

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| | | | |
|:---|:---|:---|:---|
| **Fund/Portfolio** | **2025<br>Turnover** | **2024<br>Turnover** | **Comments** |
| Principal LifeTime Hybrid 2055 Fund | 33.7% | 16.8% | Turnover increased in 2025 due to higher cash flows and therefore more trading compared to 2024. |
| SAM Balanced Portfolio | 44.7% | 17.3% | Turnover increased in 2025 due to allocation changes over the year. |
| SAM Conservative Growth Portfolio | 41.9% | 18.3% | Turnover increased in 2025 due to allocation changes over the year. |
| SAM Strategic Growth Portfolio | 44.8% | 18.2% | Turnover increased in 2025 due to allocation changes over the year. |

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**Preferred Securities**

Preferred securities can include: traditional preferred securities, hybrid-preferred securities, $25 par hybrid preferred securities, baby bonds, U.S. dividend received deduction ("DRD") preferred stock, fixed rate and floating rate adjustable preferred securities, step-up preferred securities, public and 144A $1000 par capital securities including U.S. agency subordinated debt issues, trust originated preferred securities, monthly income preferred securities, quarterly income bond securities, quarterly income debt securities, quarterly income preferred securities, corporate trust securities, public income notes, and other trust preferred securities.

• Traditional Preferred Securities. Traditional preferred securities may be issued by an entity taxable as a corporation and pay fixed or floating rate dividends. However, these claims are subordinated to more senior creditors, including senior debt holders. "Preference" means that a company must pay dividends on its preferred securities before paying any dividends on its common stock, and the claims of preferred securities holders are ahead of common stockholders' claims on assets in a corporate liquidation. Holders of preferred securities usually have no right to vote for corporate directors or on other matters. Preferred securities share many investment characteristics with both common stock and bonds.

• Hybrid or Trust Preferred Securities. Hybrid-preferred securities are debt instruments that have characteristics similar to those of traditional preferred securities (characteristics of both subordinated debt and preferred stock). Hybrid preferred securities may be issued by corporations, generally in the form of interest-bearing instruments with preferred securities characteristics, or by an affiliated trust or partnership of the corporation, generally in the form of preferred interests in subordinated business trusts or similarly structured securities. The hybrid-preferred securities market consists of both fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates. Hybrid preferred holders generally have claims to assets in a corporate liquidation that are senior to those of traditional preferred securities but subordinate to those of senior debt holders. Certain subordinated debt and senior debt issues that have preferred characteristics are also considered to be part of the broader preferred securities market.

Preferred securities may be issued by trusts (likely one that is wholly-owned by a financial institution or other corporate entity, typically a bank holding company) or other special purpose entities established by operating companies, and are therefore not direct obligations of operating companies. The financial institution creates the trust and owns the trust's common securities. The trust uses the sale proceeds of its preferred securities to purchase, for example, subordinated debt issued by the financial institution. The financial institution uses the proceeds from the subordinated debt sale to increase its capital while the trust receives periodic interest payments from the financial institution for holding the subordinated debt. The trust uses the funds received to make dividend payments to the holders of the trust preferred securities. The primary advantage of this structure may be that the trust preferred securities are treated by the financial institution as debt securities for tax purposes and as equity for the calculation of capital requirements.

Trust preferred securities typically bear a market rate coupon comparable to interest rates available on debt of a similarly rated issuer. Typical characteristics include long-term maturities, early redemption by the issuer, periodic fixed or variable interest payments, and maturities at face value. Holders of trust preferred securities have limited voting rights to control the activities of the trust and no voting rights with respect to the financial institution. The market value of trust preferred securities may be more volatile than those of conventional debt securities. Trust preferred securities may be issued in reliance on Rule 144A under the 1933 Act and subject to restrictions on resale. There can be no assurance as to the liquidity of trust preferred securities and the ability of holders, such as a fund, to sell their holdings. The condition of the financial institution can be looked to identify the risks of trust preferred securities as the trust typically has no business operations other than to issue the trust preferred securities. If the financial institution defaults on interest payments to the trust, the trust will not be able to make dividend payments to holders of its securities, such as a fund.

• Floating Rate Preferred Securities. Floating rate preferred securities provide for a periodic adjustment in the interest rate paid on the securities. The terms of such securities provide that interest rates are adjusted periodically based upon an interest rate adjustment index. The adjustment intervals may be regular, and range from daily up to annually, or may be event-based, such as a change in the short-term interest rate. Because of the interest rate reset feature, floating rate securities provide the Fund with a certain degree of protection against rising interest rates, although the interest rates of floating rate securities will participate in any declines in interest rates as well.

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If a portion of a fund's income consists of dividends paid by U.S. corporations, a portion of the dividends paid by the fund may be eligible for the corporate dividends-received deduction for corporate shareholders. In addition, distributions reported by a fund as derived from qualified dividend income ("QDI") will be taxed in the hands of individuals at the reduced rates applicable to net capital gains, provided certain holding period and other requirements are met by both the shareholder and the fund. Dividend income that a fund receives from REITs, if any, will generally not be treated as QDI and will not qualify for the corporate dividends-received deduction. It is unclear the extent to which distributions a fund receives from investments in certain preferred securities will be eligible for treatment as QDI or for the corporate dividends-received deduction. A fund cannot predict at this time what portion, if any, of its dividends will qualify for the corporate dividends-received deduction or be eligible for the reduced rates of taxation applicable to QDI.

**Real Estate Investment Trusts ("REITs")**

REITs are pooled investment vehicles that invest in income producing real estate, real estate related loans, or other types of real estate interests. U.S. REITs are allowed to eliminate corporate level federal tax so long as they meet certain requirements of the Internal Revenue Code. Foreign REITs ("REIT-like") entities may have similar tax treatment in their respective countries. Equity real estate investment trusts own real estate properties, while mortgage real estate investment trusts make and/or invests in construction, development, and long-term mortgage loans. Their value may be affected by changes in the underlying property of the trusts, the creditworthiness of the issuer, property taxes, interest rates, and tax and regulatory requirements, such as those relating to the environment. Both types of trusts are not diversified, are dependent upon management skill, are subject to heavy cash flow dependency, defaults by borrowers, self-liquidation, and the possibility of failing to qualify for tax-free status of income under the Internal Revenue Code and failing to maintain exemption from the 1940 Act. In addition, foreign REIT-like entities will be subject to foreign securities risks. (See "Foreign Securities").

**Repurchase and Reverse Repurchase Agreements, Mortgage Dollar Rolls and Sale-Buybacks**

Each Fund may invest in repurchase and reverse repurchase agreements. Repurchase agreements typically involve the purchase of debt securities from a financial institution such as a bank, savings and loan association, or broker-dealer. A repurchase agreement provides that the fund sells back to the seller and that the seller repurchases the underlying securities at a specified price on a specific date. Repurchase agreements may be viewed as loans by a fund collateralized by the underlying securities. This arrangement results in a fixed rate of return that is not subject to market fluctuation while the fund holds the security. In the event of a default or bankruptcy by a selling financial institution, the affected fund bears a risk of loss. To minimize such risks, the fund enters into repurchase agreements only with parties those managing the fund's investments deem creditworthy (those that are large, well-capitalized, and well-established financial institutions). In addition, the value of the securities collateralizing the repurchase agreement is, and during the entire term of the repurchase agreement remains, at least equal to the acquisition price the Funds pay to the seller of the securities.

In a repurchase agreement, a Fund purchases a security and simultaneously commits to resell that security to the seller at an agreed upon price on an agreed upon date within a number of days (usually not more than seven) from the date of purchase. The resale price consists of the purchase price plus an amount that is unrelated to the coupon rate or maturity of the purchased security. A repurchase agreement involves the obligation of the seller to pay the agreed upon price, which obligation is in effect secured by the value (at least equal to the amount of the agreed upon resale price and marked-to-market daily) of the underlying security or "collateral." A risk associated with repurchase agreements is the failure of the seller to repurchase the securities as agreed, which may cause a Fund to suffer a loss if the market value of such securities declines before they can be liquidated on the open market. In the event of bankruptcy or insolvency of the seller, a Fund may encounter delays and incur costs in liquidating the underlying security. Repurchase agreements that mature in more than seven days are subject to each Fund's limit on illiquid investments. While it is not possible to eliminate all risks from these transactions, it is the policy of the Fund to limit repurchase agreements to those parties whose creditworthiness has been reviewed and found satisfactory by those managing the fund's investments.

Each Fund may use reverse repurchase agreements, mortgage dollar rolls, and economically similar transactions to obtain cash to satisfy unusually heavy redemption requests or for other temporary or emergency purposes without the necessity of selling portfolio securities, or to earn additional income on portfolio securities, such as Treasury bills or notes. In a reverse repurchase agreement, a Fund sells a portfolio security to another party, such as a bank or broker-dealer, in return for cash and agrees to repurchase the instrument at a particular price and time. A Fund will enter into reverse repurchase agreements only with parties that those managing the fund's investments deem creditworthy. Using reverse repurchase agreements to earn additional income involves the risk that the interest earned on the invested proceeds is less than the expense of the reverse repurchase agreement transaction. This technique may also have a leveraging effect on the Fund.

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A "mortgage dollar roll" is similar to a reverse repurchase agreement in certain respects. In a "dollar roll" transaction a Fund sells a mortgage-related security, such as a security issued by the Government National Mortgage Association, to a dealer and simultaneously agrees to repurchase a similar security (but not the same security) in the future at a pre-determined price. A dollar roll can be viewed, like a reverse repurchase agreement, as a collateralized borrowing in which a Fund pledges a mortgage-related security to a dealer to obtain cash. Unlike in the case of reverse repurchase agreements, the dealer with which a Fund enters into a dollar roll transaction is not obligated to return the same securities as those originally sold by the Fund, but only securities which are "substantially identical." To be considered "substantially identical," 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 0.01% of the initial amount delivered.

Each Fund also may effect simultaneous purchase and sale transactions that are known as "sale-buybacks." A sale-buyback is similar to a reverse repurchase agreement, except that in a sale-buyback, the counterparty who purchases the security is entitled to receive any principal or interest payments made on the underlying security pending settlement of the Fund's repurchase of the underlying security.

**Restricted and Illiquid Securities**

A Fund may experience difficulty in valuing and selling illiquid securities and, in some cases, may be unable to value or sell certain illiquid securities for an indefinite period of time. Illiquid securities may include a wide variety of investments, such as (1) repurchase agreements maturing in more than seven days (unless the agreements have demand/redemption features), (2) OTC options contracts and certain other derivatives (including certain swap agreements), (3) fixed time deposits that are not subject to prepayment or do not provide for withdrawal penalties upon prepayment (other than overnight deposits), (4) loan interests and other direct debt instruments, (5) certain municipal lease obligations, (6) commercial paper issued pursuant to Section 4(a)(2) of the 1933 Act, (7) thinly-traded securities, and (8) securities whose resale is restricted under the federal securities laws or contractual provisions (including restricted, privately placed securities that, under the federal securities laws, generally may be resold only to qualified institutional buyers). Generally, restricted securities may be sold only in a public offering for which a registration statement has been filed and declared effective or in a transaction that is exempt from the registration requirements of the Securities Act of 1933. When registration is required, a Fund that owns restricted securities may be obligated to pay all or part of the registration expenses and a considerable period may elapse between the time of the decision to sell and the time the Fund may be permitted to sell a restricted security. If adverse market conditions were to develop during such a period, the Fund might obtain a less favorable price than existed when it decided to sell.

Illiquid and restricted securities are priced at fair value as determined in good faith by PGI as the Funds' valuation designee, subject to the Board's oversight. As described above, some of the Funds have adopted investment restrictions that limit investments in illiquid securities.

**Royalty Trusts**

A royalty trust generally acquires an interest in natural resource or chemical companies and distributes the income it receives to its investors. A sustained decline in demand for natural resource and related products could adversely affect royalty trust revenues and cash flows. Such a decline could result from a recession or other adverse economic conditions, an increase in the market price of the underlying commodity, higher taxes or other regulatory actions that increase costs, or a shift in consumer demand. Rising interest rates could harm the performance and limit the capital appreciation of royalty trusts because of the increased availability of alternative investments at more competitive yields. Fund shareholders will indirectly bear their proportionate share of the royalty trusts' expenses.

**Securitized Products - Mortgage- and Asset-Backed Securities**

The yield characteristics of the mortgage- and asset-backed securities in which a Fund may invest differ from those of traditional debt securities. Among the major differences are that the interest and principal payments are made more frequently on mortgage- and asset-backed securities (usually monthly) and that principal may be prepaid at any time because the underlying mortgage loans or other assets generally may be prepaid at any time. As a result, if a Fund purchases those securities at a premium, a prepayment rate that is faster than expected will reduce their yield, while a prepayment rate that is slower than expected will have the opposite effect of increasing yield. If the Fund purchases these securities at a discount, faster than expected prepayments will increase their yield, while slower than expected prepayments will reduce their yield. Amounts available for reinvestment by a Fund are likely to be greater during a period of declining interest rates and, as a result, are likely to be reinvested at lower interest rates than during a period of rising interest rates.

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In general, the prepayment rate for mortgage-backed securities decreases as interest rates rise and increases as interest rates fall. However, rising interest rates will tend to decrease the value of these securities. In addition, an increase in interest rates may affect the volatility of these securities by effectively changing a security that was considered a short-term security at the time of purchase into a long-term security. Long-term securities generally fluctuate more widely in response to changes in interest rates than short- or medium-term securities.

The market for privately issued mortgage- and asset-backed securities is smaller and less liquid than the market for U.S. government mortgage-backed securities. A collateralized mortgage obligation ("CMO") may be structured in a manner that provides a wide variety of investment characteristics (yield, effective maturity, and interest rate sensitivity). As market conditions change, and especially during periods of rapid market interest rate changes, the ability of a CMO to provide the anticipated investment characteristics may be greatly diminished. Increased market volatility and/or reduced liquidity may result.

Each Fund may invest in each of collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs"), other collateralized debt obligations ("CDOs"), and other similarly structured securities. CBOs, CLOs, and other CDOs are types of asset-backed securities. A CBO is a trust that is often backed by a diversified pool of high risk, below-investment-grade fixed-income securities. The collateral can be from many different types of fixed-income securities, such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities, and emerging market debt. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. CBOs, CLOs, and other CDOs may charge management fees and administrative expenses.

Each Fund may invest in credit risk transfer securities ("CRTs"), which transfer the credit risk related to certain types of mortgage-backed securities to the owner of the credit risk transfer. Government-sponsored enterprises, such as Fannie Mae or Freddie Mac, primarily issue CRTs. CRTs trade in an active over the counter market facilitated by well-known investment banks. Though an active over-the-counter ("OTC") market for trading exists, CRTs may be less liquid than exchange-traded securities. CRTs are unguaranteed and unsecured fixed- or floating-rate general obligations. Holders of CRTs receive compensation for providing credit protection to the issuer. The issuer of the CRT selects the pool of mortgage loans based on that entity's eligibility criteria, and the performance of the CRTs will be directly affected by the selection of such underlying mortgage loans. The risks associated with an investment in a CRT differ from the risks of investing in mortgage-backed securities issued by government entities or issued by private issuers because some or all of the mortgage default or credit risk associated with the underlying mortgage loans is transferred to investors. Accordingly, investors in CRTs could lose some or all of their investment if the underlying mortgage loans default.

Each Fund may invest in covered bonds, which are debt instruments issued by banks or other financial institutions that are backed by both the issuing financial institution and a segregated pool of financial assets (a "cover pool"), typically comprised of residential or commercial mortgage loans or loans to public sector institutions. The cover pool, typically maintained by the issuing financial institution, is designed to pay covered bond holders in the event that there is a default on the payment obligations of a covered bond. To the extent the cover pool assets are insufficient to repay amounts owing in respect of the bonds, bondholders also have a senior, unsecured claim against the issuing financial institution. Covered bonds differ from other debt instruments, including asset-backed securities, in that covered bondholders have claims against both the cover pool and the issuing financial institution. Market practice surrounding the maintenance of a cover pool, including custody arrangements, varies based on the jurisdiction in which the covered bonds are issued. Certain jurisdictions may afford lesser protections regarding the amount cover pools are required to maintain or the manner in which such assets are held. The value of a covered bond is affected by factors similar to other types of mortgage-backed securities, and a covered bond may lose value if the credit rating of the issuing financial institution is downgraded or the quality of the assets in the cover pool deteriorates.

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Each Fund may enter into "TBA Transactions" to purchase or sell mortgage-backed securities for a fixed price at a future date. In a TBA Transaction, a seller, for example, agrees to deliver a mortgage-backed security to the Fund at a future date, but the seller does not specify the particular security to be delivered. Instead, the Fund agrees to accept any security that meets specified terms. There can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, the Fund will still bear the risk of any decline in the value of the security to be delivered. Because TBA Transactions do not require the purchase and sale of identical securities, the characteristics of the security delivered to the Fund may be less favorable than the security delivered to the dealer. If the counterparty to a transaction fails to deliver the securities, the Fund could suffer a loss. At the time of its acquisition, a TBA security may be valued at less than the purchase price.

Each Fund may invest in interest-only ("IO") securities. IO securities are part of a sub-set of CMOs that split apart interest and principal payments from their underlying mortgages to fund payments to separate classes of securities. IO securities receive all of the interest payments from the pool of mortgages backing the securities. Another class of securities (principal-only or "PO" securities) will receive the principal payments from the same pool. The yield to maturity of IO securities is particularly sensitive to prepayment risk, since the interest payments made in respect of a pool of mortgages diminish proportionately as the principal amounts of those mortgages are repaid.

Each Fund may also invest in inverse IO securities. Inverse IO securities, like IO securities, are funded by interest payments from a pool of mortgages; however, in an inverse floating structure, the relative payments between the inverse-IO and floater (i.e., the class funded primarily by principal payments) security classes are adjusted based on the current level of a floating interest rate. If the floating rate increases, payments on the inverse-IO class are reduced (to the benefit of the floater class), and if the floating rate decreases, payments on the inverse-IO class are increased (at the expense of the floater class).

**Short Sales**

A short sale involves the sale by a fund of a security that it does not own with the expectation of covering settlement by purchasing the same security at a later date at a lower price. A fund may also enter into a short position by using a derivative instrument, such as a future, forward, or swap agreement. If the price of the security or derivative increases prior to the time the fund is required to replace the borrowed security, then the fund will incur a loss equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to the broker. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the value of the investment.

A "short sale against the box" is a technique that involves selling either a security owned by a fund, or a security equivalent in kind and amount to the security sold short that the fund has the right to obtain, at no additional cost, for delivery at a specified date in the future. Each fund may enter into a short sale against the box to hedge against anticipated declines in the market price of portfolio securities. If the value of the securities sold short against the box increases prior to the scheduled delivery date, a fund will lose money.

**Special Purpose Acquisition Companies ("SPACs")**

Each Fund may invest in securities of special purpose acquisition companies ("SPACs") or similar special purpose entities that pool funds to seek potential acquisition opportunities. Unless and until an acquisition is completed, a SPAC or similar entity generally maintains assets (less a portion retained to cover expenses) in a trust account comprised of U.S. government securities, money market securities, and cash, and similar investments whose returns or yields may be significantly lower than those of the Fund's other investments. Because SPACs and similar entities are in essence blank-check companies without an 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, which may not occur. For example, even if an acquisition or merger target is identified, the Fund may elect not to participate in, or vote to approve, the proposed transaction. Moreover, an acquisition or merger once effected may prove unsuccessful and an investment in the SPAC may lose value.

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SPACs are also subject to the following additional risks:

• The risk that, in the case of SPACs used as an opportunity for startups to go public without going through the traditional IPO process, such startups may become publicly traded with potentially less due diligence than what is typical in a traditional IPO through an underwriter and may not be experienced in facing the challenges, expenses and risks of being a public company, including the increased regulatory and financial scrutiny and the need to comply with applicable governance and accounting requirements.

• SPAC sponsors may have a potential conflict of interest to complete a deal that may be unfavorable for other investors in the SPAC. For example, SPAC sponsors often own warrants to acquire additional shares of the company at a fixed price, and the exercise by the SPAC sponsor of its warrants may dilute the value of the equity interests of other investors in the SPAC.

• Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices.

• Only a thinly traded market for shares of or interests in a SPAC may develop, or there may be no market at all, leaving the Fund unable to sell its interest in a SPAC or to sell its interest only at a lower price. Investments in SPACs may include private placements, including PIPEs, and, accordingly, may be considered illiquid and/or be subject to restrictions on resale.

• Values of investments in SPACs may be highly volatile and may depreciate significantly over time.

**Supranational Entities**

Each Fund may invest in obligations of supranational entities. A supranational entity is an entity designated or supported by national governments to promote economic reconstruction, development or trade amongst nations. Examples of supranational entities include the International Bank for Reconstruction and Development (also known as the World Bank) and the European Investment Bank. Obligations of supranational entities are subject to the risk that the governments on whose support the entity depends for its financial backing or repayment may be unable or unwilling to provide that support. Obligations of a supranational entity that are denominated in foreign currencies will also be subject to the risks associated with investments in foreign currencies.

**Synthetic Securities**

Incidental to other transactions in fixed income securities and/or for investment purposes, a Fund also may combine options on securities with cash, cash equivalent investments or other fixed income securities in order to create "synthetic" securities which approximate desired risk and return profiles. This may be done where a "non-synthetic" security having the desired risk/return profile either is unavailable (e.g., short-term securities of certain non-U.S. governments) or possesses undesirable characteristics (e.g., interest payments on the security would be subject to non-U.S. withholding taxes). A Fund also may purchase forward non-U.S. exchange contracts in conjunction with U.S. dollar-denominated securities in order to create a synthetic non-U.S. currency denominated security which approximates desired risk and return characteristics where the non-synthetic securities either are not available in non-U.S. markets or possess undesirable characteristics. The use of synthetic bonds and other synthetic securities may involve risks different from, or potentially greater than, risks associated with direct investments in securities and other assets. Synthetic securities may increase other Fund risks, including market risk, liquidity risk, and credit risk, and their value may or may not correlate with the value of the relevant underlying asset.

**Temporary Defensive Measures/Money Market Instruments**

The Government Money Market and Money Market Funds invest all of their available assets in money market instruments maturing in 397 days or less, with certain exceptions permitted by applicable regulations. In addition, each Fund may make money market investments (cash equivalents), without limit, pending other investment or settlement, for liquidity, or in adverse market conditions. Following are descriptions of the types of money market instruments that each Fund may purchase:

• U.S. Government Securities - Securities issued or guaranteed by the U.S. government, including treasury bills, notes, and bonds.

• U.S. Government Agency Securities - Obligations issued or guaranteed by agencies or instrumentalities of the U.S. government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. agency obligations include, but are not limited to, the Bank for Cooperatives, Federal Home Loan Banks, and Federal Intermediate Credit Banks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. instrumentality obligations include, but are not limited to, the Export-Import Bank, Federal Home Loan Mortgage Corporation, and Federal National Mortgage Association.

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Some obligations issued or guaranteed by U.S. government agencies and instrumentalities are supported by the full faith and credit of the U.S. Treasury. Others, such as those issued by the Federal National Mortgage Association, are supported by discretionary authority of the U.S. government to purchase certain obligations of the agency or instrumentality. Still others, such as those issued by the Student Loan Marketing Association, are supported only by the credit of the agency or instrumentality.

• Bank Obligations - Certificates of deposit, time deposits and bankers' acceptances of U.S. commercial banks having total assets of at least one billion dollars and overseas branches of U.S. commercial banks and foreign banks, which in the opinion of those managing the fund's investments, are of comparable quality. A Fund may acquire obligations of U.S. banks that are not members of the Federal Reserve System or of the Federal Deposit Insurance Corporation.

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 which vary depending upon market conditions and the remaining maturity of the obligation. There are no contractual restrictions on the right to transfer a beneficial interest in a fixed time deposit to a third party, although there is no market for such deposits.

Obligations of foreign banks and obligations of overseas branches of U.S. banks are subject to somewhat different regulations and risks than those of U.S. domestic banks. For example, an issuing bank may be able to maintain that the liability for an investment is solely that of the overseas branch which could expose a Fund to a greater risk of loss. In addition, obligations of foreign banks or of overseas branches of U.S. banks may be affected by governmental action in the country of domicile of the branch or parent bank. Examples of adverse foreign governmental actions include the imposition of currency controls, the imposition of withholding taxes on interest income payable on such obligations, interest limitations, seizure or nationalization of assets, or the declaration of a moratorium. Deposits in foreign banks or foreign branches of U.S. banks are not covered by the Federal Deposit Insurance Corporation 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 United States banks. Foreign banks are not generally subject to examination by any United States Government agency or instrumentality. A Fund only buys short-term instruments where the risks of adverse governmental action are believed by those managing the fund's investments to be minimal. A Fund considers these factors, along with other appropriate factors, in making an investment decision to acquire such obligations. It only acquires those which, in the opinion of management, are of an investment quality comparable to other debt securities bought by the Fund.

A certificate of deposit is issued against funds deposited in a bank or savings and loan association for a definite period of time, at a specified rate of return. Normally they are negotiable. However, a Fund occasionally may invest in certificates of deposit which are not negotiable. Such certificates may provide for interest penalties in the event of withdrawal prior to their maturity. A bankers' acceptance is a short-term credit instrument issued by corporations to finance the import, export, transfer, or storage of goods. They are termed "accepted" when a bank guarantees their payment at maturity and reflect the obligation of both the bank and drawer to pay the face amount of the instrument at maturity.

• Commercial Paper - Short-term promissory notes issued by U.S. or foreign corporations.

• Short-term Corporate Debt - Corporate notes, bonds, and debentures that at the time of purchase have 397 days or less remaining to maturity, with certain exceptions permitted by applicable regulations.

• Repurchase Agreements - Instruments under which securities are purchased from a bank or securities dealer with an agreement by the seller to repurchase the securities at the same price plus interest at a specified rate.

• Taxable Municipal Obligations - Short-term obligations issued or guaranteed by state and municipal issuers which generate taxable income.

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**U.S. Government and U.S. Government-Sponsored Securities**

U.S. government securities refers to a variety of debt securities issued by or guaranteed by the U.S. Treasury, such as Treasury bills, notes, and bonds and mortgage-backed securities guaranteed by the Government National Mortgage Association (Ginnie Mae), and are supported by the full faith and credit of the United States meaning that the U.S. government is required to repay the principal in the event of default. Others are supported by the right of the issuer to borrow from the U.S. Treasury; others are supported by the discretionary authority of the U.S. government to purchase the agency's obligations; and still others are supported only by the credit of the issuing agency, instrumentality, or enterprise. The U.S. government does not guarantee the market price of any U.S. government security.

Although U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae) may be chartered or sponsored by Congress, they are not funded by Congressional appropriations, and their securities are not issued by the U.S. Treasury nor supported by the full faith and credit of the U.S. government.

U.S. government securities and U.S. government-sponsored securities may be adversely impacted by changes in interest rates or a default by or decline in the credit rating of the applicable government-sponsored entity. There is no assurance that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so. In addition, certain governmental entities have been subject to regulatory scrutiny regarding their accounting policies and practices and other concerns that may result in legislation, changes in regulatory oversight, and/or other consequences that could adversely affect the credit quality, availability, or investment character of securities issued by these entities. The value and liquidity of U.S. government securities may be affected adversely by changes in the ratings of those securities.

**Warrants and Rights**

The Funds may invest in warrants and rights. A warrant is an instrument that gives the holder a right to purchase a given number of shares of a particular security at a specified price until a stated expiration date. Buying a warrant generally can provide a greater potential for profit or loss than an investment of equivalent amounts in the underlying common stock. The market value of a warrant does not necessarily move with the value of the underlying securities. If a holder does not sell the warrant, it risks the loss of its entire investment if the market price of the underlying security does not, before the expiration date, exceed the exercise price of the warrant. Investment in warrants is a speculative activity. Warrants pay no dividends and confer no rights (other than the right to purchase the underlying securities) with respect to the assets of the issuer. A right is a privilege granted to existing shareholders of a corporation to subscribe for shares of a new issue of common stock before it is issued. Rights normally have a short life, usually two to four weeks, are freely transferable and entitle the holder to buy the new common stock at a lower price than the public offering price.

**When-Issued, Delayed Delivery, and Forward Commitment Transactions**

Each of the Funds may purchase or sell securities on a when-issued, delayed delivery, or forward commitment basis. Typically, no income accrues on securities a Fund has committed to purchase prior to the time delivery of the securities is made.

When purchasing a security on a when-issued, delayed delivery, or forward commitment basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. Because the Fund is not required to pay for the security until the delivery date, these risks are in addition to the risks associated with the Fund's other investments. If the Fund remains substantially fully invested at a time when when-issued, delayed delivery, or forward commitment purchases are outstanding, the purchases may result in a form of leverage.

When the Fund has sold a security on a when-issued, delayed delivery, or forward commitment basis, the Fund does not participate in future gains or losses with respect to the security. If the other party to a transaction fails to deliver or pay for the securities, the Fund could miss a favorable price or yield opportunity or could suffer a loss. A Fund may dispose of or renegotiate a transaction after it is entered into, and may sell when-issued, delayed delivery, or forward commitment securities before they are delivered, which may result in a capital gain or loss. There is no percentage limitation on the extent to which the Funds may purchase or sell securities on a when-issued, delayed delivery, or forward commitment basis.

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**LEADERSHIP STRUCTURE AND BOARD**

PFI's Board has overall responsibility for overseeing PFI's operations in accordance with the 1940 Act, other applicable laws, and PFI's charter. Each Board Member serves on the Boards of the following investment companies: Principal Funds, Inc. ("PFI"), Principal Variable Contracts Funds, Inc. ("PVC"), and Principal Exchange-Traded Funds ("PETF"), which are collectively referred to in this SAI as the "Principal Funds." The Principal Funds are part of a "Fund Complex," which is comprised of the Principal Funds (PFI, PVC, and PETF), Principal Real Asset Fund, and Principal Private Credit Fund. Board Members who are affiliated persons of any investment advisor, the principal distributor, or the principal underwriter of the Principal Funds are considered "interested persons" of the Funds (as defined in the 1940 Act) and are referred to in this SAI as "Interested Board Members." Board Members who are not Interested Board Members are referred to as "Independent Board Members."

Each Board Member generally serves until the next annual meeting of shareholders or until such Board Member's earlier death, resignation, or removal. Independent Board Members have a 72-year age limit and, for Independent Board Members elected on or after September 14, 2021, a 72-year age limit or a 15-year term limit, whichever occurs first. The Board may waive the age or term limits in the Board's discretion. The Board elects officers to supervise the day-to-day operations of the Principal Funds. Officers serve at the pleasure of the Board, and each officer has the same position with each investment company in the Principal Funds.

The Board meets in regularly scheduled meetings throughout the year. Board meetings may occur in-person, by telephone, or virtually. In addition, the Board holds special meetings or informal conference calls to discuss specific matters that may arise or require action between regular meetings. Independent Board Members also meet annually to consider renewal of advisory contracts.

The Chairman of the Board is an interested person of the Principal Funds. The Independent Board Members have appointed a Lead Independent Board Member whose role is to review and approve, with the Chairman, each Board meeting's agenda and to facilitate communication between and among the Independent Board Members, management, and the full Board. The Board's leadership structure is appropriate for the Principal Funds given its characteristics and circumstances, including the number of portfolios, variety of asset classes, net assets, and distribution arrangements. The appropriateness of this structure is enhanced by the establishment and allocation of responsibilities among the following Committees, which report their activities to the Board on a regular basis.

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| | | |
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| **Committee Members** | **Primary Purpose and Responsibilities** | **Meetings Held During the Last Fiscal Year** |
| <u>15(c) Committee</u><br>Padelford L. Lattimer, Chair<br>Daniel J. Beckman<br>Katharin S. Dyer<br>Karen McMillan | The Committee's primary purpose is to assist the Board in performing the annual review of the Funds' advisory and sub-advisory agreements pursuant to Section 15(c) of the 1940 Act. The Committee is responsible for requesting and reviewing related materials. | 3 |
| <u>Audit Committee</u><br>Frances P. Grieb, Chair<br>Sharmila Chatterjee<br>Craig Damos<br>Victor L. Hymes | The Committee's primary purpose is to assist the Board by serving as an independent and objective party to monitor the Principal Funds' accounting policies, financial reporting, and internal control system, as well as the work of the independent registered public accountants. The Audit Committee assists Board oversight of 1) the integrity of the Principal Funds' financial statements; 2) the Principal Funds' compliance with certain legal and regulatory requirements; 3) the independent registered public accountants' qualifications and independence; and 4) the performance of the Principal Funds' independent registered public accountants. The Audit Committee also facilitates communication among the independent registered public accountants, PGI's internal auditors, Principal Funds management, and the Board. | 8 |
| <u>Executive Committee</u><br>Kamal Bhatia, Chair<br>Craig Damos<br>Kenneth A. McCullum | The Committee's primary purpose is to exercise certain powers of the Board when the Board is not in session. When the Board is not in session, the Committee may exercise all powers of the Board in the management of the Principal Funds' business except the power to 1) issue stock, except as permitted by law; 2) recommend to the shareholders any action that requires shareholder approval; 3) amend the bylaws; or 4) approve any merger or share exchange that does not require shareholder approval. |  |
| <u>Nominating and</u> <br><u>Governance Committee</u><br>Victor L. Hymes, Chair<br>Craig Damos<br>Frances P. Grieb<br>Thomas A. Swank | The Committee's primary purpose is to oversee the structure and efficiency of the Board and the committees. The Committee is responsible for evaluating Board membership and functions, committee membership and functions, insurance coverage, and legal matters. The Committee's nominating functions include selecting and nominating Independent Board Member candidates for election to the Board. Generally, the Committee requests nominee suggestions from Board Members and management. In addition, the Committee considers candidates recommended by shareholders of the Principal Funds. Recommendations should be submitted in writing to the Principal Funds Secretary, in care of the Principal Funds, 711 High Street, Des Moines, IA 50392. Such recommendations must include all information specified in the Committee's charter and must conform with the procedures set forth in Appendix A thereto, which can be found at https://secure02.principal.com/publicvsupply/GetFile?fm=MM13013&ty=VOP&EXT=.VOP. Examples of such information include the nominee's biographical information; relevant educational and professional background of the nominee; the number of shares of each Fund owned of record and beneficially by the nominee and by the recommending shareholder; any other information regarding the nominee that would be required to be disclosed in a proxy statement or other filing required to be made in connection with the solicitation of proxies for the election of board members; whether the nominee is an "interested person" of the Funds as defined in the 1940 Act; and the written consent of the nominee to be named as a nominee and serve as a board member if elected.<br>When evaluating a potential nominee for Independent Board Member, the Committee may consider, among other factors: educational background; relevant business and industry experience; whether the person is an "interested person" of the Funds as defined in the 1940 Act; and whether the person is willing to serve, and willing and able to commit the time necessary to attend meetings and perform the duties of an Independent Board Member. In addition, the Committee may consider whether a candidate's background, experience, skills and views would complement the background, experience, skills and views of other Board Members and would contribute to the diversity of the Board. The final decision is based on a combination of factors, including the strengths and the experience an individual may bring to the Board. The Board does not regularly use the services of professional search firms to identify or evaluate potential candidates or nominees. | 5 |
| <u>Operations Committee</u><br>Thomas A. Swank, Chair<br>Daniel J. Beckman<br>Katharin S. Dyer<br>Padelford L. Lattimer | The Committee's primary purpose is to review and oversee the provision of administrative and distribution services to the Principal Funds, communications with the Principal Funds' shareholders, and the Principal Funds' operations. | 4 |

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Risk oversight forms part of the Board's general oversight of the Principal Funds. The Board has appointed a Chief Compliance Officer who oversees the implementation and testing of the Funds' compliance program and reports to the Board regarding compliance matters for the Principal Funds and principal service providers. As part of its regular oversight functions, the Board, directly or through a committee, interacts with and reviews reports from, among others, management, sub-advisors, the Chief Compliance Officer, the independent registered public accounting firm, and internal auditors for PGI or its affiliates, as appropriate. The Board, with the assistance of management and PGI, reviews investment policies and risks in connection with its review of Principal Funds performance. In addition, as part of the Board's periodic review of advisory, sub-advisory, and other service provider agreements, the Board may consider risk management aspects of their operations and the functions for which they are responsible. With respect to valuation, the Board has designated PGI as the Funds' valuation designee, as permitted by SEC Rule 2a-5, where PGI is responsible for the day-to-day valuation and oversight responsibilities of the Funds, subject to the Board's oversight. PGI has established a Valuation Committee to fulfill its oversight responsibilities as the Funds' valuation designee.

Each Board Member has significant prior senior management and/or board experience. Board Members are selected and retained based upon their skills, experience, judgment, analytical ability, diligence, and ability to work effectively with other Board Members, a commitment to the interests of shareholders, and, for each Independent Board Member, a demonstrated willingness to take an independent and questioning view of management. In addition to these general qualifications, the Board seeks members who build upon the Board's diversity. Below is a brief discussion of the specific education, experience, qualifications, or skills that led to the conclusion that each person identified below should serve as a Board Member. As required by rules adopted under the 1940 Act, the Independent Board Members select and nominate all candidates for Independent Board Member positions.

<u>Independent Board Members</u>

**Daniel J. Beckman.** Mr. Beckman has served as an Independent Board Member of the Principal Funds since 2026. He served as President of Ameriprise Trust Company from 2024 to 2025. Mr. Beckman served as the President and Principal Executive Officer of the Columbia Funds and Columbia Acorn/Wanger Funds from 2021 to 2025. From 2015 to 2025, he served as Vice President of Columbia Management Investment Advisers, LLC. Mr. Beckman also served as a Director of Columbia Management Investment Distributors, Inc. from 2018 to 2025. Through his education, employment experience, and experience as a board member, Mr. Beckman is experienced with financial, regulatory, and investment matters.

**Sharmila Chatterjee.** Ms. Chatterjee has served as an Independent Board Member of the Principal Funds since 2025. She is the Founder of Aligned Capital Investing, LLC. Ms. Chatterjee served as Vice President and Head of Asset Owner Solutions at Nasdaq, Inc. from 2021 to 2023. From 2014 to 2019, Ms. Chatterjee served as Deputy Chief Investment Officer, Texas Employees Retirement Fund. Ms. Chatterjee is a licensed attorney and Certified Public Accountant. She is also faculty for the Institutional Limited Partner Association Institute. Through her education, employment experience, and experience as a board member, Ms. Chatterjee is experienced in financial, regulatory, accounting, and investment matters.

**Craig Damos.** Mr. Damos has served as an Independent Board Member of the Principal Funds since 2008. Since 2011, Mr. Damos has served as the President of C.P. Damos Consulting, LLC (doing business as Craig Damos Consulting). He has also served as a Director of the employees' stock ownership plan of the Baker Group since 2020. Mr. Damos served as President and Chief Executive Officer of Weitz Company from 2006 to 2010; Vertical Growth Officer of Weitz Company from 2004 to 2006; and Chief Financial Officer of Weitz Company from 2000 to 2004. From 2005 to 2008, Mr. Damos served as a Director of West Bank. Through his education, employment experience, and experience as a board member, Mr. Damos is experienced with financial, accounting, regulatory, and investment matters.

**Katharin S. Dyer.** Ms. Dyer has served as an Independent Board Member of the Principal Funds since 2023. She is the Founder and Chief Executive Officer of PivotWise, a firm providing strategic advice focused on digital transformation. Ms. Dyer currently serves as a Director of Liquidity Services and the Grameen Foundation. She was formerly employed by IBM Global Services as a Global Partner and a member of the senior leadership team from 2016 to 2018. Ms. Dyer was a member of the Global Management Team at American Express Company from 2013 to 2015. Through her education, employment experience, and experience as a board member, Ms. Dyer is experienced with financial, information and digital technology, investment, and regulatory matters.

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**Frances P. Grieb.** Ms. Grieb has served as an Independent Board Member of the Principal Funds since 2023. Ms. Grieb currently serves as a Director of the National Advisory Board of the College of Business at the University of Nebraska at Omaha. She is a member of the American Institute of Certified Public Accountants and the National Association of Corporate Directors. From 2022 to 2025, she served as a Director of First Interstate BancSystem, Inc. and from 2014 to 2022, she served as a Director of Great Western Bancorp, Inc. Ms. Grieb is a retired partner having served in various leadership roles at Deloitte LLP from 1982 to 2010. Ms. Grieb is a retired Certified Public Accountant. Through her education, employment experience, and experience as a board member, Ms. Grieb is experienced with financial, accounting, investment, and regulatory matters.

**Victor L. Hymes.** Mr. Hymes has served as an Independent Board Member of the Principal Funds since 2020. He currently serves as Founder, Chief Executive Officer, and Chief Investment Officer of Legato Capital Management, LLC. Over the past thirty years, Mr. Hymes has served in the roles of Chief Executive Officer, Chief Operating Officer, Chief Investment Officer, portfolio manager, and other senior management positions with investment management firms, including Zurich Scudder Investments, Inc., Goldman, Sachs & Co., and Kidder, Peabody & Co. Mr. Hymes has served on numerous boards and has chaired four investment committees over the past two decades. Through his education, employment experience, and experience as a board member, Mr. Hymes is experienced with financial, accounting, regulatory, and investment matters.

**Padelford L. Lattimer.** Mr. Lattimer has served as an Independent Board Member of the Principal Funds since 2020. He currently serves as Managing Partner for TBA Management Consulting LLC. For more than twenty years, Mr. Lattimer served in various capacities at financial services companies, including as a senior managing director for TIAA Cref Asset Management (2004-2010), First Vice President at Mellon Financial Corporation (2002-2004), and in product management roles at Citibank (2000-2002). Through his education, employment experience, and experience as a board member, Mr. Lattimer is experienced with financial, regulatory, and investment matters.

**Karen McMillan.** Ms. McMillan has served as an Independent Board Member of the Principal Funds since 2014. She served as a Managing Director of Patomak Global Partners, LLC from 2014 to 2021. From 2007 to 2014, Ms. McMillan served as General Counsel to the Investment Company Institute. Prior to that (from 1999-2007), she worked as an attorney in private practice, specializing in the mutual fund industry. From 1991 to 1999, she served in various roles as counsel at the SEC, Division of Investment Management, including as Assistant Chief Counsel. Through her professional education, experience as an attorney, and experience as a board member, Ms. McMillan is experienced in financial, investment, and regulatory matters.

**Thomas A. Swank.** Mr. Swank has served as an Independent Board Member of the Principal Funds since 2024. From 2015 to 2023, Mr. Swank served as the Chief Executive Officer and President of Wellabe, formerly American Enterprise Group, Inc. He has served as the Chairman of the Board for Wellabe since 2023 and as a Director since 2015. Mr. Swank has also served as a Director on the Director Forum 500 - American Council of Life Insurers since 2015. Through his education, employment experience, and experience as a board member, Mr. Swank is experienced with financial, accounting, regulatory, and investment matters.

<u>Interested Board Members</u>

**Kamal Bhatia.** Mr. Bhatia has served as Chair of the Principal Funds since 2023. He has also served as President and Chief Executive Officer of the Principal Funds since 2019. Since February 2024, Mr. Bhatia has served as the President and Chief Executive Officer for Principal Asset Management<sup>SM</sup>. He served as Senior Executive Managing Director - Global Head of Investments for Principal Asset Management<sup>SM</sup> in 2023 and a Senior Executive Director and Chief Operating Officer of Principal Asset Management<sup>SM</sup> from 2019 to 2023. Mr. Bhatia joined Principal<sup>®</sup> in 2019 and serves as a director of numerous Principal<sup>®</sup> affiliates. From 2011 to 2019, he was a Senior Vice President for Oppenheimer Funds. Mr. Bhatia is a CFA<sup>®</sup> charter holder. Through his education and experience, Mr. Bhatia is experienced with financial, marketing, regulatory, and investment matters.

**Kenneth A. McCullum.** Mr. McCullum has served as a Board Member of the Principal Funds since 2023. Mr. McCullum has served as Executive Vice President and Chief Risk Officer for Principal<sup>®</sup> since 2023. Prior to that, he served as Senior Vice President and Chief Risk Officer for Principal<sup>®</sup> from 2020 to 2023 and Vice President and Chief Actuary for Principal<sup>®</sup> from 2015 to 2020. From 2013 to 2015, Mr. McCullum was an Executive Vice President responsible for business development at Delaware Life Insurance Company. He served as a Senior Vice President for the life annuity business at Sun Life from 2010 to 2013. Mr. McCullum is a Fellow of the Society of Actuaries and is a Member of the American Academy of Actuaries. Through his education and experience, Mr. McCullum is experienced with financial, accounting, regulatory, and investment matters.

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**Additional Information Regarding Board Members and Officers**

The following tables present additional information regarding the Board Members and Principal Funds officers, including their principal occupations, which, unless specific dates are shown, are of more than five years duration. For each Board Member, the tables also include information concerning other directorships held in reporting companies under the Securities Exchange Act of 1934 or registered investment companies under the 1940 Act.

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| | | | | |
|:---|:---|:---|:---|:---|
| **INDEPENDENT BOARD MEMBERS** | **INDEPENDENT BOARD MEMBERS** | **INDEPENDENT BOARD MEMBERS** | **INDEPENDENT BOARD MEMBERS** | **INDEPENDENT BOARD MEMBERS** |
| **Name, Address,<br>and Year of Birth** | **Board Positions Held<br>with Principal Funds** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>Overseen<br>in Fund<br>Complex** | **Other Directorships<br>Held During<br>Past 5 Years** |
| Daniel J. Beckman<br>711 High Street<br>Des Moines, IA 50392<br>1962 | Director, PFI and PVC (since 2026)<br>Trustee, PETF (since 2026) | President, Ameriprise Trust Company<br> (2024-2025);<br>President and Principal Executive<br> Officer, Columbia Funds<br> (2021-2025); <br>Vice President, Columbia Management<br> Investment Advisers, LLC<br> (2015-2025); <br>Vice President - Head of North America<br> Product, Columbia Management<br> Investment Advisers, LLC<br> (2015-2023); <br>President and Principal Executive<br> Officer, Columbia Acorn/Wanger<br> Funds (2021-2025) | 122 | Columbia Funds (170<br> Portfolios) (2021-2025);<br>Ameriprise Trust Company<br> (2016-2025);<br>Columbia Management<br> Investment Distributors, Inc.<br> (2018-2025) |
| Sharmila Chatterjee<br>711 High Street<br>Des Moines, IA 50392<br>1973 | Director, PFI and PVC (since 2025)<br>Trustee, PETF (since 2025) | Founder and Consultant, Aligned<br> Capital Investing, LLC <br> (consulting services);<br>Vice President and Head of Asset<br> Owner Solutions, Nasdaq, Inc.<br> (financial services) from 2021-2023 | 122 | Calamos Aksia Private <br> Market Funds (2023-2025);<br>Greenbacker Energy <br> (GREC II Fund) (2022-2025);<br>GRIID Infrastructure<br> (2024-2024);<br>Foundation Credit<br> Opportunities (2019-2023) |
| Craig Damos<br>711 High Street<br>Des Moines, IA 50392<br>1954 | Lead Independent Board Member<br> (since 2020)<br>Director, PFI and PVC (since 2008)<br>Trustee, PETF (since 2014) | President, C.P. Damos Consulting,<br> LLC (consulting services) | 122 | Principal Real Asset Fund<br> (2019-2024) |
| Katharin S. Dyer<br>711 High Street<br>Des Moines, IA 50392<br>1957 | Director, PFI and PVC (since 2023)<br>Trustee, PETF (since 2023) | Founder and Chief Executive Officer,<br> PivotWise (consulting services) | 122 | Liquidity Services, Inc.<br> (2020-present);<br>Principal Real Asset Fund<br> (2023-2024) |
| Frances P. Grieb<br>711 High Street<br>Des Moines, IA 50392<br>1960 | Director, PFI and PVC (since 2023)<br>Trustee, PETF (since 2023) | Retired | 122 | First Interstate BancSystem,<br> Inc. (2022-2025);<br>Principal Real Asset Fund<br> (2023-2024);<br>Great Western Bancorp, Inc.<br> and Great Western Bank <br> (2014-2022) |
| Victor L. Hymes<br>711 High Street<br>Des Moines, IA 50392<br>1957 | Director, PFI and PVC (since 2020) <br>Trustee, PETF (since 2020) | Founder, CEO, CIO, Legato Capital<br> Management, LLC (investment<br> management company) | 122 | Principal Real Asset Fund <br> (2020-2024) |

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| | | | | |
|:---|:---|:---|:---|:---|
| **INDEPENDENT BOARD MEMBERS** | **INDEPENDENT BOARD MEMBERS** | **INDEPENDENT BOARD MEMBERS** | **INDEPENDENT BOARD MEMBERS** | **INDEPENDENT BOARD MEMBERS** |
| **Name, Address,<br>and Year of Birth** | **Board Positions Held<br>with Principal Funds** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>Overseen<br>in Fund<br>Complex** | **Other Directorships<br>Held During<br>Past 5 Years** |
| Padelford L. Lattimer<br>711 High Street<br>Des Moines, IA 50392<br>1961 | Director, PFI and PVC (since 2020) <br>Trustee, PETF (since 2020) | Managing Partner, TBA Management<br> Consulting LLC (management<br> consulting and staffing company) | 122 | Principal Real Asset Fund <br> (2020-2024) |
| Karen McMillan<br>711 High Street<br>Des Moines, IA 50392<br>1961 | Director, PFI and PVC (since 2014)<br>Trustee, PETF (since 2014) | Founder/Owner, Tyche Consulting<br> LLC (consulting services) <br> from 2021-2024;<br>Managing Director, Patomak Global<br> Partners, LLC (financial services<br> consulting) from 2014-2021 | 122 | Principal Real Asset Fund <br> (2019-2024) |
| Thomas A. Swank<br>711 High Street<br>Des Moines, IA 50392<br>1960 | Director, PFI and PVC (since 2024)<br>Trustee, PETF (since 2024) | Chief Executive Officer and President,<br> Wellabe (formerly, American<br> Enterprise Group, Inc.) (life and<br> health insurance) from 2015-2023 | 122 | Wellabe (formerly, American<br> Enterprise Group, Inc.)<br> (2015-present); <br>Principal Real Asset Fund (2024) |

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| | | | | |
|:---|:---|:---|:---|:---|
| **INTERESTED BOARD MEMBERS** | **INTERESTED BOARD MEMBERS** | **INTERESTED BOARD MEMBERS** | **INTERESTED BOARD MEMBERS** | **INTERESTED BOARD MEMBERS** |
| **Name, Address,<br>and Year of Birth** | **Board Positions Held<br>with Principal Funds** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of<br>Portfolios<br>Overseen<br>in Fund<br>Complex** | **Other<br>Directorships<br>Held During<br>Past 5 Years** |
| Kamal Bhatia<br>711 High Street<br>Des Moines, IA 50392<br>1972 | Director and Chair, PFI and PVC<br> (since 2023)<br>Trustee and Chair, PETF<br> (since 2023)<br>Chief Executive Officer and<br> President (since 2019) | <u>Principal Financial Group\*</u><br>President and Chief Executive Officer –<br>&nbsp;&nbsp;&nbsp;&nbsp;Principal Asset Management<sup>SM</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(since 2024)<br>Senior Executive Managing Director - <br>&nbsp;&nbsp;&nbsp;&nbsp;Global Head of Investments – <br>&nbsp;&nbsp;&nbsp;&nbsp;Principal Asset Management<sup>SM</sup> (2023)<br>Senior Executive Director and <br>&nbsp;&nbsp;&nbsp;&nbsp;Chief Operating Officer – <br>&nbsp;&nbsp;&nbsp;&nbsp;Principal Asset Management<sup>SM</sup> <br>&nbsp;&nbsp;&nbsp;&nbsp;(2019-2023) | 122 | Principal Real Asset<br> Fund (2023-2024) |
| Kenneth A. McCullum<br>711 High Street<br>Des Moines, IA 50392<br>1964 | Director, PFI and PVC (since 2023)<br>Trustee, PETF (since 2023) | Principal Financial Group\*<br>Executive Vice President and <br>&nbsp;&nbsp;&nbsp;&nbsp;Chief Risk Officer (since 2023)<br>Senior Vice President and Chief Risk Officer<br>&nbsp;&nbsp;&nbsp;&nbsp;(2020-2023) | 122 | Principal Real Asset<br> Fund (2023-2024) |

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| | | |
|:---|:---|:---|
| **PRINCIPAL FUNDS OFFICERS** | **PRINCIPAL FUNDS OFFICERS** | **PRINCIPAL FUNDS OFFICERS** |
| **Name, Address,<br>and Year of Birth** | **Position(s) Held<br>with Principal Funds** | **Principal Occupation(s)** <br>**During Past 5 Years** |
| George Djurasovic<br>711 High Street<br>Des Moines, IA 50392<br>1971 | Vice President and General Counsel <br> (since 2023) | <u>Principal Financial Group\*</u><br>Vice President and General Counsel – Principal Asset <br>&nbsp;&nbsp;&nbsp;&nbsp;Management<sup>SM</sup> (since 2022)<br><u>Artisan Partners Limited Partnership</u><br>Global Chief Compliance Officer (2013-2022) |
| Calvin Eib<br>711 High Street<br>Des Moines, IA 50392<br>1963 | Assistant Tax Counsel (since 2023) | <u>Principal Financial Group</u>\*<br>Assistant General Counsel (since 2025)<br>Counsel (2021-2025) |
| Megan Hoffmann<br>711 High Street<br>Des Moines, IA 50392 <br>1979 | Vice President and Treasurer (since 2025)<br>Vice President and Controller (2021-2025) | <u>Principal Financial Group\*</u><br>Senior Director – Fund Accounting and Administration <br>&nbsp;&nbsp;&nbsp;&nbsp;(since 2025)<br>Senior Director – Fund Administration (2024)<br>Director – Accounting (2020-2024) |
| Laura B. Latham<br>711 High Street<br>Des Moines, IA 50392 <br>1986 | Counsel and Assistant Secretary (since 2023)<br>Assistant Counsel and Assistant Secretary<br> (2018-2023) | <u>Principal Financial Group\*</u><br>Assistant General Counsel (since 2025)<br>Counsel (2018-2025) |
| Ann Meiners<br>711 High Street<br>Des Moines, IA 50392 <br>1977 | Vice President and Assistant Treasurer <br> (since 2025)<br>Vice President and Assistant Controller <br> (2025) | <u>Principal Financial Group\*</u><br>Director – Fund Accounting (since 2024)<br>Assistant Director – Fund Accounting (2017-2024) |
| David P. Michalik<br>711 High Street<br>Des Moines, IA 50392 <br>1991 | Counsel and Assistant Secretary (since 2025) | <u>Principal Financial Group\*</u><br>Counsel (since 2025)<br><u>The Northern Trust Company</u><br>Second Vice President (2019-2025) |
| Diane K. Nelson<br>711 High Street<br>Des Moines, IA 50392<br>1965 | AML Officer (since 2016) | <u>Principal Financial Group\*</u><br>Director – Compliance (since 2024) <br>Chief Compliance Officer/AML Officer (2015-2024) |
| Tara Parks<br>711 High Street<br>Des Moines, IA 50392<br>1983 | Vice President and Assistant Treasurer <br>&nbsp;&nbsp;&nbsp;&nbsp;(since 2025)<br>Vice President and Assistant Controller <br>&nbsp;&nbsp;&nbsp;&nbsp;(2021-2025) | <u>Principal Financial Group\*</u><br>Senior Director – Fund Tax (since 2024)<br>Director – Accounting (2019-2024) |
| Deanna Y. Pellack<br>711 High Street<br>Des Moines, IA 50392<br>1987 | Counsel and Secretary (since 2024)<br>Counsel and Assistant Secretary (2023-2024)<br>Assistant Counsel and Assistant Secretary<br>&nbsp;&nbsp;&nbsp;&nbsp;(2022-2023) | <u>Principal Financial Group\*</u><br>Assistant General Counsel (since 2026)<br>Counsel (2022-2026)<br><u>The Northern Trust Company</u><br>Vice President (2019-2022) |
| Sara L. Reece<br>711 High Street<br>Des Moines, IA 50392 <br>1975 | Vice President and Chief Operating Officer <br> (since 2021) | <u>Principal Financial Group\*</u><br>Managing Director – Global Head of Fund Services (since 2024)<br>Managing Director – Global Fund Ops (2021-2024) |
| Teri R. Root<br>711 High Street<br>Des Moines, IA 50392<br>1979 | Chief Compliance Officer (since 2018) | <u>Principal Financial Group\*</u><br>Chief Compliance Officer – Funds (since 2018)<br>Vice President (since 2015) |
| Michael Scholten<br>711 High Street<br>Des Moines, IA 50392<br>1979 | Chief Financial Officer (since 2021) | <u>Principal Financial Group\*</u><br>Assistant Vice President and Actuary (since 2021) |
| Adam U. Shaikh<br>711 High Street<br>Des Moines, IA 50392<br>1972 | Vice President and Assistant General Counsel<br>&nbsp;&nbsp;&nbsp;&nbsp;(since 2023)<br>Assistant Secretary (since 2022)<br>Assistant Counsel (2006-2023) | <u>Principal Financial Group\*</u><br>Associate General Counsel (since 2024)<br>Assistant General Counsel (2018-2024) |
| John L. Sullivan<br>711 High Street<br>Des Moines, IA 50392<br>1970 | Counsel and Assistant Secretary (since 2023)<br>Assistant Counsel and Assistant Secretary<br>&nbsp;&nbsp;&nbsp;&nbsp;(2019-2023) | <u>Principal Financial Group\*</u><br>Assistant General Counsel (since 2023)<br>Counsel (2019-2023) |

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| | | |
|:---|:---|:---|
| **PRINCIPAL FUNDS OFFICERS** | **PRINCIPAL FUNDS OFFICERS** | **PRINCIPAL FUNDS OFFICERS** |
| **Name, Address,<br>and Year of Birth** | **Position(s) Held<br>with Principal Funds** | **Principal Occupation(s)** <br>**During Past 5 Years** |
| Barbara Wenig<br>711 High Street<br>Des Moines, IA 50392<br>1972 | Vice President (since 2024) | <u>Principal Financial Group\*</u><br>Executive Managing Director – Chief Business Officer<br>&nbsp;&nbsp;&nbsp;&nbsp;(since 2025)<br>Executive Managing Director – Global Head of Operations and<br>&nbsp;&nbsp;&nbsp;&nbsp;Services - Principal Asset Management<sup>SM</sup> (2021-2024) |
| Brant K. Wong<br>711 High Street<br>Des Moines, IA 50392<br>1976 | Vice President (since 2025) | <u>Principal Financial Group\*</u><br>Head of Retirement Solutions (since 2025)<br><u>J.P. Morgan Asset Management</u><br>Head of Retirement Platforms and Strategy (2022-2025)<br>Head of Retirement Service, Product and National Accounts <br>&nbsp;&nbsp;&nbsp;&nbsp;(2019-2022) |
| Jared A. Yepsen<br>711 High Street<br>Des Moines, IA 50392<br>1981 | Tax Counsel (since 2025)<br>Assistant Tax Counsel (2017-2025) | <u>Principal Financial Group\*</u><br>Assistant General Counsel (since 2023)<br>Counsel (2015-2023) |

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\*The reference to Principal Financial Group includes positions held by the Interested Board Members / Principal Funds Officers, including as an officer, employee, and/or director, with affiliates or subsidiaries of Principal Financial Group. The titles set forth in this SAI are each Interested Board Member's / Principal Funds Officer's title with Principal Workforce, LLC, an affiliated entity of PGI that is the payroll employer of the Interested Board Members and Principal Funds Officers.

**Board Member Ownership of Securities**

The following tables set forth the dollar range of the equity securities of Funds included in this SAI, and aggregate dollar range of the equity securities of the funds in the Fund Complex, that were beneficially owned by the Board Members as of December 31, 2025. As of that date, Board Members did not own shares of the Funds included in this SAI that are not listed.

For the purpose of these tables, beneficial ownership means a direct or indirect pecuniary interest. Only Interested Board Members are eligible to participate in an employee benefit program that invests in the Fund Complex. Board Members who beneficially owned shares of the series of PVC did so through variable life insurance and variable annuity contracts. Please note that exact dollar amounts of securities held are not listed. Rather, ownership is listed based on the following dollar ranges:

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| | |
|:---|:---|
| A | $0 |
| B | $1 up to and including $10,000 |
| C | $10,001 up to and including $50,000 |
| D | $50,001 up to and including $100,000 |
| E | $100,001 or more |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Independent Board Members** | **Independent Board Members** | **Independent Board Members** | **Independent Board Members** | **Independent Board Members** | **Independent Board Members** | **Independent Board Members** |
| **Fund/Portfolio in this SAI** | **Beckman**<sup>(1)</sup> | **Chatterjee**<sup>(2)</sup> | **Damos** | **Dyer** | **Grieb** | **Hymes** | **Lattimer** | **McMillan** | **Swank** |
| Core Fixed Income | A | A | E | A | A | B | A | A | A |
| Core Plus Bond | A | A | E | A | A | A | D | A | A |
| Diversified International | A | A | E | A | A | E | C | A | A |
| Equity Income | A | A | D | A | A | A | A | A | A |
| Finisterre Emerging Markets Total Return Bond | A | A | E | A | A | E | A | A | A |
| Global Emerging Markets | A | A | A | A | A | D | C | A | A |
| Global Real Estate Securities | A | A | A | A | A | C | A | A | A |
| High Yield | A | A | A | A | A | C | A | A | A |
| LargeCap S&P 500 Index | A | D | A | A | A | D | A | A | A |
| MidCap | A | A | E | A | A | A | A | A | A |
| Multi-Sector Income | A | A | A | A | A | A | A | C | A |
| SAM Conservative Growth | A | A | E | A | A | A | A | A | A |
| SmallCap | A | A | C | A | A | A | A | A | A |
| **Aggregate Dollar Range of Equity Securities in All Registered Companies Overseen by Director in Family of Investment Companies** | **E** | **D** | **E** | **E** | **E** | **E** | **E** | **E** | **E** |

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<sup>(1)</sup> Appointment effective March 10, 2026.

<sup>(2)</sup> Appointment effective September 10, 2025.

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| | | |
|:---|:---|:---|
| | **Interested Board Members** | **Interested Board Members** |
| **Fund/Portfolio in this SAI**<sup>(1)</sup> | **Bhatia** | **McCullum** |
| Diversified International | A | D |
| Equity Income | A | E |
| Global Emerging Markets | E | A |
| Inflation Protection | A | E |
| International Equity | E | A |
| LargeCap Growth I | A | E |
| LargeCap S&P 500 Index | E | E |
| MidCap | A | E |
| MidCap S&P 400 Index | A | C |
| Principal LifeTime Hybrid 2030 | A | E |
| Real Estate Securities | A | D |
| SmallCap Growth I | E | A |
| SmallCap S&P 600 Index | A | C |
| **Aggregate Dollar Range of Equity Securities in All Registered Companies Overseen by Director in Family of Investment Companies** | **E** | **E** |

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<sup>(1)</sup> Ownership through participation in an Employee Benefit Plan.

**Board Member and Officer Compensation**

The Principal Funds do not pay any remuneration to officers or to any Board Members listed above as Interested Board Members. The Board annually considers a proposal to reimburse PGI for certain expenses, including a portion of the compensation of the Chief Compliance Officer ("CCO"). If the proposal is adopted, these amounts are allocated across all Funds and the other PGI-sponsored registered investment companies for which the CCO serves as the Chief Compliance Officer.

Each Independent Board Member received compensation for service as a member of the Boards of all investment companies in the Principal Funds based on a schedule that takes into account an annual retainer amount, the number of meetings attended, and expenses incurred. Board Member compensation and related expenses are allocated to each of the Funds based on the net assets of each relative to combined net assets of the Principal Funds.

The following table provides information regarding the compensation received by the Independent Board Members from the Funds included in this SAI and from the Fund Complex during the fiscal year ended October 31, 2025. The Principal Funds does not provide retirement benefits or pensions to any of the Board Members.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Board Member** | &nbsp;&nbsp;&nbsp;&nbsp;**Funds in this SAI** | &nbsp;&nbsp;&nbsp;&nbsp;**Fund Complex**<sup>(3)</sup> |
| Daniel J. Beckman<sup>(1)</sup> | $0 | $0 |
| Sharmila Chatterjee<sup>(2)</sup> | 106179 | 135500 |
| Craig Damos | 354300 | 454300 |
| Katharin S. Dyer | 302446 | 387800 |
| Frances P. Grieb | 304007 | 389800 |
| Victor L. Hymes | 315704 | 404800 |
| Padelford L. Lattimer | 314143 | 402800 |
| Karen McMillan | 328778 | 421550 |
| Thomas A. Swank | 302446 | 387800 |

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<sup>(1)</sup> Mr. Beckman was elected to the Board effective March 10, 2026.

<sup>(2)</sup> Ms. Chatterjee was elected to the Board effective September 10, 2025.

<sup>(3)</sup> "Fund Complex" includes the Principal Real Asset Fund and the Principal Private Credit Fund, which are not overseen by the Board Members, and the Board Members do not receive compensation from those Funds.

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**INVESTMENT ADVISORY AND OTHER SERVICES**

**Investment Advisors**

Principal Global Investors, LLC (doing business as Principal Asset Management<sup>SM</sup>) ("PGI"), an indirect subsidiary of Principal Financial Group, Inc. ("Principal<sup>®</sup>"), serves as the investment advisor for the Funds. Principal Management Corporation, previously an affiliate of PGI, served as the investment advisor to the Funds prior to its merger with and into PGI on May 1, 2017.

PGI directly makes decisions to purchase or sell securities for each Fund, except for those Funds or portions of Funds for which PGI has retained a sub-advisor to provide such services, as described below.

**Affiliated Persons of the Registrant Who are Affiliated Persons of the Advisor**

For information about affiliated persons of the Registrant who are also affiliated persons of PGI or affiliated advisors, see the Interested Board Members and Principal Funds Officers tables in the "Leadership Structure and Board" section.

**Sub-Advisors**

PGI has executed agreements with various sub-advisors. Under those sub-advisory agreements, the sub-advisor agrees to assume the obligations of PGI to provide investment advisory services for a specific Fund. For these services, PGI pays each sub-advisor a fee, which is set forth in greater detail below in the "Sub-Advisory Agreements for the Funds" section.

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| | |
|:---|:---|
| **Sub-Advisor:** | **AllianceBernstein L.P. ("AllianceBernstein")** is a Delaware limited partnership, the majority limited partnership units in which are held, directly and indirectly, by its parent company Equitable Holdings, Inc. ("EQH"), a publicly traded holding company for a diverse group of financial services companies. AllianceBernstein Corporation, an indirect wholly-owned subsidiary of EQH, is the general partner of both AllianceBernstein and AllianceBernstein Holding L.P. ("ABH"), a publicly traded partnership. As of September 30, 2025, ABH owned approximately 30.8% of the issued and outstanding AllianceBernstein Units; EQH and its subsidiaries had an approximate 68.5% economic interest in AllianceBernstein (including both the general partnership and limited partnership interests in ABH and AllianceBernstein); and unaffiliated holders 0.7%. |
| **Fund(s):** | a portion of the assets of SmallCap Growth I |
| **Sub-Advisor:** | **Barrow, Hanley, Mewhinney & Strauss, LLC** (doing business as Barrow Hanley Global Investors) **("Barrow Hanley")** is majority owned by Perpetual Limited (Perpetual Group) (ASX: PPT), a global financial services firm operating a multi-boutique asset management business, as well as wealth management and trustee services businesses. |
| **Fund(s):** | a portion of the assets of LargeCap Value III and a portion of the assets of Overseas |
| **Sub-Advisor:** | **Brown Advisory, LLC ("Brown")** is a wholly-owned subsidiary of Brown Advisory Management, LLC. |
| **Fund(s):** | a portion of the assets of SmallCap Growth I |
| **Sub-Advisor:** | **Causeway Capital Management LLC ("Causeway")** is wholly owned by Causeway Capital Holdings LLC. |
| **Fund(s):** | a portion of the assets of Overseas |
| **Sub-Advisor:** | **Emerald Advisers, LLC ("Emerald")** is a wholly-owned subsidiary of Emerald Asset Management PA, LLC, which is 51% owned by a subsidiary of 1251 Capital Group, Inc., a financial services holding company. |
| **Fund(s):** | a portion of the assets of SmallCap Growth I |
| *On or about June 30, 2026, add* **Federated MDTA LLC**.  | *On or about June 30, 2026, add* **Federated MDTA LLC**.  |
| **Sub-Advisor:** | **Federated MDTA LLC ("Federated")** is a limited liability company that is 62.35% owned by Federated MDTA Trust, a Massachusetts business trust, and 37.65% owned by HBSS Acquisition Company, a Delaware corporation. Federated MDTA Trust is a subsidiary of Federated Hermes, Inc., a publicly traded but privately controlled company. |
| **Fund(s):** | a portion of the assets of LargeCap Value III |

---

------

---

| | |
|:---|:---|
| **Sub-Advisor:** | **Fred Alger Management, LLC ("Alger")** is directly owned by Alger Group Holdings ("AGH"), a financial services holding company. AGH and Alger are indirectly controlled by Hilary M. Alger, Nicole D. Alger, and Alexandra D. Alger, who own approximately 99% of the voting rights of Alger Associates, Inc., the parent company of AGH. |
| **Fund(s):** | a portion of the assets of LargeCap Growth I |
| **Sub-Advisor:** | **Hotchkis and Wiley Capital Management, LLC** is a limited liability company, the primary members of which are HWCap Holdings, LLC, a limited liability company whose members are current and former employees, and Stephens-H&W, LLC, a limited liability company whose primary member is SF Holding Corp., a diversified holding company. |
| **Fund(s):** | a portion of the assets of SmallCap Value II |
| *On or about June 30, 2026, delete the preceding* **Hotchkis and Wiley Capital Management, LLC** *section and replace with the following:*  | *On or about June 30, 2026, delete the preceding* **Hotchkis and Wiley Capital Management, LLC** *section and replace with the following:*  |
| **Sub-Advisor:** | **Hotchkis and Wiley Capital Management, LLC** is a limited liability company, the primary members of which are HWCap Holdings, LLC, a limited liability company whose members are current and former employees, and Stephens-H&W, LLC, a limited liability company whose primary member is SF Holding Corp., a diversified holding company. |
| **Fund(s):** | a portion of the assets of LargeCap Value III and SmallCap Value II |
| **Sub-Advisor:** | **Los Angeles Capital Management LLC ("Los Angeles Capital")** is a California limited liability company. It is owned by key employees through its parent holding companies, LACM Holdings Inc. and LACM Equity LLC (collectively, the "Parent Company"). Thomas D. Stevens, Chairman, holds a controlling equity interest in the Parent Company. |
| **Fund(s):** | a portion of the assets of LargeCap Growth I and a portion of the assets of MidCap Value I |
| **Sub-Advisor:** | **Principal Real Estate Investors, LLC** (doing business as Principal Real Estate) **("Principal - REI")** is an indirect subsidiary of Principal Financial Group, Inc. |
| **Fund(s):** | Global Real Estate Securities and Real Estate Securities |
| *On or about June 30, 2026, delete* **T. Rowe Price Associates, Inc.** | *On or about June 30, 2026, delete* **T. Rowe Price Associates, Inc.** |
| **Sub-Advisor:** | **T. Rowe Price Associates, Inc. ("T. Rowe Price")** is a wholly-owned subsidiary of T. Rowe Price Group, Inc., a financial services holding company. |
| **Fund(s):** | a portion of the assets of LargeCap Growth I |
| **Sub-Advisor:** | **Vaughan Nelson Investment Management, L.P. ("Vaughan Nelson")** is a subsidiary of Natixis Investment Managers, LLC. |
| **Fund(s):** | a portion of the assets of SmallCap Value II |
| **Sub-Advisor:** | **Victory Capital Management Inc. ("Victory Capital")** is an indirect wholly-owned subsidiary of Victory Capital Holdings, Inc. ("VCH"), a publicly traded Delaware corporation. |
| **Fund(s):** | a portion of the assets of MidCap Value I |
| **Sub-Advisor:** | **Westfield Capital Management Company, L.P. ("Westfield Capital")** is a privately-held Delaware limited partnership. Westfield Capital is employee owned, led by CEO Will Muggia. Monex Group, Inc. has a non-controlling equity interest in the company. |
| **Fund(s):** | a portion of the assets of LargeCap Growth I |

---

------

**Codes of Ethics**

The Registrant, PGI, PFD (as defined below), and each of the sub-advisors have adopted Codes of Ethics ("Codes") under Rule 17j-1 of the 1940 Act. PGI and the sub-advisors each have also adopted such a Code under Rule 204A-1 of the Investment Advisers Act of 1940. These Codes are designed to prevent, among other things, persons with access to information regarding the portfolio trading activity of the Funds from using that information for their personal benefit. Except in limited circumstances, the Code for PGI and the Registrant prohibits portfolio managers from personally trading securities that are held or traded in the actively managed portfolios for which they are responsible. Certain sub-advisors have adopted Codes that do not permit personnel subject to such Code to invest in securities that may be purchased or held by a Fund. However, other sub-advisors' Codes do permit, subject to conditions, personnel subject to the Code to invest in securities that may be purchased or held by a Fund. The Registrant's Board reviews reports at least annually regarding the operation of the Code of Ethics of the Registrant, PGI, PFD, and each sub-advisor. A copy of the Registrant's Code will be provided upon request, which may be made by contacting the Registrant.

**Management Agreement**

Under the terms of the Management Agreement with the Registrant, PGI, the investment advisor, is entitled to receive a fee computed and accrued daily and payable monthly, at the following annual rates, for providing investment advisory services and specified other services. The management fee schedule for each Fund is as follows (expressed as a percentage of average net assets).

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **All Assets** | **Fund** | **All Assets** |
| Government Money Market | 0.15% | Principal LifeTime Hybrid Income | 0.00% |
| International Bond | 0.48% | Principal LifeTime Hybrid 2020 | 0.00% |
| Principal LifeTime Strategic Income | 0.00% | Principal LifeTime Hybrid 2025 | 0.00% |
| Principal LifeTime 2020 | 0.00% | Principal LifeTime Hybrid 2030 | 0.00% |
| Principal LifeTime 2025 | 0.00% | Principal LifeTime Hybrid 2035 | 0.00% |
| Principal LifeTime 2030 | 0.00% | Principal LifeTime Hybrid 2040 | 0.00% |
| Principal LifeTime 2035 | 0.00% | Principal LifeTime Hybrid 2045 | 0.00% |
| Principal LifeTime 2040 | 0.00% | Principal LifeTime Hybrid 2050 | 0.00% |
| Principal LifeTime 2045 | 0.00% | Principal LifeTime Hybrid 2055 | 0.00% |
| Principal LifeTime 2050 | 0.00% | Principal LifeTime Hybrid 2060 | 0.00% |
| Principal LifeTime 2055 | 0.00% | Principal LifeTime Hybrid 2065 | 0.00% |
| Principal LifeTime 2060 | 0.00% | Principal LifeTime Hybrid 2070 | 0.00% |
| Principal LifeTime 2065 | 0.00% |  |  |
| Principal LifeTime 2070 | 0.00% |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **First<br>$500 million** | **Next<br>$500 million** | **Over<br>$1 billion** |
| Principal Capital Appreciation | 0.625% | 0.50% | 0.375% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<br>Fund** | **First <br>$500 million** | **Next <br>$500 million** | **Next <br>$500 million** | **Over <br>$1.5 billion** |
| California Municipal | 0.40% | 0.38% | 0.36% | 0.35% |
| Finisterre Emerging Markets Total Return Bond | 0.75% | 0.74% | 0.73% | 0.72% |
| Government & High Quality Bond | 0.49% | 0.47% | 0.45% | 0.44% |
| Tax-Exempt Bond | 0.40% | 0.38% | 0.36% | 0.35% |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **First<br>$500 million** | **Next<br>$500 million** | **Next<br>$500 million** | **Next<br>$500 million** | **Next**<br>**$1 billion** | **Over**<br>**$3 billion** |
| Core Plus Bond | 0.42% | 0.40% | 0.38% | 0.37% | 0.36% | 0.35% |
| Global Emerging Markets | 0.99% | 0.97% | 0.95% | 0.94% | 0.93% | 0.92% |
| Global Real Estate Securities  | 0.90% | 0.88% | 0.86% | 0.85% | 0.84% | 0.83% |
| International Equity  | 0.65% | 0.63% | 0.61% | 0.60% | 0.59% | 0.58% |
| LargeCap Value III | 0.73% | 0.71% | 0.69% | 0.67% | 0.66% | 0.65% |
| MidCap Value I | 0.68% | 0.66% | 0.64% | 0.63% | 0.62% | 0.61% |
| Money Market | 0.40% | 0.39% | 0.38% | 0.37% | 0.36% | 0.35% |
| Multi-Sector Income | 0.61% | 0.59% | 0.57% | 0.56% | 0.55% | 0.54% |
| Overseas | 0.90% | 0.88% | 0.86% | 0.85% | 0.84% | 0.83% |
| Short-Term Income | 0.38% | 0.36% | 0.35% | 0.33% | 0.32% | 0.31% |
| SmallCap | 0.75% | 0.73% | 0.71% | 0.70% | 0.69% | 0.68% |
| SmallCap Growth I | 0.88% | 0.86% | 0.84% | 0.83% | 0.82% | 0.81% |
| SmallCap Value II | 0.89% | 0.87% | 0.85% | 0.84% | 0.83% | 0.82% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **First<br>$3 billion** | **Next<br>$3 billion** | **Over<br>$6 billion** |
| High Yield | 0.51% | 0.49% | 0.47% |
| Inflation Protection | 0.10% | 0.09% | 0.08% |
| LargeCap S&P 500 Index | 0.11% | 0.09% | 0.05% |
| MidCap S&P 400 Index | 0.15% | 0.12% | 0.10% |
| SmallCap S&P 600 Index | 0.15% | 0.12% | 0.10% |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **First<br>$500 million** | **Next<br>$500 million** | **Next<br>$500 million** | **Next<br>$500 million** | **Next<br>$1 billion** | **Next<br>$2 billion** | **Next<br>$2 billion** | **Next<br>$3 billion** | **Over<br>$10 billion** |
| Real Estate Securities | 0.85% | 0.83% | 0.81% | 0.80% | 0.79% | 0.78% | 0.77% | 0.76% | 0.75% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **First<br>$500 million** | **Next<br>$500 million** | **Next<br>$500 million** | **Next<br>$500 million** | **Next<br>$1 billion** | **Next<br>$7 billion** | **Over<br>$10 billion** |
| Core Fixed Income | 0.39% | 0.37% | 0.35% | 0.34% | 0.33% | 0.32% | 0.31% |
| Diversified International | 0.80% | 0.78% | 0.76% | 0.75% | 0.73% | 0.70% | 0.69% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **First<br>$500 million** | **Next<br>$500 million** | **Next<br>$500 million** | **Next<br>$500 million** | **Next<br>$1 billion** | **Next<br>$9 billion** | **Over<br>$12 billion** |
| LargeCap Growth I | 0.66% | 0.64% | 0.62% | 0.61% | 0.60% | 0.59% | 0.58% |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **First<br>$250 million** | **Next<br>$250 million** | **Next<br>$6.5 billion** | **Next<br>$3 billion** | **Next<br>$2 billion** | **Next<br>$3 billion** | **Over<br>$15 billion** |
| Equity Income | 0.60% | 0.55% | 0.50% | 0.49% | 0.48% | 0.46% | 0.44% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **First<br>$3 billion** | **Next<br>$4 billion** | **Next<br>$4 billion** | **Next<br>$4 billion** | **Over<br>$15 billion** |
| SAM Balanced\* | 0.35% | 0.30% | 0.25% | 0.20% | 0.18% |
| SAM Conservative Balanced\* | 0.35% | 0.30% | 0.25% | 0.20% | 0.18% |
| SAM Conservative Growth\* | 0.35% | 0.30% | 0.25% | 0.20% | 0.18% |
| SAM Flexible Income\* | 0.35% | 0.30% | 0.25% | 0.20% | 0.18% |
| SAM Strategic Growth\* | 0.35% | 0.30% | 0.25% | 0.20% | 0.18% |

---

\*Breakpoints are based on aggregate SAM Portfolio net assets.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **First<br>$1.5 billion** | **Next<br>$500 million** | **Next<br>$1 billion** | **Next<br>$9.5 billion** | **Next<br>$2.5 billion** | **Next<br>$3 billion** | **Next<br>$4 billion** | **Next<br>$3 billion** | **Next<br>$5 billion** | **Next** <br>**$5 billion** | **Over $35 billion** |
| MidCap | 0.63% | 0.60% | 0.59% | 0.58% | 0.57% | 0.56% | 0.55% | 0.53% | 0.51% | 0.50% | 0.49% |

---

------

<u>Fund Operating Expenses</u>

Each Fund pays all of its operating expenses. Under the terms of the Management Agreement, PGI is responsible for paying the expenses associated with the organization of each Fund, including the expenses incurred in the initial registration of each Fund with the SEC; compensation of personnel, officers, and Board Members who are affiliated with PGI; and expenses and compensation associated with furnishing office space and all necessary office facilities and equipment and personnel necessary to perform the general corporate functions of the Funds. Accounting services customarily required by investment companies are provided to each Fund by PGI, under the terms of the Management Agreement.

<u>Contractual Limits on Total Annual Fund Operating Expenses</u>

PGI has contractually agreed to limit Fund expenses (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) on certain share classes of certain of the Funds. The reductions and reimbursements are in amounts that maintain total operating expenses at or below certain limits. The limits are expressed as a percentage of average daily net assets attributable to each respective class on an annualized basis. Subject to applicable expense limits, the Funds may reimburse PGI for expenses incurred during the current fiscal year.

The operating expense limits and the agreement terms are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Contractual Limits on Total Annual Fund Operating Expenses** | **Contractual Limits on Total Annual Fund Operating Expenses** | **Contractual Limits on Total Annual Fund Operating Expenses** | **Contractual Limits on Total Annual Fund Operating Expenses** | **Contractual Limits on Total Annual Fund Operating Expenses** | **Contractual Limits on Total Annual Fund Operating Expenses** | **Contractual Limits on Total Annual Fund Operating Expenses** |
| **Fund** | **A** | **J** | **Inst.** | **R-3** | **R-5** | **Expiration** |
| California Municipal | N/A | N/A | 0.46% | N/A | N/A | 2/28/2027 |
| Core Fixed Income | N/A | N/A | 0.43% | N/A | N/A | 2/28/2027 |
| Core Plus Bond | 0.80% | N/A | 0.48% | N/A | N/A | 2/28/2027 |
| Diversified International | N/A | N/A | 0.85% | N/A | N/A | 2/28/2027 |
| Equity Income | N/A | N/A | 0.52% | N/A | N/A | 2/28/2027 |
| Finisterre Emerging Markets Total Return Bond | N/A | N/A | 0.85% | N/A | N/A | 2/28/2027 |
| Global Emerging Markets | 1.45% | 1.30% | 1.10% | N/A | N/A | 2/28/2027 |
| Global Real Estate Securities | N/A | N/A | 0.94% | N/A | N/A | 2/28/2027 |
| Government & High Quality Bond | N/A | N/A | 0.53% | 0.98% | 0.67% | 2/28/2027 |
| Government Money Market | N/A | N/A | 0.20% | N/A | N/A | 2/28/2027 |
| High Yield | N/A | N/A | 0.60% | N/A | N/A | 2/28/2027 |
| International Equity | N/A | N/A | 0.79% | N/A | N/A | 2/28/2027 |
| MidCap Value I | N/A | N/A | 0.69% | N/A | N/A | 2/28/2027 |
| Money Market | 0.50% | N/A | N/A | N/A | N/A | 2/28/2027 |
| Multi-Sector Income | N/A | N/A | 0.66% | N/A | N/A | 2/29/2028 |
| Overseas | N/A | N/A | 0.91% | N/A | N/A | 2/28/2027 |
| Principal LifeTime Strategic Income | 0.38% | N/A | 0.00% | N/A | N/A | 2/28/2027 |
| Principal LifeTime 2050 | 0.38% | N/A | N/A | N/A | N/A | 2/28/2027 |
| Principal LifeTime 2060 | N/A | 0.38% | N/A | N/A | N/A | 2/28/2027 |
| Principal LifeTime 2070 | N/A | 0.30% | 0.05% | 0.62% | 0.31% | 2/28/2027 |
| Principal LifeTime Hybrid Income | N/A | N/A | 0.05% | N/A | N/A | 2/28/2027 |
| Principal LifeTime Hybrid 2020 | N/A | N/A | 0.05% | N/A | N/A | 2/28/2027 |
| Principal LifeTime Hybrid 2025 | N/A | N/A | 0.05% | N/A | N/A | 2/28/2027 |
| Principal LifeTime Hybrid 2030 | N/A | N/A | 0.05% | N/A | N/A | 2/28/2027 |
| Principal LifeTime Hybrid 2035 | N/A | N/A | 0.05% | N/A | N/A | 2/28/2027 |
| Principal LifeTime Hybrid 2040 | N/A | N/A | 0.05% | N/A | N/A | 2/28/2027 |
| Principal LifeTime Hybrid 2045 | N/A | N/A | 0.05% | N/A | N/A | 2/28/2027 |
| Principal LifeTime Hybrid 2050 | N/A | N/A | 0.05% | N/A | N/A | 2/28/2027 |
| Principal LifeTime Hybrid 2055 | N/A | N/A | 0.05% | N/A | N/A | 2/28/2027 |
| Principal LifeTime Hybrid 2060 | N/A | 0.30% | 0.05% | N/A | N/A | 2/28/2027 |
| Principal LifeTime Hybrid 2065 | N/A | 0.30% | 0.05% | N/A | N/A | 2/28/2027 |
| Principal LifeTime Hybrid 2070 | N/A | 0.30% | 0.05% | N/A | N/A | 2/28/2027 |
| Real Estate Securities | N/A | N/A | 0.86% | N/A | N/A | 2/28/2027 |
| SmallCap | N/A | N/A | 0.85% | N/A | N/A | 2/28/2027 |
| SmallCap S&P 600 Index | N/A | N/A | 0.21% | N/A | N/A | 2/28/2027 |
| SmallCap Value II | N/A | N/A | 0.93% | N/A | N/A | 2/28/2027 |
| Tax-Exempt Bond | N/A | N/A | 0.45% | N/A | N/A | 2/28/2027 |

---

------

<u>Contractual Limits on Other Expenses</u>

PGI has contractually agreed to limit the expenses identified as "Other Expenses" related to certain share classes of certain of the Funds by paying, if necessary, expenses normally payable by the Fund (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, expenses related to the ReFlow liquidity program, and tax reclaim recovery expenses and other extraordinary expenses) to maintain "Other Expenses" (expressed as a percent of average net assets on an annualized basis) at or below certain limits.

The other expenses limits and the agreement terms are as follows:

---

| | | |
|:---|:---|:---|
| **Contractual Limits on Other Expenses** | **Contractual Limits on Other Expenses** | **Contractual Limits on Other Expenses** |
| **Fund** | **R-6** | **Expiration** |
| Diversified International | 0.04% | 2/28/2027 |
| Government Money Market | 0.00% | 2/28/2027 |
| International Bond | 0.04% | 2/28/2027 |
| Multi-Sector Income | 0.02% | 2/29/2028 |
| Principal LifeTime Hybrid Income | 0.02% | 2/28/2027 |
| Principal LifeTime Hybrid 2020 | 0.02% | 2/28/2027 |
| Principal LifeTime Hybrid 2025 | 0.02% | 2/28/2027 |
| Principal LifeTime Hybrid 2045 | 0.02% | 2/28/2027 |
| Principal LifeTime Hybrid 2050 | 0.02% | 2/28/2027 |
| Principal LifeTime Hybrid 2055 | 0.02% | 2/28/2027 |
| Principal LifeTime Hybrid 2060 | 0.02% | 2/28/2027 |
| Principal LifeTime Hybrid 2065 | 0.02% | 2/28/2027 |
| Principal LifeTime Hybrid 2070 | 0.02% | 2/28/2027 |
| SmallCap Growth I | 0.01% | 2/28/2027 |
| SmallCap Value II | 0.02% | 2/28/2027 |

---

<u>Contractual Management Fee Waivers</u>

PGI has contractually agreed to waive a portion of certain Fund's management fees. The fee waiver will reduce the Fund's management fees by the amounts listed below:

---

| | | |
|:---|:---|:---|
| **Contractual Management Fee Waivers** | **Contractual Management Fee Waivers** | **Contractual Management Fee Waivers** |
| **Fund** | **Waiver** | **Expiration** |
| LargeCap Growth I | 0.016% | 2/28/2027 |
| LargeCap Value III | 0.020% | 2/28/2027 |
| MidCap Value I | 0.020% | 2/28/2027 |
| Overseas | 0.020% | 2/28/2027 |
| SmallCap Growth I | 0.020% | 2/28/2027 |
| SmallCap Value II | 0.020% | 2/28/2027 |

---

PGI has also contractually agreed to reduce the Government Money Market Fund's management fee, through the period ended February 28, 2027, in an amount equal to all Acquired Fund Fees and Expenses. In addition, PGI has contractually agreed to reduce the LargeCap Value Fund III's management fee, through the period ended February 28, 2027, in an amount equal to the Fund's Acquired Fund Fees and Expenses represented by the Fund's investment in a particular unaffiliated exchange-traded fund that pursues a pure value investment strategy.

<u>Voluntary Expense Limit</u>

PGI has voluntarily agreed to limit the Government Money Market and Money Market Funds' expenses to the extent necessary to maintain a 0% yield. The voluntary expense limit may be revised or terminated at any time without notice to the shareholders.

------

<u>Management Fees Paid</u>

Management fees paid for investment management services (before any waivers/reimbursements from PGI) during the periods indicated were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Management Fees Paid for Periods Ended October 31<br>(amounts in thousands)** | **Management Fees Paid for Periods Ended October 31<br>(amounts in thousands)** | **Management Fees Paid for Periods Ended October 31<br>(amounts in thousands)** | **Management Fees Paid for Periods Ended October 31<br>(amounts in thousands)** |
| **Fund** | **2025** | **2024** | **2023** |
| California Municipal | $2463 | $2416 | $2290 |
| Core Fixed Income | 34764 | 35635 | 37053 |
| Core Plus Bond | 2224 | 2448 | 3047 |
| Diversified International | 21341 | 40406 | 34977 |
| Equity Income | 43771 | 44128 | 45385 |
| Finisterre Emerging Markets Total Return Bond | 5049 | 4127 | 3290 |
| Global Emerging Markets | 28148 | 4058 | 2253 |
| Global Real Estate Securities | 14785 | 16380 | 18639 |
| Government & High Quality Bond | 3093 | 3247 | 3177 |
| Government Money Market | 5984 | 4755 | 4936 |
| High Yield | 31071 | 14568 | 11665 |
| Inflation Protection | 8337 | 6496 | 5925 |
| International Bond<sup>(1)</sup> |  |  |  |
| International Equity | 25707 | 1879 <sup>(2)</sup> | 1987 |
| LargeCap Growth I | 55792 | 63220 | 62188 |
| LargeCap S&P 500 Index | 7592 | 7300 | 8429 |
| LargeCap Value III | 24740 | 25161 | 20849 |
| MidCap | 171268 | 136570 | 110525 |
| MidCap S&P 400 Index | 1866 | 2086 | 1952 |
| MidCap Value I | 16184 | 22904 | 23972 |
| Money Market | 4264 | 4018 | 3809 |
| Multi-Sector Income<sup>(3)</sup> | 16244 | 17604 | 19900 |
| Overseas | 10571 | 18900 | 19919 |
| Principal Capital Appreciation | 20138 | 18150 | 14430 |
| Principal LifeTime Strategic Income |  |  |  |
| Principal LifeTime 2020 |  |  |  |
| Principal LifeTime 2025 |  |  |  |
| Principal LifeTime 2030 |  |  |  |
| Principal LifeTime 2035 |  |  |  |
| Principal LifeTime 2040 |  |  |  |
| Principal LifeTime 2045 |  |  |  |
| Principal LifeTime 2050 |  |  |  |
| Principal LifeTime 2055 |  |  |  |
| Principal LifeTime 2060 |  |  |  |
| Principal LifeTime 2065 |  |  |  |
| Principal LifeTime 2070 |  |  | — <sup>(4)</sup> |
| Principal LifeTime Hybrid Income |  |  |  |
| Principal LifeTime Hybrid 2020 |  |  |  |
| Principal LifeTime Hybrid 2025 |  |  |  |
| Principal LifeTime Hybrid 2030 |  |  |  |
| Principal LifeTime Hybrid 2035 |  |  |  |
| Principal LifeTime Hybrid 2040 |  |  |  |
| Principal LifeTime Hybrid 2045 |  |  |  |
| Principal LifeTime Hybrid 2050 |  |  |  |
| Principal LifeTime Hybrid 2055 |  |  |  |
| Principal LifeTime Hybrid 2060 |  |  |  |
| Principal LifeTime Hybrid 2065 |  |  |  |
| Principal LifeTime Hybrid 2070 |  |  | — <sup>(4)</sup> |
| Real Estate Securities | 50039 | 47905 | 44271 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Management Fees Paid for Periods Ended October 31<br>(amounts in thousands)** | **Management Fees Paid for Periods Ended October 31<br>(amounts in thousands)** | **Management Fees Paid for Periods Ended October 31<br>(amounts in thousands)** | **Management Fees Paid for Periods Ended October 31<br>(amounts in thousands)** |
| **Fund** | **2025** | **2024** | **2023** |
| SAM Balanced | 12654 | 12366 | 11766 |
| SAM Conservative Balanced | 5011 | 4970 | 4726 |
| SAM Conservative Growth | 8895 | 8552 | 7970 |
| SAM Flexible Income | 6197 | 6555 | 6864 |
| SAM Strategic Growth | 6328 | 6002 | 5376 |
| Short-Term Income | 11485 | 11064 | 11754 |
| SmallCap | 15374 | 11594 | 8841 |
| SmallCap Growth I | 17735 | 20006 | 19376 |
| SmallCap S&P 600 Index | 1970 | 1797 | 1725 |
| SmallCap Value II | 9870 | 12923 | 11005 |
| Tax-Exempt Bond | 2062 | 2221 | 2315 |

---

<sup>(1)</sup> International Bond Fund had not yet commenced operations as of the date of this SAI.

<sup>(2)</sup> Effective July 31, 2024, International Fund I changed its name to International Equity Fund.

<sup>(3)</sup> Effective ________________, 2026, Diversified Income Fund changed its name to Multi-Sector Income Fund.

<sup>(4)</sup> Period from March 1, 2023, date operations commenced, through October 31, 2023.

<u>Management Fees Waived</u> 

For the following Funds, PGI waived a portion of the management fee during the periods indicated as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Management Fees Waived for Periods Ended October 31<br>(amounts in thousands)** | **Management Fees Waived for Periods Ended October 31<br>(amounts in thousands)** | **Management Fees Waived for Periods Ended October 31<br>(amounts in thousands)** | **Management Fees Waived for Periods Ended October 31<br>(amounts in thousands)** |
| **Fund** | **2025** | **2024** | **2023** |
| Core Plus Bond | $— | $— | $120 |
| Government Money Market | 307 | 286 | 278 |
| LargeCap Growth I | 1488 | 1689 | 1661 |
| LargeCap Value III | 1383 | 2209 | 1781 |
| MidCap Value I | 501 | 720 | 755 |
| Multi-Sector Income |  |  | 418 |
| Overseas | 239 | 432 | 487 |
| SmallCap Growth I | 417 | 472 | 457 |
| SmallCap Value II | 222 | 277 | 235 |

---

------

<u>Expenses Reimbursed</u>

For the following Funds, PGI reimbursed certain expenses during the periods indicated as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Expenses Reimbursed for Periods Ended October 31<br>(amounts in thousands)** | **Expenses Reimbursed for Periods Ended October 31<br>(amounts in thousands)** | **Expenses Reimbursed for Periods Ended October 31<br>(amounts in thousands)** | **Expenses Reimbursed for Periods Ended October 31<br>(amounts in thousands)** | **Expenses Reimbursed for Periods Ended October 31<br>(amounts in thousands)** | **Expenses Reimbursed for Periods Ended October 31<br>(amounts in thousands)** |
| **Fund** | **2025** | **2024** |  | **2023** |  |
| California Municipal | $112 | $83 |  | $99 |  |
| Core Fixed Income | 33 | 138 |  | 439 |  |
| Core Plus Bond | 348 | 344 |  | 504 |  |
| Diversified International | 369 | 67 |  | 199 |  |
| Equity Income | 1288 | 1335 |  | 1679 |  |
| Finisterre Emerging Markets Total Return Bond |  | 46 |  | 193 |  |
| Global Emerging Markets | 134 | 325 |  | 503 |  |
| Global Real Estate Securities | 637 | 714 |  | 912 |  |
| Government & High Quality Bond | 217 | 210 |  | 71 |  |
| Government Money Market | 451 | 242 |  | 224 |  |
| High Yield | 136 | 279 |  | 445 |  |
| International Equity |  | 132 | <sup>(1)</sup> | 132 |  |
| LargeCap S&P 500 Index |  |  |  | 11 |  |
| MidCap Value I | 467 | 469 |  | 534 |  |
| Multi-Sector Income<sup>(2)</sup> | 1275 | 1258 |  | 1330 |  |
| Overseas | 171 |  |  |  |  |
| Principal LifeTime Strategic Income | 79 | 51 |  | 16 |  |
| Principal LifeTime 2040 |  |  |  | 25 |  |
| Principal LifeTime 2050 |  | 12 |  | 79 |  |
| Principal LifeTime 2060 |  |  |  | 9 |  |
| Principal LifeTime 2070 | 32 | 49 |  | 66 | <sup>(3)</sup> |
| Principal LifeTime Hybrid Income | 40 | 41 |  | 40 |  |
| Principal LifeTime Hybrid 2020 | 21 | 31 |  | 27 |  |
| Principal LifeTime Hybrid 2025 | 14 | 15 |  | 24 |  |
| Principal LifeTime Hybrid 2030 | 7 | 14 |  | 18 |  |
| Principal LifeTime Hybrid 2035 | 13 | 15 |  | 27 |  |
| Principal LifeTime Hybrid 2040 | 10 | 14 |  | 27 |  |
| Principal LifeTime Hybrid 2045 | 16 | 23 |  | 36 |  |
| Principal LifeTime Hybrid 2050 | 18 | 29 |  | 38 |  |
| Principal LifeTime Hybrid 2055 | 32 | 39 |  | 63 |  |
| Principal LifeTime Hybrid 2060 | 76 | 75 |  | 99 |  |
| Principal LifeTime Hybrid 2065 | 112 | 94 |  | 93 |  |
| Principal LifeTime Hybrid 2070 | 79 | 80 |  | 93 | <sup>(3)</sup> |
| Real Estate Securities | 1504 | 1418 |  | 1731 |  |
| SmallCap | 241 | 419 |  | 230 |  |
| SmallCap Growth I | 149 | 150 |  | 69 |  |
| SmallCap S&P 600 Index | 66 | 86 |  | 85 |  |
| SmallCap Value II | 374 | 225 |  | 190 |  |
| Tax-Exempt Bond | 204 | 204 |  | 201 |  |

---

<sup>(1)</sup> Effective July 31, 2024, International Fund I changed its name to International Equity Fund.

<sup>(2)</sup> Effective _____________, 2026, Diversified Income Fund changed its name to Multi-Sector Income Fund.

<sup>(3)</sup> Period from March 1, 2023, date operations commenced, through October 31, 2023.

------

**Sub-Advisory Agreements for the Funds**

PGI (and not the Funds) pays the sub-advisors fees determined pursuant to a sub-advisory agreement with each sub-advisor, including those sub-advisors that are at least 95% owned, directly or indirectly, by PGI or its affiliates ("Wholly-Owned Sub-Advisors"). Fees paid to sub-advisors are individually negotiated between PGI and each sub-advisor and may vary.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Aggregate Fees Paid to Sub-Advisors (other than Wholly-Owned Sub-Advisors)** <br>**for Fiscal Years Ended October 31 (dollar amounts in thousands)** | **Aggregate Fees Paid to Sub-Advisors (other than Wholly-Owned Sub-Advisors)** <br>**for Fiscal Years Ended October 31 (dollar amounts in thousands)** | **Aggregate Fees Paid to Sub-Advisors (other than Wholly-Owned Sub-Advisors)** <br>**for Fiscal Years Ended October 31 (dollar amounts in thousands)** | **Aggregate Fees Paid to Sub-Advisors (other than Wholly-Owned Sub-Advisors)** <br>**for Fiscal Years Ended October 31 (dollar amounts in thousands)** | **Aggregate Fees Paid to Sub-Advisors (other than Wholly-Owned Sub-Advisors)** <br>**for Fiscal Years Ended October 31 (dollar amounts in thousands)** | **Aggregate Fees Paid to Sub-Advisors (other than Wholly-Owned Sub-Advisors)** <br>**for Fiscal Years Ended October 31 (dollar amounts in thousands)** | **Aggregate Fees Paid to Sub-Advisors (other than Wholly-Owned Sub-Advisors)** <br>**for Fiscal Years Ended October 31 (dollar amounts in thousands)** |
| | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| **Fund** | **Dollar<br>Amount** | **Percent of<br>Average Daily<br>Net Assets** | **Dollar<br>Amount** | **Percent of<br>Average Daily<br>Net Assets** | **Dollar<br>Amount** | **Percent of<br>Average Daily<br>Net Assets** |
| Inflation Protection | $1381 | 0.06% | $1081 | 0.06% | $972 | 0.06% |
| LargeCap Growth I | 17692 | 0.23 | 20416 | 0.22 | 20002 | 0.22 |
| LargeCap Value III | 5791 | 0.19 | 5412 | 0.20 | 4705 | 0.20 |
| MidCap Value I | 6129 | 0.27 | 8514 | 0.27 | 8767 | 0.27 |
| Overseas | 3900 | 0.36 | 6611 | 0.34 | 6523 | 0.34 |
| SmallCap Growth I | 8531 | 0.43 | 9472 | 0.43 | 9077 | 0.42 |
| SmallCap Value II | 3823 | 0.37 | 4578 | 0.37 | 3856 | 0.37 |

---

**Principal Underwriter**

The distributor and principal underwriter in the continuous offering of the Fund's shares is Principal Funds Distributor, Inc. ("PFD" or the "Distributor"). PFD's address is 711 High Street, Des Moines, IA 50392. The table below shows the aggregate dollar amount of underwriting commissions and the amount retained by PFD for the last three fiscal years ended October 31:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underwriting Fees for Periods Ended October 31<br>(amounts in thousands)** | **Underwriting Fees for Periods Ended October 31<br>(amounts in thousands)** | **Underwriting Fees for Periods Ended October 31<br>(amounts in thousands)** | **Underwriting Fees for Periods Ended October 31<br>(amounts in thousands)** | **Underwriting Fees for Periods Ended October 31<br>(amounts in thousands)** | **Underwriting Fees for Periods Ended October 31<br>(amounts in thousands)** | **Underwriting Fees for Periods Ended October 31<br>(amounts in thousands)** |
| | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| **Fund/Portfolio** | **Total<br>Underwriting<br> Commissions** | **Amount<br>Retained<br> by PFD** | **Total<br>Underwriting<br> Commissions** | **Amount<br>Retained<br> by PFD** | **Total<br>Underwriting<br> Commissions** | **Amount<br>Retained<br> by PFD** |
| California Municipal | $33 | $24 | $35 | $11 | $61 | $18 |
| Core Fixed Income  | 65 | 15 | 101 | 24 | 93 | 22 |
| Core Plus Bond | 25 | 9 | 34 | 10 | 45 | 13 |
| Diversified International | 132 | 27 | 105 | 24 | 130 | 27 |
| Equity Income | 384 | 69 | 394 | 73 | 461 | 95 |
| Finisterre Emerging Markets Total Return Bond |  |  |  |  |  |  |
| Global Emerging Markets | 47 | 9 | 52 | 10 | 63 | 13 |
| Global Real Estate Securities | 16 | 3 | 24 | 3 | 22 | 5 |
| Government & High Quality Bond | 35 | 6 | 31 | 7 | 49 | 10 |
| High Yield | 144 | 37 | 103 | 24 | 103 | 29 |
| Inflation Protection | 1 | 1 | 2 | 2 | 4 | 4 |
| International Bond<sup>(1)</sup> |  |  |  |  |  |  |
| International Equity |  |  | — <sup>(2)</sup> |  |  |  |
| LargeCap Growth I | 236 | 52 | 225 | 56 | 230 | 44 |
| LargeCap S&P 500 Index | 726 | 224 | 586 | 183 | 466 | 140 |
| LargeCap Value III | <1 | <1 | 2 | 2 | <1 | <1 |
| MidCap | 662 | 113 | 711 | 121 | 537 | 93 |
| MidCap S&P 400 Index | 9 | 9 | 9 | 9 | 8 | 8 |
| MidCap Value I | 70 | 11 | 85 | 15 | 93 | 17 |
| Money Market | 183 | 183 | 170 | 170 | 225 | 225 |
| Multi-Sector Income<sup>(3)</sup> | 180 | 53 | 225 | 53 | 226 | 60 |
| Principal Capital Appreciation | 510 | 83 | 580 | 93 | 403 | 70 |
| Principal LifeTime Strategic Income | 67 | 54 | 44 | 26 | 19 | 16 |
| Principal LifeTime 2020 | 39 | 12 | 60 | 19 | 75 | 32 |
| Principal LifeTime 2030 | 194 | 61 | 196 | 51 | 298 | 57 |
| Principal LifeTime 2040 | 334 | 65 | 329 | 64 | 336 | 65 |
| Principal LifeTime 2050 | 454 | 68 | 482 | 76 | 482 | 78 |
| Principal LifeTime 2060 | <1 | <1 | <1 | <1 | <1 | <1 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underwriting Fees for Periods Ended October 31<br>(amounts in thousands)** | **Underwriting Fees for Periods Ended October 31<br>(amounts in thousands)** | **Underwriting Fees for Periods Ended October 31<br>(amounts in thousands)** | **Underwriting Fees for Periods Ended October 31<br>(amounts in thousands)** | **Underwriting Fees for Periods Ended October 31<br>(amounts in thousands)** | **Underwriting Fees for Periods Ended October 31<br>(amounts in thousands)** | **Underwriting Fees for Periods Ended October 31<br>(amounts in thousands)** |
| | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| **Fund/Portfolio** | **Total<br>Underwriting<br> Commissions** | **Amount<br>Retained<br> by PFD** | **Total<br>Underwriting<br> Commissions** | **Amount<br>Retained<br> by PFD** | **Total<br>Underwriting<br> Commissions** | **Amount<br>Retained<br> by PFD** |
| Principal LifeTime 2070 |  |  | <1 | <1 | — <sup>(4)</sup> | — <sup>(4)</sup> |
| Principal LifeTime Hybrid Income | 34 | 34 | 27 | 27 | 38 | 38 |
| Principal LifeTime Hybrid 2020 | 76 | 76 | 96 | 96 | 96 | 96 |
| Principal LifeTime Hybrid 2025 | 256 | 256 | 285 | 285 | 207 | 207 |
| Principal LifeTime Hybrid 2030 | 377 | 377 | 278 | 278 | 151 | 151 |
| Principal LifeTime Hybrid 2035 | 190 | 190 | 127 | 127 | 99 | 99 |
| Principal LifeTime Hybrid 2040 | 313 | 313 | 202 | 202 | 116 | 116 |
| Principal LifeTime Hybrid 2045 | 111 | 111 | 111 | 111 | 68 | 68 |
| Principal LifeTime Hybrid 2050 | 110 | 110 | 81 | 81 | 74 | 74 |
| Principal LifeTime Hybrid 2055 | 84 | 84 | 71 | 71 | 33 | 33 |
| Principal LifeTime Hybrid 2060 | 46 | 46 | 35 | 35 | 21 | 21 |
| Principal LifeTime Hybrid 2065 | 20 | 20 | 10 | 10 | 7 | 7 |
| Principal LifeTime Hybrid 2070 | <1 | <1 | <1 | <1 | — <sup>(4)</sup> | — <sup>(4)</sup> |
| Real Estate Securities | 66 | 12 | 106 | 22 | 135 | 28 |
| SAM Balanced | 1419 | 463 | 1521 | 499 | 1628 | 512 |
| SAM Conservative Balanced | 568 | 232 | 585 | 307 | 693 | 301 |
| SAM Conservative Growth | 1334 | 377 | 1345 | 372 | 1438 | 332 |
| SAM Flexible Income | 381 | 164 | 390 | 195 | 666 | 319 |
| SAM Strategic Growth | 1284 | 300 | 1253 | 303 | 1206 | 247 |
| Short-Term Income | 327 | 71 | 291 | 81 | 323 | 100 |
| SmallCap | 146 | 25 | 168 | 31 | 190 | 37 |
| SmallCap Growth I | 1 | 1 | 2 | 2 | 2 | 2 |
| SmallCap S&P 600 Index | 6 | 6 | 8 | 8 | 7 | 7 |
| SmallCap Value II | <1 | <1 | 1 | 1 | <1 | <1 |
| Tax-Exempt Bond | 32 | 19 | 32 | 10 | 47 | 22 |

---

<sup>(1)</sup> International Bond Fund had not yet commenced operations as of the date of this SAI.

<sup>(2)</sup> Effective July 31, 2024, International Fund I changed its name to International Equity Fund.

<sup>(3)</sup> Effective _____________, 2026, Diversified Income Fund changed its name to Multi-Sector Income Fund.

<sup>(4)</sup> Period from March 1, 2023, date operations commenced, through October 31, 2023.

PFD does not charge fees on redemptions or repurchases of Fund shares. The amounts in the table above for Total Underwriting Commissions include any applicable contingent deferred sales charges and front-end sales charges.

**Rule 12b-1 Fees / Distribution Plans and Agreements**

In addition to the management and service fees, certain of the Funds' share classes are subject to a Rule 12b-1 Distribution Plan and Agreement (each, a "Plan" and, together, the "Plans"). The Board and initial shareholders of Classes A, C, J, and R-3 shares have approved and entered into a Plan. In adopting the Plans, the Board (including a majority of Independent Board Members) determined that there was a reasonable likelihood that the Plans would benefit the Funds and the shareholders of the affected classes. Among the possible benefits of the Plans include the potential for building and retaining Fund assets, as well as the ability to offer an incentive for registered representatives to provide ongoing servicing to shareholders.

The Plans provide that each Fund makes payments to the Fund's Distributor from assets of each share class that has a Plan to compensate the Distributor and other selling dealers, various banks, broker-dealers, and other financial intermediaries, for providing certain services to the Fund. Such services may include, but are not limited to:

• formulation and implementation of marketing and promotional activities;

• preparation, printing, and distribution of sales literature;

• preparation, printing, and distribution of prospectuses and the Fund reports to other-than-existing shareholders;

• obtaining such information with respect to marketing and promotional activities as the Distributor deems advisable;

• making payments to dealers and others engaged in the sale of shares or who engage in shareholder support services; and

• providing training, marketing, and support with respect to the sale of shares.

------

Each Fund pays the Distributor a fee after the end of each month at an annual rate as a percentage of the daily net asset value of the assets attributable to each share class as follows:

---

| | |
|:---|:---|
| **Share Class** | **Maximum Annualized Rule<br>12b-1 Fee** |
| A <sup>(1)(2)</sup> | 0.25% <sup>(3)</sup> |
| C <sup>(2)</sup> | 1.00% |
| J <sup>(2)</sup> | 0.15% |
| R-3 | 0.25% |

---

<sup>(1)</sup> Class A shares of the Money Market Fund are not subject to Rule 12b-1 fees.

<sup>(2)</sup> The Distributor also receives the proceeds of any CDSC imposed.

<sup>(3)</sup> The maximum annualized 12b-1 fee for Class A shares of the Government & High Quality Bond, LargeCap S&P 500 Index, and Short-Term Income Funds is 0.15%.

Effective December 31, 2015, the Distributor has contractually agreed to limit the distribution fees attributable to Class J normally payable by the Money Market Fund. This waiver is in place through February 28, 2026 and will reduce the Money Market Fund's distribution fees by 0.15%. It is expected that the fee waiver will continue to the period disclosed; however, PFI and the Distributor, the parties to the agreement, may agree to terminate the fee waiver prior to the end of the period.

The Distributor may remit on a continuous basis all of these sums to its investment representatives and other financial intermediaries as a trail fee in recognition of their services and assistance.

Currently, the Distributor makes payments to dealers on accounts for which such dealer is designated dealer of record. Payments are based on the average net asset value of the accounts invested in Classes A, C, J, or R-3 shares.

Under the Plans, the Funds have no legal obligation to pay any amount that exceeds the compensation limit. The Funds do not pay, directly or indirectly, interest, carrying charges, or other financing costs in association with these Plans. All fees paid under a Fund's Plan are paid to the Distributor, which is entitled to retain such fees paid by the Fund without regard to the expenses that it incurs.

For the fiscal year ended October 31, 2025, each Fund made the following 12b-1 payments to PFD, and PFD, from these 12b-1 payments, made the following payments to financial intermediaries that distribute and/or service the Fund's shares. The "Retained by PFD" column reflects the difference between the amount paid by the Fund to PFD and the amount of that 12b-1 fee paid by PFD to financial intermediaries. That difference/remainder is then used by PFD to pay for other 12b-1-eligible expenses. For the fiscal year ended October 31, 2025, the 12b-1-eligible expenses for each Fund were greater than the amount of the Fund's 12b-1 payments to PFD.

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Portfolio** | **Paid by Fund to PFD<br>(amounts in thousands)** | **Paid by PFD to<br> Financial Intermediaries<br> (amounts in thousands)** | &nbsp;&nbsp;&nbsp;&nbsp;**Retained by PFD<br>(amounts in thousands)** |
| California Municipal | $988 | $904 | $84 |
| Core Fixed Income | 654 | 644 | 10 |
| Core Plus Bond | 339 | 333 | 6 |
| Diversified International | 847 | 830 | 17 |
| Equity Income | 4001 | 3928 | 73 |
| Finisterre Emerging Markets Total Return Bond |  |  |  |
| Global Emerging Markets | 301 | 297 | 4 |
| Global Real Estate Securities | 129 | 125 | 4 |
| Government & High Quality Bond | 312 | 307 | 5 |
| Government Money Market |  |  |  |
| High Yield | 1244 | 1195 | 49 |
| Inflation Protection | 30 | 25 | 5 |
| International Bond<sup>(1)</sup> |  |  |  |
| International Equity | 6 | 6 |  |
| LargeCap Growth I | 2173 | 2090 | 83 |
| LargeCap S&P 500 Index | 3697 | 3563 | 134 |
| LargeCap Value III | 154 | 152 | 2 |
| MidCap | 6320 | 6259 | 61 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Portfolio** | **Paid by Fund to PFD<br>(amounts in thousands)** | **Paid by PFD to<br> Financial Intermediaries<br> (amounts in thousands)** | &nbsp;&nbsp;&nbsp;&nbsp;**Retained by PFD<br>(amounts in thousands)** |
| MidCap S&P 400 Index | 389 | 367 | 22 |
| MidCap Value I | 424 | 419 | 5 |
| Money Market |  |  |  |
| Multi-Sector Income<sup>(2)</sup> | 3345 | 3288 | 57 |
| Overseas | 2 | 1 | 1 |
| Principal Capital Appreciation | 3686 | 3581 | 105 |
| Principal LifeTime Strategic Income | 494 | 488 | 6 |
| Principal LifeTime 2020 | 1341 | 1341 |  |
| Principal LifeTime 2025 | 230 | 221 | 9 |
| Principal LifeTime 2030 | 2357 | 2340 | 17 |
| Principal LifeTime 2035 | 251 | 247 | 4 |
| Principal LifeTime 2040 | 1951 | 1935 | 16 |
| Principal LifeTime 2045 | 206 | 203 | 3 |
| Principal LifeTime 2050 | 1003 | 991 | 12 |
| Principal LifeTime 2055 | 140 | 139 | 1 |
| Principal LifeTime 2060 | 121 | 119 | 2 |
| Principal LifeTime 2065 | 26 | 26 |  |
| Principal LifeTime 2070 | 4 | 3 | 1 |
| Principal LifeTime Hybrid Income | 180 | 180 |  |
| Principal LifeTime Hybrid 2020 | 530 | 530 |  |
| Principal LifeTime Hybrid 2025 | 1055 | 1055 |  |
| Principal LifeTime Hybrid 2030 | 1064 | 1064 |  |
| Principal LifeTime Hybrid 2035 | 670 | 670 |  |
| Principal LifeTime Hybrid 2040 | 798 | 798 |  |
| Principal LifeTime Hybrid 2045 | 357 | 357 |  |
| Principal LifeTime Hybrid 2050 | 295 | $295 |  |
| Principal LifeTime Hybrid 2055 | 193 | 193 |  |
| Principal LifeTime Hybrid 2060 | 107 | 107 |  |
| Principal LifeTime Hybrid 2065 | 42 | 42 |  |
| Principal LifeTime Hybrid 2070 | 3 | 3 |  |
| Real Estate Securities | 878 | 851 | 27 |
| SAM Balanced | 8906 | 8750 | 156 |
| SAM Conservative Balanced | 3190 | 3159 | 31 |
| SAM Conservative Growth | 6571 | 6446 | 125 |
| SAM Flexible Income | 4470 | 4450 | 20 |
| SAM Strategic Growth | 4788 | 4665 | 123 |
| Short-Term Income | 803 | 748 | 55 |
| SmallCap | 948 | 915 | 33 |
| SmallCap Growth I | 141 | 134 | 7 |
| SmallCap S&P 600 Index | 427 | 409 | 18 |
| SmallCap Value II | 43 | 42 | 1 |
| Tax-Exempt Bond | 714 | 696 | 18 |

---

<sup>(1)</sup> International Bond Fund had not yet commenced operations as of the date of this SAI.

<sup>(2)</sup> Effective _____________, 2026, Diversified Income Fund changed its name to Multi-Sector Income Fund.

**Custodian**

The custodian of the portfolio securities and cash assets of the Funds is The Bank of New York Mellon, One Wall Street, New York, NY 10286. The custodian performs no managerial or policy-making functions for the Funds.

------

**Service Agreement and Administrative Services Agreement**

The Service Agreement (for Classes R-3 and R-5 Shares) provides for PGI to provide certain personal services to shareholders (plan sponsors) and beneficial owners (plan members) of those classes. These personal services include:

• responding to plan sponsor and plan member inquiries;

• providing information regarding plan sponsor and plan member investments; and

• providing other similar personal services or services related to the maintenance of shareholder accounts as contemplated by National Association of Securities Dealers (NASD) Rule 2830 (or any successor thereto).

As compensation for these services, Principal Funds will pay PGI service fees equal to 0.25% of the average daily net assets attributable to each of the R-3 and R-5 Classes. The service fees are calculated and accrued daily and paid monthly to PGI (or at such other intervals as Principal Funds and PGI may agree).

The Administrative Services Agreement (for Classes R-3 and R-5 Shares) provides for PGI to provide services to beneficial owners of Fund shares. Such services include:

• receiving, aggregating, and processing purchase, exchange, and redemption requests from plan shareholders;

• providing plan shareholders with a service that invests the assets of their accounts in shares pursuant to pre-authorized instructions submitted by plan members;

• processing dividend payments from the Funds on behalf of plan shareholders and changing shareholder account designations;

• acting as shareholder of record and nominee for plans;

• maintaining account records for shareholders and/or other beneficial owners;

• providing notification to plan shareholders of transactions affecting their accounts;

• forwarding prospectuses, financial reports, tax information, and other communications from the Fund to beneficial owners;

• distributing, receiving, tabulating, and transmitting proxy ballots of plan shareholders; and

• other similar administrative services.

As compensation for these services, Principal Funds will pay PGI service fees equal to 0.07% of the average daily net assets of the R-3 Class and 0.01% of the average daily net assets of the R-5 Class. The service fees are calculated and accrued daily and paid monthly to PGI (or at such other intervals as Principal Funds and PGI may agree).

PGI will generally, at its discretion, appoint (and may at any time remove) other parties, including companies affiliated with PGI, as its agent to carry out the provisions of the Service Agreement and/or the Administrative Services Agreement. However, the appointment of an agent shall not relieve PGI of any of its responsibilities or liabilities under those agreements. Any fees paid to agents under these agreements shall be the sole responsibility of PGI.

**Transfer Agent**

The Transfer Agency Agreement provides for Principal Shareholder Services, Inc. ("PSS") (711 High Street, Des Moines, IA 50392), an affiliate of PGI, to act as transfer and shareholder servicing agent for the Classes A, C, J, Institutional, R-3, R-5, and R-6.

• For Classes A, C, and R-6, and Institutional Class shares, the Registrant pays PSS a fee for the services provided pursuant to the Transfer Agency Agreement in an amount equal to the costs incurred by PSS for providing such services.

• For Class J shares, the Registrant pays PSS a fee for the services provided pursuant to the Transfer Agency Agreement in an amount that includes profit.

The Registrant pays PSS for the following services for Classes A, C, J, and R-6, and Institutional Class shares:

• issuance, transfer, conversion, cancellation, and registry of ownership of Fund shares, and maintenance of open account system;

• preparation and distribution of dividend and capital gain payments to shareholders;

• delivery, redemption, and repurchase of shares, and remittances to shareholders;

• the tabulation of proxy ballots and the preparation and distribution to shareholders of notices, proxy statements and proxies, reports, confirmation of transactions, prospectuses, and tax information;

• communication with shareholders concerning the above items; and

• use of its best efforts to qualify the capital stock of the Funds for sale in states and jurisdictions as directed by the Funds.

------

The Registrant does not pay for these services for Classes R-3 and R-5 shares. PSS will pay operating expenses attributable to Classes R-3 and R-5 shares related to (a) the cost of meetings of shareholders and (b) the costs of initial and ongoing qualification of the capital stock of the Funds for sale in states and jurisdictions.

**Securities Lending Agent**

The Bank of New York Mellon serves as the securities lending agent for the Funds. Information regarding securities lending during the Funds' fiscal year ended October 31, 2025 is as follows:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | Gross income (including from cash collateral reinvestment) | Fees paid to securities lending agent from a revenue split | Fees paid for any cash collateral management service that are not included in revenue split | Administrative fees not included in revenue split | Indemnification fees not included in revenue split | Net rebate paid to borrower | Other fees not included in revenue split | Aggregate fees/ compensation | Net income from securities lending |
| Core Fixed Income | $353954 | $6643 | $— | $— | $— | $287498 | $— | $294141 | $59813 |
| Core Plus Bond | 191859 | 3651 |  |  |  | 155325 |  | 158976 | 32883 |
| Diversified International | 327625 | 4738 |  |  |  | 280248 |  | 284985 | 42640 |
| Equity Income | 1529324 | 24856 |  |  |  | 1280751 |  | 1305608 | 223717 |
| Finisterre Emerging Markets Total Return Bond | 498965 | 14728 |  |  |  | 351669 |  | 366397 | 132568 |
| Global Emerging Markets | 203812 | 13493 |  |  |  | 68874 |  | 82367 | 121445 |
| Global Real Estate Securities | 3453 | 151 |  |  |  | 1947 |  | 2098 | 1355 |
| Government & High Quality Bond | 57 |  |  |  |  | 59 |  | 59 | (1) |
| High Yield | 3536534 | 110090 |  |  |  | 2435556 |  | 2545646 | 990888 |
| Inflation Protection | 7762 | 51 |  |  |  | 7252 |  | 7302 | 459 |
| International Equity | 1352108 | 35968 |  |  |  | 992425 |  | 1028393 | 323716 |
| LargeCap Growth I | 42296 | 853 |  |  |  | 33751 |  | 34604 | 7693 |
| LargeCap S&P 500 Index | 79480 | 19991 |  |  |  | (120437) |  | (100446) | 179926 |
| LargeCap Value III | 214828 | 22210 |  |  |  | (7310) |  | 14901 | 199928 |
| MidCap | 2182966 | 33339 |  |  |  | 1849559 |  | 1882898 | 300067 |
| MidCap S&P 400 Index | 145141 | 2387 |  |  |  | 121266 |  | 123652 | 21489 |
| MidCap Value I | 84184 | 4617 |  |  |  | 37984 |  | 42601 | 41584 |
| Multi-Sector Income | 1697229 | 44845 |  |  |  | 1248578 |  | 1293423 | 403806 |
| Overseas | 394956 | 9518 |  |  |  | 299764 |  | 309281 | 85675 |
| Principal Capital Appreciation | 16688 | 167 |  |  |  | 15017 |  | 15184 | 1504 |
| Short-Term Income | 232495 | 2609 |  |  |  | 206398 |  | 209007 | 23489 |
| SmallCap | 324848 | 30140 |  |  |  | 23442 |  | 53582 | 271266 |
| SmallCap Growth I | 1475153 | 110886 |  |  |  | 365875 |  | 476761 | 998392 |
| SmallCap S&P 600 Index | 233093 | 6902 |  |  |  | 164041 |  | 170944 | 62150 |
| SmallCap Value II | 433307 | 22345 |  |  |  | 209575 |  | 231920 | 201387 |

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The services provided by The Bank of New York Mellon, as securities lending agent for the Funds, include: coordinating, with the Funds, the selection of securities to be loaned; negotiating loan terms; monitoring the value of securities loaned and corresponding collateral, marking to market daily; coordinating collateral movements; monitoring dividends; and transferring, recalling, and arranging the return of loaned securities to the Funds upon loan termination.

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**MULTIPLE CLASS STRUCTURE**

The Board has adopted a multiple class plan (the "Multiple Class Plan") pursuant to U.S. Securities and Exchange Commission ("SEC") Rule 18f-3. The share classes each Fund offers are identified in the chart included under the heading "History of the Funds." The share classes offered under the Multiple Class Plan include: Classes A, C, J, Institutional, R-3, R-5, and R-6.

**Contingent Deferred Sales Charges ("CDSC")**

Class A shares are generally sold with a sales charge that is a variable percentage based on the amount of the purchase, as described in the Prospectus. Certain redemptions of Class A shares within 12 months of purchase may be subject to a CDSC, as described in the Prospectus.

Class C shares are not subject to a sales charge at the time of purchase but are subject to a 1% CDSC on shares redeemed within 12 months of purchase, as described in the Prospectus.

Class J shares are sold without any front-end sales charge. A CDSC of 1% is imposed if Class J shares are redeemed within 18 months of purchase, as described in the Prospectus.

Sales charge waivers and reductions may be available depending on whether shares are purchased directly from the Fund or through a financial intermediary, as described in the Prospectus and Appendix B to the Prospectus, titled "Intermediary-Specific Sales Charge Waivers and Reductions."

For Classes A, C, and J shares purchased from the Fund or through an intermediary not identified on Appendix B to the Prospectus, the CDSC is waived on shares:

• redeemed within 90 days after an account is re-registered due to a shareholder's death;

• redeemed to pay surrender fees;

• redeemed to pay retirement plan fees;

• redeemed involuntarily from accounts with small balances;

• redeemed due to the shareholder's disability (as defined by the Internal Revenue Code) provided the shares were purchased prior to the disability;

• redeemed from retirement plans to satisfy minimum distribution rules under the Internal Revenue Code;

• redeemed from a retirement plan to assure the plan complies with the Internal Revenue Code;

• redeemed from retirement plans qualified under Section 401(a) of the Internal Revenue Code due to the plan participant's death, disability, retirement, or separation from service after attaining age 55;

• redeemed from retirement plans to satisfy excess contribution rules under the Internal Revenue Code; or

• redeemed using a systematic withdrawal plan (up to 1% per month (measured cumulatively with respect to non-monthly plans) of the value of the fund account at the time, and beginning on the date, the systematic withdrawal plan begins). (The free withdrawal privilege not used in a calendar year is not added to the free withdrawal privileges for any following year.)

For Class J shares purchased from the Fund or through an intermediary not identified on Appendix B to the Prospectus, the CDSC also is waived on shares:

• redeemed that were purchased pursuant to the Small Amount Force Out program (SAFO); or

• of the Money Market Fund redeemed within 30 days of the initial purchase if the redemption proceeds are transferred to another Principal IRA, defined as either a fixed or variable annuity issued by Principal Life Insurance Company to fund an IRA, a Principal Bank IRA product, or a WRAP account IRA sponsored by Principal Securities, Inc. (PSI).

Institutional Class and Classes R-3, R-5, and R-6 shares are available without any front-end sales charge or CDSC. Classes R-3 and R-5 shares are available through employer-sponsored retirement plans. Such plans may impose fees in addition to those charged by the Funds. Classes R-3 and R-5 shares are subject to asset-based charges (described above). Class R-6 shares are generally available through the defined contribution investment only channel.

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**INTERMEDIARY COMPENSATION**

<u>Additional Payments to Intermediaries.</u>

Shares of the Funds are sold primarily through intermediaries, such as brokers, dealers, investment advisors, banks, trust companies, pension plan consultants, retirement plan administrators, and insurance companies.

In addition to payments pursuant to 12b-1 plans, PGI or its affiliates enter into agreements with some intermediaries pursuant to which the intermediaries receive payments for providing services relating to Fund shares. Examples of such services are administrative, networking, recordkeeping, sub-transfer agency, and/or shareholder services. In some situations, the Funds will reimburse PGI or its affiliates for making such payments; in others, the Funds make such payments directly to intermediaries.

For Classes R-3 and R-5 shares, such compensation is generally paid out of the Service Fees and Administrative Services Fees that are disclosed in the Prospectus as Other Expenses. Such compensation is generally based on the average asset value of Fund shares for the relevant share class held by clients of the intermediary.

In addition, PGI or its affiliates pay, without reimbursement from the Funds, compensation from their own resources, to certain intermediaries that support the distribution of shares of the Funds or provide services to Fund shareholders. In addition, PGI or its affiliates pay, without reimbursement from the Funds, compensation from their own resources to certain large plan sponsors to help cover the cost of providing educational materials to plan participants.

The amounts paid to intermediaries vary by share class and by Fund.

Principal Life Insurance Company is one such intermediary that provides services relating to Fund shares held in employee benefit plans, and it is typically paid all of the Service Fees and Administrative Services Fees pertaining to such plans.

Plan recordkeepers, who may have affiliated financial intermediaries that sell shares of the Funds, may be paid additional amounts. In addition, some financial intermediaries or their affiliates receive compensation from PGI or its affiliates for maintaining retirement plan platforms that facilitate trading by affiliated and non-affiliated financial intermediaries and recordkeeping for retirement plans.

A number of factors may be considered in determining the amount of these additional payments, including each financial intermediary's Fund sales and assets, as well as the willingness and ability of the financial intermediary to give the Distributor access to its Financial Professionals for educational and marketing purposes. In some cases, intermediaries will include the Funds on a preferred list. The Distributor's goals include making the Financial Professionals who interact with current and prospective investors and shareholders more knowledgeable about the Funds so that they can provide suitable information and advice about the Funds and related investor services. The amounts paid to intermediaries vary by Fund and by share class.

Additionally, in some cases, the Distributor and its affiliates will provide payments or reimbursements in connection with the costs of conferences, educational seminars, training, and marketing efforts related to the Funds. Such activities may be sponsored by intermediaries or the Distributor. The costs associated with such activities may include travel, lodging, entertainment, and meals. In some cases, the Distributor will also provide payment or reimbursement for expenses associated with transactions ("ticket") charges and general marketing expenses. Other compensation may be paid to the extent not prohibited by applicable laws, regulations, or the rules of any self-regulatory agency, such as FINRA.

The payments described in this SAI may create a conflict of interest by influencing your Financial Professional or your intermediary to recommend a Fund over another investment, or to recommend one share class of a Fund over another share class. Ask your Financial Professional or visit your intermediary's website for more information about the total amounts paid to them by PGI and its affiliates, and by sponsors of other investment companies your Financial Professional may recommend to you.

Your intermediary may charge you additional fees other than those disclosed in the Prospectus. Ask your Financial Professional about any fees and commissions they charge.

Although a Fund may use brokers who sell shares of the Funds to effect portfolio transactions, the sale of shares is not considered as a factor by the Fund's sub-advisors when selecting brokers to effect portfolio transactions.

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As of July 1, 2026, the Distributor anticipates that the firms that will receive additional payments as described in the Additional Payments to Intermediaries section above (other than sales charges, Rule 12b-1 fees, and expense reimbursement) include, but are not necessarily limited to, the following: *[To be filed by amendment.]*

The preceding list is subject to change at any time without notice. Any additions, modifications, or deletions to the financial intermediaries identified in this list that have occurred since the date noted above are not reflected. To obtain a current list, call 1-800-222-5852.

**BROKERAGE ALLOCATION AND OTHER PRACTICES**

**Brokerage on Purchases and Sales of Securities**

All orders for the purchase or sale of portfolio securities are placed on behalf of a Fund by PGI or by the Fund's sub-advisor pursuant to the terms of the applicable sub-advisory agreement. In distributing brokerage business arising out of the placement of orders for the purchase and sale of securities for any Fund, the objective of PGI and of each Fund's sub-advisor is to obtain the best overall terms. In pursuing this objective, PGI or the sub-advisor considers all matters it deems relevant, including the breadth of the market in the security, the price of the security, the financial condition and executing capability of the broker or dealer, confidentiality, including trade anonymity, and the reasonableness of the commission, if any (for the specific transaction and on a continuing basis). This may mean in some instances that PGI or a sub-advisor will pay a broker commissions that are in excess of the amount of commissions another broker might have charged for executing the same transaction when PGI or the sub-advisor believes that such commissions are reasonable in light of a) the size and difficulty of the transaction, b) the quality of the execution provided, and c) the level of commissions paid relative to commissions paid by other institutional investors. Such factors are viewed both in terms of that particular transaction and in terms of all transactions that broker executes for accounts over which PGI or the sub-advisor exercises investment discretion. The Board has also adopted a policy and procedure designed to prevent each of the Funds from compensating a broker/dealer for promoting or selling Fund shares by directing brokerage transactions to that broker/dealer for the purpose of compensating the broker/dealer for promoting or selling Fund shares. Therefore, PGI or a sub-advisor may not compensate a broker/dealer for promoting or selling Fund shares by directing brokerage transactions to that broker/dealer for the purpose of compensating the broker/dealer for promoting or selling Fund shares. PGI or a sub-advisor may purchase securities in the over-the-counter market, utilizing the services of principal market makers unless better terms can be obtained by purchases through brokers or dealers, and may purchase securities listed on the NYSE from non-Exchange members in transactions off the Exchange.

PGI or a sub-advisor may give consideration in the allocation of business to services performed by a broker (e.g., the furnishing of statistical data and research generally consisting of, but not limited to, information of the following types: analyses and reports concerning issuers, industries, economic factors, and trends; portfolio strategy; performance of client accounts; and access to research analysts, corporate management personnel, and industry experts). If any such allocation is made, the primary criteria used will be to obtain the best overall terms for such transactions or terms that are reasonable in relation to the research or brokerage services provided by the broker or dealer when viewed in terms of either a particular transaction or a sub-advisor's overall responsibilities to the accounts under its management. PGI or a sub-advisor generally pays additional commission amounts for such research services. Statistical data and research information received from brokers or dealers as described above may be useful in varying degrees and PGI or a sub-advisor may use it in servicing some or all of the accounts it manages.

------

PGI and the sub-advisors allocated portfolio transactions for the Funds indicated in the following table to certain brokers for the year ended October 31, 2025 due to research services provided by such brokers. The table also indicates the commissions paid to such brokers as a result of these portfolio transactions.

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| | | |
|:---|:---|:---|
| **Fund** | **Amount of Transactions** <br>**because of Research Services Provided** | **Related Commissions Paid** |
| Diversified International | $1098433462 | $628979 |
| Equity Income | 3088826129 | 895172 |
| Global Emerging Markets | 2149846139 | 1283885 |
| Global Real Estate Securities | 590987965 | 350812 |
| International Equity | 3213148243 | 1765667 |
| LargeCap Growth I | 4172880004 | 592180 |
| LargeCap S&P 500 Index | 697224865 | 116792 |
| LargeCap Value III | 4114985866 | 968534 |
| MidCap | 9775868226 | 2389301 |
| MidCap S&P 400 Index | 188370484 | 78772 |
| MidCap Value I | 4008399481 | 1211743 |
| Multi-Sector Income | 204685890 | 109763 |
| Overseas | 807515814 | 710108 |
| Principal Capital Appreciation | 4462718450 | 1010953 |
| Real Estate Securities | 1825827378 | 1032253 |
| SmallCap | 1134235293 | 700958 |
| SmallCap Growth I | 1277913033 | 828450 |
| SmallCap S&P 600 Index | 418227253 | 267797 |
| SmallCap Value II | 768078462 | 2819556 |

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Subject to the rules promulgated by the SEC, as well as other regulatory requirements, the Board has approved procedures whereby a Fund may purchase securities that are offered in underwritings in which an affiliate of a sub-advisor, or PGI, participates. These procedures prohibit a Fund from directly or indirectly benefiting a sub-advisor affiliate or PGI affiliate in connection with such underwritings. In addition, for underwritings where a sub-advisor affiliate or PGI participates as a principal underwriter, certain restrictions may apply that could, among other things, limit the amount of securities that a Fund could purchase in the underwritings. The sub-advisor shall determine the amounts and proportions of orders allocated to the sub-advisor or affiliate. The Board will receive quarterly reports on these transactions.

The Board has approved procedures that permit a Fund to effect a purchase or sale transaction between the Fund and any other affiliated investment company or between a Fund and affiliated persons of the Fund under limited circumstances prescribed by SEC Rules. Any such transaction must be effected without any payment other than a cash payment for the securities, for which a market quotation is readily available, at the current market price; must be consistent with the investment objective, investment strategy, and risk profile of the Fund; and no brokerage commission or fee (except for customary transfer fees), or other remuneration may be paid in connection with the transaction. The Board will receive quarterly reports on these transactions.

The Board has also approved procedures that permit a Fund's sub-advisor(s) to place portfolio trades with an affiliated broker under circumstances prescribed by SEC Rules 17e-1 and 17a-10. The procedures require that total commissions, fees, or other remuneration received or to be received by an affiliated broker must be reasonable and fair compared to the commissions, fees, or other remuneration received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable time period. The Board will receive quarterly reports on these transactions.

Purchases and sales of debt securities and money market instruments usually are principal transactions; portfolio securities are normally purchased directly from the issuer or from an underwriter or marketmakers for the securities. Such transactions are usually conducted on a net basis with a Fund paying no brokerage commissions. Purchases from underwriters include a commission or concession paid by the issuer to the underwriter, and the purchases from dealers serving as marketmakers include the spread between the bid and asked prices.

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The following table shows the brokerage commissions paid during the periods indicated.

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| | | | |
|:---|:---|:---|:---|
| **Total Brokerage Commissions Paid for Periods Ended October 31** | **Total Brokerage Commissions Paid for Periods Ended October 31** | **Total Brokerage Commissions Paid for Periods Ended October 31** | **Total Brokerage Commissions Paid for Periods Ended October 31** |
| **Fund/Portfolio** | **2025** | **2024** | **2023** |
| California Municipal | $— | $— | $772 |
| Core Fixed Income |  |  | 1702 |
| Core Plus Bond | 10718 |  | 88 |
| Diversified International | 1775700 | 4516568 | 3538818 |
| Equity Income | 1437686 | 1483285 | 1644750 |
| Global Emerging Markets | 4261175 | 2043339 | 167018 |
| Global Real Estate Securities | 837602 | 1095112 | 1206464 |
| High Yield | 252451 | 35050 |  |
| Inflation Protection | 43279 | 49563 | 49403 |
| International Equity | 5310536 | 425707 | 150543 |
| LargeCap Growth I | 1385386 | 1591302 | 1152400 |
| LargeCap S&P 500 Index | 180841 | 75367 | 117105 |
| LargeCap Value III | 1184132 | 919894 | 847153 |
| MidCap | 4074670 | 3097643 | 2248485 |
| MidCap S&P 400 Index | 126785 | 159485 | 49991 |
| MidCap Value I | 1455014 | 1492869 | 1225482 |
| Multi-Sector Income | 196323 | 210787 | 153698 |
| Overseas | 1163074 | 1819972 | 2178421 |
| Principal Capital Appreciation | 1719126 | 1077596 | 1224424 |
| Real Estate Securities | 1851387 | 2110033 | 1268659 |
| SAM Balanced | 1371646 | 30860 | 46400 |
| SAM Conservative Balanced | 378019 | 9720 | 14280 |
| SAM Conservative Growth | 1112546 | 17380 | 28720 |
| SAM Flexible Income | 467126 | 15050 | 22740 |
| SAM Strategic Growth | 1049025 | 12000 | 22620 |
| SmallCap | 1295602 | 1739559 | 594044 |
| SmallCap Growth I | 1629370 | 2032254 | 1484968 |
| SmallCap S&P 600 Index | 441715 | 154187 | 148439 |
| SmallCap Value II | 1362355 | 1838368 | 1308934 |
| Tax-Exempt Bond | 100 |  |  |

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Primary reasons for changes in brokerage commissions for those Funds with relatively greater variations for the three years were changes in commission rates; changes in Fund size; changes in market conditions; changes in money managers of certain Funds; and implementation of investment strategies. In some cases, such events required substantial portfolio restructurings, resulting in increased securities transactions and brokerage commissions.

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Brokerage commissions from the portfolio transactions effected for the Funds were paid to brokers affiliated with PGI or such Fund's sub-advisors for the fiscal years ended October 31 as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Affiliated Advisor/Sub-Advisor** | **Affiliated Broker<br>Receiving Commissions** | **2025 Commissions Paid to Affiliated Broker** | **% of Fund's Total<br>Commissions** | **% of<br>Dollar Amount<br>of Fund's<br>Commissionable<br>Transactions** |
| **Multi-Sector Income**<sup>(1)</sup> | **Multi-Sector Income**<sup>(1)</sup> | **Multi-Sector Income**<sup>(1)</sup> | **Multi-Sector Income**<sup>(1)</sup> | **Multi-Sector Income**<sup>(1)</sup> | **Multi-Sector Income**<sup>(1)</sup> |
|  | Spectrum Asset Management, Inc. | SAMI Brokerage LLC<sup>(2)</sup> | 6056 | 3.08% | 1.63% |
| **Total** | **Total** | **Total** | **$6056** | **3.08%** | **1.63%** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Affiliated Advisor/Sub-Advisor** | **Affiliated Broker<br>Receiving Commissions** | **2024 Commissions Paid to Affiliated Broker** | **% of Fund's Total<br>Commissions** | **% of<br>Dollar Amount<br>of Fund's<br>Commissionable<br>Transactions** |
| **Multi-Sector Income**<sup>(1)</sup> | **Multi-Sector Income**<sup>(1)</sup> | **Multi-Sector Income**<sup>(1)</sup> | **Multi-Sector Income**<sup>(1)</sup> | **Multi-Sector Income**<sup>(1)</sup> | **Multi-Sector Income**<sup>(1)</sup> |
|  | Spectrum Asset Management, Inc. | SAMI Brokerage LLC<sup>(2)</sup> | 4217 | 2.00% | 1.27% |
| **Total** | **Total** | **Total** | **$4217** | **2.00%** | **1.27%** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Affiliated Advisor/Sub-Advisor** | **Affiliated Broker<br>Receiving Commissions** | **2023<br>Commissions Paid to Affiliated Broker** | **% of Fund's Total<br>Commissions** | **% of<br>Dollar Amount<br>of Fund's<br>Commissionable<br>Transactions** |
| **Multi-Sector Income**<sup>(1)</sup> | **Multi-Sector Income**<sup>(1)</sup> | **Multi-Sector Income**<sup>(1)</sup> | **Multi-Sector Income**<sup>(1)</sup> | **Multi-Sector Income**<sup>(1)</sup> | **Multi-Sector Income**<sup>(1)</sup> |
|  | Spectrum Asset Management, Inc. | SAMI Brokerage LLC<sup>(2)</sup> | 14022 | 9.12% | 1.48% |
| **Total** | **Total** | **Total** | **$14022** | **9.12%** | **1.48%** |

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<sup>(1)</sup> Effective _____________, 2026, Diversified Income Fund changed its name to Multi-Sector Income Fund.

<sup>(2)</sup> SAMI Brokerage LLC is a member of the Principal Financial Group.

Material differences, if any, between the percentage of a Fund's brokerage commissions paid to a broker and the percentage of transactions effected through that broker reflect the commission rates the sub-advisor has negotiated with the broker. Commission rates a sub-advisor pays to brokers may vary and reflect such factors as the trading volume placed with a broker, the type of security, the market in which a security is traded and the trading volume of that security, the types of services provided by the broker (i.e., execution services only or additional research services), and the quality of a broker's execution.

The following table indicates the value of each Fund's aggregate holdings, in thousands, of the securities of its regular brokers or dealers for the fiscal year ended October 31, 2025.

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| | | |
|:---|:---|:---|
| **Holdings of Securities of Principal Funds, Inc. Regular Brokers and Dealers** | **Holdings of Securities of Principal Funds, Inc. Regular Brokers and Dealers** | **Holdings of Securities of Principal Funds, Inc. Regular Brokers and Dealers** |
| <br>**Fund** | <br>**Broker or Dealer** | **Holdings**<br>**(in thousands)** |
| Core Fixed Income | Bank of America | $94349 |
|  | Bank of New York Mellon Corp/The | 78848 |
|  | Citigroup Inc | 91692 |
|  | Goldman Sachs Group Inc/The | 100593 |
|  | Jefferies Group LLC | 64506 |
|  | JPMorgan Chase & Co | 104626 |
|  | Morgan Stanley | 107259 |
| Core Plus Bond | Bank of America | $1966 |
|  | Barclays PLC | 781 |
|  | Citigroup Inc | 1703 |
|  | Goldman Sachs Group Inc/The | 4416 |
|  | HSBC Holdings PLC | 2033 |
|  | JPMorgan Chase & Co | 3686 |
|  | Morgan Stanley | 8672 |
|  | Royal Bank of Canada | 998 |
|  | UBS Group AG | 1434 |

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| | | |
|:---|:---|:---|
| **Holdings of Securities of Principal Funds, Inc. Regular Brokers and Dealers** | **Holdings of Securities of Principal Funds, Inc. Regular Brokers and Dealers** | **Holdings of Securities of Principal Funds, Inc. Regular Brokers and Dealers** |
| <br>**Fund** | <br>**Broker or Dealer** | **Holdings**<br>**(in thousands)** |
| Equity Income | Bank of America | $238728 |
|  | Citigroup Inc | 106384 |
|  | JPMorgan Chase & Co | 293460 |
|  | Morgan Stanley | 294908 |
| High Yield | Barclays PLC | $61551 |
|  | JPMorgan Chase & Co | 36710 |
|  | UBS Group AG | 76425 |
| LargeCap Growth I | Bank of America | $694 |
|  | Bank of New York Mellon Corp/The | 144 |
|  | Citigroup Inc | 799 |
|  | Goldman Sachs Group Inc/The | 299 |
|  | Jefferies Group LLC | 55 |
| LargeCap S&P 500 Index | Bank of America | $65567 |
|  | Bank of New York Mellon Corp/The | 13702 |
|  | Citigroup Inc | 33547 |
|  | Goldman Sachs Group Inc/The | 43016 |
|  | JPMorgan Chase & Co | 154004 |
|  | Morgan Stanley | 35817 |
| LargeCap Value III | Bank of America | $65432 |
|  | Bank of New York Mellon Corp/The | 1276 |
|  | Citigroup Inc | 2736 |
|  | Goldman Sachs Group Inc/The | 4049 |
|  | Jefferies Group LLC | 117 |
|  | JPMorgan Chase & Co | 27214 |
|  | Morgan Stanley | 3408 |
|  | Stifel Financial Corp | 208 |
|  | Virtu Financial Inc | 45 |
| MidCap S&P 400 Index | Jefferies Group LLC | $3282 |
|  | Stifel Financial Corp | 4555 |
| MidCap Value I | Bank of New York Mellon Corp/The | $1390 |
|  | Jefferies Group LLC | 118 |
|  | Stifel Financial Corp | 3317 |
|  | Virtu Financial Inc | 7037 |
| Money Market | Barclays PLC | $26133 |
|  | HSBC Holdings PLC | 16800 |
|  | JPMorgan Chase & Co | 5989 |
| Multi-Sector Income | Bank of America | $22136 |
|  | Bank of Montreal | 2250 |
|  | Bank of New York Mellon Corp/The | 6827 |
|  | Barclays PLC | 6076 |
|  | BNP Paribas SA | 8520 |
|  | Citigroup Inc | 14946 |
|  | Goldman Sachs Group Inc/The | 12961 |
|  | HSBC Holdings PLC | 5081 |
|  | Jefferies Group LLC | 88 |
|  | JPMorgan Chase & Co | 19547 |
|  | Morgan Stanley | 12305 |
|  | Royal Bank of Canada | 9870 |
|  | Stifel Financial Corp | 41 |
|  | UBS Group AG | 5749 |
| Overseas | Barclays PLC | $26690 |
|  | BNP Paribas SA | 28814 |
|  | HSBC Holdings PLC | 4696 |

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| | | |
|:---|:---|:---|
| **Holdings of Securities of Principal Funds, Inc. Regular Brokers and Dealers** | **Holdings of Securities of Principal Funds, Inc. Regular Brokers and Dealers** | **Holdings of Securities of Principal Funds, Inc. Regular Brokers and Dealers** |
| <br>**Fund** | <br>**Broker or Dealer** | **Holdings**<br>**(in thousands)** |
| Principal Capital Appreciation | JPMorgan Chase & Co | $160649 |
|  | Morgan Stanley | 36500 |
| Short-Term Income | Bank of America | $19273 |
|  | Bank of Montreal | 16632 |
|  | Bank of New York Mellon Corp/The | 15102 |
|  | Barclays PLC | 7159 |
|  | BNP Paribas SA | 18850 |
|  | Citigroup Inc | 45283 |
|  | Goldman Sachs Group Inc/The | 68097 |
|  | JPMorgan Chase & Co | 69318 |
|  | Morgan Stanley | 73740 |
|  | Royal Bank of Canada | 26046 |
|  | UBS Group AG | 14895 |
| SmallCap | Stifel Financial Corp | $27049 |
| SmallCap Growth I | Stifel Financial Corp | $9766 |
| SmallCap S&P 600 Index | Virtu Financial Inc | $2244 |

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**Allocation of Trades**

**By the Manager (PGI).** PGI has its own trading platform and personnel that perform trade-related functions. Where applicable, PGI trades on behalf of its own clients. Such transactions are executed in accordance with PGI's trading policies and procedures, including, but not limited to, trade allocations and order aggregation, purchase of new issues, and directed brokerage. PGI acts as discretionary investment advisor for a variety of individual accounts, ERISA accounts, registered investment companies, insurance company separate accounts, and public employee retirement plans and places orders to trade portfolio securities for each of these accounts. Managing multiple accounts may give rise to potential conflicts of interest including, for example, conflicts among investment strategies and conflicts in the allocation of investment opportunities. PGI has adopted and implemented policies and procedures that it believes address the potential conflicts associated with managing accounts for multiple clients and are designed to ensure that all clients are treated fairly and equitably. These procedures include allocation policies and procedures and internal review processes.

If, in carrying out the investment objectives of its respective clients, occasions arise in which PGI deems it advisable to purchase or sell the same equity securities for two or more client accounts at the same or approximately the same time, PGI may submit the orders to purchase or sell to a broker/dealer for execution on an aggregate or "bunched" basis. PGI will not aggregate orders unless it believes that aggregation is consistent with (1) its duty to seek best execution and (2) the terms of its investment advisory agreements. In distributing the securities purchased or the proceeds of sale to the client accounts participating in a bunched trade, no advisory account will be favored over any other account and each account that participates in an aggregated order will participate at the average share price for all transactions of PGI relating to that aggregated order on a given business day, with all transaction costs relating to that aggregated order shared on a pro rata basis.

Because of PGI's role as investment advisor to each of the Funds and discretionary advisor to funds of funds and some underlying funds, conflicts may arise in connection with the services PGI provides to funds of funds with respect to asset class and target weights for each asset class and investments made in underlying funds. PGI also provides advisory services to funds that have multiple investment advisors ("Multi-Managed Funds"). These services include determining the portion of a Multi-Managed Fund's portfolio to be allocated to an advisor. Conflicts may arise in connection with the services PGI provides to the funds of funds that it manages, in connection with the services PGI provides to other funds of funds and Multi-Managed Funds, for the following reasons:

• PGI serves as the investment advisor to the underlying funds in which the funds of funds invest, sometimes as the discretionary advisor, and an affiliated investment advisor may serve as sub-advisor to the funds in which a fund of funds may invest. This raises a potential conflict because PGI's or an affiliated company's profit margin may vary depending upon the underlying fund in which the funds of funds invest.

• PGI or an affiliated person may serve as investment advisor to a portion of a Multi-Managed Fund. In addition, PGI might recommend that an affiliated person serve as sub-advisor to a portion of a Multi-Managed Fund. This raises a potential conflict because PGI's or an affiliated investment advisor's profit margin may vary depending on the extent to which a Multi-Managed Fund's assets are managed by PGI or allocated to an affiliated advisor.

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• A sub-advisor may determine that the asset class PFI has hired it to manage (for example, small capitalization growth stocks) can be managed effectively only by limiting the amount of money devoted to the purchase of securities in the asset class. In such a case, a sub-advisor may impose a limit on the amount of money PFI may place with the sub-advisor for management. When a sub-advisor for two or more PFI Funds imposes such a limit, PGI and/or the sub-advisor may need to determine which Fund will be required to limit its investment in the asset class and the degree to which the Fund will be so limited. PGI and the sub-advisor may face a conflict of interest in making its determination.

PGI implements the following in an effort to limit the appearance of conflicts of interest and the opportunity for events that could trigger an actual conflict of interest:

• PGI implements a process for selecting underlying funds that emphasizes the selection of funds within the Principal Funds Complex that are determined to be consistent with the fund of fund's objective and principal investment strategies. However, PGI will select an unaffiliated underlying fund managed by an unaffiliated sub-advisor when deemed necessary or appropriate based upon a consideration of the Fund's objective and investment strategies and available expertise and resources within the Principal organization.

• PGI uses a process to select investment advisors that emphasizes the selection of PGI or Principal-affiliated sub-advisors that are determined to be qualified under PGI's due diligence process. However, PGI will select an unaffiliated sub-advisor to manage all or a portion of a Fund's portfolio when deemed necessary or appropriate based upon a consideration of the Fund's objective and investment strategies and available expertise and resources within the Principal organization.

• PGI provides ongoing oversight of the Funds' investments to monitor adherence to their investment program.

**By the Sub-Advisors.** The portfolio managers of each sub-advisor manage a number of accounts other than the Funds' portfolios, including in some instances proprietary or personal accounts. Managing multiple accounts may give rise to potential conflicts of interest, including, for example, conflicts among investment strategies, allocating time and attention to account management, allocation of investment opportunities, knowledge of and timing of fund trades, selection of brokers and dealers, and compensation for the account. Each has adopted and implemented policies and procedures that it believes address the potential conflicts associated with managing accounts for multiple clients and personal accounts and are designed to ensure that all clients and client accounts are treated fairly and equitably. These procedures include allocation policies and procedures, personal trading policies and procedures, internal review processes, and, in some cases, review by independent third parties.

Investments the sub-advisor deems appropriate for a Fund's portfolio may also be deemed appropriate by it for other accounts. Therefore, the same security may be purchased or sold at or about the same time for both the Fund's portfolio and other accounts. In such circumstances, the sub-advisor may determine that orders for the purchase or sale of the same security for the Fund's portfolio and one or more other accounts should be combined. In this event, the transactions will be priced and allocated in a manner deemed by the sub-advisor to be equitable and in the best interests of the Fund's portfolio and such other accounts. While in some instances combined orders could adversely affect the price or volume of a security, the Fund believes that its participation in such transactions on balance will produce better overall results for the Fund.

**PURCHASE AND REDEMPTION OF SHARES**

**Purchase of Shares**

Participating insurance companies and certain other designated organizations are authorized to receive purchase orders on the Funds' behalf, and those organizations are authorized to designate their agents and affiliates as intermediaries to receive purchase orders. Purchase orders are deemed received by a Fund when authorized organizations, their agents, or affiliates receive the order. The Funds are not responsible for the failure of any designated organization or its agents or affiliates to carry out its obligations to its customers. Class A shares of the Funds are purchased at their public offering price, and other share classes of the Funds are purchased at the net asset value ("NAV") per share, as determined at the close of the regular trading session of the NYSE next occurring after a purchase order is received and accepted by an authorized agent of a Fund. In order to receive a day's price, an order must be received in good order by the close of the regular trading session of the NYSE as described below in "Pricing of Fund Shares."

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All income dividends and capital gains distributions, if any, on a Fund's Institutional Class and Classes R-3, R-5, and R-6 shares are reinvested automatically in additional shares of the same class of the same Fund. Dividends and capital gains distributions, if any, on a Fund's Classes A, C, and J shares are reinvested automatically in additional shares of the same Class of shares of the same Fund unless the shareholder elects to take dividends in cash. The reinvestment will be made at the NAV determined on the first business day following the record date.

The Fund, at its discretion, may permit the purchase of shares using securities as consideration (a purchase in-kind).

<u>Finisterre Emerging Markets Total Return Bond Fund</u>

For retail investors (i.e. non-employer sponsored retirement plan investors), effective as of the close of the New York Stock Exchange on April 13, 2026, and for employer-sponsored retirement plan investors, effective as of the close of the New York Stock Exchange on June 12, 2026, the Finisterre Emerging Markets Total Return Bond Fund will no longer be available for purchases from new investors except in limited circumstances.

• Shareholders, including those in omnibus accounts, who own shares of the Finisterre Emerging Markets Total Return Bond Fund as of April 13, 2026 (for retail investors, i.e., non-employer sponsored retirement plan investors) or June 12, 2026 (for employer sponsored retirement plan investors), may continue to make purchases, exchanges, and dividend or capital gains reinvestment in existing accounts.

• Registered Investment Advisor ("RIA") and bank trust firms that have an investment allocation to the Emerging Market Debt Total Return Strategy (i.e., investments in the same strategy used in collective investment trust, insurance separate accounts, or separately managed accounts) in a fee-based, wrap, or advisory account, may add new clients, or purchase shares in the Finisterre Emerging Markets Total Return Bond Fund. The Finisterre Emerging Markets Total Return Bond Fund will not be available to new RIA and bank trust firms.

• Shareholders through accounts at private banks may continue to purchase shares and exchange into the Finisterre Emerging Markets Total Return Bond Fund. Private banks that have an investment allocation to the Emerging Market Debt Total Return Strategy (i.e., investments in the same strategy used in collective investment trust, insurance separate accounts, or separately managed accounts) may add new clients to the Finisterre Emerging Markets Total Return Bond Fund. The Finisterre Emerging Markets Total Return Bond Fund will not be available to private bank or private bank platforms not already investing in the Emerging Market Debt Total Return Strategy.

• Shareholders in broker/dealer wrap or fee-based programs that have an investment allocation to the Finisterre Emerging Markets Total Return Bond Fund may continue to purchase shares and exchange into the Finisterre Emerging Markets Total Return Bond Fund. Existing broker/dealer wrap or fee-based programs may add new participants.

• Shareholders in certain types of retirement plans (including 401(k)s, SEPs, SIMPLEs, 403(b)s, etc.) may continue to purchase shares and exchange into the Finisterre Emerging Markets Total Return Bond Fund. New participants in these plans may elect to purchase shares of the Finisterre Emerging Markets Total Return Bond Fund.

• Retirement plans that, as of April 13, 2026, have the Finisterre Emerging Markets Total Return Bond Fund in their plan lineup may continue to offer the Finisterre Emerging Markets Total Return Bond Fund. Retirement plans in transition as of April 13, 2026 will have until June 12, 2026 to fund any new accounts in the Finisterre Emerging Markets Total Return Bond Fund.

• Investors who open a new IRA transfer or rollover account by the close of business on April 13, 2026 will have until June 12, 2026 to fund these accounts.

• Shareholders within brokerage accounts may continue to purchase shares of the Finisterre Emerging Markets Total Return Bond Fund; however, new brokerage accounts will not be permitted to begin investing in the Finisterre Emerging Markets Total Return Bond Fund after April 13, 2026.

• 529 plans that include the Finisterre Emerging Markets Total Return Bond Fund within their investment options may continue to purchase shares and exchange into the Finisterre Emerging Markets Total Return Bond Fund.

• Investors who have a direct investment in an Emerging Market Debt Total Return Strategy (i.e., investments in the same strategy used in collective investment trust, insurance separate accounts, or separately managed accounts) may, subject to the approval of the Distributor, purchase shares in the Finisterre Emerging Markets Total Return Bond Fund.

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At the sole discretion of the Distributor, the Finisterre Emerging Markets Total Return Bond Fund may permit certain types of investors to open new accounts, impose further restrictions on purchases, or reject any purchase orders, all without prior notice.

<u>MidCap Fund</u>

For retail investors (i.e., non-employer sponsored retirement plan investors), effective as of the close of the NYSE on June 14, 2013, and for employer-sponsored retirement plan investors, effective as of the close of the NYSE on August 15, 2013, the MidCap Fund (the "Fund") is no longer available for purchases from new investors except in limited circumstances, such as the following:

• Shareholders, including those in omnibus accounts, who own shares of the Fund as of June 14, 2013 (for retail investors, i.e., non-employer sponsored retirement plan investors) or August 15, 2013 (for employer-sponsored retirement plan investors), may continue to make purchases, exchanges, and dividend or capital gains reinvestment in existing accounts.

• Registered Investment Advisor (RIA) and bank trust firms that have an investment allocation to the MidCap Strategy (i.e., investments in the same strategy used in collective investment trust, separately managed accounts, individually managed accounts, or insurance separate accounts) in a fee-based, wrap, or advisory account, may continue to add new clients, purchase shares, and exchange into the Fund. The Fund will not be available to new RIA and bank trust firms.

• Shareholders through accounts at private banks may continue to purchase shares and exchange into the Fund. Private banks that have an investment allocation to the MidCap Strategy may add new clients to the Fund. The Fund will not be available to private bank or private bank platforms not already investing in the MidCap Strategy.

• Shareholders in broker/dealer wrap or fee-based programs that have an investment allocation to the Fund may continue to purchase shares and exchange into the Fund. Existing broker/dealer wrap or fee-based programs may add new participants.

• Shareholders in certain types of retirement plans (including 401(k)s, SEPs, SIMPLEs, 403(b)s, etc.) may continue to purchase shares and exchange into the Fund. New participants in these plans may elect to purchase shares of the Fund.

• Shareholders within brokerage accounts may continue to purchase shares of the Fund; however, new brokerage accounts will not be permitted to begin investing in the Fund after June 14, 2013.

• 529 plans that include the Fund within their investment options may continue to purchase shares and exchange into the Fund.

• Investors who have a direct investment in the MidCap Strategy may, subject to the approval of the Distributor, purchase shares in the Fund.

• Shareholders that invest through accounts with Principal Securities, Inc.

At the sole discretion of the Distributor, the Fund may permit certain types of investors to open new accounts, impose further restrictions on purchases, or reject any purchase orders, all without prior notice.

<u>Money Market Fund</u>

Effective as of the close of the NYSE January 18, 2018, Class C and Institutional Class Shares of the Fund are no longer available for purchases or for exchanges from other series of the Principal Funds, Inc.

<u>Abandoned or Orphaned Accounts</u>

In order to invest in shares of Principal Funds, a shareholder's account must have a registered broker-dealer on file with us when the account is established. If an active account does not have a registered broker-dealer on file, we consider the account to be an "abandoned or orphaned account". If we determine in our discretion that an account is abandoned or orphaned, we will take the following actions:

• Notify the shareholder in writing as to the account's status and request that the account(s) be moved to another registered broker-dealer;

• Remove the broker/dealer from the account. If the shareholder does not request another registered broker/dealer to be added to the account, Principal Shareholder Services, Inc. ("PSS"), the Funds' Transfer Agent, will hold the accounts until another registered broker/dealer is added to the account. PSS is not a broker-dealer and does not offer investment advice; and

• No initial sales charge will apply to purchases of Fund shares while PSS is holding the account.

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**Sales of Shares**

Payment for shares tendered for redemption is ordinarily made in cash. The Fund may determine, however, that it would be detrimental to the remaining shareholders to make payment of a redemption order wholly or partly in cash. The Fund may, therefore, pay the redemption proceeds in whole or in part by a distribution "in kind" of securities from the Fund's portfolio in lieu of cash. If the Fund pays the redemption proceeds in kind, the redeeming shareholder might incur brokerage or other costs in selling the securities for cash. The Fund will value securities used to pay redemptions in kind using the same method the Fund uses to value its portfolio securities as described below in "Pricing of Fund Shares."

The right to require the Funds to redeem their shares may be suspended, or the date of payment may be postponed, whenever: 1) trading on the NYSE is restricted, as determined by the SEC, or the NYSE is closed except for holidays and weekends; 2) the SEC permits such suspension and so orders; or 3) an emergency exists as determined by the SEC so that disposal of securities or determination of NAV is not reasonably practicable.

Certain designated organizations are authorized to receive sell orders on the Fund's behalf and those organizations are authorized to designate their agents and affiliates as intermediaries to receive redemption orders. Redemption orders are deemed received by the Fund when authorized organizations, their agents, or affiliates receive the order. The Fund is not responsible for the failure of any designated organization or its agents or affiliates to carry out its obligations to its customers.

**Exchanges Between Classes of Shares**

Through your financial intermediary, in certain limited circumstances, you may become eligible to exchange shares of a Fund you own for shares of a different class of the same Fund, if you become eligible to purchase shares of such different class of the same Fund through your account with your financial intermediary. The following shows the permitted exchanges, subject to the conditions described herein:

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| | |
|:---|:---|
| **<u>Exchange From Class</u>** | **<u>Exchange To Class</u>** |
| A | Institutional |
| C | A, Institutional |
| Institutional | A, C, R-6 |
| R-6 | Institutional |

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Such same-Fund exchanges between share classes are permitted, subject to conditions including, but not limited to, the following:

• You or your retirement plan sponsor must be eligible to purchase shares of the class into which the exchange is to occur;

• Your financial intermediary or the retirement plan sponsor's financial intermediary must have an agreement with the underwriter or transfer agent of Principal Funds allowing the purchase of such share class for you;

• The Fund must offer shares of such class of such Fund in your state or the state of the retirement plan sponsor;

• In order to exchange into Class A shares, you must be eligible to: (i) purchase Class A shares with no initial sales charge; or (ii) exchange into Class A shares through your financial intermediary with no initial sales charge;

• Depending on the circumstances, for exchanges from Classes A and C, shares there may be a contingent deferred sales charge in connection with the exchange;

• Any such exchange must be requested by your financial intermediary or retirement plan sponsor (with approval by the Distributor) and, except as otherwise approved by the Distributor, must result from either (i) the financial intermediary seeking to have shares of the Funds on their platform held in a particular share class, (ii) the share class becoming available to your financial intermediary or Financial Professional through a new relationship, or (iii) your retirement plan sponsor electing to have shares of the Funds offered as part of the plan investment options held in a particular share class; and

• The Government Money Market Fund does not permit exchanges.

If, after purchasing Institutional Class shares, you become ineligible to invest in Institutional Class shares, you may be permitted to exchange from Institutional Class shares into other share classes issued by the same Fund if your financial intermediary determines you qualify for such an exchange.

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You should check with your financial intermediary to see if the exchange you wish to complete will satisfy the conditions. Your ability to exchange between share classes of the same Fund may be limited by the operational limitations of your financial intermediary. Please consult your Financial Professional for more information.

While such an exchange may not be considered a taxable event for income tax purposes, you should consult with your tax advisor regarding possible federal, state, local, and foreign tax consequences.

**Money Market Fund - Investor Transaction Considerations Regarding Liquidity Fees\***

• If the Money Market Fund received, but has not yet processed, a purchase order prior to notifying investors of the imposition of liquidity fees, such purchase order will be considered a valid purchase and will be processed normally.

• If a liquidity fee is in place and a shareholder submits both a purchase order and a redemption order for shares of the Money Market Fund on the same day, the liquidity fee will be assessed on the shareholder's gross redemption amount and will not be assessed on the shareholder's net redemption amount.

• If a redemption request was verifiably submitted to the Money Market Fund's agent before a liquidity fee is imposed but is received by the Money Market Fund after a liquidity fee is imposed, the Fund will pay the proceeds of the redemption request and will not impose a liquidity fee on the redemption request.

• A checkwriting redemption request that is verifiably submitted to the Money Market Fund's agent before a liquidity fee is imposed will be considered a valid redemption and will be processed normally.

\* &nbsp;&nbsp;&nbsp;&nbsp;This does not apply to the Government Money Market Fund.

**GOVERNMENT MONEY MARKET AND MONEY MARKET FUNDS MATERIAL EVENTS**

<u>Imposition of Liquidity Fees</u>

During the last ten years, there has not been any occasion on which the Money Market Fund has instituted a liquidity fee.

<u>Form N-CR</u>

If applicable, the Fund was required to disclose (through June 10, 2024) additional information about this liquidity fee event (or these events, as appropriate) on Form N-CR and to file this form with the SEC. Any Form N-CR filing submitted by the Fund is available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

<u>Financial Support Provided to the Government Money Market Fund or Money Market Fund</u>

During the last ten years, there has not been any occasion on which the Government Money Market Fund or Money Market Fund has: (i) been provided financial support from an affiliated person, promoter, or principal underwriter of the Fund, or an affiliated person of such a person, and/or (ii) participated in one or more mergers with another investment company.

**PRICING OF FUND SHARES**

Each Fund's shares are bought and sold at the current net asset value ("NAV") per share. The NAV for each class of each Fund (other than the Government Money Market Fund) is calculated each day the New York Stock Exchange ("NYSE") is open, as of the close of business of the NYSE (normally 3:00 p.m. Central Time). The NAV for each class of the Government Money Market Fund is calculated each day the New York Stock Exchange ("NYSE") is open, normally at 4:00 p.m. Central Time. The NAV of Fund shares is not determined on days the NYSE is closed (generally, New Year's Day; Martin Luther King, Jr. Day; Washington's Birthday/Presidents' Day; Good Friday; Memorial Day; Juneteenth, Independence Day; Labor Day; Thanksgiving Day; and Christmas). When an order to buy or sell shares is received, the share price used to fill the order is the next price calculated after the order is received in proper form.

The Funds will not treat an intraday unscheduled disruption in NYSE trading as a closure of the NYSE and will price shares as of 3:00 p.m. Central Time or, in the case of the Government Money Market Fund, 4:00 p.m. Central Time, if the particular disruption directly affects only the NYSE.

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For all Funds except the Government Money Market and Money Market Funds, the share price is calculated by:

• taking the current market value of the total assets of the Fund,

• subtracting liabilities of the Fund,

• dividing the remainder proportionately into the classes of the Fund,

• subtracting the liability of each class, and

• dividing the remainder by the total number of shares owned in that class.

In determining NAV, securities listed on an Exchange, the Nasdaq National Market, and any foreign markets within the Western Hemisphere are valued at the closing prices on such markets, or if such price is lacking for the trading period immediately preceding the time of determination, such securities are valued at their current bid price.

Municipal securities held by the Funds are traded primarily in the over-the-counter market. Valuations of such securities are furnished by one or more pricing services employed by the Funds and are based upon appraisals obtained by a pricing service, in reliance upon information concerning market transactions and quotations from recognized municipal securities dealers.

Other securities that are traded on the over-the-counter market are valued at their closing bid prices. Each Fund will determine the market value of individual securities held by it, by using prices provided by one or more professional pricing services that may provide market prices to other funds, or, as needed, by obtaining market quotations from independent broker-dealers. Debt securities with remaining maturities of sixty days or less for which market quotations and information furnished by a third-party pricing service are not readily available will be valued at amortized cost, which approximates current value. Securities for which quotations are not readily available, and other assets, are valued at fair value determined in good faith under procedures established by and under the supervision of the Board.

A Fund's securities may be traded on foreign securities markets that close each day prior to the time the NYSE closes. In addition, foreign securities trading generally or in a particular country or countries may not take place on all business days in New York. The Fund has adopted policies and procedures to "fair value" some or all securities held by a Fund. These fair valuation procedures are intended to discourage shareholders from investing in the Fund for the purpose of engaging in market timing or arbitrage transactions. The values of foreign securities used in computing share price are determined at the time the foreign market closes. Foreign securities and currencies are converted to U.S. dollars using the exchange rate in effect at the close of the NYSE. Occasionally, events affecting the value of foreign securities occur when the foreign market is closed and the NYSE is open. The NAV of a Fund investing in foreign securities may change on days when shareholders are unable to purchase or redeem shares. If the Manager believes that the market value is materially affected, the share price will be calculated using the policy adopted by the Fund.

Certain securities issued by companies in emerging markets may have more than one quoted valuation at any point in time, sometimes referred to as a "local" price and a "premium" price. The premium price is often a negotiated price that may not consistently represent a price at which a specific transaction can be effected. It is the policy of the Funds to value such securities at prices at which it is expected those shares may be sold, and PGI is authorized to make such determinations subject to the oversight of the Board as may from time to time be necessary.

Appendix B provides a specimen price-make-up sheet showing how the Fund calculates the total offering price per share.

<u>Government Money Market and Money Market Funds (the "Money Market Funds")</u>

The share price of each class of shares of the Money Market Fund is determined at the same time and on the same days as the Funds described above. The share price of each class of shares of the Government Money Market Fund is determined normally at 4:00 p.m. Central Time and on the same days as the Funds described above. All securities held by the Money Market Funds are valued on an amortized cost basis. Under this method of valuation, a security is initially valued at cost; thereafter, the Money Market Funds assume a constant proportionate amortization in value until maturity of any discount or premium, 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 value, as determined by amortized cost, is higher or lower than the price that would be received upon sale of the security.

Use of the amortized cost valuation method by the Money Market Funds requires the Funds to maintain a dollar weighted average maturity of 60 days or less and to purchase only obligations that have remaining maturities of 397 days or less, with certain exceptions permitted by applicable regulations, or have a variable or floating rate of interest. In addition, the Funds invest only in obligations determined by the Board to be of high quality with minimal credit risks.

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The Board has established procedures for the Money Market Funds designed to stabilize, to the extent reasonably possible, the Funds' price per share as computed for the purpose of sales and redemptions at $1.00. Such procedures include a directive to PGI to test price the portfolio or specific securities on a weekly basis using a mark-to-market method of valuation to determine possible deviations in the net asset value from $1.00 per share. If such deviation exceeds ½ of 1%, the Board promptly considers what action, if any, will be initiated. In the event the Board determines that a deviation exists that may result in material dilution or other unfair results to shareholders, it takes such corrective action as it regards as appropriate, including: sale of portfolio instruments prior to maturity; the withholding of dividends; redemptions of shares in kind; the establishment of a net asset value per share based upon available market quotations; or splitting, combining, or otherwise recapitalizing outstanding shares. The Funds may also reduce the number of shares outstanding by redeeming proportionately from shareholders, without the payment of any monetary compensation, such number of full and fractional shares as is necessary to maintain the net asset value at $1.00 per share.

**TAX CONSIDERATIONS**

**Qualification as a Regulated Investment Company**

Each Fund intends to qualify annually to be treated as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "IRC"), by satisfying certain requirements prescribed by Subchapter M of the IRC. To qualify as a RIC, a Fund must invest in assets that produce types of income specified in the IRC ("Qualifying Income"). Whether the income from derivatives, swaps, commodity-linked derivatives, and other commodity/natural resource-related securities is Qualifying Income is unclear under current law. Accordingly, a Fund's ability to invest in certain derivatives, swaps, commodity-linked derivatives, and other commodity/natural resource-related securities may be restricted. Further, if a Fund does invest in these types of securities and the income is not determined to be Qualifying Income, it may cause the Fund to fail to qualify as a RIC under the IRC for a given year. In addition, a Fund must satisfy certain diversification tests under the IRC to qualify as a RIC. If a Fund fails to qualify as a RIC, it will be liable for taxes, significantly reducing its distributions to shareholders and eliminating shareholders' ability to treat distributions (as long- or short-term capital gains or qualifying dividends) of the Fund in the manner they were received by the Fund.

**Futures Contracts and Options**

As previously discussed, some of the Funds invest in futures contracts or options thereon, index options, or options traded on qualified exchanges. For federal income tax purposes, capital gains and losses on futures contracts or options thereon, index options, or options traded on qualified exchanges are generally treated as 60% long-term and 40% short-term. In addition, the Funds must recognize any unrealized gains and losses on such positions held at the end of the fiscal year. A Fund may elect out of such tax treatment, however, for a futures or options position that is part of an "identified mixed straddle" such as a put option purchased with respect to a portfolio security. Gains and losses on futures and options included in an identified mixed straddle are considered 100% short-term, and unrealized gains or losses on such positions are not realized at year-end. The straddle provisions of the IRC may require the deferral of realized losses to the extent that a Fund has unrealized gains in certain offsetting positions at the end of the fiscal year. The IRC may also require recharacterization of all or a part of losses on certain offsetting positions from short-term to long-term, as well as adjustment of the holding periods of straddle positions.

**International Funds**

Some foreign securities purchased by the Funds may be subject to foreign withholding taxes that could reduce the yield on such securities. The amount of such foreign taxes is expected to be insignificant. Shareholders of the Funds that invest in foreign securities may be entitled to claim a credit or deduction with respect to foreign taxes. The Funds may from year to year make an election to pass through such taxes to shareholders. If such election is not made, any foreign taxes paid or accrued will represent an expense to each affected Fund that will reduce its investment company taxable income. Certain Funds may purchase securities of certain foreign corporations considered to be passive foreign investment companies by the IRS. In order to avoid taxes and interest that must be paid by the Funds if these instruments appreciate in value, the Funds may make various elections permitted by the tax laws. However, these elections could require that the Funds recognize additional taxable income, which in turn must be distributed. In addition, the Fund's investments in foreign securities or foreign currencies may increase or accelerate the Fund's recognition of ordinary income and may affect the timing or amount of the Fund's distributions.

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Under the Foreign Account Tax Compliance Act ("FATCA"), a Fund may be required to withhold a 30% tax on (a) dividends paid by the Fund, and (b) certain capital gain distributions and/or the proceeds arising from the sale of Fund shares paid by the Fund after December 31, 2018, to certain foreign entities, referred to as foreign financial institutions or non-financial foreign entities, that fail to comply (or be deemed compliant) with extensive new reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. The IRS has issued proposed regulations indicating its intent to eliminate the 30% withholding tax on gross proceeds. 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. 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.

**Special Tax Considerations for the California Municipal and Tax-Exempt Bond Funds (collectively the "Municipal Funds" or singly the "Fund")**

The Municipal Funds also intend to qualify to pay "exempt-interest dividends" to its shareholders. An exempt-interest dividend is that part of dividend distributions made by the Fund that consist of interest received by that Fund on tax-exempt municipal obligations. Shareholders incur no federal income taxes on exempt-interest dividends. However, these exempt-interest dividends may be taxable under state or local law. Exempt-interest dividends that derive from certain private activity bonds must be included by individuals as a preference item in determining whether they are subject to the alternative minimum tax. The Fund may also pay ordinary income dividends and distribute capital gains from time to time. Ordinary income dividends and distributions of capital gains, if any, are taxable for federal purposes.

If a shareholder receives an exempt-interest dividend with respect to shares of the Fund held for six months or less, then any loss on the sale or exchange of such shares, to the extent of the amount of such dividend, is disallowed. If a shareholder receives a capital gain dividend with respect to shares held for six months or less, then any loss on the sale or exchange of such shares is treated as a long-term capital loss to the extent the loss exceeds any exempt-interest dividend received with respect to such shares, and is disallowed to the extent of such exempt-interest dividend.

Interest on indebtedness incurred or continued by a shareholder to purchase or carry shares of this Fund is not deductible. Furthermore, entities or persons who are "substantial users" (or related persons) under Section 147(a) of the IRC of facilities financed by private activity bonds should consult their tax advisors before purchasing shares of the Fund.

From time to time, proposals have been introduced before Congress for the purpose of restricting or eliminating the federal income tax exemption for interest on municipal obligations. If legislation is enacted that eliminates or significantly reduces the availability of municipal obligations, it could adversely affect the ability of the Fund to continue to pursue its investment objective and policies. In such event, the Fund would reevaluate its investment objective and policies.

**PORTFOLIO HOLDINGS DISCLOSURE**

The portfolio holdings of any Fund that is a fund of funds are shares of underlying mutual funds; holdings of any fund of funds may be made available upon request. In addition, the Funds may publish month-end portfolio holdings information for each Fund's portfolio on the www.PrincipalAM.com website on the thirteenth business day of the following month. The Funds may also occasionally publish information on the website relating to specific events, such as the impact of a natural disaster, corporate debt default, or similar events on portfolio holdings. The Funds may also occasionally publish information on the website concerning the removal, addition, or change in weightings of underlying funds in which the funds of funds invest. The Government Money Market and Money Market Funds also publish on the website www.PrincipalAM.com, within five business days after the end of each month, certain information required to be made publicly available by SEC rule. PGI serves as the investment advisor to the Principal Funds, which includes the Principal Exchange-Traded Funds. The Funds may have investment strategies and/or portfolio holdings that are substantially similar to or overlap with an exchange-traded fund ("ETFs") managed by PGI. These ETFs may publicly disclose portfolio holdings on a more frequent basis than is required for the Funds. For example, the portfolio holding for the ETFs managed by PGI are required to be publicly disclosed daily. Similarly, PGI serves as an investment adviser to separate accounts that may have investment objectives, strategies, and portfolio holdings that may be substantially similar to or overlap with the Funds. Those separate account holdings could be disclosed to clients or others under terms of an investment management agreement and could be disclosed more frequently than the Funds' portfolio holdings are publicly disclosed. It is the Funds' policy to disclose only public information regarding portfolio holdings (i.e., information published on the websites or filed with the SEC), except as described below.

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**Non-Specific Information.** Under the Portfolio Holdings Disclosure Policy, the Funds may distribute non-specific information about the Funds and/or summary information about the Funds as requested. Such information will not identify any specific portfolio holding, but may reflect, among other things, the quality, character, or sector distribution of a Fund's holdings. This information may be made available at any time (or without delay).

**Policy.** The Funds and PGI have adopted a policy of disclosing non-public portfolio holdings information to third parties only to the extent required by federal law, and to the following third parties, so long as such third party has agreed, or is legally obligated, to maintain the confidentiality of the information and to refrain from using such information to engage in securities transactions:

1)Daily to the Funds' portfolio pricing services, Bloomberg LP, ICE Data Services, J.P. Morgan PricingDirect, Inc., and S&P Global, to obtain prices for portfolio securities;

2)Upon proper request to government regulatory agencies or to self-regulatory organizations;

3)As needed to Ernst & Young LLP, the independent registered public accounting firm, in connection with the performance of the services provided by Ernst & Young LLP to the Funds;

4)To the investment advisor and sub-advisors' proxy service providers (Broadridge Financial Solutions, LLC, Glass Lewis & Co., and Institutional Shareholder Services (ISS)) to facilitate voting of proxies;

5)To the Funds' custodian, The Bank of New York Mellon, in connection with the custodial services it provides to the Funds; and

6)Kessler, Topaz, Meltzer & Check, LLP, in connection with legal services it provides to the Funds.

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The Funds are also permitted to enter into arrangements to disclose portfolio holdings to other third parties in connection with the performance of a legitimate business purpose if such third party agrees in writing to maintain the confidentiality of the information prior to the information being disclosed. Any such written agreement must be approved by an officer of the Funds, PGI, or the Fund's sub-advisor. Approval must be based on a reasonable belief that disclosure to such other third party is in the best interests of the Fund's shareholders. If a conflict of interest is identified in connection with disclosure to any such third party, the Fund's or PGI's Chief Compliance Officer ("CCO") must approve such disclosure, in writing, before it occurs. The Funds currently have disclosure agreements with the following:

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| | | |
|:---|:---|:---|
| Abel Noser | Eagle | Natixis Investment Managers |
| ACA Compliance Alpha | Eagle Investment Systems Corp. | Nordlogic |
| AcadiaSoft | Electra | Northern Trust |
| Accenture | Electra Information Systems | Northern Trust Integrated Trading Solutions |
| Advent Axys | Everest (Allvue Systems) | Omgeo LLC |
| Advent APX | FactSet | Portfolio BI, Inc. |
| Ashland Partners | FactSet Research Systems Inc. | PORTIA (SS&C Technologies) |
| Askia, LLC | Financial Recovery Technologies (FRT) | Qontigo (Axioma Risk System) |
| Assette | FIS Capital Markets US, LLC | ReFlow Fund, LLC |
| Bank of America | FIS Global Asset Management | Rimes Technologies Corporation |
| Barra | FIS PTA | Russell Investments Implementation |
| BlackRock Aladdin | Generic Network Systems | Services, LLC |
| Bloomberg AIM | Global Trading Analytics | S&P Global Ratings |
| Bloomberg LP | Goldman Sachs | S3 |
| Bloomberg Port | Gresham Technologies | SEI Global Services, Inc. |
| Bloomberg Professional Services | ICE Data Pricing & Reference Data | SEI Investments Co |
| BNY | ICE Liquidity | SS&C |
| Broadridge Business Process Outsourcing | IHS Markit LTD | SS&C Advent |
| &nbsp;&nbsp;&nbsp;&nbsp;Solutions, LLC | INDATA | SS&C Eze |
| Broadridge (Proxy Edge) | InvestCloud Inc | SS&C Geneva |
| Brown Brothers Harriman | Investment Company Institute (ICI) | SS&C Geneva Managed Services |
| Charles River | JP Morgan | SS&C Vision FI |
| Charles River Development | LexisNexis | StarCompliance Operating, LLC |
| Charles River Investment Management Solutions | LiquidNet | State Street Bank & Trust |
| Charles River Trading System | Loomis, Sayles & Company, LP | SWIFT |
| Clearwater Analytics | Markit WSO Services | TriOptima |
| Confluence Technologies | Microsoft Azure | TriOptima AB |
| Consensys Limited | Morgan Stanley | Virtu Americas LLC |
| Corporation Service Company | Morningstar, Inc. | Virtus Shared Services |
| DTCC OASYS | MSCI | Watson Wheatley |
| Dynamo Software | MSCI ESG Risk Metrics |  |

---

Any agreement by which any Fund or any party acting on behalf of the Fund agrees to provide Fund portfolio information to a third party, other than a third party identified in the policy described above, must be approved prior to information being provided to the third party, unless the third party (i) is a regulator or (ii) has a duty to maintain the confidentiality of such information and to refrain from using such information to engage in securities transactions, except that a third-party recipient of non-public portfolio holdings information received in connection with certain in-kind redemptions pursuant to contractual arrangements will not be prohibited from hedging or otherwise managing its risk exposure from the expected distribution of portfolio securities to be received in the in-kind redemptions. A written record of approval will be made by the person granting approval.

The Funds' non-public portfolio holdings information policy applies without variation to individual investors, institutional investors, intermediaries that distribute the Funds' shares, third-party service providers, rating and ranking organizations, and affiliated persons of the Funds. Neither the Funds nor PGI nor any other party receives compensation in connection with the disclosure of Fund portfolio information. The Funds' CCO will periodically, but no less frequently than annually, review the Funds' portfolio holdings disclosure policy and recommend changes the CCO believes are appropriate, if any, to the Board. In addition, the Board must approve any change in the Funds' portfolio holdings disclosure policy that would expand the distribution of such information.

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**REFLOW LIQUIDITY PROGRAM**

Each Fund may participate in the ReFlow liquidity program, which is designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Pursuant to the program, ReFlow Fund, LLC ("ReFlow") provides participating mutual funds with a source of cash to meet net shareholder redemptions by standing ready each business day to purchase Fund shares up to the value of the net shares redeemed by other shareholders that are to settle that business day. A Fund is not guaranteed to receive cash from ReFlow on any given day as allocation of ReFlow's cash is based on the results of ReFlow's automated daily auction process among participating mutual funds. Following purchases of Fund shares, ReFlow then generally redeems those shares when the Fund experiences net shareholder purchases at the end of a maximum holding period determined by ReFlow, or at other times at ReFlow's discretion. While ReFlow holds Fund shares, it will have the same rights and privileges with respect to those shares as any other shareholder.

For use of the ReFlow service, a Fund pays a fee to ReFlow each time it purchases Fund shares, calculated by applying to the purchase amount a fee rate determined through the auction process. The current minimum fee rate (which is subject to change) is 0.14% of the value of the Fund shares purchased by ReFlow, although the Fund may submit a bid at a higher fee rate if it determines that doing so is in the best interest of Fund shareholders. ReFlow's purchases of Fund shares through the liquidity program are made on an investment-blind basis without regard to the Fund's objective, policies, or anticipated performance. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a Fund. ReFlow will periodically redeem its entire share position in a Fund and may request that such redemption be met in-kind in accordance with redemption in-kind policies described in the Prospectus. Purchases and redemptions of Fund shares by ReFlow under the program are generally not considered excessive short-term trading under the Funds' Excessive Trading Policy.

**PROXY VOTING POLICIES AND PROCEDURES**

The Board has delegated responsibility for decisions regarding proxy voting for securities held by each Fund to PGI or to the Fund's sub-advisor, as appropriate. PGI and each sub-advisor will vote such proxies in accordance with its proxy policies and procedures, which have been reviewed by the Board, and which are found in Appendix C to this SAI. Any material changes to the proxy policies and procedures will be submitted to the Board for approval.

Funds that operate as funds of funds invest in shares of other Funds of PFI and PETF. PGI is authorized to vote proxies related to the underlying funds. If an underlying fund holds a shareholder meeting, in order to avoid any potential conflict of interest, PGI will vote shares of such fund on any proposal submitted to the fund's shareholders in the same proportion as the votes of other shareholders of the underlying fund.

For Funds that participate in a securities lending program, the voting rights for securities that are loaned are transferred to the borrower. Therefore, the lender (i.e., a Fund) is not entitled to vote the loaned securities, unless it recalls those securities. Those managing the Fund's investments may recall securities for voting purposes when they reasonably believe the ability to vote such securities outweighs the additional revenue received if such securities were not recalled.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, 2025, is available, without charge, upon request, by calling 1-800-222-5852, sending an email request to prospectus@principalfunds.com, or by accessing the Funds' most recently filed Form N-PX on the Fund's website at www.PrincipalAM.com/Prospectuses or the SEC website at <u>www.sec.gov</u>.

**FINANCIAL STATEMENTS**

To be filed by amendment.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Ernst & Young LLP, 700 Nicollet Mall, Suite 500, Minneapolis, MN 55402, is the independent registered public accounting firm for the Principal Funds.

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**GENERAL INFORMATION**

<u>Midcap S&P 400 Index Fund, LargeCap S&P 500 Index Fund, and SmallCap S&P 600 Index Fund</u>

The Funds are not sponsored, endorsed, sold, or promoted by S&P Global ("S&P Global"). S&P Global makes no representation or warranty, express or implied, to Fund shareholders or any member of the public regarding the advisability of investing in securities generally or in these Funds particularly or the ability of the S&P 500 Index, S&P MidCap 400 Index, or S&P SmallCap 600 Index to track general stock market performance. S&P Global's only relationship to Principal Life Insurance Company and PGI is the licensing of certain trademarks and trade names of S&P Global and the S&P 500 Index, S&P MidCap 400 Index, or S&P SmallCap 600 Index which are determined, composed, and calculated by S&P Global without regard to Principal Life Insurance Company, PGI, or the Funds. S&P Global has no obligation to take the needs of Principal Life Insurance Company, PGI or Fund shareholders into consideration in determining, composing or calculating the S&P 500 Index, S&P MidCap 400 Index, or S&P SmallCap 600 Index. S&P Global is not responsible for and has not participated in the determination of the prices of the Funds or the timing of the issuance or sale of the Funds or in the determination or calculation of the equation by which the Funds are to be converted into cash. S&P Global has no obligation or liability in connection with the administration, marketing, or trading of the Funds.

S&P GLOBAL DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE S&P 500 INDEX, THE S&P MIDCAP 400 INDEX, OR THE S&P SMALLCAP 600 INDEX OR ANY DATA CONTAINED THEREIN AND S&P GLOBAL SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. S&P GLOBAL MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY PRINCIPAL LIFE INSURANCE COMPANY, PRINCIPAL, FUND SHAREHOLDERS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX, THE S&P MIDCAP 400 INDEX, OR THE S&P SMALLCAP 600 INDEX OR ANY DATA INCLUDED THEREIN. S&P GLOBAL 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 INDEX, THE S&P MIDCAP 400 INDEX, OR THE S&P SMALLCAP 600 INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P GLOBAL HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

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**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES**

The following list identifies shareholders who own more than 25% of the voting securities of a Fund as of *[To be updated by amendment.]* . It is presumed that a person who owns more than 25% of the voting securities of a Fund controls the Fund. A control person could control the outcome of proposals presented to shareholders for approval. The information is listed in alphabetical order by Fund.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **<br>Percent<br>of<br>Ownership** | **Shareholder Name and Address** | **Jurisdiction Under Which Control Person <br>is Organized <br>(when control person <br>is a company)** | **<br>Parent of Control<br>Person (when control<br>person is a company)** |
| **[To be filed by amendment.]** | **[To be filed by amendment.]** | **[To be filed by amendment.]** | **[To be filed by amendment.]** | **[To be filed by amendment.]** |

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The Board Members and officers of the Funds, member companies of the Principal Financial Group, and certain other persons may purchase shares of the Funds without the payment of any sales charge. The sales charge is waived on these transactions because there are either no distribution costs or only minimal distribution costs associated with the transactions. For a description of the persons entitled to a waiver of sales charge in connection with their purchase of shares of the Funds, see the discussion of the waiver of sales charges under the caption "Choosing a Share Class and the Costs of Investing" in the Prospectus.

Funds that operate as funds of funds and Principal Life Insurance Company will vote in the same proportion as shares of the Funds owned by other shareholders. Therefore, neither the funds of funds nor Principal Life Insurance Company exercise voting discretion.

A quorum must be present at a meeting of shareholders for business to be transacted. PFI's Bylaws state that a quorum is the presence in person or by proxy of the holders of one-third of the shares of capital stock of PFI or, when the meeting relates to a certain Fund, that Fund, issued and outstanding and entitled to vote on the record date.

Certain proposals presented to shareholders for approval require the vote of a "majority of the outstanding voting securities," which is a term defined in the 1940 Act to mean, with respect to a Fund, the affirmative vote of the lesser of 1) 67% or more of the voting securities of the Fund present at the meeting of that Fund, if the holders of more than 50% of the outstanding voting securities of the Fund are present in person or by proxy, or 2) more than 50% of the outstanding voting securities of the Fund).

**Principal Holders of Securities**

The Registrant is unaware of any persons who own beneficially (but are not shareholders of record) 5% or more of any class of the Funds' outstanding shares. The following list identifies the shareholders of record who own 5% or more of any class of the Funds' outstanding shares as of *[To be updated by amendment.]* . The list is presented in alphabetical order by Fund.

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| | | |
|:---|:---|:---|
| **Fund/Class** | **Percent of Ownership** | **Name and Address of Owner** |
| **[To be filed by amendment.]** | **[To be filed by amendment.]** | **[To be filed by amendment.]** |

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**Management Ownership**

As of *[To be updated by amendment.]* , the Board Members and officers of the Funds, as a group, owned less than 1% of the outstanding shares of any class of any of the Funds.

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**PORTFOLIO MANAGER DISCLOSURE**

(as provided by the Investment Advisors)

This section contains information about portfolio managers and the other accounts they manage, their compensation, and their ownership of securities. The "Ownership of Securities" tables reflect the portfolio managers' beneficial ownership, which means a direct or indirect pecuniary interest. For some portfolio managers, this includes beneficial ownership of Fund shares through participation in an employee benefit program that invests in Principal Funds, Inc. For information about potential material conflicts of interest, see Brokerage Allocation and Other Practices - Allocation of Trades.

This section lists information about PGI's portfolio managers first. Next, the section includes information about the sub-advisors' portfolio managers alphabetically by sub-advisor.

Information in this section is as of October 31, 2025, unless otherwise noted.

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**Advisor: Principal Global Investors, LLC (Principal Asset Allocation Portfolio Managers)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Other Accounts Managed** | **Other Accounts Managed** | **Other Accounts Managed** | **Other Accounts Managed** |
| | **Total Number<br>of Accounts** | **Total Assets <br>in the Accounts** | **Number of** <br>**Accounts that base** <br>**the Advisory Fee on Performance** | **Total Assets of the Accounts that base the Advisory Fee on Performance** |
| **Brody Dass:** SAM Balanced, SAM Conservative Balanced, SAM Conservative Growth, SAM Flexible Income and SAM Strategic Growth Portfolios | **Brody Dass:** SAM Balanced, SAM Conservative Balanced, SAM Conservative Growth, SAM Flexible Income and SAM Strategic Growth Portfolios | **Brody Dass:** SAM Balanced, SAM Conservative Balanced, SAM Conservative Growth, SAM Flexible Income and SAM Strategic Growth Portfolios | **Brody Dass:** SAM Balanced, SAM Conservative Balanced, SAM Conservative Growth, SAM Flexible Income and SAM Strategic Growth Portfolios | **Brody Dass:** SAM Balanced, SAM Conservative Balanced, SAM Conservative Growth, SAM Flexible Income and SAM Strategic Growth Portfolios |
| Registered investment companies | 12 | $8.2 billion | 0 | $0 |
| Other pooled investment vehicles | 0 | $0 | 0 | $0 |
| Other accounts | 24 | $159.2 million | 0 | $0 |
| **James W. Fennessey:** LargeCap Growth I; LargeCap Value III; MidCap Value I; Overseas; Principal LifeTime Strategic Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; Principal LifeTime Hybrid Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; SmallCap Growth I; and SmallCap Value II Funds | **James W. Fennessey:** LargeCap Growth I; LargeCap Value III; MidCap Value I; Overseas; Principal LifeTime Strategic Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; Principal LifeTime Hybrid Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; SmallCap Growth I; and SmallCap Value II Funds | **James W. Fennessey:** LargeCap Growth I; LargeCap Value III; MidCap Value I; Overseas; Principal LifeTime Strategic Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; Principal LifeTime Hybrid Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; SmallCap Growth I; and SmallCap Value II Funds | **James W. Fennessey:** LargeCap Growth I; LargeCap Value III; MidCap Value I; Overseas; Principal LifeTime Strategic Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; Principal LifeTime Hybrid Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; SmallCap Growth I; and SmallCap Value II Funds | **James W. Fennessey:** LargeCap Growth I; LargeCap Value III; MidCap Value I; Overseas; Principal LifeTime Strategic Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; Principal LifeTime Hybrid Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; SmallCap Growth I; and SmallCap Value II Funds |
| Registered investment companies | 7 | $2.1 billion | 0 | $0 |
| Other pooled investment vehicles | 39 | $77.5 billion | 0 | $0 |
| Other accounts | 26 | $4.1 billion | 0 | $0 |
| **Todd A. Jablonski:** Principal LifeTime Strategic Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; and Principal LifeTime Hybrid Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070 Funds; and SAM Balanced, SAM Conservative Balanced, SAM Conservative Growth, SAM Flexible Income, and SAM Strategic Growth Portfolios  | **Todd A. Jablonski:** Principal LifeTime Strategic Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; and Principal LifeTime Hybrid Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070 Funds; and SAM Balanced, SAM Conservative Balanced, SAM Conservative Growth, SAM Flexible Income, and SAM Strategic Growth Portfolios  | **Todd A. Jablonski:** Principal LifeTime Strategic Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; and Principal LifeTime Hybrid Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070 Funds; and SAM Balanced, SAM Conservative Balanced, SAM Conservative Growth, SAM Flexible Income, and SAM Strategic Growth Portfolios  | **Todd A. Jablonski:** Principal LifeTime Strategic Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; and Principal LifeTime Hybrid Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070 Funds; and SAM Balanced, SAM Conservative Balanced, SAM Conservative Growth, SAM Flexible Income, and SAM Strategic Growth Portfolios  | **Todd A. Jablonski:** Principal LifeTime Strategic Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; and Principal LifeTime Hybrid Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070 Funds; and SAM Balanced, SAM Conservative Balanced, SAM Conservative Growth, SAM Flexible Income, and SAM Strategic Growth Portfolios  |
| Registered investment companies | 11 | $4.8 billion | 0 | $0 |
| Other pooled investment vehicles | 38 | $77.2 billion | 0 | $0 |
| Other accounts | 2 | $59.5 million | 0 | $0 |
| **Michael Messina:** LargeCap Growth I; LargeCap Value III; MidCap Value I; Overseas; SmallCap Growth I; and SmallCap Value II Funds | **Michael Messina:** LargeCap Growth I; LargeCap Value III; MidCap Value I; Overseas; SmallCap Growth I; and SmallCap Value II Funds | **Michael Messina:** LargeCap Growth I; LargeCap Value III; MidCap Value I; Overseas; SmallCap Growth I; and SmallCap Value II Funds | **Michael Messina:** LargeCap Growth I; LargeCap Value III; MidCap Value I; Overseas; SmallCap Growth I; and SmallCap Value II Funds | **Michael Messina:** LargeCap Growth I; LargeCap Value III; MidCap Value I; Overseas; SmallCap Growth I; and SmallCap Value II Funds |
| Registered investment companies | 1 | $1.2 billion | 0 | $0 |
| Other pooled investment vehicles | 0 | $0 | 0 | $0 |
| Other accounts | 0 | $0 | 0 | $0 |
| **Chad Severin:** Principal LifeTime Strategic Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; and Principal LifeTime Hybrid Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070 Funds | **Chad Severin:** Principal LifeTime Strategic Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; and Principal LifeTime Hybrid Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070 Funds | **Chad Severin:** Principal LifeTime Strategic Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; and Principal LifeTime Hybrid Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070 Funds | **Chad Severin:** Principal LifeTime Strategic Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; and Principal LifeTime Hybrid Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070 Funds | **Chad Severin:** Principal LifeTime Strategic Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; and Principal LifeTime Hybrid Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070 Funds |
| Registered investment companies | 6 | $883.1 million | 0 | $0 |
| Other pooled investment vehicles | 38 | $77.2 billion | 0 | $0 |
| Other accounts | 0 | $0 | 0 | $0 |
| **Scott Smith:** Principal LifeTime Strategic Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; and Principal LifeTime Hybrid Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070 Funds | **Scott Smith:** Principal LifeTime Strategic Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; and Principal LifeTime Hybrid Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070 Funds | **Scott Smith:** Principal LifeTime Strategic Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; and Principal LifeTime Hybrid Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070 Funds | **Scott Smith:** Principal LifeTime Strategic Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; and Principal LifeTime Hybrid Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070 Funds | **Scott Smith:** Principal LifeTime Strategic Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; and Principal LifeTime Hybrid Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070 Funds |
| Registered investment companies | 6 | $883.1 million | 0 | $0 |
| Other pooled investment vehicles | 51 | $77.5 billion | 0 | $0 |
| Other accounts | 26 | $4.1 billion | 0 | $0 |
| **Yesim Tokat-Acikel:** SAM Balanced, SAM Conservative Balanced, SAM Conservative Growth, SAM Flexible Income, and SAM Strategic Growth Portfolios | **Yesim Tokat-Acikel:** SAM Balanced, SAM Conservative Balanced, SAM Conservative Growth, SAM Flexible Income, and SAM Strategic Growth Portfolios | **Yesim Tokat-Acikel:** SAM Balanced, SAM Conservative Balanced, SAM Conservative Growth, SAM Flexible Income, and SAM Strategic Growth Portfolios | **Yesim Tokat-Acikel:** SAM Balanced, SAM Conservative Balanced, SAM Conservative Growth, SAM Flexible Income, and SAM Strategic Growth Portfolios | **Yesim Tokat-Acikel:** SAM Balanced, SAM Conservative Balanced, SAM Conservative Growth, SAM Flexible Income, and SAM Strategic Growth Portfolios |
| Registered investment companies | 13 | $8.2 billion | 0 | $0 |
| Other pooled investment vehicles | 4 | $124.2 million | 0 | $0 |
| Other accounts | 32 | $253.2 million | 0 | $0 |
| **May Tong**<sup>(1)</sup>**:** LargeCap Growth I; LargeCap Value III; MidCap Value I; Overseas; Principal LifeTime Strategic Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; Principal LifeTime Hybrid Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; SmallCap Growth I; and SmallCap Value II Funds | **May Tong**<sup>(1)</sup>**:** LargeCap Growth I; LargeCap Value III; MidCap Value I; Overseas; Principal LifeTime Strategic Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; Principal LifeTime Hybrid Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; SmallCap Growth I; and SmallCap Value II Funds | **May Tong**<sup>(1)</sup>**:** LargeCap Growth I; LargeCap Value III; MidCap Value I; Overseas; Principal LifeTime Strategic Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; Principal LifeTime Hybrid Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; SmallCap Growth I; and SmallCap Value II Funds | **May Tong**<sup>(1)</sup>**:** LargeCap Growth I; LargeCap Value III; MidCap Value I; Overseas; Principal LifeTime Strategic Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; Principal LifeTime Hybrid Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; SmallCap Growth I; and SmallCap Value II Funds | **May Tong**<sup>(1)</sup>**:** LargeCap Growth I; LargeCap Value III; MidCap Value I; Overseas; Principal LifeTime Strategic Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; Principal LifeTime Hybrid Income, 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065, and 2070; SmallCap Growth I; and SmallCap Value II Funds |
| Registered investment companies | 43 | $75.6 billion | 0 | $0 |
| Other pooled investment vehicles | 39 | $87.0 billion | 0 | $0 |
| Other accounts | 0 | $0 | 0 | $0 |

---

 <sup>(1)</sup> Information as of May 31, 2026.

------

**Compensation**

PGI offers the Funds' investment team a competitive compensation structure that is evaluated annually relative to other global asset management firms to ensure its continued competitiveness and alignment with industry best practices. The objective of the structure is to offer market competitive compensation that aligns individual and team contributions with firm and client performance objectives in a manner that is consistent with industry standards and business results.

Compensation for each Fund's investment team is comprised of base salary and variable incentive components. As team members advance in their careers, the variable component increases in its proportion commensurate with responsibility levels. The variable component is designed to reinforce delivery of investment performance, firm performance, team collaboration, regulatory compliance, operational excellence, client retention, and client satisfaction. Investment performance for purposes of the variable component is measured on a pre-tax basis against relative client benchmarks and peer groups over one-year, three-year, and five-year periods, calculated quarterly, reinforcing a longer-term orientation.

Payments under the variable incentive plan may be in the form of cash or a combination of cash and deferred compensation. The amount of incentive delivered in the form of deferred compensation depends on the size of an individual's incentive award as it relates to a tiered deferral schedule. Deferred compensation is required to be invested into Principal Financial Group ("PFG") restricted stock units and funds managed by the team via a co-investment program. Both payment vehicles are subject to a three-year vesting schedule. The overall measurement framework and the deferred component are well aligned with our desired focus on clients' objectives (e.g., co-investment), alignment with PFG stakeholders, and talent retention.

In addition to deferred compensation obtained through their compensation programming, team members have investments acquired through their participation in PFG's employee stock purchase plan, retirement plans, and direct personal investments. It should be noted that PFG's retirement plans and deferred compensation plans generally utilize its non-registered group separate accounts or commingled vehicles rather than the traditional mutual funds. However, in each instance these vehicles are managed in lockstep alignment with the mutual funds (i.e., "clones").

**Ownership of Securities**

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **PFI Funds Managed by Portfolio Manager** | **Dollar Range of Securities Owned by the Portfolio Manager** |
| Brody Dass | SAM Balanced | $10001 - $50000 |
| Brody Dass | SAM Conservative Balanced |  |
| Brody Dass | SAM Conservative Growth |  |
| Brody Dass | SAM Flexible Income |  |
| Brody Dass | SAM Strategic Growth |  |
| James W. Fennessey | LargeCap Growth I | $100001 - $500000 |
| James W. Fennessey | LargeCap Value III | $50001 - $100000 |
| James W. Fennessey | MidCap Value I | $1 - $10000 |
| James W. Fennessey | Overseas | $1 - $10000 |
| James W. Fennessey | Principal LifeTime Strategic Income |  |
| James W. Fennessey | Principal LifeTime 2020 |  |
| James W. Fennessey | Principal LifeTime 2025 |  |
| James W. Fennessey | Principal LifeTime 2030 |  |
| James W. Fennessey | Principal LifeTime 2035 |  |
| James W. Fennessey | Principal LifeTime 2040 | $10001 - $50000 |
| James W. Fennessey | Principal LifeTime 2045 |  |
| James W. Fennessey | Principal LifeTime 2050 |  |
| James W. Fennessey | Principal LifeTime 2055 |  |
| James W. Fennessey | Principal LifeTime 2060 |  |
| James W. Fennessey | Principal LifeTime 2065 |  |
| James W. Fennessey | Principal LifeTime 2070 |  |
| James W. Fennessey | Principal LifeTime Hybrid Income |  |
| James W. Fennessey | Principal LifeTime Hybrid 2020 |  |
| James W. Fennessey | Principal LifeTime Hybrid 2025 |  |
| James W. Fennessey | Principal LifeTime Hybrid 2030 |  |
| James W. Fennessey | Principal LifeTime Hybrid 2035 |  |

---

------

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **PFI Funds Managed by Portfolio Manager** | **Dollar Range of Securities Owned by the Portfolio Manager** |
| James W. Fennessey | Principal LifeTime Hybrid 2040 | $100001 - $500000 |
| James W. Fennessey | Principal LifeTime Hybrid 2045 |  |
| James W. Fennessey | Principal LifeTime Hybrid 2050 |  |
| James W. Fennessey | Principal LifeTime Hybrid 2055 |  |
| James W. Fennessey | Principal LifeTime Hybrid 2060 |  |
| James W. Fennessey | Principal LifeTime Hybrid 2065 |  |
| James W. Fennessey | Principal LifeTime Hybrid 2070 |  |
| James W. Fennessey | SmallCap Growth I | $500001 - $1000000 |
| James W. Fennessey | SmallCap Value II | $500001 - $1000000 |
| Todd A. Jablonski | Principal LifeTime Strategic Income |  |
| Todd A. Jablonski | Principal LifeTime 2020 |  |
| Todd A. Jablonski | Principal LifeTime 2025 |  |
| Todd A. Jablonski | Principal LifeTime 2030 |  |
| Todd A. Jablonski | Principal LifeTime 2035 |  |
| Todd A. Jablonski | Principal LifeTime 2040 |  |
| Todd A. Jablonski | Principal LifeTime 2045 |  |
| Todd A. Jablonski | Principal LifeTime 2050 |  |
| Todd A. Jablonski | Principal LifeTime 2055 |  |
| Todd A. Jablonski | Principal LifeTime 2060 |  |
| Todd A. Jablonski | Principal LifeTime 2065 |  |
| Todd A. Jablonski | Principal LifeTime 2070 |  |
| Todd A. Jablonski | Principal LifeTime Hybrid Income |  |
| Todd A. Jablonski | Principal LifeTime Hybrid 2020 |  |
| Todd A. Jablonski | Principal LifeTime Hybrid 2025 |  |
| Todd A. Jablonski | Principal LifeTime Hybrid 2030 |  |
| Todd A. Jablonski | Principal LifeTime Hybrid 2035 |  |
| Todd A. Jablonski | Principal LifeTime Hybrid 2040 | $500001 - $1000000 |
| Todd A. Jablonski | Principal LifeTime Hybrid 2045 |  |
| Todd A. Jablonski | Principal LifeTime Hybrid 2050 |  |
| Todd A. Jablonski | Principal LifeTime Hybrid 2055 |  |
| Todd A. Jablonski | Principal LifeTime Hybrid 2060 |  |
| Todd A. Jablonski | Principal LifeTime Hybrid 2065 |  |
| Todd A. Jablonski | Principal LifeTime Hybrid 2070 |  |
| Todd A. Jablonski | SAM Balanced | over $1,000,000 |
| Todd A. Jablonski | SAM Conservative Balanced |  |
| Todd A. Jablonski | SAM Conservative Growth |  |
| Todd A. Jablonski | SAM Flexible Income |  |
| Todd A. Jablonski | SAM Strategic Growth | over $1,000,000 |
| Michael Messina | LargeCap Growth I | $10001 - $50000 |
| Michael Messina | LargeCap Value III |  |
| Michael Messina | MidCap Value I |  |
| Michael Messina | Overseas |  |
| Michael Messina | SmallCap Growth I | $1 - $10000 |
| Michael Messina | SmallCap Value II |  |
| Chad Severin | Principal LifeTime Strategic Income |  |
| Chad Severin | Principal LifeTime 2020 |  |
| Chad Severin | Principal LifeTime 2025 |  |
| Chad Severin | Principal LifeTime 2030 |  |
| Chad Severin | Principal LifeTime 2035 |  |
| Chad Severin | Principal LifeTime 2040 |  |
| Chad Severin | Principal LifeTime 2045 |  |
| Chad Severin | Principal LifeTime 2050 |  |

---

------

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **PFI Funds Managed by Portfolio Manager** | **Dollar Range of Securities Owned by the Portfolio Manager** |
| Chad Severin | Principal LifeTime 2055 |  |
| Chad Severin | Principal LifeTime 2060 |  |
| Chad Severin | Principal LifeTime 2065 |  |
| Chad Severin | Principal LifeTime 2070 |  |
| Chad Severin | Principal LifeTime Hybrid Income |  |
| Chad Severin | Principal LifeTime Hybrid 2020 |  |
| Chad Severin | Principal LifeTime Hybrid 2025 |  |
| Chad Severin | Principal LifeTime Hybrid 2030 |  |
| Chad Severin | Principal LifeTime Hybrid 2035 |  |
| Chad Severin | Principal LifeTime Hybrid 2040 |  |
| Chad Severin | Principal LifeTime Hybrid 2045 |  |
| Chad Severin | Principal LifeTime Hybrid 2050 |  |
| Chad Severin | Principal LifeTime Hybrid 2055 |  |
| Chad Severin | Principal LifeTime Hybrid 2060 |  |
| Chad Severin | Principal LifeTime Hybrid 2065 |  |
| Chad Severin | Principal LifeTime Hybrid 2070 |  |
| Scott Smith | Principal LifeTime Strategic Income |  |
| Scott Smith | Principal LifeTime 2020 |  |
| Scott Smith | Principal LifeTime 2025 |  |
| Scott Smith | Principal LifeTime 2030 |  |
| Scott Smith | Principal LifeTime 2035 |  |
| Scott Smith | Principal LifeTime 2040 |  |
| Scott Smith | Principal LifeTime 2045 |  |
| Scott Smith | Principal LifeTime 2050 |  |
| Scott Smith | Principal LifeTime 2055 |  |
| Scott Smith | Principal LifeTime 2060 |  |
| Scott Smith | Principal LifeTime 2065 |  |
| Scott Smith | Principal LifeTime 2070 |  |
| Scott Smith | Principal LifeTime Hybrid Income |  |
| Scott Smith | Principal LifeTime Hybrid 2020 |  |
| Scott Smith | Principal LifeTime Hybrid 2025 |  |
| Scott Smith | Principal LifeTime Hybrid 2030 |  |
| Scott Smith | Principal LifeTime Hybrid 2035 |  |
| Scott Smith | Principal LifeTime Hybrid 2040 |  |
| Scott Smith | Principal LifeTime Hybrid 2045 |  |
| Scott Smith | Principal LifeTime Hybrid 2050 | $100001 - $500000 |
| Scott Smith | Principal LifeTime Hybrid 2055 |  |
| Scott Smith | Principal LifeTime Hybrid 2060 |  |
| Scott Smith | Principal LifeTime Hybrid 2065 | $1 - $10000 |
| Scott Smith | Principal LifeTime Hybrid 2070 |  |
| Yesim Tokat-Acikel | SAM Balanced | $500001 - $1000000 |
| Yesim Tokat-Acikel | SAM Conservative Balanced |  |
| Yesim Tokat-Acikel | SAM Conservative Growth |  |
| Yesim Tokat-Acikel | SAM Flexible Income |  |
| Yesim Tokat-Acikel | SAM Strategic Growth |  |
| May Tong | LargeCap Growth I |  |
| May Tong | LargeCap Value III |  |
| May Tong | MidCap Value I |  |
| May Tong | Overseas |  |
| May Tong | Principal LifeTime Strategic Income |  |
| May Tong | Principal LifeTime 2020 |  |
| May Tong | Principal LifeTime 2025 |  |

---

------

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **PFI Funds Managed by Portfolio Manager** | **Dollar Range of Securities Owned by the Portfolio Manager** |
| May Tong | Principal LifeTime 2030 |  |
| May Tong | Principal LifeTime 2035 |  |
| May Tong | Principal LifeTime 2040 |  |
| May Tong | Principal LifeTime 2045 |  |
| May Tong | Principal LifeTime 2050 |  |
| May Tong | Principal LifeTime 2055 |  |
| May Tong | Principal LifeTime 2060 |  |
| May Tong | Principal LifeTime 2065 |  |
| May Tong | Principal LifeTime 2070 |  |
| May Tong | Principal LifeTime Hybrid Income |  |
| May Tong | Principal LifeTime Hybrid 2020 |  |
| May Tong | Principal LifeTime Hybrid 2025 |  |
| May Tong | Principal LifeTime Hybrid 2030 |  |
| May Tong | Principal LifeTime Hybrid 2035 |  |
| May Tong | Principal LifeTime Hybrid 2040 |  |
| May Tong | Principal LifeTime Hybrid 2045 |  |
| May Tong | Principal LifeTime Hybrid 2050 |  |
| May Tong | Principal LifeTime Hybrid 2055 |  |
| May Tong | Principal LifeTime Hybrid 2060 |  |
| May Tong | Principal LifeTime Hybrid 2065 |  |
| May Tong | Principal LifeTime Hybrid 2070 |  |
| May Tong | SmallCap Growth I |  |
| May Tong | SmallCap Value II |  |

---

------

**Advisor: Principal Global Investors, LLC (Principal Edge Portfolio Managers)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Other Accounts Managed** | **Other Accounts Managed** | **Other Accounts Managed** | **Other Accounts Managed** |
| | **Total Number<br>of Accounts** | **Total Assets <br>in the Accounts** | **Number of** <br>**Accounts that base** <br>**the Advisory Fee on Performance** | **Total Assets of the Accounts that base the Advisory Fee on Performance** |
| **Daniel R. Coleman:** Equity Income and Principal Capital Appreciation Funds | **Daniel R. Coleman:** Equity Income and Principal Capital Appreciation Funds | **Daniel R. Coleman:** Equity Income and Principal Capital Appreciation Funds | **Daniel R. Coleman:** Equity Income and Principal Capital Appreciation Funds | **Daniel R. Coleman:** Equity Income and Principal Capital Appreciation Funds |
| Registered investment companies | 4 | $2.7 billion | 0 | $0 |
| Other pooled investment vehicles | 3 | $330.3 million | 0 | $0 |
| Other accounts | 39 | $4.5 billion | 0 | $0 |
| **Theodore Jayne:** Principal Capital Appreciation Fund | **Theodore Jayne:** Principal Capital Appreciation Fund | **Theodore Jayne:** Principal Capital Appreciation Fund | **Theodore Jayne:** Principal Capital Appreciation Fund | **Theodore Jayne:** Principal Capital Appreciation Fund |
| Registered investment companies | 2 | $347.7 million | 0 | $0 |
| Other pooled investment vehicles | 1 | $141.1 million | 0 | $0 |
| Other accounts | 4 | $836.2 million | 0 | $0 |
| **Sarah E. Radecki:** Equity Income Fund | **Sarah E. Radecki:** Equity Income Fund | **Sarah E. Radecki:** Equity Income Fund | **Sarah E. Radecki:** Equity Income Fund | **Sarah E. Radecki:** Equity Income Fund |
| Registered investment companies | 2 | $2.3 billion | 0 | $0 |
| Other pooled investment vehicles | 2 | $189.1 million | 0 | $0 |
| Other accounts | 34 | $3.6 billion | 0 | $0 |
| **Nedret Vidinli:** Equity Income Fund | **Nedret Vidinli:** Equity Income Fund | **Nedret Vidinli:** Equity Income Fund | **Nedret Vidinli:** Equity Income Fund | **Nedret Vidinli:** Equity Income Fund |
| Registered investment companies | 1 | $691.7 million | 0 | $0 |
| Other pooled investment vehicles | 1 | $172.3 million | 0 | $0 |
| Other accounts | 11 | $446.9 million | 0 | $0 |

---

**Compensation**

PGI offers the Funds' investment team a competitive compensation structure that is evaluated annually relative to other global asset management firms to ensure its continued competitiveness and alignment with industry best practices. The objective of the structure is to offer market competitive compensation that aligns individual and team contributions with firm and client performance objectives in a manner that is consistent with industry standards and business results.

Compensation for each Fund's investment team is comprised of base salary and variable incentive components. As team members advance in their careers, the variable component increases in its proportion commensurate with responsibility levels. The variable component is designed to reinforce delivery of investment performance, firm performance, team collaboration, regulatory compliance, operational excellence, client retention, and client satisfaction. Investment performance for purposes of the variable component is measured on a pre-tax basis against relative client benchmarks and peer groups over one-year, three-year, and five-year periods, calculated quarterly, reinforcing a longer-term orientation.

Payments under the variable incentive plan may be in the form of cash or a combination of cash and deferred compensation. The amount of incentive delivered in the form of deferred compensation depends on the size of an individual's incentive award as it relates to a tiered deferral schedule. Deferred compensation is required to be invested into Principal Financial Group ("PFG") restricted stock units and funds managed by the team via a co-investment program. Both payment vehicles are subject to a three-year vesting schedule. The overall measurement framework and the deferred component are well aligned with our desired focus on clients' objectives (e.g., co-investment), alignment with PFG stakeholders, and talent retention.

In addition to deferred compensation obtained through their compensation programming, team members have investments acquired through their participation in PFG's employee stock purchase plan, retirement plans, and direct personal investments. It should be noted that PFG's retirement plans and deferred compensation plans generally utilize its non-registered group separate accounts or commingled vehicles rather than the traditional mutual funds. However, in each instance these vehicles are managed in lockstep alignment with the mutual funds (i.e., "clones").

------

**Ownership of Securities**

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **PFI Funds Managed by Portfolio Manager** | **Dollar Range of Securities Owned by the Portfolio Manager** |
| Daniel R. Coleman | Equity Income | over $1,000,000 |
| Daniel R. Coleman | Principal Capital Appreciation | $500001 - $1000000 |
| Theodore Jayne | Principal Capital Appreciation | $500001 - $1000000 |
| Sarah E. Radecki | Equity Income | over $1,000,000 |
| Nedret Vidinli | Equity Income | $500001 - $1000000 |

---

------

**Advisor: Principal Global Investors, LLC (Principal Equities Portfolio Managers)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Other Accounts Managed** | **Other Accounts Managed** | **Other Accounts Managed** | **Other Accounts Managed** |
| | **Total Number<br>of Accounts** | **Total Assets <br>in the Accounts** | **Number of** <br>**Accounts that base** <br>**the Advisory Fee on Performance** | **Total Assets of the Accounts that base the Advisory Fee on Performance** |
| **Paul H. Blankenhagen:** Diversified International and International Equity<sup>(1)</sup> Funds | **Paul H. Blankenhagen:** Diversified International and International Equity<sup>(1)</sup> Funds | **Paul H. Blankenhagen:** Diversified International and International Equity<sup>(1)</sup> Funds | **Paul H. Blankenhagen:** Diversified International and International Equity<sup>(1)</sup> Funds | **Paul H. Blankenhagen:** Diversified International and International Equity<sup>(1)</sup> Funds |
| Registered investment companies | 2 | $1.4 billion | 0 | $0 |
| Other pooled investment vehicles | 4 | $18.9 billion | 0 | $0 |
| Other accounts | 17 | $2.4 billion | 1 | $271.8 million |
| **Emily Foshag:** SmallCap Fund | **Emily Foshag:** SmallCap Fund | **Emily Foshag:** SmallCap Fund | **Emily Foshag:** SmallCap Fund | **Emily Foshag:** SmallCap Fund |
| Registered investment companies | 3 | $316.2 million | 0 | $0 |
| Other pooled investment vehicles | 2 | $528.8 million | 0 | $0 |
| Other accounts | 16 | $2.0 billion | 2 | $515.9 million |
| **Daniel Graña:** Global Emerging Markets Fund | **Daniel Graña:** Global Emerging Markets Fund | **Daniel Graña:** Global Emerging Markets Fund | **Daniel Graña:** Global Emerging Markets Fund | **Daniel Graña:** Global Emerging Markets Fund |
| Registered investment companies | 1 | $83.2 million | 0 | $0 |
| Other pooled investment vehicles | 1 | $418.9 million | 0 | $0 |
| Other accounts | 0 | $0 | 0 | $0 |
| **John Paul Lech:** Global Emerging Markets Fund | **John Paul Lech:** Global Emerging Markets Fund | **John Paul Lech:** Global Emerging Markets Fund | **John Paul Lech:** Global Emerging Markets Fund | **John Paul Lech:** Global Emerging Markets Fund |
| Registered investment companies | 3 | $5.6 billion | 0 | $0 |
| Other pooled investment vehicles | 2 | $418.9 million | 0 | $0 |
| Other accounts | 0 | $0 | 0 | $0 |
| **George Maris:** Diversified International and International Equity<sup>(1)</sup> Funds | **George Maris:** Diversified International and International Equity<sup>(1)</sup> Funds | **George Maris:** Diversified International and International Equity<sup>(1)</sup> Funds | **George Maris:** Diversified International and International Equity<sup>(1)</sup> Funds | **George Maris:** Diversified International and International Equity<sup>(1)</sup> Funds |
| Registered investment companies | 2 | $1.4 billion | 0 | $0 |
| Other pooled investment vehicles | 4 | $18.9 billion | 0 | $0 |
| Other accounts | 17 | $2.4 billion | 1 | $271.9 million |
| **K. William Nolin:** MidCap Fund | **K. William Nolin:** MidCap Fund | **K. William Nolin:** MidCap Fund | **K. William Nolin:** MidCap Fund | **K. William Nolin:** MidCap Fund |
| Registered investment companies | 5 | $12.8 billion | 0 | $0 |
| Other pooled investment vehicles | 3 | $4.0 billion | 0 | $0 |
| Other accounts | 78 | $19.4 billion | 0 | $0 |
| **Phil Nordhus:** SmallCap Fund | **Phil Nordhus:** SmallCap Fund | **Phil Nordhus:** SmallCap Fund | **Phil Nordhus:** SmallCap Fund | **Phil Nordhus:** SmallCap Fund |
| Registered investment companies | 1 | $174.5 million | 0 | $0 |
| Other pooled investment vehicles | 1 | $469.6 million | 0 | $0 |
| Other accounts | 16 | $2.0 billion | 2 | $515.9 million |
| **Tyler O'Donnell:** LargeCap S&P 500 Index, MidCap S&P 400 Index, and SmallCap S&P 600 Index Funds | **Tyler O'Donnell:** LargeCap S&P 500 Index, MidCap S&P 400 Index, and SmallCap S&P 600 Index Funds | **Tyler O'Donnell:** LargeCap S&P 500 Index, MidCap S&P 400 Index, and SmallCap S&P 600 Index Funds | **Tyler O'Donnell:** LargeCap S&P 500 Index, MidCap S&P 400 Index, and SmallCap S&P 600 Index Funds | **Tyler O'Donnell:** LargeCap S&P 500 Index, MidCap S&P 400 Index, and SmallCap S&P 600 Index Funds |
| Registered investment companies | 18 | $23.8 billion | 0 | $0 |
| Other pooled investment vehicles | 6 | $61.1 billion | 0 | $0 |
| Other accounts | 4 | $3.1 billion | 0 | $0 |
| **Brian W. Pattinson:** SmallCap Fund | **Brian W. Pattinson:** SmallCap Fund | **Brian W. Pattinson:** SmallCap Fund | **Brian W. Pattinson:** SmallCap Fund | **Brian W. Pattinson:** SmallCap Fund |
| Registered investment companies | 3 | $736.1 million | 0 | $0 |
| Other pooled investment vehicles | 3 | $1.46 billion | 0 | $0 |
| Other accounts | 34 | $3.3 billion | 2 | $515.9 million |
| **Matthew Peron:** Diversified International and International Equity <sup>(1)</sup> Funds | **Matthew Peron:** Diversified International and International Equity <sup>(1)</sup> Funds | **Matthew Peron:** Diversified International and International Equity <sup>(1)</sup> Funds | **Matthew Peron:** Diversified International and International Equity <sup>(1)</sup> Funds | **Matthew Peron:** Diversified International and International Equity <sup>(1)</sup> Funds |
| Registered investment companies | 2 | $1.4 billion | 0 | $0 |
| Other pooled investment vehicles | 4 | $18.9 billion | 0 | $0 |
| Other accounts | 17 | $2.4 billion | 1 | $271.9 million |
| **Tom Rozycki:** MidCap Fund | **Tom Rozycki:** MidCap Fund | **Tom Rozycki:** MidCap Fund | **Tom Rozycki:** MidCap Fund | **Tom Rozycki:** MidCap Fund |
| Registered investment companies | 5 | $12.8 billion | 0 | $0 |
| Other pooled investment vehicles | 3 | $4.0 billion | 0 | $0 |
| Other accounts | 78 | $19.4 billion | 0 | $0 |
| **Aaron J. Siebel:** LargeCap S&P 500 Index, MidCap S&P 400 Index, and SmallCap S&P 600 Index Funds | **Aaron J. Siebel:** LargeCap S&P 500 Index, MidCap S&P 400 Index, and SmallCap S&P 600 Index Funds | **Aaron J. Siebel:** LargeCap S&P 500 Index, MidCap S&P 400 Index, and SmallCap S&P 600 Index Funds | **Aaron J. Siebel:** LargeCap S&P 500 Index, MidCap S&P 400 Index, and SmallCap S&P 600 Index Funds | **Aaron J. Siebel:** LargeCap S&P 500 Index, MidCap S&P 400 Index, and SmallCap S&P 600 Index Funds |
| Registered investment companies | 22 | $28.6 billion | 0 | $0 |
| Other pooled investment vehicles | 6 | $61.1 billion | 0 | $0 |
| Other accounts | 5 | $4.5 billion | 0 | $0 |

---

<sup>(1)</sup> Effective July 31, 2024, the International Fund I changed its name to the International Equity Fund.

------

**Compensation**

PGI offers the Funds' investment team a competitive compensation structure that is evaluated annually relative to other global asset management firms to ensure its continued competitiveness and alignment with industry best practices. The objective of the structure is to offer market competitive compensation that aligns individual and team contributions with firm and client performance objectives in a manner that is consistent with industry standards and business results.

Compensation for each Fund's investment team is comprised of base salary and variable incentive components. As team members advance in their careers, the variable component increases in its proportion commensurate with responsibility levels. The variable component is designed to reinforce delivery of investment performance, firm performance, team collaboration, regulatory compliance, operational excellence, client retention, and client satisfaction. Investment performance for purposes of the variable component is measured on a pre-tax basis against relative client benchmarks and peer groups over one-year, three-year, and five-year periods, calculated quarterly, reinforcing a longer-term orientation.

Payments under the variable incentive plan may be in the form of cash or a combination of cash and deferred compensation. The amount of incentive delivered in the form of deferred compensation depends on the size of an individual's incentive award as it relates to a tiered deferral schedule. Deferred compensation is required to be invested into Principal Financial Group ("PFG") restricted stock units and funds managed by the team via a co-investment program. Both payment vehicles are subject to a three-year vesting schedule. The overall measurement framework and the deferred component are well aligned with our desired focus on clients' objectives (e.g., co-investment), alignment with PFG stakeholders, and talent retention.

In addition to deferred compensation obtained through their compensation programming, team members have investments acquired through their participation in PFG's employee stock purchase plan, retirement plans, and direct personal investments. It should be noted that PFG's retirement plans and deferred compensation plans generally utilize its non-registered group separate accounts or commingled vehicles rather than the traditional mutual funds. However, in each instance these vehicles are managed in lockstep alignment with the mutual funds (i.e., "clones").

**Ownership of Securities**

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **PFI Funds Managed by Portfolio Manager** | **Dollar Range of Securities Owned by the Portfolio Manager** |
| Paul H. Blankenhagen | Diversified International | over $1,000,000 |
| Paul H. Blankenhagen | International Equity | over $1,000,000 |
| Emily Foshag | SmallCap | $500001 - $1000000 |
| Daniel Graña | Global Emerging Markets Fund | over $1,000,000 |
| John Paul Lech | Global Emerging Markets Fund | $100001 - $500000 |
| George P. Maris | Diversified International | over $1,000,000 |
| George P. Maris | International Equity | over $1,000,000 |
| K. William Nolin | MidCap | over $1,000,000 |
| Phil Nordhus | SmallCap | over $1,000,000 |
| Tyler O'Donnell | LargeCap S&P 500 Index | $1 - $10000 |
| Tyler O'Donnell | MidCap S&P 400 Index | $1 - $10000 |
| Tyler O'Donnell | SmallCap S&P 600 Index | $1 - $10000 |
| Brian Pattinson | SmallCap | over $1,000,000 |
| Matthew Peron | Diversified International | over $1,000,000 |
| Matthew Peron | International Equity | over $1,000,000 |
| Tom Rozycki | MidCap | over $1,000,000 |
| Aaron J. Siebel | LargeCap S&P 500 Index | $1 - $10000 |
| Aaron J. Siebel | MidCap S&P 400 Index | $1 - $10000 |
| Aaron J. Siebel | SmallCap S&P 600 Index | $1 - $10000 |

---

------

**Advisor: Principal Global Investors, LLC (Principal Finisterre Portfolio Managers)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Other Accounts Managed** | **Other Accounts Managed** | **Other Accounts Managed** | **Other Accounts Managed** |
| | **Total Number<br>of Accounts** | **Total Assets <br>in the Accounts** | **Number of** <br>**Accounts that base** <br>**the Advisory Fee on Performance** | **Total Assets of the Accounts that base the Advisory Fee on Performance** |
| **Damien Buchet:** Finisterre Emerging Markets Total Return Bond Fund | **Damien Buchet:** Finisterre Emerging Markets Total Return Bond Fund | **Damien Buchet:** Finisterre Emerging Markets Total Return Bond Fund | **Damien Buchet:** Finisterre Emerging Markets Total Return Bond Fund | **Damien Buchet:** Finisterre Emerging Markets Total Return Bond Fund |
| Registered Investment Companies | 1 | $309.4 million | 0 | $0 |
| Other Pooled Investment Vehicles | 1 | $75.6 million | 0 | $0 |
| Other accounts | 0 | $0 | 0 | $0 |
| **Christopher Watson:** Finisterre Emerging Markets Total Return Bond Fund | **Christopher Watson:** Finisterre Emerging Markets Total Return Bond Fund | **Christopher Watson:** Finisterre Emerging Markets Total Return Bond Fund | **Christopher Watson:** Finisterre Emerging Markets Total Return Bond Fund | **Christopher Watson:** Finisterre Emerging Markets Total Return Bond Fund |
| Registered Investment Companies | 1 | $309.4 million | 0 | $0 |
| Other Pooled Investment Vehicles | 1 | $75.6 million | 0 | $0 |
| Other accounts | 0 | $0 | 0 | $0 |

---

**Compensation**

PGI offers the Funds' investment team a competitive compensation structure that is evaluated annually relative to other global asset management firms to ensure its continued competitiveness and alignment with industry best practices. The objective of the structure is to offer market competitive compensation that aligns individual and team contributions with firm and client performance objectives in a manner that is consistent with industry standards and business results.

Compensation for each Funds' investment team is comprised of base salary and variable incentive components. As team members advance in their careers, the variable component increases in its proportion commensurate with responsibility levels. The variable component is designed to reinforce delivery of investment performance, firm performance, team collaboration, regulatory compliance, operational excellence, client retention, and client satisfaction. Investment performance for purposes of the variable component is measured on a pre-tax basis against relative client benchmarks and peer groups over one-year, three-year, and five-year periods, calculated quarterly, reinforcing a longer-term orientation.

Payments under the variable incentive plan may be in the form of cash or a combination of cash and deferred compensation. The amount of incentive delivered in the form of deferred compensation depends on the size of an individual's incentive award as it relates to a tiered deferral schedule. Deferred compensation is required to be invested into funds managed by the team via a co-investment program and is subject to a three-year vesting schedule. The overall measurement framework and the deferred component are well aligned with our desired focus on clients' objectives (e.g., co-investment) and talent retention.

**Ownership of Securities**

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **PFI Funds Managed by Portfolio Manager** | **Dollar Range of Securities Owned by the Portfolio Manager** |
| Damien Buchet | Finisterre Emerging Markets Total Return Bond |  |
| Christopher Watson | Finisterre Emerging Markets Total Return Bond | $500001 - $1000000 |

---

------

**Advisor: Principal Global Investors, LLC (Principal Fixed Income Portfolio Managers)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Other Accounts Managed** | **Other Accounts Managed** | **Other Accounts Managed** | **Other Accounts Managed** |
| | **Total Number<br>of Accounts** | **Total Assets <br>in the Accounts** | **Number of** <br>**Accounts that base** <br>**the Advisory Fee on Performance** | **Total Assets of the Accounts that base the Advisory Fee on Performance** |
| **Jeff Callahan**<sup>(1)(2)</sup>**:** Core Fixed Income, Inflation Protection, International Bond and Short-Term Income Funds | **Jeff Callahan**<sup>(1)(2)</sup>**:** Core Fixed Income, Inflation Protection, International Bond and Short-Term Income Funds | **Jeff Callahan**<sup>(1)(2)</sup>**:** Core Fixed Income, Inflation Protection, International Bond and Short-Term Income Funds | **Jeff Callahan**<sup>(1)(2)</sup>**:** Core Fixed Income, Inflation Protection, International Bond and Short-Term Income Funds | **Jeff Callahan**<sup>(1)(2)</sup>**:** Core Fixed Income, Inflation Protection, International Bond and Short-Term Income Funds |
| Registered investment companies | 3 | $5.0 billion | 0 | $0 |
| Other pooled investment vehicles | 5 | $17.1 billion | 0 | $0 |
| Other accounts | 19 | $720.1 million | 0 | $0 |
| **Bryan C. Davis:** Core Fixed Income, Core Plus Bond, and Government & High Quality Bond Funds | **Bryan C. Davis:** Core Fixed Income, Core Plus Bond, and Government & High Quality Bond Funds | **Bryan C. Davis:** Core Fixed Income, Core Plus Bond, and Government & High Quality Bond Funds | **Bryan C. Davis:** Core Fixed Income, Core Plus Bond, and Government & High Quality Bond Funds | **Bryan C. Davis:** Core Fixed Income, Core Plus Bond, and Government & High Quality Bond Funds |
| Registered investment companies | 7 | $1.9 billion | 0 | $0 |
| Other pooled investment vehicles | 8 | $8.5 billion | 0 | $0 |
| Other accounts | 28 | $5.9 billion | 1 | $1.0 million |
| **Mark P. Denkinger:** High Yield Fund | **Mark P. Denkinger:** High Yield Fund | **Mark P. Denkinger:** High Yield Fund | **Mark P. Denkinger:** High Yield Fund | **Mark P. Denkinger:** High Yield Fund |
| Registered investment companies | 10 | $663.9 million | 0 | $0 |
| Other pooled investment vehicles | 11 | $618.1 million | 0 | $0 |
| Other accounts | 37 | $8.1 billion | 0 | $0 |
| **John R. Friedl:** Core Fixed Income and Core Plus Bond Funds | **John R. Friedl:** Core Fixed Income and Core Plus Bond Funds | **John R. Friedl:** Core Fixed Income and Core Plus Bond Funds | **John R. Friedl:** Core Fixed Income and Core Plus Bond Funds | **John R. Friedl:** Core Fixed Income and Core Plus Bond Funds |
| Registered investment companies | 14 | $3.9 billion | 0 | $0 |
| Other pooled investment vehicles | 9 | $5.0 billion | 0 | $0 |
| Other accounts | 14 | $322.4 million | 0 | $0 |
| **Zach Gassmann**<sup>(2)(3)(4)</sup>**:** Government & High Quality Bond, Inflation Protection, and Short-Term Income Funds | **Zach Gassmann**<sup>(2)(3)(4)</sup>**:** Government & High Quality Bond, Inflation Protection, and Short-Term Income Funds | **Zach Gassmann**<sup>(2)(3)(4)</sup>**:** Government & High Quality Bond, Inflation Protection, and Short-Term Income Funds | **Zach Gassmann**<sup>(2)(3)(4)</sup>**:** Government & High Quality Bond, Inflation Protection, and Short-Term Income Funds | **Zach Gassmann**<sup>(2)(3)(4)</sup>**:** Government & High Quality Bond, Inflation Protection, and Short-Term Income Funds |
| Registered investment companies | 10 | $1.5 billion | 0 | $0 |
| Other pooled investment vehicles | 9 | $4.7 billion | 0 | $0 |
| Other accounts | 11 | $3.0 billion | 0 | $0 |
| **Michael Goosay**<sup>(5)(6)(7)</sup>**:** Core Fixed Income, Core Plus Bond, Multi-Sector Income, and Short-Term Income Funds | **Michael Goosay**<sup>(5)(6)(7)</sup>**:** Core Fixed Income, Core Plus Bond, Multi-Sector Income, and Short-Term Income Funds | **Michael Goosay**<sup>(5)(6)(7)</sup>**:** Core Fixed Income, Core Plus Bond, Multi-Sector Income, and Short-Term Income Funds | **Michael Goosay**<sup>(5)(6)(7)</sup>**:** Core Fixed Income, Core Plus Bond, Multi-Sector Income, and Short-Term Income Funds | **Michael Goosay**<sup>(5)(6)(7)</sup>**:** Core Fixed Income, Core Plus Bond, Multi-Sector Income, and Short-Term Income Funds |
| Registered investment companies | 5 | $14.5 billion | 0 | $0 |
| Other pooled investment vehicles | 4 | $5.0 billion | 0 | $0 |
| Other accounts | 16 | $1.6 billion | 0 | $0 |
| **Allison Hitchings:** Government Money Market and Money Market Funds | **Allison Hitchings:** Government Money Market and Money Market Funds | **Allison Hitchings:** Government Money Market and Money Market Funds | **Allison Hitchings:** Government Money Market and Money Market Funds | **Allison Hitchings:** Government Money Market and Money Market Funds |
| Registered investment companies | 1 | $487336 | 0 | $0 |
| Other pooled investment vehicles | 1 | $1.3 billion | 0 | $0 |
| Other accounts | 2 | $16.6 million | 0 | $0 |
| **James Noble:** California Municipal and Tax-Exempt Bond Funds | **James Noble:** California Municipal and Tax-Exempt Bond Funds | **James Noble:** California Municipal and Tax-Exempt Bond Funds | **James Noble:** California Municipal and Tax-Exempt Bond Funds | **James Noble:** California Municipal and Tax-Exempt Bond Funds |
| Registered investment companies | 1 | $181.4 million | 0 | $0 |
| Other pooled investment vehicles | 3 | $28.9 million | 0 | $0 |
| Other accounts | 9 | $249.7 million | 0 | $0 |
| **Tina Paris**<sup>(5)(6)(7)</sup>**:** Core Plus Bond and Multi-Sector Income Funds | **Tina Paris**<sup>(5)(6)(7)</sup>**:** Core Plus Bond and Multi-Sector Income Funds | **Tina Paris**<sup>(5)(6)(7)</sup>**:** Core Plus Bond and Multi-Sector Income Funds | **Tina Paris**<sup>(5)(6)(7)</sup>**:** Core Plus Bond and Multi-Sector Income Funds | **Tina Paris**<sup>(5)(6)(7)</sup>**:** Core Plus Bond and Multi-Sector Income Funds |
| Registered investment companies | 3 | $738.6 million | 0 | $0 |
| Other pooled investment vehicles | 10 | $7.8 billion | 0 | $0 |
| Other accounts | 13 | $1.5 billion | 0 | $0 |
| **Joshua Rank:** High Yield Fund | **Joshua Rank:** High Yield Fund | **Joshua Rank:** High Yield Fund | **Joshua Rank:** High Yield Fund | **Joshua Rank:** High Yield Fund |
| Registered investment companies | 10 | $663.9 million | 0 | $0 |
| Other pooled investment vehicles | 11 | $618.1 million | 0 | $0 |
| Other accounts | 37 | $8.1 billion | 0 | $0 |
| **Tracy Reeg:** Government Money Market and Money Market Funds | **Tracy Reeg:** Government Money Market and Money Market Funds | **Tracy Reeg:** Government Money Market and Money Market Funds | **Tracy Reeg:** Government Money Market and Money Market Funds | **Tracy Reeg:** Government Money Market and Money Market Funds |
| Registered investment companies | 1 | $487336 | 0 | $0 |
| Other pooled investment vehicles | 1 | $1.3 billion | 0 | $0 |
| Other accounts | 2 | $16.6 million | 0 | $0 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Other Accounts Managed** | **Other Accounts Managed** | **Other Accounts Managed** | **Other Accounts Managed** |
| | **Total Number<br>of Accounts** | **Total Assets <br>in the Accounts** | **Number of** <br>**Accounts that base** <br>**the Advisory Fee on Performance** | **Total Assets of the Accounts that base the Advisory Fee on Performance** |
| **Chee Sin Koh**<sup>(1)(8)</sup>**:** International Bond Fund | **Chee Sin Koh**<sup>(1)(8)</sup>**:** International Bond Fund | **Chee Sin Koh**<sup>(1)(8)</sup>**:** International Bond Fund | **Chee Sin Koh**<sup>(1)(8)</sup>**:** International Bond Fund | **Chee Sin Koh**<sup>(1)(8)</sup>**:** International Bond Fund |
| Registered investment companies | 0 | $0 | 0 | $0 |
| Other pooled investment vehicles | 0 | $0 | 0 | $0 |
| Other accounts | 6 | $1.9 billion | 0 | $0 |
| **Darrin E. Smith:** High Yield Fund | **Darrin E. Smith:** High Yield Fund | **Darrin E. Smith:** High Yield Fund | **Darrin E. Smith:** High Yield Fund | **Darrin E. Smith:** High Yield Fund |
| Registered investment companies | 10 | $663.9 million | 0 | $0 |
| Other pooled investment vehicles | 11 | $618.1 million | 0 | $0 |
| Other accounts | 37 | $8.1 billion | 0 | $0 |
| **James Welch:** California Municipal and Tax-Exempt Bond Funds | **James Welch:** California Municipal and Tax-Exempt Bond Funds | **James Welch:** California Municipal and Tax-Exempt Bond Funds | **James Welch:** California Municipal and Tax-Exempt Bond Funds | **James Welch:** California Municipal and Tax-Exempt Bond Funds |
| Registered investment companies | 1 | $181.4 million | 0 | $0 |
| Other pooled investment vehicles | 3 | $28.9 million | 0 | $0 |
| Other accounts | 9 | $249.7 million | 0 | $0 |

---

<sup>(1)</sup> The International Bond Fund is new as of March 1, 2026.

<sup>(2)</sup> Jeff Callahan and Zach Gassmann became Portfolio Managers of the Inflation Protection Fund effective March 1, 2026.

<sup>(3)</sup> Information as of April 30, 2026.

<sup>(4)</sup> Zach Gassmann became a Portfolio Manager of the Short-Term Income Fund effective June 30, 2026.

<sup>(5)</sup> Information as of May 31, 2026.

<sup>(6)</sup> Effective ________, 2026, the Diversified Income Fund changed its name to the Multi-Sector Income Fund.

<sup>(7)</sup> Michael Goosay and Tina Paris became Portfolio Managers of the Multi-Sector Income Fund effective ________, 2026.

<sup>(8)</sup> Information as of January 31, 2026.

**Compensation**

PGI offers the Funds' investment team a competitive compensation structure that is evaluated annually relative to other global asset management firms to ensure its continued competitiveness and alignment with industry best practices. The objective of the structure is to offer market competitive compensation that aligns individual and team contributions with firm and client performance objectives in a manner that is consistent with industry standards and business results.

Compensation for each Fund's investment team is comprised of base salary and variable incentive components. As team members advance in their careers, the variable component increases in its proportion commensurate with responsibility levels. The variable component is designed to reinforce delivery of investment performance, firm performance, team collaboration, regulatory compliance, operational excellence, client retention, and client satisfaction. Investment performance for purposes of the variable component is measured on a pre-tax basis against relative client benchmarks and peer groups over one-year, three-year, and five-year periods, calculated quarterly, reinforcing a longer-term orientation.

Payments under the variable incentive plan may be in the form of cash or a combination of cash and deferred compensation. The amount of incentive delivered in the form of deferred compensation depends on the size of an individual's incentive award as it relates to a tiered deferral schedule. Deferred compensation is required to be invested into Principal Financial Group ("PFG") restricted stock units and funds managed by the team via a co-investment program. Both payment vehicles are subject to a three-year vesting schedule. The overall measurement framework and the deferred component are well aligned with our desired focus on clients' objectives (e.g., co-investment), alignment with PFG stakeholders, and talent retention.

In addition to deferred compensation obtained through their compensation programming, team members have investments acquired through their participation in PFG's employee stock purchase plan, retirement plans, and direct personal investments. It should be noted that PFG's retirement plans and deferred compensation plans generally utilize its non-registered group separate accounts or commingled vehicles rather than the traditional mutual funds. However, in each instance these vehicles are managed in lockstep alignment with the mutual funds (i.e., "clones").

------

**Ownership of Securities**

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **PFI Funds Managed by Portfolio Manager** | **Dollar Range of Securities Owned by the Portfolio Manager** |
| Jeff Callahan | Core Fixed Income | $1 - $10000 |
| Jeff Callahan | Inflation Protection<sup>(1)</sup> |  |
| Jeff Callahan | International Bond<sup>(2)</sup> |  |
| Jeff Callahan | Short-Term Income | $10001 - $50000 |
| Bryan C. Davis | Core Fixed Income |  |
| Bryan C. Davis | Core Plus Bond | $100001 - $500000 |
| Bryan C. Davis | Government & High Quality Bond | $100001 - $500000 |
| Mark P. Denkinger | High Yield | over $1,000,000 |
| John R. Friedl | Core Fixed Income | $100001 - $500000 |
| John R. Friedl | Core Plus Bond | $1 - $10000 |
| Zach Gassmann | Government & High Quality Bond | $100001 - $500000 |
| Zach Gassmann<sup>(1)</sup> | Inflation Protection |  |
| Zach Gassmann<sup>(3)</sup> | Short-Term Income |  |
| Michael Goosay | Core Fixed Income | $100001 - $500000 |
| Michael Goosay | Core Plus Bond | $100001 - $500000 |
| Michael Goosay<sup>(3)(4)</sup> | Multi-Sector Income |  |
| Michael Goosay | Short-Term Income | $10001 - $50000 |
| Allison Hitchings | Government Money Market |  |
| Allison Hitchings | Money Market |  |
| James Noble | California Municipal | $1 - $10000 |
| James Noble | Tax-Exempt Bond | $100001 - $500000 |
| Tina Paris | Core Plus Bond | $100001 - $500000 |
| Tina Paris<sup>(3)(4)</sup> | Multi-Sector Income |  |
| Joshua Rank | High Yield | over $1,000,000 |
| Tracy Reeg | Government Money Market | $1 - $10000 |
| Tracy Reeg | Money Market |  |
| Chee Sin Koh<sup>(2)</sup> | International Bond |  |
| Darrin E. Smith | High Yield | $500001 - $1000000 |
| James Welch | California Municipal | $1 - $10000 |
| James Welch | Tax-Exempt Bond | $100001 - $500000 |

---

<sup>(1)</sup> Information as of January 31, 2026.

<sup>(2)</sup> The International Bond Fund is new as of March 1, 2026.

<sup>(3)</sup> Information as of May 31, 2026.

<sup>(4)</sup> Effective ________, 2026, the Diversified Income Fund changed its name to the Multi-Sector Income Fund.

------

**Sub-Advisor: Principal Real Estate Investors, LLC**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Other Accounts Managed** | **Other Accounts Managed** | **Other Accounts Managed** | **Other Accounts Managed** |
| | **Total Number<br>of Accounts** | **Total Assets <br>in the Accounts** | **Number of** <br>**Accounts that base** <br>**the Advisory Fee on Performance** | **Total Assets of the Accounts that base the Advisory Fee on Performance** |
| **Keith Bokota:** Real Estate Securities Fund  | **Keith Bokota:** Real Estate Securities Fund  | **Keith Bokota:** Real Estate Securities Fund  | **Keith Bokota:** Real Estate Securities Fund  | **Keith Bokota:** Real Estate Securities Fund  |
| Registered investment companies | 3 | $596.1 million | 0 | $0 |
| Other pooled investment vehicles | 2 | $1.7 billion | 0 | $0 |
| Other accounts | 46 | $3.3 billion | 1 | $116.7 million |
| **Anthony Kenkel:** Global Real Estate Securities and Real Estate Securities Funds | **Anthony Kenkel:** Global Real Estate Securities and Real Estate Securities Funds | **Anthony Kenkel:** Global Real Estate Securities and Real Estate Securities Funds | **Anthony Kenkel:** Global Real Estate Securities and Real Estate Securities Funds | **Anthony Kenkel:** Global Real Estate Securities and Real Estate Securities Funds |
| Registered investment companies | 7 | $1.3 billion | 0 | $0 |
| Other pooled investment vehicles | 5 | $2.5 billion | 0 | $0 |
| Other accounts | 86 | $8.2 billion | 3 | $283.8 million |
| **Kelly D. Rush:** Global Real Estate Securities and Real Estate Securities Funds | **Kelly D. Rush:** Global Real Estate Securities and Real Estate Securities Funds | **Kelly D. Rush:** Global Real Estate Securities and Real Estate Securities Funds | **Kelly D. Rush:** Global Real Estate Securities and Real Estate Securities Funds | **Kelly D. Rush:** Global Real Estate Securities and Real Estate Securities Funds |
| Registered investment companies | 9 | $9.1 billion | 0 | $0 |
| Other pooled investment vehicles | 5 | $2.5 billion | 0 | $0 |
| Other accounts | 86 | $8.2 billion | 3 | $283.8 million |

---

**Compensation**

Principal Real Estate Investors, LLC offers the Funds' investment team a competitive compensation structure that is evaluated annually relative to other global asset management firms to ensure its continued competitiveness and alignment with industry best practices. The objective of the structure is to offer market competitive compensation that aligns individual and team contributions with firm and client performance objectives in a manner that is consistent with industry standards and business results.

Compensation for each Fund's investment team is comprised of base salary and variable incentive components. As team members advance in their careers, the variable component increases in its proportion commensurate with responsibility levels. The variable component is designed to reinforce delivery of investment performance, firm performance, team collaboration, regulatory compliance, operational excellence, client retention, and client satisfaction. Investment performance for purposes of the variable component is measured on a pre-tax basis against relative client benchmarks and peer groups over one-year, three-year, and five-year periods, calculated quarterly, reinforcing a longer-term orientation.

Payments under the variable incentive plan may be in the form of cash or a combination of cash and deferred compensation. The amount of incentive delivered in the form of deferred compensation depends on the size of an individual's incentive award as it relates to a tiered deferral schedule. Deferred compensation is required to be invested into Principal Financial Group ("PFG") restricted stock units and funds managed by the team via a co-investment program. Both payment vehicles are subject to a three-year vesting schedule. The overall measurement framework and the deferred component are well aligned with our desired focus on clients' objectives (e.g., co-investment), alignment with PFG stakeholders, and talent retention.

In addition to deferred compensation obtained through their compensation programming, team members have investments acquired through their participation in PFG's employee stock purchase plan, retirement plans, and direct personal investments. It should be noted that PFG's retirement plans and deferred compensation plans generally utilize its non-registered group separate accounts or commingled vehicles rather than the traditional mutual funds. However, in each instance these vehicles are managed in lockstep alignment with the mutual funds (i.e., "clones").

**Ownership of Securities**

---

| | | |
|:---|:---|:---|
| **Portfolio Manager** | **PFI Funds Managed by Portfolio Manager** | **Dollar Range of Securities Owned by the Portfolio Manager** |
| Keith Bokota | Real Estate Securities | over $1,000,000 |
| Anthony Kenkel | Global Real Estate Securities | over $1,000,000 |
| Anthony Kenkel | Real Estate Securities | over $1,000,000 |
| Kelly D. Rush | Global Real Estate Securities | over $1,000,000 |
| Kelly D. Rush | Real Estate Securities | over $1,000,000 |

---

------

**APPENDIX A – DESCRIPTION OF BOND RATINGS**

<u>Moody's Ratings - Rating Definitions:</u>

Long-Term Obligation Ratings

Ratings assigned on Moody's global long-term obligation rating scales are forward-looking opinions of the relative credit risk of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Long-term ratings are assigned to issuers or obligations with an original maturity of one year or more and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default or impairment.<sup>1</sup>

<sup>1</sup> *For certain structured finance, preferred stock and hybrid securities in which payment default events are either not defined or do not match investor's expectations for timely payment, the ratings reflect the likelihood of impairment and the expected financial loss in the event of impairment.*

---

| | |
|:---|:---|
| Aaa: | Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of 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 considered upper-medium grade and are subject to low credit risk. |
| Baa: | Obligations rated Baa are subject to moderate credit risk. They are considered medium-grade and as such may possess certain speculative characteristics. |
| Ba: | Obligations rated Ba are judged to be speculative and are subject to substantial credit risk. |
| B: | Obligations rated B are considered speculative and are subject to high credit risk. |
| Caa: | Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk. |
| Ca: | Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest. |
| C: | Obligations rated C are the lowest rated class of bonds and are typically in default, with little prospect for recovery of principal or interest. |

---

---

| | |
|:---|:---|
| **NOTE:** | Moody's appends numerical modifiers, 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category, the modifier 2 indicates a mid-range ranking, and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, issuers, financial companies, and securities firms.\* |

---

**\***By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.

SHORT-TERM NOTES: Short-term ratings are assigned to obligations with an original maturity of thirteen months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in the event of default. Moody's employs the following three designations, all judged to be investment grade, to indicate the relative repayment ability of rated issuers:

Issuers rated Prime-1 (or related supporting institutions) have a superior ability to repay short-term debt obligations.

Issuers rated Prime-2 (or related supporting institutions) have a strong ability to repay short-term debt obligations.

Issuers rated Prime-3 (or related supporting institutions) have an acceptable ability to repay short-term obligations.

Issuers rated Not Prime do not fall within any of the Prime rating categories.

US MUNICIPAL SHORT-TERM DEBT: The Municipal Investment Grade (MIG) scale is used to rate US municipal bonds of up to three years maturity. MIG ratings are divided into three levels - MIG 1 through MIG 3 - while speculative grade short-term obligations are designated SG.

MIG 1 denotes superior credit quality, afforded excellent protection from established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

MIG 2 denotes strong credit quality with ample margins of protection, although not as large as in the preceding group.

MIG 3 notes are of acceptable credit quality. Liquidity and cash-flow protection may be narrow and market access for refinancing is likely to be less well-established.

SG denotes speculative-grade credit quality and may lack sufficient margins of protection.

------

<u>Description of S&P Global Ratings' Credit Rating Definitions:</u>

S&P Global's credit rating, both long-term and short-term, is a forward-looking opinion of the creditworthiness of an obligor with respect to a specific obligation. This assessment takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation.

The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment as to market price or suitability for a particular investor.

The ratings are statements of opinion as of the date they are expressed furnished by the issuer or obtained by S&P Global Ratings from other sources S&P Global Ratings considers reliable. S&P Global Ratings does not perform an audit in connection with any rating and may, on occasion, rely on unaudited financial information. The ratings may be changed, suspended, or withdrawn as a result of changes in, or unavailability of, such information, or for other circumstances.

The ratings are based, in varying degrees, on the following considerations:

• Likelihood of payment - capacity and willingness of the obligor to meet its financial commitment on an obligation in accordance with the terms of the obligation;

• Nature of and provisions of the financial obligation;

• 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 creditor's rights.

LONG-TERM CREDIT RATINGS:

---

| | |
|:---|:---|
| AAA: | Obligations rated 'AAA' have the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitment on the obligation is extremely strong. |
| AA: | Obligations rated 'AA' differ from the highest-rated issues only in small degree. The obligor's capacity to meet its financial commitment on the obligation is very strong. |
| A: | Obligations rated 'A' have a strong capacity to meet financial commitment on the obligation although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. |
| BBB: | Obligations rated 'BBB' exhibit adequate protection parameters; however, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to meet financial commitment on the obligation. |
| BB, B, CCC,<br>CC and C: | Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded, on balance, as having significant speculative characteristics. 'BB' indicates the lowest degree of speculation and 'C' the highest degree of speculation. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major risk exposures to adverse conditions.  |
| BB: | Obligations rated 'BB' are less vulnerable to nonpayment than other speculative issues. However it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation. |
| B: | Obligations rated 'B' are more vulnerable to nonpayment than 'BB' but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair this capacity. |
| CCC: | Obligations rated 'CCC' are currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. If adverse business, financial, or economic conditions occur, the obligor is not likely to have the capacity to meet its financial commitment on the obligation. |
| CC: | Obligations rated 'CC' are 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 anticipated time to default. |
| C: | The rating 'C' is highly vulnerable to nonpayment, the obligation is expected to have lower relative seniority or lower ultimate recovery compared to higher rated obligations.  |
| D: | Obligations rated 'D' are 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 rating will also be used upon filing for bankruptcy petition or the taking of similar action and where default is a virtual certainty. If an obligation is subject to a distressed exchange offer the rating is lowered to 'D'. |

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Plus (+) or Minus (-): 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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NR: Indicates that a rating has not been assigned or is no longer assigned.

SHORT-TERM CREDIT RATINGS: Ratings are graded into four categories, ranging from 'A-1' for the highest quality obligations to 'D' for the lowest.

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| | |
|:---|:---|
| A-1: | This is the highest category. The obligor's capacity to meet its financial commitment 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 commitment on these obligations is extremely strong. |
| A-2: | Issues carrying this designation are somewhat more susceptible to the adverse effects of the changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitment on the obligation is satisfactory. |
| A-3: | Issues carrying this designation exhibit adequate capacity to meet their financial obligations. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet it financial commitment on the obligation. |
| B: | Issues rated 'B' are regarded as vulnerable and have significant speculative characteristics. The obligor has capacity to meet financial commitments; however, it faces major ongoing uncertainties which could lead to obligor's inadequate capacity to meet its financial obligations. |
| C: | This rating is assigned to short-term debt obligations that are currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions to meet its financial commitment on the obligation. |
| D: | This rating indicates that the issue is either 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 rating will also be used upon filing for bankruptcy petition or the taking of similar action and where default is a virtual certainty. If an obligation is subject to a distressed debt restructuring the rating is lowered to 'D'. |

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MUNICIPAL SHORT-TERM NOTE RATINGS: S&P Global Ratings rates U.S. municipal notes with a maturity of less than three years as follows:

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| | |
|:---|:---|
| SP-1: | A strong capacity to pay principal and interest. Issues that possess a very strong capacity to pay debt service is given a "+" designation. |
| SP-2: | A satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the terms of the notes. |
| SP-3: | A speculative capacity to pay principal and interest. |
| D: | Assigned upon failure to pay the note when due, completion of a distressed debt restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty.  |

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**APPENDIX B – PRICE MAKE UP SHEET**

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| | | | |
|:---|:---|:---|:---|
| **Class A** | **Class A** | **Class A** | **Class A** |
| **Maximum Offering Price Calculation** | **Maximum Offering Price Calculation** | **Maximum Offering Price Calculation** | **Maximum Offering Price Calculation** |
| **(as of October 31, 2025)** | **(as of October 31, 2025)** | **(as of October 31, 2025)** | **(as of October 31, 2025)** |
|  | NAV | = | Maximum Offering Price |
|  | (1-Sales Charge Percentage) | = | Maximum Offering Price |
| **Fund/Portfolio** |  |  |  |
| California Municipal | $9.83 | = | $10.21 |
|  | (1-.0375) | = | $10.21 |
| Core Fixed Income | $8.72 | = | $8.92 |
|  | (1-.0225) | = | $8.92 |
| Core Plus Bond | $9.20 | = | $9.56 |
|  | (1-.0375) | = | $9.56 |
| Diversified International | $16.74 | = | $17.71 |
|  | (1-.0550) | = | $17.71 |
| Equity Income | $42.84 | = | $45.33 |
|  | (1-.0550) | = | $45.33 |
| Global Emerging Markets | $35.24 | = | $37.29 |
|  | (1-.0550) | = | $37.29 |
| Global Real Estate Securities | $8.96 | = | $9.48 |
|  | (1-.0550) | = | $9.48 |
| Government & High Quality Bond | $9.16 | = | $9.37 |
|  | (1-.0225) | = | $9.37 |
| High Yield | $6.79 | = | $7.05 |
|  | (1-.0375) | = | $7.05 |
| LargeCap Growth I | $17.10 | = | $18.10 |
|  | (1-.0550) | = | $18.10 |
| LargeCap S&P 500 Index | $33.18 | = | $33.69 |
|  | (1-.0150) | = | $33.69 |
| MidCap | $43.17 | = | $45.68 |
|  | (1-.0550) | = | $45.68 |
| MidCap Value I | $15.94 | = | $16.87 |
|  | (1-.0550) | = | $16.87 |

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| | | | |
|:---|:---|:---|:---|
| **Class A** | **Class A** | **Class A** | **Class A** |
| **Maximum Offering Price Calculation** | **Maximum Offering Price Calculation** | **Maximum Offering Price Calculation** | **Maximum Offering Price Calculation** |
| **(as of October 31, 2025)** | **(as of October 31, 2025)** | **(as of October 31, 2025)** | **(as of October 31, 2025)** |
|  | NAV | = | Maximum Offering Price |
|  | (1-Sales Charge Percentage) | = | Maximum Offering Price |
| **Fund/Portfolio** |  |  |  |
| Money Market | $1.00 | = | $1.00 |
|  | (1-.0000) | = | $1.00 |
| Multi-Sector Income | $12.05 |  | $12.52 |
|  | (1-.0375) |  | $12.52 |
| Principal Capital Appreciation | $90.63 | = | $95.90 |
|  | (1-.0550) | = | $95.90 |
| Principal LifeTime 2020 | $13.35 | = | $13.87 |
|  | (1-.03750) | = | $13.87 |
| Principal LifeTime 2030 | $15.55 | = | $16.16 |
|  | (1-.03750) | = | $16.16 |
| Principal LifeTime 2040 | $17.50 | = | $18.52 |
|  | (1-.0550) | = | $18.52 |
| Principal LifeTime 2050 | $19.71 | = | $20.86 |
|  | (1-.0550) | = | $20.86 |
| Principal LifeTime Strategic Income | $12.28 | = | $12.76 |
|  | (1-.0375) | = | $12.76 |
| Real Estate Securities | $28.06 | = | $29.69 |
|  | (1-.0550) | = | $29.69 |
| SAM Balanced | $17.98 | = | $19.03 |
|  | (1-.0550) | = | $19.03 |
| SAM Conservative Balanced | $13.42 | = | $14.20 |
|  | (1-.0550) | = | $14.20 |
| SAM Conservative Growth | $21.76 | = | $23.03 |
|  | (1-.0550) | = | $23.03 |
| SAM Flexible Income | $12.87 | = | $13.37 |
|  | (1-.0375) | = | $13.37 |
| SAM Strategic Growth | $25.64 | = | $27.13 |
|  | (1-.0550) | = | $27.13 |

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| | | | |
|:---|:---|:---|:---|
| **Class A** | **Class A** | **Class A** | **Class A** |
| **Maximum Offering Price Calculation** | **Maximum Offering Price Calculation** | **Maximum Offering Price Calculation** | **Maximum Offering Price Calculation** |
| **(as of October 31, 2025)** | **(as of October 31, 2025)** | **(as of October 31, 2025)** | **(as of October 31, 2025)** |
|  | NAV | = | Maximum Offering Price |
|  | (1-Sales Charge Percentage) | = | Maximum Offering Price |
| **Fund/Portfolio** |  |  |  |
| Short-Term Income | $12.16 | = | $12.44 |
|  | (1-.0225) | = | $12.44 |
| SmallCap | $28.70 | = | $30.37 |
|  | (1-.0550) | = | $30.37 |
| Tax-Exempt Bond | $6.69 | = | $6.95 |
|  | (1-.0375) | = | $6.95 |

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**APPENDIX C – PROXY VOTING POLICIES**

The proxy voting policies applicable to each Fund appear in the following order:

The proxy voting policy for the Principal Funds is first, followed by PGI's proxy voting policy, and followed by the proxy voting policies for the sub-advisors, alphabetically.

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**Proxy Voting Policies and Procedures For**

**Principal Funds, Inc. ("PFI")**

**Principal Variable Contracts Funds, Inc.("PVC")**

**Principal Exchange-Traded Funds ("PETF")**

(each a "Fund" and together "the Principal Funds")

The Board has delegated responsibility for decisions regarding proxy voting for securities held by each Fund to Principal Global Investors ("PGI") or to the Fund's sub-advisor, as appropriate. PGI and each sub-advisor will vote such proxies in accordance with its proxy policies and procedures, which have been reviewed by the Fund's Board. Any material changes to the proxy policies and procedures will be submitted to the Board for approval.

Funds that operate as funds of funds invest in shares of other Funds of PFI and PETF. PGI is authorized to vote proxies related to the underlying funds. If an underlying fund holds a shareholder meeting, in order to avoid any potential conflict of interest, PGI will vote shares of such fund on any proposal submitted to the fund's shareholders in the same proportion as the votes of other shareholders of the underlying fund.

For Funds that participate in a securities lending program, the voting rights for securities that are loaned are transferred to the borrower. Therefore, the lender (i.e., a Fund) is not entitled to vote the loaned securities, unless it recalls those securities. Those managing the Fund's investments may recall securities for voting purposes when they reasonably believe the ability to vote such securities outweighs the additional revenue received if such securities were not recalled.

The Funds have a policy prohibiting investment in PFG securities except for those Funds that track an index and are permitted to do so under SEC no-action relief. If any such securities are owned in any of the Funds' portfolios, the Investment Adviser will vote according to third-party guidelines. PGI has a policy to not buy securities of affiliated entities in the portfolios they manage.

Further, for PVC, Principal Life votes each Fund's shares allocated to each of its registered separate accounts and attributable to variable annuity contracts or variable life insurance policies participating in the separate accounts. The shares are voted in accordance with instructions received from contract holders, policy owners, participants, and annuitants. Other shares of each Fund held by each separate account, including shares for which no timely voting instructions are received, are voted in proportion to the instructions that are received with respect to contracts or policies participating in that separate account. Principal Life will vote the shares based upon the instructions received from contract owners, regardless of the number of contract owners who provide such instructions. A potential effect of this proportional voting is that a small number of contract owners may determine the outcome of a shareholder vote if only a small number of contract owners provide voting instructions. Shares of each of the Funds held in the general account of Principal Life or in the unregistered separate accounts are voted in proportion to the instructions that are received with respect to contracts and policies participating in its registered and unregistered separate accounts. If Principal Life determines, under applicable law, that a Fund's shares held in one or more separate accounts or in its general account need not be voted according to the instructions that are received, it may vote those Fund shares in its own right. Shares held by retirement plans are voted in accordance with the governing documents of the plans.

Each quarter, the adviser or sub-adviser must provide to the Principal Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Written affirmation that all proxies voted during the preceding calendar quarter, other than those specifically identified by the adviser or sub-adviser, were voted in a manner consistent with the adviser's or sub-adviser's voting policies and procedures. In order to monitor the potential effect of conflicts of interest of an adviser or sub-adviser, the adviser or sub-adviser will identify any proxies the adviser or sub-adviser voted in a manner inconsistent with its policies and procedures. The adviser or sub-adviser shall list each vote, explain why the adviser or sub-adviser voted in a manner contrary to its policies and procedures, state whether the adviser or sub-adviser's vote was consistent with the recommendation to the adviser or sub-adviser of a third-party and, if so, identify the third-party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Written notification of any material changes to the adviser's or sub-adviser's proxy voting policies and procedures made during the preceding calendar quarter.

Annually, the adviser or sub-adviser must provide to the Principal Funds, no later than July 31, their proxy voting data for each vote cast during the 12-month period ended June 30 for each Fund portfolio or portion of Fund portfolio for which it serves as investment adviser, in a format acceptable to Fund management.

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**Principal Asset Management**<sup>SM</sup>

Proxy Voting Policies and Procedures

February 2026

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**Introduction**

Principal Global Investors, LLC("PGI") (doing business as Principal Asset Management) is an investment adviser registered with the U.S. Securities and Exchange Commission ("SEC") pursuant to the Investment Advisers Act of 1940 (the "Advisers Act"). As a registered investment adviser, Principal Asset Management has a fiduciary duty to act in the best interests of its clients. Principal Asset Management recognizes that this duty requires it to vote client securities, for which it has voting power on the applicable record date, in a timely manner and make voting decisions that are in the best interests of its clients. This document, the Principal Asset Management Proxy Voting Policies and Procedures (the "Policy"), is intended to comply with the requirements of the Investment Advisers Act of 1940, the Investment Company Act of 1940 and the Employee Retirement Income Security Act of 1974 applicable to the voting of the proxies of both US and non- US issuers on behalf of clients of Principal Asset Management who have delegated such authority and discretion. For purposes of this Policy, "Principal Asset Management" refers specifically to PGI and Principal Real Estate Investors, LLC and Principal Asset Management (Asia) Limited.

**Relationship Between Investment Strategy, Sustainable Investing and Proxy Voting**

Principal Asset Management has a fiduciary duty to make investment decisions that are in its clients' best interests to maximize the value of their shares. Proxy voting is an important part of the process through which Principal Asset Management can support strong corporate governance structures, shareholder rights and transparency. Principal Asset Management also believes a company's positive environmental and social practices may reduce risk and, in turn, influence the value of a company. Principal Asset Management may take these factors into consideration, alongside other non-sustainability factors, when voting proxies in its effort to seek the best economic outcome for its clients. Shareholder proposals often address matters that are in direct conflict with the opinions of company management. As a result, we believe additional scrutiny is required and, therefore, all shareholder proposals pertaining to Environmental and Social issues that conflict with Management views are escalated to the investment teams for a final voting decision.

**Roles and Responsibilities**

*<u>Role of the Proxy Voting Committee</u>*

Principal Asset Management Proxy Voting Committee (the "Proxy Voting Committee") shall (i) oversee the voting of proxies and the Proxy Advisory Firm, (ii) where necessary, make determinations as to how to instruct the vote on certain specific proxies, (iii) verify ongoing compliance with the Policy, (iv) review the business practices of the Proxy Advisory Firm and (v) evaluate, maintain, and review the Policy on an annual basis. The Proxy Voting Committee is comprised of representatives of each investment team. Representatives from Principal Asset Management Risk, Legal, Operations, and Compliance will be available to advise the Proxy Voting Committee as non-voting members. The Proxy Voting Committee may designate one or more of its members to oversee specific, ongoing compliance with respect to the Policy and may designate personnel to instruct the vote on proxies on behalf the Principal Asset Management clients.

The Proxy Voting Committee shall meet at least four times per year, and as necessary to address special situations.

*<u>Role of Portfolio Management</u>*

While the Proxy Voting Committee establishes the Guidelines and Procedures, the Proxy Voting Committee does not direct votes for any client except in certain cases where a conflict of interest exists. Each investment team is responsible for determining how to vote proxies for those securities held in the portfolios their team manages. All investment team members also have an obligation to raise all potential conflicts of interest while executing their proxy voting responsibilities (refer to the Conflicts of Interest for specifics). While investment teams generally vote consistently with the Guidelines, there may be instances where their vote deviates from the Guidelines. In those circumstances, the investment team will work within the Exception Process. In some instances, the same security may be held by more than one investment team. In these cases, Principal Asset Management may vote differently on the same matter for different accounts as determined by each investment team.

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**Proxy Voting Guidelines**

The Proxy Voting Committee and Chief Investment Officer, on an annual basis, or more frequently as needed, will establish a working group to review draft proxy voting guidelines recommended to the Committee ("Draft Guidelines"). The Guidelines working group will collect feedback and propose Draft Guidelines for adoption by the Committee. Each investment team maintains autonomy to select the most correlated Guidelines for their strategies. Collectively, these guidelines will constitute the current Proxy Voting Guidelines of Principal Asset Management and may change from time to time (the "Guidelines"). The Proxy Voting Committee has the obligation to determine that, in general, voting proxies pursuant to the Guidelines is in the best interests of clients. Exhibit A (Proxy Voting Philosophy Summary) provides an overview of our current philosophy underlying our three core Guidelines; Base, Sustainable and Board Aligned. Full overviews of each of these custom Guidelines are maintained and available.

There may be instances where proxy votes will not be in accordance with the Guidelines. Clients may instruct Principal Asset Management to utilize a different set of guidelines, request specific deviations, or directly assume responsibility for the voting of proxies. In addition, Principal Asset Management may deviate from the Guidelines on an exception basis if the investment team or Principal Asset Management has determined that it is in the best interest of clients in a particular strategy to do so. Any such a deviation will comply with the Exception Process which shall include a written record setting out the rationale for the deviation.

The subject of the proxy vote may not be covered in the Guidelines. In situations where the Guidelines do not provide a position, Principal Asset Management will consider the relevant facts and circumstances of a particular vote and then vote in a manner Principal Asset Management believes to be in the clients' bests interests. In such circumstances, the analysis will be documented in writing and periodically presented to the Proxy Voting Committee. To the extent that the Guidelines do not cover potential voting issues, Principal Asset Management may consider the spirit of the Guidelines and instruct the vote on such issues as it believes to be in the best interests of the client.

**Use of Proxy Advisory Firms**

Principal Asset Management has retained one or more third-party proxy service provider(s) (the "Proxy Advisory Firm") to provide recommendations for proxy voting guidelines, information on shareholder meeting dates and proxy materials, translate proxy materials printed in a foreign language, provide research on proxy proposals, operationally process votes in accordance with the Guidelines on behalf of the clients for whom Principal Asset Management has proxy voting responsibility, and provide reports concerning the proxies voted ("Proxy Voting Services"). Although Principal Asset Management has retained the Proxy Advisory Firm for Proxy Voting Services, Principal Asset Management remains responsible for proxy voting decisions. Principal Asset Management has designed the Policy to oversee and evaluate the Proxy Advisory Firm, including with respect to the matters described below, to support its voting in accordance with this Policy.

*<u>Oversight of Proxy Advisory Firms</u>*

Prior to the selection of any new Proxy Advisory Firm and annually thereafter or more frequently if deemed necessary by Principal Asset Management, the Proxy Voting Committee will consider whether the Proxy Advisory Firm: (a) has the capacity and competency to adequately analyze proxy issues and provide the Proxy Voting Services the Proxy Advisory Firm has been engaged to provide and (b) can make its recommendations in an impartial manner, in consideration of the best interests of Principal Asset Management's clients, and consistent with its voting policies. Such considerations may include, depending on the Proxy Voting Services provided, the following: (i) periodic sampling of votes pre-populated by the Proxy Advisory Firm's systems as well as votes cast by the Proxy Advisory Firm to review that the Guidelines adopted by Principal Asset Management are being followed; (ii) onsite visits to the Proxy Advisory Firm office and/or discussions with the Proxy Advisory Firm to determine whether the Proxy Advisory Firm continues to have the capacity and competency to carry out its proxy obligations to Principal Asset Management (iii) a review of those aspects of the Proxy Advisory Firm's policies, procedures, and methodologies for formulating voting recommendations that Principal Asset Management

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considers material to Proxy Voting Services, including factors considered, with a particular focus on those relating to identifying, addressing and disclosing potential conflicts of interest (including potential conflicts related to the provision of Proxy Voting Services, activities other than Proxy Voting Services, and those presented by affiliation such as a controlling shareholder of the Proxy Advisory Firm) and monitoring that materially current, accurate, and complete information is used in creating recommendations and research; (iv) requiring the Proxy Advisory Firm to notify Principal Asset Management if there is a substantive change in the Proxy Advisory Firm's policies and procedures or otherwise to business practices, including with respect to conflicts, information gathering and creating voting recommendations and research, and reviewing any such change(s); (v) a review of how and when the Proxy Advisory Firm engages with, and receives and incorporates input from, issuers, the Proxy Advisory Firm's clients and other third-party information sources; (vi) assessing how the Proxy Advisory Firm considers factors unique to a specific issuer or proposal when evaluating a matter subject to a shareholder vote; (vii) 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 preventive action is being taken; and (viii) assessing whether the Proxy Advisory Firm appropriately updates its methodologies, guidelines, and voting recommendations on an ongoing basis and incorporates input from issuers and Proxy Advisory Firm clients in the update process. In evaluating the Proxy Advisory Firm, Principal Asset Management may also consider the adequacy and quality of the Proxy Advisory Firm's staffing, personnel, and/or technology.

**Procedures for Voting Proxies**

To increase the efficiency of the voting process, Principal Asset Management utilizes the Proxy Advisory Firm to act as its voting agent for its clients' holdings. Issuers initially send proxy information to the clients' custodians.

Principal Asset Management instructs these custodians to direct proxy related materials to the Proxy Advisory Firm. The Proxy Advisory Firm provides Principal Asset Management with research related to each resolution. Principal Asset Management analyzes relevant proxy materials on behalf of their clients and seeks to instruct the vote of proxies in accordance with the Guidelines. A client may direct Principal Asset Management to vote for such client's account differently in applying the Policy and the Guidelines. Principal Asset Management may also agree to follow a client's individualized proxy voting guidelines or otherwise agree with a client on particular voting considerations. Principal Asset Management seeks to vote (or refrain from voting) proxies for its clients in a manner determined to be in their best financial interests. In some cases, Principal Asset Management may determine that it is in the best interests of clients to refrain from exercising the clients' proxy voting rights. Principal Asset Management may determine that voting is not in the best interests of a client and refrain from voting if the costs, including the opportunity costs, of voting would, in the view of Principal Asset Management, exceed the expected benefits of voting to the client.

**Procedures for Proxy Issues within the Guidelines**

Where the Guidelines address the proxy matter being voted on, the Proxy Advisory Firm will generally process all proxy votes in accordance with the Guidelines. For Actively Held Securities, select Shareholder and Management Proposals will be referred to the applicable Investment Team for a case-by-case voting decision when: (1) the Proxy Voting Guidelines require referral; or (2) the Proxy Voting Guidelines are silent or non-directive and the Proxy Advisory Firm recommends a vote against management. The Investment Team will evaluate the Proxy Advisory Firm's analysis and management's position and determine whether to vote consistent with the Proxy Advisory Firm's recommendation or with management. In certain cases, a client may have elected to have Principal Asset Management administer a custom policy which is unique to the client. If Principal Asset Management is also responsible for the administration of such a custom policy, the procedures documented here generally will also be applicable (except for the specific policy differences), excluding reporting and disclosure procedures.

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**Procedures for Proxy Issues Outside the Guidelines**

To the extent that the Guidelines do not cover potential voting issues, the Proxy Advisory Firm will seek direction from Principal Asset Management. Principal Asset Management may consider the spirit of the Guidelines and instruct the vote on such issues in a manner believed to be in the best interests of the client and in consideration of our policies covering Conflicts of Interest.

**Securities Lending**

Some clients may have entered into securities lending arrangements with agent lenders to generate additional revenue. If a client participates in such lending, the client will need to inform Principal Asset Management as part of their contract with Principal Asset Management if they require Principal Asset Management to take actions in regard to voting securities that have been lent. If not commemorated in such agreement nor dictated by regulatory requirements, Principal Asset Management will not recall securities and as such, they will not have an obligation to direct the proxy voting of lent securities.

In the case of lending, Principal Asset Management maintains one share for each company security out on loan by the client. Principal Asset Management will vote the remaining share in these circumstances.

As noted above, where Principal Asset Management does not receive timely information, Principal Asset Management or the Proxy Advisory Firm may be unable to vote. This is more likely to occur when securities are on loan.

**Regional Variances in Proxy Voting**

Principal Asset Management utilizes the Policy and Guidelines for both US and non-US clients, and there are some significant differences between voting U.S. company proxies and voting non-U.S. company proxies. For U.S. companies, it is usually relatively easy to vote proxies, as the proxies are typically received automatically and may be voted by mail or electronically. In most cases, the officers of a U.S. company soliciting a proxy act as proxies for the company's shareholders.

With respect to non-U.S. companies, we make reasonable efforts to vote most proxies and follow a similar process to those in the U.S. However, in some cases it may be both difficult and costly to vote proxies due to local regulations, customs or other requirements or restrictions, and such circumstances and expected costs may outweigh any anticipated economic benefit of voting. The major difficulties and costs may include: (i) appointing a proxy; (ii) obtaining reliable information about the time and location of a meeting; (iii) obtaining relevant information about voting procedures for foreign shareholders; (iv) restrictions on trading securities that are subject to proxy votes (share-blocking periods); (v) arranging for a proxy to vote locally in person; (vi) fees charged by custody banks for providing certain services with regard to voting proxies; and (vii) foregone income from securities lending programs. In certain instances, it may be determined by Principal Asset Management that the anticipated economic benefit outweighs the expected cost of voting. Principal Asset Management intends to make their determination on whether to vote proxies of non-U.S. companies on a case-by-case basis. In doing so, Principal Asset Management shall evaluate market requirements and impediments, including the difficulties set forth above, for voting proxies of companies in each country. Principal Asset Management periodically reviews voting logistics, including costs and other voting difficulties, on a client by client, and country by country basis, in order to determine if there have been any material changes that would affect Principal Asset Management's determinations and procedures.

**Conflicts of Interest**

Principal Asset Management recognizes that, from time to time, potential conflicts of interest may exist. We adhere to a comprehensive Code of Ethics and Code of Conduct to guide our interactions as a fiduciary for client assets. Investment Management personnel also adhere to applicable regulatory requirements, state, and federal applicable laws and guidance.

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Conflicts may occur across a spectrum of interactions and relationships that are likely inherent with a large financial services organization with a complex range of products and services. To avoid any perceived or actual conflict of interest, the procedures set forth below have been established for use when Principal Asset Management encounters a potential conflict to ensure that its voting decisions are based on maximizing shareholder value and are not the product of a conflict.

*<u>Addressing Conflicts of Interest – Self Disclosure</u>*

The investment management team must act in the client's best interest and must safeguard against the inappropriate influence of proxy votes. Investment personnel have a responsibility to escalate potential and actual conflicts of interest related to proxy voting to Principal Asset Management Legal and/or Compliance for assessment. Examples of potential conflicts include but are not limited to outreach from: individuals within the broader Principal enterprise and affiliates; clients; lenders or providers of Principal and affiliates; and family, friends, or other personal or professional relations where there is an intent to direct, influence, or coordinate a vote. This excludes outreach from the issuer directly and outreach by third parties engaged on the issuer's behalf as customary/usual and in the ordinary course of the Issuer's business with the purpose of providing additional relevant research and information to be used in making a vote determination. Similarly, outreach from internal peer investment teams is also excluded.

Principal Asset Management's investment philosophy may involve regular engagement with management of an asset which may involve vote topics. Such engagements will adhere to regulatory and other industry applicable requirements. Principal Asset Management may engage in communications with external parties, including other holders, regarding issuers solely to fulfil its fiduciary duty to clients. However, in no case will Principal Asset Management seek to influence issuer control, form investor groups, or make coordinated action agreements, and will consult Legal and Compliance before expanding any engagement.

*<u>Vote Guideline Exception Process</u>*

Individual investment teams may seek unique goals on behalf of clients invested in differing strategy types. There may be instances in which Principal Asset Management votes ballots that contradict one another. This does not constitute a potential conflict but is a biproduct of investment philosophy autonomy. To facilitate this obligation and avoid conflicts, we have a defined process that allows for voting contrary to the selected Guidelines.

The following Exception Process must be used when (i) voting contrary to the Guidelines, (ii) voting on matters where there is an actual or potential conflict of interest, and (iii) where the Guidelines do not cover the vote at issue and a potential conflict is identified.

Exception Process: Prior to directing a vote to which this process applies, the relevant investment team must complete and submit an exception request setting out: (i) the name of the security, (ii) the issue up for vote, (iii) a summary of the Guidelines' recommendation, the nature of the actual or potential conflict of interest, or statement as to why the investment team believes the Guidelines do not cover the vote at issue, each as applicable, (iv) the vote requested and the rationale for voting against the Guidelines' recommendation, or steps taken to mitigate the actual or potential conflict of interest, or the rationale for a vote not covered by the Guidelines, each as applicable. The member of the investment team requesting an exception has an affirmative obligation to disclose any known personal or business relationship that could affect the voting of the applicable proxy and must attest to compliance with Principal Asset Management's Code of Ethics. The Exception Process requires sign-off from both the covering Analyst and the Portfolio Manager prior to putting forward the exception for additional review. Principal Asset Management Compliance and Legal will be made aware of exception requests through the Proxy Voting Committee.

If a potential conflict occurs, it is a Portfolio Managers responsibility to refer the issue to the Proxy Voting Committee and Principal Asset Management Compliance and Legal prior to allowing such exception. The Proxy Voting Committee and Compliance will consider the facts and circumstances of the pending proxy vote and the potential or actual material conflict and decide by a majority vote as to how to vote the proxy – i.e., whether to permit or deny the exception.

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In considering requests under the Exception Process. the proxy vote and potential material conflict of interest, the Proxy Voting Committee may review the following factors (among others):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The percentage of outstanding securities of the issuer held on behalf of clients by Principal Asset Management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The nature of the relationship of the issuer with the Principal Asset Management, its affiliates, its executive officers, or the investment team personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether there has been any attempt to directly or indirectly influence the investment team's decision (whether by internal or external/third parties);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the direction of the proposed vote would appear to benefit Principal Asset Management or a related party; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether an objective decision to vote in a certain way will still create a strong appearance of a conflict.

*<u>Votes Ineligible For The Exception Process</u>*

To mitigate potential conflicts of interest, for any proxy votes specific to Principal Financial Group common stock (ticker: PFG), the Exception Process is not applicable.

In the case of any proprietary electronically traded funds ("ETFs"), mutual funds, or other comingled proprietary vehicles, Principal Asset Management will vote in the same proportion as all other voting shareholders of the underlying fund/vehicle, which is referred to as echo voting, and the Exception Process is not applicable. This voting is provided by the Proxy Advisory Firm. If echo voting is not available or operationally feasible, Principal Asset Management may abstain from voting.

*<u>Proxy Advisory Firm</u>*

If the Proxy Advisory Firm itself has a conflict and thus is unable to provide a recommendation, the investment team may vote in accordance with the recommendation of another independent service provider, if available. If a recommendation from an independent service provider other than the Proxy Advisory Firm is not available, the investment team will follow the Exception Process. Principal Asset Management Compliance will review the form and, if Compliance determines that there is no material conflict mandating a decision from the Proxy Voting Committee, the investment team may instruct the Proxy Advisory Firm to vote the proxy issue as it determines it is in the best interest of clients. If Principal Asset Management Compliance determines that a material conflict exists or may exist, Compliance will refer the issue to the Proxy Voting Committee for consideration as outlined above.

------

**Availability of Proxy Voting Information and Recordkeeping**

*<u>Disclosure</u>*

Principal Asset Management publicly discloses proxy voting results on our website: Principal Asset Management Vote Disclosure. The interactive voting dashboard allows for dynamic disclosure of the manner in which votes were cast, including details related to (i) votes against management, (ii) abstentions, (iii) vote rationale, and (iii) voting metrics. For more information, clients may contact Principal Asset Management for details related to how Principal Asset Management has voted with respect to securities held in the Client's account. On request, Principal Asset Management will provide clients with a summary of Principal Asset Management's proxy voting guidelines, process and policies and will inform the clients how they can obtain a copy of the complete Proxy Voting Policies and Procedures upon request. Additional disclosure regarding Principal Asset Management's proxy voting is provided in Part 2A of its Form ADV.

*<u>Recordkeeping</u>*

Principal Asset Management will keep records of the following items: (i) the Guidelines, (ii) the Proxy Voting Policies and Procedures; (iii) proxy statements received regarding client securities (unless such statements are available on the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system); (iv) records of votes they cast on behalf of clients, which may be maintained by a Proxy Advisory Firm if it undertakes to provide copies of those records promptly upon request; (v) written records of written client requests for proxy voting information and responses from Principal Asset Management (whether a client's request was oral or in writing); (vi) any documents prepared by Principal Asset Management that were material to making a decision how to vote, or that memorialized the basis for the decision; (vii) a record of any testing conducted on any Proxy Advisory Firm's votes; (viii) materials collected and reviewed by Principal Asset Management as part of its due diligence of the Proxy Advisory Firm; (ix) a copy of each version of the Proxy Advisory Firm's policies and procedures provided to Principal Asset Management; and (x) the minutes of the Proxy Voting Committee meetings. All records referenced above will be kept in an easily accessible place for at least the length of time required by local regulation and custom, or six years from the end of the fiscal year during which the last entry was made on such record, whichever is longer. We maintain the vast majority of these records electronically.

------

**Appendix**

**Proxy Voting Philosophy**

Principal Asset Management's Proxy Voting Philosophy is built on an unwavering commitment of creating long-term value for our shareholders and investing in businesses sharing this commitment. While we think setting and executing corporate policies should generally rest with a company's board of directors and executive management, we also think shareholders play a critical role in holding these parties accountable. We take this responsibility seriously. Our policy is implemented globally, taking into consideration the relevant legal and regulatory requirements in each region.

Our philosophy is structured around four key themes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Board structure and composition

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Board oversight of risk and strategy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Board oversight of executive selection and compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shareholder rights and protections

The positions described below should be understood as principles underlying our general philosophy and not as strict requirements to be followed with respect to each and every proxy vote.

Certain ballot types are potentially more nuanced, and impactful to shareholder returns. Select Management Proposals related to Compensation, Shareholder Rights & Defenses and Capital & Restructuring ballots have been determined as potentially impactful are evaluated on a case-by-case basis rather than utilizing an established guideline outcome. Accordingly, significant management proposals related to these topics when against management are referred back to our investment teams for a vote recommendation based on the merit of the proposal in supporting long-term shareholder value and strong governance.

**Board Structure, Composition, and Accountability**

The philosophy of our active investment teams: Our clients, as shareholders, own the corporation. Boards of directors are accountable to them. Corporate management, in turn, is accountable to its board. As investors, we need to be comfortable delegating trust and responsibility to these parties – and these parties should have the appropriate discretion to manage a company's affairs with an awareness of the company's particular circumstances. We guide our proxy voting in this area to help ensure our clients are invested in companies with trustworthy and effective boards. Examples of relevant principals underlying this philosophy include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Independence</u> – A majority of board members are expected to be substantially independent from the company – not company executives, not key customers or suppliers, and not executives who sit on one another's boards. Non-independent board members should be prohibited from serving on key board committees such as audit, compensation, nominating and governance. In addition, board leadership should be independent of company management either through an independent chair or lead independent director with sufficient authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Board composition and selection</u> – A board must possess the fully array of skills and experience necessary to oversee and guide the company it serves. We expect boards to curate an inventory of necessary skills and experiences and ensure full representation across the board. For new board members, boards should recruit unbiased slates of candidates who reflect the skills needed by the board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Board size</u> – A board should bring a wide range of relevant perspectives, incorporate skills aligning with business needs, and include enough members to ensure sufficient levels of independence for key committees.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Capacity and commitments of board members</u> – Board members should demonstrate a capacity to fulfill their roles and a commitment to the responsible discharge of their duties. This includes attendance of at least 75% of board meetings and participation in no more than four other public company boards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Accountability</u> – As shareholder representatives, board members should be held to a high standard with their performance assessed on a regular basis. As such, shareholders should have the right to vote on the entire slate of directors on an annual basis.

**Board Oversight of Risk and Strategy**

The philosophy of our active investment teams: The oversight, guidance, and support a board of directors provides to a management team is critical to the execution of its long-term corporate strategy and ultimately, the creation of shareholder value. We expect boards to assist in identifying material risks to the company's strategy, disclosure practices, and execution and to provide risk mitigation insight and monitoring. Examples of relevant principles underlying this philosophy include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Capital Structure</u> – Increases in authorized shares outstanding are generally accepted if the proposed authorization results in an increase in shares authorized of 10% or less over a 2-year period. Proposals to create, modify, or issue common and preferred stock are generally accepted if the rights of the issuance are not superior to the rights of the current shareholders, subject to the principal that the authorization increase is limited to 10% of less over a 2-year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Mergers and Acquisitions</u> – We expect boards to actively review potential targets and offers, assessing all such activities with shareholder value creation as the primary consideration. As investors, we recognize all merger and acquisition proposals are unique and should be assessed on their individual merit, including the deal premium, strategic rationale and possibility of competing offers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Auditors</u> – A board of directors should oversee the company's third-party auditor to ensure an independent and accurate assessment of the company's financial position is being portrayed. This should include a regular review of auditor qualifications, independence and competency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Climate Reporting</u> – We expect boards and managements to assess financially material climate risks to the business and, when relevant, provide the disclosure necessary for a reasonable investor to make informed decisions regarding potential impacts upon shareholder value.

**Board Oversight of Executive Selection and Compensation**

The philosophy of our active investment teams: A key aspect of a board of directors' governance responsibility is the support, selection and assessment of the management team. Boards should hold executives to clear value creation and be willing to make changes to management when shareholder value creation falls short of reasonable potential. Boards should also create and maintain formal succession plans to ensure continuity and minimize key person risk. Examples of relevant principles underlying this philosophy include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Executive Pay</u> – A board should have a clear philosophy on executive pay and maintain an independent compensation committee focused on attracting and retaining executives who will drive shareholder value over time. Executives' pay and long-term performance should align executives with shareholders through measures of financial performance relative to financial targets aligned with value generation, and the performance of relevant peers. Likewise, we expect the board of directors to be aligned with shareholders through financial incentives and share ownership.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Stock Based Compensation</u> – We support the use of share-based incentive plans intended to increase the share ownership by management and align shareholder interests with management. Such plans should take into consideration the dollar cost of the plans to shareholders and the appropriateness of financial targets included in the plans. However, we believe that retroactive re-pricing of underwater options is indicative of poor corporate governance and will generally vote in opposition to a repricing scheme.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Say on Pay Frequency</u> – In order to ensure alignment between pay and performance, we support annual advisory votes to approve executive compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Executive Selection and Succession</u> – We expect a board of directors to carry out a thorough executive selection process considering a range of qualified candidates with a variety of skills and backgrounds. It is ultimately the responsibility of a board to select the candidate they think will best generate long-term value for shareholders.

**Shareholder Rights and Protections**

The philosophy of our active investment teams: As investors, we view the protection of shareholder rights as integral to proper corporate governance and think major corporate changes require prior shareholder approval. We also recognize there are costs associated with shareholder proposals and think ownership thresholds are appropriate in many circumstances. We oppose all structural impediments to increasing shareholder value.

Examples of relevant principles underlying this philosophy include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Shareholder Rights Plans "Poison Pills"</u> – We generally oppose the use of poison pills unless a "pill" is approved by shareholders and does not hamper value creation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Supermajority Voting</u> – A majority vote of shareholders should be sufficient to approve items such as bylaws and acquisitions. Supermajority requirements have the potential to erode the rights of minority shareholders and are viewed negatively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Unequal Voting Rights</u> – We support equal voting rights and think voting power should be allocated in direct proportion to the shareholders' equity ownership. Accordingly, we believe that dual share classes generally present more disadvantages than advantages to long-term investors and will generally vote against proposals to create or continue such structures. Notable exceptions include Real Estate Investment Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Shareholder Rights</u> – We think shareholders generally have the right to nominate directors, call special meetings and act without holding a meeting in certain circumstances. However, we also recognize there is potential for abuse and therefore support reasonable ownership thresholds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Capital Structure</u> – The decision to issue or repurchase stock, issue debt or split shares is made by a board presumably with the intent of improving the overall capital structure, investing in growth, reaching a broader investment audience, enhancing shareholder value, and/or managing challenging liquidity/leverage circumstances. As such, we review these decisions on a case-by-case basis taking into consideration the degree of dilution and impact on liquidity. Proposals to create, modify or issue common and preferred stock are generally accepted if the rights of the issuance are not superior to the rights of current shareholders subject to the principal that an authorization increase is limited to 10% or less over a 2-year period.

**A Note on Shareholder Proposals**

Shareholder Proposals are often company specific making a one-size fits all approach to voting suboptimal. For that reason, Environmental and Social shareholder proposals are escalated to the active investment teams for case-by-case analysis and decision making when Management is in favor of voting against such proposals.

------

Voting decisions are made by weighing the financial materiality of the proposal against any opposing rationale from company management, with the ultimate determination driven by the economic best interest of shareholders. While votes are generally cast consistently across the investment teams, there may be situations where portfolio managers holding the same security disagree on what is in the best interests of their shareholders.

**Passive Strategy Voting**

Our passively managed strategies follow the same voting philosophy as our actively managed strategies. In the absence of a determination by our active investment teams, our passive strategies will typically vote in alignment with management. We think managements and boards of directors should have comprehensive insights into the company's long-term strategy and operations. This insight puts them in a sound position to determine the financial materiality of proposals and their alignment with the economic interest of shareholders in the absence of an evaluation by our active teams.

We execute this philosophy through our Proxy Voting Guidelines as overseen by our Proxy Voting committee. Strategies are aligned to one of our custom Guidelines - Base, Sustainable and Board Aligned. We provide clients with transparency into our voting history and rationale via our interactive website. In most strategies, clients may also choose to vote their own shares or request a custom set of vote guidelines aligning with their own specific requirements.

------

**ALLIANCEBERNSTEIN**

Proxy Voting and Governance Policy

March 2025

------

**Table of Contents**

**[Introduction](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[3](#i9cec8355cfa640da8819208ff8980cc7_1)**

[Research](#i9cec8355cfa640da8819208ff8980cc7_1)[Underpins](#i9cec8355cfa640da8819208ff8980cc7_1)[Decision](#i9cec8355cfa640da8819208ff8980cc7_1) [Making](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[3](#i9cec8355cfa640da8819208ff8980cc7_1)

[Research](#i9cec8355cfa640da8819208ff8980cc7_1) [Services](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[3](#i9cec8355cfa640da8819208ff8980cc7_1)

[Engagement](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[4](#i9cec8355cfa640da8819208ff8980cc7_1)

[Escalation](#i9cec8355cfa640da8819208ff8980cc7_1)[Strategies](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[4](#i9cec8355cfa640da8819208ff8980cc7_1)

**[Proxy](#i9cec8355cfa640da8819208ff8980cc7_1)[Voting](#i9cec8355cfa640da8819208ff8980cc7_1) [Guidelines](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[4](#i9cec8355cfa640da8819208ff8980cc7_1)**

[Shareholder](#i9cec8355cfa640da8819208ff8980cc7_1)[Proposal](#i9cec8355cfa640da8819208ff8980cc7_1)[Assessment](#i9cec8355cfa640da8819208ff8980cc7_1)[Framework](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)**[4](#i9cec8355cfa640da8819208ff8980cc7_1)**

**[Director](#i9cec8355cfa640da8819208ff8980cc7_1) [Elections](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[5](#i9cec8355cfa640da8819208ff8980cc7_1)**

[Majority](#i9cec8355cfa640da8819208ff8980cc7_1)[Vote](#i9cec8355cfa640da8819208ff8980cc7_1)[Standard](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[5](#i9cec8355cfa640da8819208ff8980cc7_1)

[Board](#i9cec8355cfa640da8819208ff8980cc7_1)[Leadership](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[6](#i9cec8355cfa640da8819208ff8980cc7_1)

[Classified](#i9cec8355cfa640da8819208ff8980cc7_1) [Board](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[6](#i9cec8355cfa640da8819208ff8980cc7_1)

[Board](#i9cec8355cfa640da8819208ff8980cc7_1)[Capacity](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[6](#i9cec8355cfa640da8819208ff8980cc7_1)

[Board](#i9cec8355cfa640da8819208ff8980cc7_1)[Diversity](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[6](#i9cec8355cfa640da8819208ff8980cc7_1)

**[Compensation](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[7](#i9cec8355cfa640da8819208ff8980cc7_1)**

[Executive](#i9cec8355cfa640da8819208ff8980cc7_1)[Compensation](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[7](#i9cec8355cfa640da8819208ff8980cc7_1)

[Equity](#i9cec8355cfa640da8819208ff8980cc7_1)[Compensation](#i9cec8355cfa640da8819208ff8980cc7_1) [Plans](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[8](#i9cec8355cfa640da8819208ff8980cc7_1)

[Director](#i9cec8355cfa640da8819208ff8980cc7_1)[Compensation](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[8](#i9cec8355cfa640da8819208ff8980cc7_1)

**[Auditors](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[8](#i9cec8355cfa640da8819208ff8980cc7_1)**

**[Transactions](#i9cec8355cfa640da8819208ff8980cc7_1)[and](#i9cec8355cfa640da8819208ff8980cc7_1)[Special](#i9cec8355cfa640da8819208ff8980cc7_1) [Situations](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[8](#i9cec8355cfa640da8819208ff8980cc7_1)**

[Transactions,](#i9cec8355cfa640da8819208ff8980cc7_1)[Restructurings,](#i9cec8355cfa640da8819208ff8980cc7_1)[Mergers](#i9cec8355cfa640da8819208ff8980cc7_1)[and](#i9cec8355cfa640da8819208ff8980cc7_1)[Acquisitions](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[8](#i9cec8355cfa640da8819208ff8980cc7_1)

[Shareholder](#i9cec8355cfa640da8819208ff8980cc7_1)[Rights](#i9cec8355cfa640da8819208ff8980cc7_1) [Plans](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[9](#i9cec8355cfa640da8819208ff8980cc7_1)

**[Shareholder](#i9cec8355cfa640da8819208ff8980cc7_1) [Rights](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[9](#i9cec8355cfa640da8819208ff8980cc7_1)**

[Capital](#i9cec8355cfa640da8819208ff8980cc7_1)[Structure](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[9](#i9cec8355cfa640da8819208ff8980cc7_1)

[Proxy](#i9cec8355cfa640da8819208ff8980cc7_1) [Access](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[9](#i9cec8355cfa640da8819208ff8980cc7_1)

[Majority](#i9cec8355cfa640da8819208ff8980cc7_1)[Vote](#i9cec8355cfa640da8819208ff8980cc7_1)[Standard for](#i9cec8355cfa640da8819208ff8980cc7_1)[Charter & Bylaw Amendments](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[9](#i9cec8355cfa640da8819208ff8980cc7_1)

[Special](#i9cec8355cfa640da8819208ff8980cc7_1) [Meetings](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[10](#i9cec8355cfa640da8819208ff8980cc7_1)

[Written](#i9cec8355cfa640da8819208ff8980cc7_1) [Consent](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[10](#i9cec8355cfa640da8819208ff8980cc7_1)

**[Material](#i9cec8355cfa640da8819208ff8980cc7_1)[Environmental](#i9cec8355cfa640da8819208ff8980cc7_1)[and](#i9cec8355cfa640da8819208ff8980cc7_1)[Social](#i9cec8355cfa640da8819208ff8980cc7_1) [Issues](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[10](#i9cec8355cfa640da8819208ff8980cc7_1)**

[Climate](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[10](#i9cec8355cfa640da8819208ff8980cc7_1)

[Biodiversity](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[11](#i9cec8355cfa640da8819208ff8980cc7_1)

[Political](#i9cec8355cfa640da8819208ff8980cc7_1) [Spending](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[11](#i9cec8355cfa640da8819208ff8980cc7_1)

[Human](#i9cec8355cfa640da8819208ff8980cc7_1)[Capital](#i9cec8355cfa640da8819208ff8980cc7_1) [Management](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[11](#i9cec8355cfa640da8819208ff8980cc7_1)

------

**[Conflicts](#i9cec8355cfa640da8819208ff8980cc7_1)[of](#i9cec8355cfa640da8819208ff8980cc7_1) [Interest](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[12](#i9cec8355cfa640da8819208ff8980cc7_1)**

[Introduction](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[12](#i9cec8355cfa640da8819208ff8980cc7_1)

[Adherence](#i9cec8355cfa640da8819208ff8980cc7_1)[to](#i9cec8355cfa640da8819208ff8980cc7_1)[Stated Proxy Voting](#i9cec8355cfa640da8819208ff8980cc7_1) [Policies](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[12](#i9cec8355cfa640da8819208ff8980cc7_1)

[Disclosure](#i9cec8355cfa640da8819208ff8980cc7_1)[of](#i9cec8355cfa640da8819208ff8980cc7_1) [Conflicts](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[12](#i9cec8355cfa640da8819208ff8980cc7_1)

[Potential](#i9cec8355cfa640da8819208ff8980cc7_1) [Conflicts](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[13](#i9cec8355cfa640da8819208ff8980cc7_1)

[Handling](#i9cec8355cfa640da8819208ff8980cc7_1)[Potential Conflicts of](#i9cec8355cfa640da8819208ff8980cc7_1) [Interest](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[13](#i9cec8355cfa640da8819208ff8980cc7_1)

[Review](#i9cec8355cfa640da8819208ff8980cc7_1)[of](#i9cec8355cfa640da8819208ff8980cc7_1)[Third-Party](#i9cec8355cfa640da8819208ff8980cc7_1)[Proxy](#i9cec8355cfa640da8819208ff8980cc7_1)[Service](#i9cec8355cfa640da8819208ff8980cc7_1) [Vendors](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[13](#i9cec8355cfa640da8819208ff8980cc7_1)

[Confidential](#i9cec8355cfa640da8819208ff8980cc7_1) [Voting](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[14](#i9cec8355cfa640da8819208ff8980cc7_1)

[A](#i9cec8355cfa640da8819208ff8980cc7_1)[Note](#i9cec8355cfa640da8819208ff8980cc7_1)[Regarding AB's](#i9cec8355cfa640da8819208ff8980cc7_1) [Structure](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[14](#i9cec8355cfa640da8819208ff8980cc7_1)

**[Voting](#i9cec8355cfa640da8819208ff8980cc7_1)[Transparency](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[14](#i9cec8355cfa640da8819208ff8980cc7_1)**

**[Record](#i9cec8355cfa640da8819208ff8980cc7_1)[Keeping](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[15](#i9cec8355cfa640da8819208ff8980cc7_1)**

[Proxy](#i9cec8355cfa640da8819208ff8980cc7_1)[Voting and Governance](#i9cec8355cfa640da8819208ff8980cc7_1) [Policy](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[15](#i9cec8355cfa640da8819208ff8980cc7_1)

[Proxy](#i9cec8355cfa640da8819208ff8980cc7_1)[Statements Received Regarding Clients'](#i9cec8355cfa640da8819208ff8980cc7_1)[Securities](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[15](#i9cec8355cfa640da8819208ff8980cc7_1)

[Records](#i9cec8355cfa640da8819208ff8980cc7_1)[of](#i9cec8355cfa640da8819208ff8980cc7_1)[Votes](#i9cec8355cfa640da8819208ff8980cc7_1)[Cast](#i9cec8355cfa640da8819208ff8980cc7_1)[on](#i9cec8355cfa640da8819208ff8980cc7_1)[Behalf](#i9cec8355cfa640da8819208ff8980cc7_1)[of](#i9cec8355cfa640da8819208ff8980cc7_1) [Clients](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[15](#i9cec8355cfa640da8819208ff8980cc7_1)

[Pre-Disclosure](#i9cec8355cfa640da8819208ff8980cc7_1)[of](#i9cec8355cfa640da8819208ff8980cc7_1)[Vote](#i9cec8355cfa640da8819208ff8980cc7_1)[Intentions on Select](#i9cec8355cfa640da8819208ff8980cc7_1) [Proposals](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[15](#i9cec8355cfa640da8819208ff8980cc7_1)

[Documents](#i9cec8355cfa640da8819208ff8980cc7_1)[Prepared](#i9cec8355cfa640da8819208ff8980cc7_1)[by](#i9cec8355cfa640da8819208ff8980cc7_1)[AB](#i9cec8355cfa640da8819208ff8980cc7_1)[that](#i9cec8355cfa640da8819208ff8980cc7_1)[Are](#i9cec8355cfa640da8819208ff8980cc7_1)[Material to](#i9cec8355cfa640da8819208ff8980cc7_1)[Voting](#i9cec8355cfa640da8819208ff8980cc7_1) [Decisions](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[15](#i9cec8355cfa640da8819208ff8980cc7_1)

**[Proxy](#i9cec8355cfa640da8819208ff8980cc7_1)[Voting](#i9cec8355cfa640da8819208ff8980cc7_1)[Procedures](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[15](#i9cec8355cfa640da8819208ff8980cc7_1)**

[Voting](#i9cec8355cfa640da8819208ff8980cc7_1)[Administration](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[15](#i9cec8355cfa640da8819208ff8980cc7_1)

[Share](#i9cec8355cfa640da8819208ff8980cc7_1)[Blocking](#i9cec8355cfa640da8819208ff8980cc7_1)[and Abstaining](#i9cec8355cfa640da8819208ff8980cc7_1)[from](#i9cec8355cfa640da8819208ff8980cc7_1)[Voting Client](#i9cec8355cfa640da8819208ff8980cc7_1) [Securities](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[16](#i9cec8355cfa640da8819208ff8980cc7_1)

[Loaned](#i9cec8355cfa640da8819208ff8980cc7_1) [Securities](#i9cec8355cfa640da8819208ff8980cc7_1)[&nbsp;&nbsp;&nbsp;&nbsp;](#i9cec8355cfa640da8819208ff8980cc7_1)[16](#i9cec8355cfa640da8819208ff8980cc7_1)

------

**Introduction**

AllianceBernstein L.P.'s ("AB," "we," "us," "our" and similar terms) mission is to work in our clients' best financial interests to deliver better investment outcomes through differentiated research insights and innovative portfolio solutions. As a fiduciary and investment adviser, we place the interests of our clients first and treat all our clients fairly and equitably, and we have an obligation to responsibly allocate, manage and oversee their investments to seek sustainable, long-term shareholder value.

AB has authority to vote proxies relating to securities in certain client portfolios and, accordingly, AB's fiduciary obligations extend to AB's exercise of such proxy voting authority for each client AB has agreed to exercise that duty. AB's general policy is to vote proxy proposals, amendments, consents or resolutions relating to client securities, including interests in private investment funds, if any (collectively, "proxies"), in a manner that serves the best financial interests of each respective client as determined by AB in its discretion, after consideration of the relevant clients' investment strategies, and in accordance with this Proxy Voting and Governance Policy ("Proxy Voting and Governance Policy" or "Policy") and the operative agreements governing the relationship with each respective client ("Governing Agreements"). This Policy outlines our principles for proxy voting, includes a wide range of issues that often appear on voting ballots, and applies to all of AB's internally managed assets, globally. It is intended for use by those involved in the proxy voting decision-making process and those responsible for the administration of proxy voting ("Investment Stewardship Team"), to ensure that this Policy and its procedures are implemented consistently.<sup>1</sup>

This Policy forms part of a suite of policies and frameworks including **AB's Stewardship Statement** (https://www.alliancebernstein.com/content/dam/corporate/corporate-pdfs/ab-global-stewardship-statement-and-report.pdf) that outline our approach to investment stewardship. Proxy voting is an integral part of this process, enabling us to support sound corporate governance practices, strong shareholder rights, transparent disclosures, and encourage effective oversight of material issues.

This Policy is overseen by the Proxy Voting and Governance Committee ("Proxy Voting and Governance Committee" or "Committee"), which provides oversight and includes senior representatives from Investments, Legal and Operations. It is the responsibility of the Committee to evaluate and maintain proxy voting procedures and guidelines, to evaluate proposals and issues not covered by these guidelines, to consider changes in the Policy, and to review the Policy no less frequently than annually. In addition, the Committee meets at least three times a year and as necessary to address special situations.

**Research Underpins Decision Making**

As a research-driven firm, we approach proxy voting with the same commitment to rigorous research and engagement that we apply to all our investment activities. The different investment philosophies applied by our investment teams may occasionally result in different conclusions being drawn for certain proposals. In turn, our votes for some proposals may vary from issuer to issuer, while still aligning with our goal of maximizing the long-term value of securities in our clients' portfolios.

For accounts where proxy voting is directed by clients or newly acquired subsidiary companies, voting decisions may deviate from this Policy. To the extent there are any inconsistencies between this Policy and a client's Governing Agreements, the Governing Agreements shall supersede this Policy. We do not offer different versions of our Proxy Voting and Governance Policy.

**Research Services**

To facilitate the efficient and accurate voting of our client's securities, we subscribe to research services from vendors such as Institutional Shareholder Services Inc. ("ISS") and Glass Lewis. These research materials are used for informational purposes alongside company filings, and AB's voting decisions are always guided by AB's Proxy Voting and Governance Policy. Our investment professionals can access these research and informational materials at any time.&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Please note that while this Policy is intended to be applied globally, in certain jurisdictions in which we operate, a limited number of votes may vary due to local rules and regulations.

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**Engagement**

In evaluating proxy issues and determining our votes, we seek the perspective and expertise of various relevant parties. Internally, the Investment Stewardship Team may consult the Committee, Chief Investment Officers, Portfolio Managers, and/or Research Analysts across our equities platform. By partnering with investment professionals, we are empowered to incorporate company-specific fundamental insights into our vote decisions.

Externally, we may engage with companies in advance of their Annual General Meeting, and throughout the year. We believe engagement provides the opportunity to share our philosophy, and more importantly, affect positive changes which we believe will drive shareholder value. In addition, we may engage with shareholder proposal proponents and other stakeholders to understand different viewpoints and objectives.

**Escalation Strategies**

Proxy voting and engagements work in conjunction to raise and escalate investor concerns to companies. In cases where we determine that the issuer's behavior isn't aligned with our clients' best financial interests, we may escalate our voting and engagement by taking actions such as voting against the relevant directors. The materiality of the issue and the responsiveness of management will guide our approach which is outlined in the AB Stewardship Statement.

**Proxy Voting Guidelines**

Our proxy voting guidelines are both principles-based and rules-based. Subject to client guidelines, we adhere to a core set of principles described in this Policy. We assess each proxy proposal within the framework of these principles, with our ultimate "litmus test" being what we view as most likely to maximize long-term shareholder value. We believe that authority and accountability for setting and executing corporate policies, goals and compensation should generally rest with a company's board of directors and senior management. In return, we support strong investor rights that allow shareholders to hold directors and management accountable should they fail to act in the best interests of shareholders.

We generally vote proposals in accordance with these guidelines; however, we may deviate from these guidelines if we believe that deviating from our stated Policy is necessary to maximize long-term shareholder value or as otherwise warranted by the specific facts and circumstances of an investment. While our Policy is broadly applicable, we may make exceptions to these guidelines for non-operating companies such as closed-end funds. We will evaluate on a case-by-case basis any proposal not specifically addressed by these guidelines, whether submitted by management or shareholders, always keeping in mind our fiduciary duty to make voting decisions that are in our clients' best interests.

**Shareholder Proposal Assessment Framework**

AB's commitment to maximizing the long-term value of clients' portfolios drives how we analyze shareholder proposals. Shareholder proposals often address environmental, social and governance ("ESG") disclosures, which we believe can in some cases help improve the accuracy of our valuation of companies. We think it is in our clients' best interests to incorporate a comprehensive set of risks and opportunities, including but not limited to material ESG issues, from a long-term shareholder value perspective. The evaluation of a proposal that addresses an ESG issue will consider (among other things) the following core factors, as necessary:

-The materiality of the mentioned ESG issue for the company's business

-The company's current practice, policy, and framework

-The prescriptiveness of the proposal—does the shareholder make a request that unreasonably burdens management?

-The context of the shareholder proposal—is the proponent tied to any particular interest group(s)? Does the proposal aim to promote the interest of the shareholders or group that they are associated with?

-How does the proposal add value for the shareholders?

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We do not vote in favor of all ESG-related proposals. This shareholder proposal assessment framework applies to all proposals slated by shareholders, globally.

**Director Elections**

AB's approach to voting on director elections is grounded in the belief that directors should represent shareholder interests and ensure management is maximizing long-term shareholder value. We generally vote in favor of the management-proposed slate of directors, but we consider a number of factors, including local market best practice, when making our decision. Each company's board of directors has a duty to act in the best interest of the company's shareholders at all times. These interests are best served by having directors who bring objectivity to the company and are free from potential conflicts of interests. Accordingly, we believe that companies should have a majority of independent directors and independent key committees. We will incorporate local market regulation and corporate governance codes into our decision making, though we may support requirements that surpass market regulation and corporate governance codes if we believe they will improve corporate governance practices.

We consider a director to be independent if they meet the criteria for independence set forth by the primary exchange or the best practice code in the country where the company is domiciled. We also take into account affiliations, related party transactions, and prior service to the company.

We believe that directors have a duty to respond to shareholder actions that have received significant shareholder support. We may vote against directors who fail to act on key issues. We oppose directors who fail to attend at least 75% of board meetings within a given year without a reasonable excuse. We prioritize transparency and disclosure in our analysis of director elections. If there is insufficient information about nominees disclosed in the proxy statement, we may abstain or vote against.

We also take into account compensation, audit, and governance practices when evaluating directors. If a company lacks a formal key committee or has demonstrated poor practices in these areas, we may vote against relevant directors, which may include committee chairs, committees as a whole, or the full board in cases of multi-year concerns.

Finally, we are committed to engaging with company management to resolve issues that arise. We may do so through phone, written, virtual or in-person communication until a satisfactory resolution is reached.

**Majority Vote Standard**

Sound corporate governance requires that shareholders have a meaningful say in the company's affairs. We believe that electing directors by a majority of votes cast at an annual meeting is a better method than plurality voting. Under plurality voting standards, a director could be elected by a single affirmative vote even if a majority of shareholders withheld support.

AB also views majority voting provisions as beneficial to director accountability. Therefore, we generally support companies amending their by-laws to require director nominees be elected by an affirmative vote

of a majority of the votes cast. However, we recognize that in contested elections where the number of nominees exceeds the number of board seats, a carve-out should be provided to allow for plurality voting. While we generally prefer a majority vote standard, we may take a case-by-case approach if the issuer is a non-operating company such as closed-end funds.

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**Board Leadership**

We believe there can be benefits to an executive chairman and to having the positions of chairman and CEO combined as well as split. When the chair is non-independent, the company must have sufficient counter-balancing governance in place, generally through a strong lead independent director. AB therefore generally supports the establishment of a lead independent director if the chairman is non- independent. We believe that having a robust lead independent director role with clearly defined duties and responsibilities, such as the authority to call meetings and approve agendas, is an effective way to balance governance.

If a company already has a lead independent director in place with robust responsibilities, we will generally oppose proposals that require an independent board chairman, unless there are additional concerns regarding board leadership or broader corporate governance.

**Classified Board**

Typically, a classified board is divided into three classes, each holding office for a term of three years, with only a portion of the board being elected or replaced each year. We generally favor declassified boards, but we may take a case-by-case approach if certain conditions are met, such as an adequate sunset provision, a justifiable financial reason, or if the issuer is a non-operating company such as closed- end funds.

**Board Capacity**

We believe that assessing each nominee's capacity for a board seat is essential for ensuring meaningful board oversight of management. Nominees who are "over-boarded", or have too many outside board commitments, may be unable to dedicate sufficient time toward their board oversight responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Non-Executive Directors:** AB generally votes against the appointment of non-executive directors who serve on more than four public company boards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Active CEOs:** AB generally votes against the appointment of active CEOs who serve on more than two public company boards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Active CEO of the Company Under Voting Consideration:** For CEOs of the company under consideration, AB generally votes against their appointment if they serve on more than three public company boards.

**Board Diversity**

Diversity is an important element of assessing a board's composition, as it promotes a wider range of perspectives to be considered for companies to both strategize and mitigate risks. In line with this view, several European countries legally require board-level gender diversity at publicly listed companies. We recommend boards develop, as part of their regular refreshment process, a framework for identifying qualified diverse candidates for all open board positions. We believe diversity is multi-faceted and should incorporate a broad range of factors in order to promote diversity of thought, such as gender, ethnicity, nationality, professional experience, age, and tenure.

Taking into account a board's size as well as regional considerations, AB may vote against the nominating committee chair, or a relevant incumbent board member such as a nominating committee member if the chair is not up for election, when the board lacks sufficient diversity, unless there are mitigating factors (e.g. the board has articulated plans to diversify board membership, or has made recent improvements). AB generally looks to gender representation and racial/ethnic representation as indicators of board-level diversity, given these are well disclosed and standardized metrics.

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**Compensation**

Compensation policies play a critical role in attracting, retaining, and motivating executives, directors, and employees. Incentives should be aligned with shareholder interests to facilitate long-term value creation and sustainable performance.

**Executive Compensation**

It is crucial to establish a direct correlation between variable pay and the company's operational and financial performance, through metrics that are challenging and align with the company's strategy. Compensation plans are often complex and are a major corporate expense, so we evaluate them carefully and on a case-by-case basis. In all cases, however, we assess each proposed executive compensation plan within the framework of four guiding principles, each of which ensures a company's compensation plan helps to align the long-term interests of management with shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Valid measures of business performance tied to the firm's strategy and shareholder value creation, which are clearly articulated and incorporate appropriate time periods, should be utilized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compensation costs should be managed in the same way as any other expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compensation should reflect management's handling, or failure to handle, any recent social, environmental, governance, ethical or legal issue that had a material adverse financial or reputational effect on the company and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In granting awards, management should clearly exhibit integrity and a rigorous decision-making process.

Further, we believe that compensation plans should be sufficiently long-term oriented. Long-term incentive plans should adhere to a minimum of three-year vesting periods and clearly target long-term financial goals. We are generally unsupportive of special bonuses that are not explicitly tied to a company's financial performance or lack multi-year vesting periods. If a retention grant is awarded, we expect companies to provide a rationale detailing how the award aligns with business needs and overall strategy. In cases where the compensation committee has exercised discretion to adjust pay outcomes, we expect a detailed justification and explanation of the method used to determine the adjustment.

Additionally, we expect disclosure on how the revised outcome is consistent with the shareholders' interests.

We believe that compensation plans should include clawback provisions that require executives to relinquish their awards if their compensation was based on erroneous financial statements or deceitful business practices.

We may oppose plans which include, and directors who establish, compensation plan provisions deemed to be poor practice such as automatic acceleration of equity, or single-triggered, in the event of a change in control. Although votes on compensation plans are by nature only broad indications of shareholder views, they do lead to more compensation-related dialogue between management and shareholders and help ensure that management and shareholders meet their common objective: maximizing shareholder value.

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**Equity Compensation Plans**

Equity compensation plans (or "omnibus stock plans") are intended to align the interests of employees and executives with those of shareholders by providing stock-based incentives. While we generally support the use of equity in compensation plans, we assess each plan on a case-by-case basis. Our evaluation criteria include the overall cost of the plan, potential dilution to shareholders, historical burn rates, and the specific design features of the plan. We may vote against equity compensation plans that contain provisions that are misaligned with shareholder interests, such as the ability to reprice options without shareholder approval or the inclusion of evergreen provisions.

**Director Compensation**

For non-executive directors, we believe that compensation should be structured in such a way that it does not compromise their independence. We will generally oppose performance-based variable remuneration for non-executive directors.

**Auditors**

We believe that the company is in the best position to choose its accounting firm, and we generally support management's recommendation. We recognize that there may be potential conflicts when a company's independent auditors perform substantial non-audit related services for the company.

Therefore, we consider the proportion of non-audit fees to total fees and other factors like auditor tenure to assess independence. Excessive non-audit fees may lead us to vote against the auditor and/or audit committee members. In determining what is excessive we exclude non-audit fees related to extraordinary events such as IPOs, bankruptcy emergence, and spin-offs. Additionally, we may vote against or abstain if the audit firm is not disclosed, considering local market practices.

In some markets, companies are required to submit their financial statements for shareholder approval. We generally approve financial statements unless there are reasons to vote otherwise, such as if the information is not made available prior to the meeting. In markets requiring the election of internal statutory auditors (e.g., Japan), we generally support management's nominees if they meet regulatory requirements. However, we may vote against nominees who are designated independent statutory auditors but serve as executives of a subsidiary or affiliate of the issuer, or if there are other reasons to question their independence. We review proposals to limit auditor liability on a case-by-case basis, considering whether such a provision is necessary to secure appointment and whether it helps to maximize long-term shareholder value.

**Transactions and Special Situations**

**Transactions, Restructurings, Mergers and Acquisitions**

Proposals requesting shareholder approval for corporate restructurings, merger and acquisitions, and spin-offs are evaluated on a case-by-case basis. Our primary objective in assessing and voting on these proposals is to maximize long-term shareholder value. We consider a multitude of factors that could impact the company's future performance and shareholder returns, including the board's rationale behind the transaction, the potential financial benefits and risks, the alignment with the company's long-term strategic goals, and the overall integrity of the transaction process. We may abstain from voting on transactions in instances where there is insufficient information.

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**Shareholder Rights Plans**

Our approach to voting on shareholder rights plans, or poison pills, is grounded in our commitment to protecting shareholder rights and maximizing long-term value. Accordingly, we assess these proposals on a case-by-case basis. We will oppose poison pills that unreasonably seek to impede takeovers or entrench management. We may support proposals which protect shareholders' right to consider and potentially accept a compelling offer. Additionally, we may support net operating loss rights plans when the protection of a company's tax assets is material to its financial health and future value. We generally support shareholder proposals that require the company to submit a shareholder rights plan to a shareholder vote, though may take a case-by-case approach if the issuer is a non-operating company such as closed-end funds.

**Shareholder Rights**

**Capital Structure**

The one share, one vote principle—that voting power is proportional to an one's economic interest— is preferred to ensure the board is accountable to shareholders. AB's general expectation of companies with multi-class equity structures carrying unequal voting rights (or "supervoting shares") is to attach safeguards for minority shareholders when appropriate and in a cost-effective manner, which may include a sunset provision or periodic shareholder reauthorizations. We expect boards to routinely review existing multi-class share structures and articulate why the structure is beneficial for long-term shareholders. If a multi-class share structure is in place without adequate safeguards, AB will generally vote against relevant directors.

With that backdrop, we acknowledge that multi-class structures may be beneficial for a period of time for certain companies, allowing management to focus on longer-term value creation which benefits all shareholders. Accordingly, AB may refrain from voting against relevant directors if the multi-class capital structure is subject to a formal sunset provision, or if company-specific conditions warrant it.

**Proxy Access**

Proxy access allows "qualified shareholders" to nominate directors. Our voting stance typically favors proposals for proxy access that adhere to the 2010 SEC proposal (since vacated) which allowed a single shareholder, or group of shareholders, who hold at least 3% of the voting power for at least three years continuously to nominate up to 25% of the current board seats, or two directors, for inclusion in the subject company's annual proxy statement alongside management nominees. We may vote against proposals that include requirements that are stricter than the SEC's framework including implementation restrictions and against individual board members, or entire boards, who exclude from their ballot properly submitted shareholder proxy access proposals or compete against shareholder proxy access proposals with stricter management proposals on the same ballot. We will generally vote in favor of proposals that seek to amend an existing right to more closely align with the SEC framework. We will evaluate on a case-by-case basis proposals with less stringent requirements than the vacated SEC framework.

**Majority Vote Standard for Charter & Bylaw Amendments**

We generally favor the implementation of simple majority vote requirements for charter and bylaw amendments. This means that a proposal would only need to receive a majority of votes cast in order to be approved. We believe that this approach promotes greater shareholder accountability and ensures that the will of the majority is reflected in important decisions affecting the company. As such, we will generally vote for proposals to reduce supermajority voting requirements, though may take a case-by- case approach if the issuer is a non-operating company such as closed-end funds.

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**Special Meetings**

We are generally supportive of the right for shareholders to call special meetings, which allows shareholders to take action on certain matters that arise between regularly scheduled annual meetings. This right may apply only if a shareholder, or a group of shareholders, owns a specified percentage as defined by the relevant company bylaws.

We recognize the importance of the right of shareholders to remove poorly performing directors, respond to takeover offers and take other actions without having to wait for the next annual meeting. However, we also believe it is important to protect companies and shareholders from nuisance proposals. We further believe that striking a balance between these competing interests will maximize shareholder value. We believe that encouraging active share ownership among shareholders generally is beneficial to shareholders and helps maximize shareholder value. Accordingly, we will generally support proposals to establish shareholders' right to call a special meeting if one is not already in place. When evaluating proposals to reduce the existing special meeting right threshold, we will assess the potential abuse of the right based on the company's current share ownership structure, and whether the request goes beyond market practice.

**Written Consent**

Action by written consent enables a large shareholder or group of shareholders to initiate votes on corporate matters prior to the annual meeting. We believe this is a fundamental shareholder right and, accordingly, will generally support shareholder proposals seeking to restore this right. However, in cases where a company has a majority shareholder or group of related majority shareholders with majority economic interest, we may oppose proposals seeking to restore this right as there is a potential risk of abuse by the majority shareholder or group of majority shareholders. We may also vote against the proposal if the company provides shareholders a right to call special meetings with an ownership threshold of 15% or below in absence of material restrictions, as we believe that shareholder access rights should be considered from a holistic view rather than promoting all possible access rights that may impede one another in contrast to long-term shareholder value.

**Material Environmental and Social Issues**

**Climate**

Proposals addressing climate change concerns are plentiful and their scope varies. Climate change increasingly receives investor attention as a potential material risk to the sustainability of a wide range of business activities. These proposals may include emissions standards or reduction targets, quantitative goals, and impact assessments. We evaluate these proposals on a case-by-case basis, taking into account the materiality of the issue to the business and whether the proposal is of added benefit to shareholders. We will additionally consider company specific context as well as our ongoing research and engagements for evaluating the company's existing policies and practices.

For proposals related to climate change, we will carefully assess the company's current policies/disclosures and its incorporation of national standards and best practices. In addition, we will evaluate the potential enactment of new regulations, as well as any investment risk related to the specific issue.

For issuers with material exposure to climate risk, AB assesses the climate risk management strategy by considering factors such as, but not limited to:

**Emissions Metrics and Targets**

-Does the company have emissions metrics and targets in place for Scopes 1 and 2 emissions?

**Climate Risk Management**

-Does the company perform scenario analysis that includes the use of a widely recognized, scientifically based 1.5 degree scenario?

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**Governance**

-Does the board provide oversight on the issuer's climate change strategy?

-Has the company incurred any recent material failures, or been involved in any controversies, related to managing climate-related risk?

**Disclosure**

-Does the company disclose its exposure to climate risk via the framework developed by the Taskforce on Climate related Financial Disclosure?

**Biodiversity**

Companies are increasingly recognizing the importance of managing biodiversity and nature-related factors to generate long-term financial returns for shareholders. This can be achieved by implementing appropriate risk oversight and establishing relevant metrics and targets to manage their reliance on, impact on, and use of natural capital. Companies—particularly those that have significant impacts on local environments or have supply chains exposed to locations with biodiversity-related risk—should disclose how they integrate these factors into their strategy and how they manage material risks and opportunities relating to biodiversity. Additionally, companies should consider engaging with stakeholders, including local communities and conservation organizations, to ensure that their activities do not have a negative impact on biodiversity, which could potentially cause negative reputational or financial risks.

Accordingly, we will vote on proposals related to biodiversity on a case-by-case basis.

**Political Spending**

We believe that increased transparency in political contributions and lobbying expenses is essential for ensuring accountability and promoting responsible corporate citizenship. As such, we generally vote in favor of proposals that request increased disclosure of these expenses, including those paid to trade organizations and political action committees at the federal, state, or local level. By doing so, we can better understand how a company is using its resources to influence political decisions and ensure that these activities align with its stated values and principles and are in the best interests of shareholders. Increased transparency can also help to mitigate reputational risks and promote public trust in the company. We believe that companies have a responsibility to disclose their political contributions and lobbying expenses to their shareholders and the public.

**Human Capital Management**

Human capital management is a critical component of a company's long-term success. Best practices in this area include considering diversity, equity, and inclusion in different aspects of the business, from hiring and promotion to training and development. Companies should also provide fair compensation and benefits, as well as opportunities for career growth and advancement. Additionally, companies should prioritize employee health and safety, both physical and mental, and provide a supportive work environment that fosters collaboration and innovation. Effective communication and engagement with employees is also essential for building a strong corporate culture and ensuring that employees feel valued and heard. By prioritizing human capital management, companies can attract and retain top talent, foster innovation and creativity, and ultimately drive long-term value for shareholders. We will vote case- by-case on proposals related to human capital management considering a company's current practices, policies and disclosures.

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**Conflicts of Interest**

**Introduction**

As a fiduciary, we must always act in our clients' best financial interests. We strive to avoid even the appearance of a conflict that may compromise the trust our clients have placed in us, and we insist on strict adherence to fiduciary standards and compliance with all applicable federal and state securities laws. We have adopted a comprehensive Code of Business Conduct and Ethics ("Code") to help us meet these obligations. As part of this responsibility and as expressed throughout the Code, we place the interests of our clients first and attempt to mitigate any perceived or actual conflicts of interest.

AB recognizes that potentially material conflicts of interest arise when we engage with a company or vote a proxy solicited by an issuer that sponsors a retirement plan we manage (or administer), that distributes AB-sponsored mutual funds, or with which AB or one or more of our employees have another business or personal relationship, and that such conflicts could affect how we vote on the issuer's proxy. Similarly, potentially material conflicts of interest arise when engaging with and deciding how to vote on a proposal sponsored or supported by a shareholder group that is a client. In order to address any perceived or actual conflict of interest, the procedures set forth below (see Handling Potential Conflicts of Interest section below) have been established for use when we encounter a potential conflict to ensure that our engagement activities and voting decisions are in our clients' best interest consistent with our fiduciary duties and seek to maximize shareholder value.

**Adherence to Stated Proxy Voting Policies**

Subject to client guidelines, votes generally are cast in accordance with this Policy. In situations where our Policy involves a case-by-case assessment, the following sections provide criteria that will guide our decision. In situations where our Policy on a particular issue involves a case-by-case assessment and the vote cannot be clearly decided by an application of our stated Policy, a member of the Committee or his/her designee will make the voting decision in accordance with the basic principle of our Policy to vote proxies with the intention of maximizing the value of the securities in our client accounts. In these situations, the voting rationale must be documented either on the voting platform of our proxy services vendor, by retaining relevant emails or another appropriate method. Where appropriate, the views of investment professionals are considered. All votes cast contrary to our stated voting Policy on specific issues must be documented. If a proxy vote involves a potential conflict of interest, the voting decision will be determined in accordance with the processes outlined in the Handing Potential Conflicts of Interest section of the Policy below. On an annual basis, the Committee will receive and review a report of all such votes so as to confirm adherence with the Policy.

**Disclosure of Conflicts**

When considering a proxy proposal, members of the Committee or investment professionals involved in the decision-making process must disclose to the Committee any potential conflict (including personal relationships) of which they are aware and any substantive contact that they have had with any interested outside party (including the issuer or shareholder group sponsoring a proposal) regarding the proposal.

Any previously unknown conflict will be recorded on the Potential Conflicts List (discussed below). If a member of the Committee has a material conflict of interest, he or she generally must recuse himself or herself from the decision-making process.

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**Potential Conflicts**

Potential conflicts related to proxy voting may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Votes involving publicly traded clients of AB;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Votes involving publicly traded companies that distribute AB mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Votes where investment teams have different views;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Votes involving any clients that try to advocate for proxy voting support;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Voting contrary to the Policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other company subject to a material conflict of which a Committee member becomes aware.

We determine our votes for all meetings of companies that may present a conflict by applying the processes described in the Handling Potential Conflicts of Interest section below. We document all instances when the Conflicts Officer determines our vote.

**Handling Potential Conflicts of Interest**

When we encounter a potential conflict of interest, we review our proposed vote using the following analysis to ensure our voting decision is in the best interest of our clients:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If our proposed vote is consistent with the Policy, no further review is necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If our proposed vote is contrary to the Policy, the vote will be presented to AB's Conflicts Officer. The Conflicts Officer's review and determination will be documented and presented to the Proxy Voting and Governance Committee. The Conflicts Officer will determine whether the proposed vote is reasonable and in line with our fiduciary duties to clients. If the Conflicts Officer cannot determine that the proposed vote is reasonable, the Conflicts Officer may instruct AB to refer the votes back to the client(s) or take other actions as the Conflicts Officer deems appropriate in light of the facts and circumstances of the particular potential conflict. The Conflicts Officer may take or recommend that AB take the following steps:

oRecuse or "wall-off" certain personnel from the proxy voting process;

oConfirm whether AB's proposed vote is consistent with the voting recommendations of our proxy research services vendor; or

oTake other actions as the Conflicts Officer deems appropriate.

**Review of Third-Party Proxy Service Vendors**

AB engages one or more Proxy Service Vendors to provide voting research and voting execution services. From time to time, AB will evaluate each Proxy Service Vendor's services to assess that they are consistent with this Policy and the best interest of our clients. This evaluation may include: (i) a review of pre-populated votes on the Proxy Service Vendor's electronic voting platform before such votes are cast, and (ii) a review of policies that address the consideration of additional information that becomes available regarding a proposal before the vote is cast. AB will also periodically review whether Proxy Service Vendors have the capacity and competency to adequately analyze proxy issues and provide the necessary services to AB. AB will consider, among other things, the adequacy and quality of the Proxy Service Vendor's staffing, personnel and/or technology, as well as whether the Proxy Service Vendor has adequate disclosures regarding its methodologies in formulating voting recommendations. If applicable, we will also review whether any potential factual errors, incompleteness or methodological weaknesses materially affected the Proxy Service Vendor's services and the effectiveness of the Proxy Service Vendor's procedures for obtaining current and accurate information relevant to matters included in its research.

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The Committee also takes reasonable steps to review the Proxy Service Vendor's policies and procedures addressing conflicts of interest and verify that AB's primary Proxy Service Vendor(s) is, in fact, independent based on all of the relevant facts and circumstances. This includes reviewing each Proxy Service Vendor's conflict management procedures on an annual basis. When reviewing these conflict management procedures, we will consider, among other things, (i) whether the Proxy Service Vendor has adequate policies and procedures to identify, disclose, and address actual and potential conflicts of interest; and (ii) whether the Proxy Service Vendor provides adequate disclosure of actual and potential conflicts of interest with respect to the services provided to AB by the Proxy Service Vendor and (iii) whether the Proxy Service Vendor's policies and procedures utilize technology in delivering conflicts disclosure; and (iv) can offer research in an impartial manner and in the best interests of our clients.

**Confidential Voting**

It is AB's policy to support confidentiality before the actual vote has been cast. Employees are prohibited from revealing how we intend to vote except to (i) members of the Committee; (ii) Portfolio Managers who hold the security in their managed accounts; (iii) the Research Analyst(s) who cover(s) the security; (iv) clients, upon request, for the securities held in their portfolios; (v) clients who do not hold the security or for whom AB does not have proxy voting authority, but who provide AB with a signed a Non-Disclosure Agreement; or (vi) declare our stance on a shareholder proposal(s) that is (are) deemed material for the issuer's business for generating long-term value in our clients' best interests. Once the votes have been cast for our mutual fund clients, they are made public in accordance with mutual fund proxy vote disclosures required by the SEC, and we generally post all votes to our public website one business day after the meeting date.

We may participate in proxy surveys conducted by shareholder groups or consultants so long as such participation does not compromise our confidential voting policy. Specifically, prior to our required SEC disclosures each year, we may respond to surveys asking about our proxy voting policies, but not any specific votes. After our mutual fund proxy vote disclosures required by the SEC each year have been made public and/or votes have been posted to our public website, we may respond to surveys that cover specific votes in addition to our voting policies.

On occasion, clients for whom we do not have proxy voting authority may ask us how AB's Policy would be implemented. A member of the Committee or one or more Investment Stewardship Team may provide the results of a potential implementation of the AB policy to the client's account subject to an understanding with the client that the implementation shall remain confidential.

Any substantive contact regarding proxy issues from the issuer, the issuer's agent or a shareholder group sponsoring a proposal must be reported to the Committee if such contact was material to a decision to vote contrary to this Policy. Routine administrative inquiries from proxy solicitors need not be reported.

**A Note Regarding AB's Structure**

AB and AllianceBernstein Holding L.P. ("AB Holding") are Delaware limited partnerships. As limited partnerships, neither company is required to produce an annual proxy statement or hold an annual shareholder meeting. In addition, the general partner of AB and AB Holding, AllianceBernstein Corporation is an indirect wholly owned subsidiary of Equitable Holdings, Inc.

As a result, most of the positions we express in this Proxy Voting Policy are inapplicable to our business. For example, although units in AB Holding are publicly traded on the New York Stock Exchange ("NYSE"), the NYSE Listed Company Manual exempts limited partnerships and controlled companies from compliance with various listing requirements, including the requirement that our board have a majority of independent directors.

**Voting Transparency**

We publish our voting records on our website one business day after the shareholder meeting date for each issuer company. Many clients have requested that we provide them with periodic reports on how we voted their proxies. Clients may obtain information about how we voted proxies on their behalf by contacting their Advisor.

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**Record Keeping**

All of the records referenced below will be kept in an easily accessible place for at least the length of time required by local regulation and custom, and, if such local regulation requires that records are kept for less than six (6) years from the end of the fiscal year during which the last entry was made on such record, we will follow the US rule of six (6) or more years. If the local regulation requires that records are kept for more than six or more years, we will comply with the local regulation. We maintain the vast majority of these records electronically.

**Proxy Voting and Governance Policy**

The Policy shall be maintained in the Legal and Compliance Department and posted on our company intranet and on the AB website.

**Proxy Statements Received Regarding Clients' Securities**

For US Securities, AB relies on the SEC to maintain copies of each proxy statement we receive regarding client securities. For Non-US Securities, we rely on ISS, our proxy voting agent, to retain such proxy statements.

**Records of Votes Cast on Behalf of Clients**

Records of votes cast by AB are retained electronically by our proxy research service vendor.

**Pre-Disclosure of Vote Intentions on Select Proposals**

As part of our engagement and stewardship efforts, AB may publish our vote intentions on certain proposals in advance of select shareholder meetings, with an emphasis on issuers where our discretionary managed accounts have significant economic exposure. The selected proposals are chosen because they impact a range of key topics where AB may have expressed our viewpoints publicly, through prior engagement or proxy voting. We do not pre-disclose our vote intentions on mergers and acquisition activity. The published vote intentions are available on our website.

**Documents Prepared by AB that Are Material to Voting Decisions**

The Investment Stewardship Team is responsible for maintaining documents prepared by the Committee or any AB employee that were material to a voting decision. Therefore, where an investment professional's opinion is essential to the voting decision, the recommendation from investment professionals must be made in writing to a member of Investment Stewardship Team.

**Proxy Voting Procedures**

**Voting Administration**

To efficiency execute proxy voting for clients' holdings, AB uses ISS to submit votes electronically.

Issuers initially send proxy information to the custodians of our client accounts. We instruct these custodian banks to direct proxy related materials to ISS's offices. ISS provides us with research related to each resolution and pre-populates certain ballots based on the guidelines contained in this Policy. AB's Investment Stewardship Team assesses the proposals via ISS's web platform, Proxy Exchange, and submits all votes electronically. ISS then returns the proxy ballot forms to the designated returnee for tabulation. In addition, AB's proxy votes are double-checked in a two-tiered approach. All votes are reviewed real-time by an offshore proxy review team to verify that the executed votes are aligned with our Policy. Votes for significant holdings, as defined by our stake, are additionally reviewed on a monthly basis by the Investment Stewardship Team to ensure their compliance with our Policy.

If necessary, any paper ballots we receive will be voted electronically or via mail or fax.

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**Share Blocking and Abstaining from Voting Client Securities**

Proxy voting in certain countries requires "share blocking." Shareholders wishing to vote their proxies must deposit their shares shortly before the date of the meeting (usually one week) with a designated depositary. During this blocking period, shares that will be voted at the meeting cannot be sold until the meeting has taken place and the shares are returned to the clients' custodian banks. We may determine that the value of exercising the vote is outweighed by the detriment of not being able to sell the shares during this period. In cases where we want to retain the ability to trade shares, we may determine to not vote those shares.

We seek to vote all proxies for securities held in client accounts for which we have proxy voting authority. However, in some markets administrative issues beyond our control may sometimes prevent us from voting such proxies. For example, we may receive meeting notices after the cut-off date for voting or without enough time to fully consider the proxy. Similarly, proxy materials for some issuers may not contain disclosure sufficient to arrive at a voting decision, in which cases we may abstain from voting.

Some markets outside the US require periodic renewals of powers of attorney that local agents must have from our clients prior to implementing our voting instructions.

AB will abstain from voting (which generally requires submission of a proxy voting card) or affirmatively decide not to vote if AB determines that abstaining or not voting would be in the applicable client's best interest. In making such a determination, AB will consider various factors, including, but not limited to: (i) the costs associated with exercising the proxy (e.g., translation or travel costs); (ii) any legal restrictions on trading resulting from the exercise of a proxy (e.g., share-blocking jurisdictions); (iii) whether AB's clients have sold the underlying securities since the record date for the proxy; and (iv) whether casting a vote would not reasonably be expected to have a material effect on the value of the client's investment.

**Loaned Securities**

Many of our clients have entered into securities lending arrangements with agent lenders to generate additional revenue. We will not be able to vote securities that are on loan under these types of arrangements. However, for AB managed funds, the agent lenders have standing instructions to recall all securities on loan systematically in a timely manner on a best effort basis in order for AB to vote the proxies on those previously loaned shares.

If you have questions or desire additional information about this Policy, please contact <u>ProxyTeam@alliancebernstein.com</u>

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**BARROW HANLEY GLOBAL INVESTORS**

Proxy Voting Policy and Guidelines

Revised May 1, 2025

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Barrow Hanley has accepted authority to vote proxies for our clients who have delegated this responsibility to us. It is the Firm's policy to vote our clients' proxies in the best economic interests of our clients, the beneficial owners of the shares. The Firm has adopted this Proxy Voting Policy for handling research, voting, reporting, and disclosing proxy votes, and this set of Proxy Voting Guidelines ("Guidelines") that provide a framework for assessing proxy proposals.

Barrow Hanley votes all clients' proxies the same based on the Firm's policy and Guidelines. If or when additional costs for voting proxies are identified, the Firm will determine whether such costs exceed the expected economic benefit of voting the proxy and may abstain from voting proxies for ERISA Plan clients. However, if/when such voting costs are borne by Barrow Hanley and not by the client, all proxies will be voted for all clients.

Disclosure information about the Firm's Proxy Voting Policy and Guidelines is provided in the Firm's Form ADV Part 2.

To assist in the proxy voting process, at its own expense, Barrow Hanley retains Glass Lewis & Co. ("Glass Lewis") as proxy service provider. Glass Lewis provides:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Research on corporate governance, financial statements, business, legal and accounting risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proxy voting recommendations, including environmental, social, and governance voting Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio accounting and reconciliation of shareholdings for voting purposes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proxy voting execution, record keeping, and reporting services.

**Proxy Oversight Committee, Proxy Coordinators, and Proxy Voting Committee**

Barrow Hanley's Proxy Oversight Committee is responsible for implementing and monitoring this Proxy Voting Policy, procedures, disclosures, and recordkeeping.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Proxy Oversight Committee conducts periodic reviews of proxy votes to ensure that the policy is observed, implemented properly, and amended or updated, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Proxy Oversight Committee is comprised of the Responsible Investing Committee Lead (chair), the CCO, the Head of Investment Operations, an At-Large Portfolio Manager, and another rotating member of the Investment team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Research Analysts are responsible to review and evaluate proposals and make recommendations to the Proxy Voting Committee to ensure that votes are consistent with the Firm's analysis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity Portfolio Managers are members of the Proxy Voting Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity Portfolio Managers vote proposals based on our Guidelines, internal research recommendations, and the research from Glass Lewis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proxy Coordinators oversee the proxy voting process, assisting Research Analysts and the Proxy Voting Committee as needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proxies for the Diversified Small Cap Value accounts are voted in accordance with Glass Lewis' recommendations for the following reasons:

oInvestment selection is based on a quantitative model

oThe holding period is too short to justify the time for analysis necessary to vote.

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**Conflicts of Interest**

Potential conflicts may arise when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Barrow Hanley invests in equity securities of corporations who are also clients of the Firm. In such cases, the Firm seeks to mitigate potential conflicts by:

oMaking voting decisions for the benefit of the shareholder(s), our clients,

oUniformly voting every proxy based on Barrow Hanley's internal research and consideration of Glass Lewis' recommendations, and

oDocumenting the votes of companies who are also clients of the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If a material conflict of interest exists, members from the Proxy Voting and Proxy Oversight Committees will determine if the affected clients should have an opportunity to vote their proxies themselves, or whether Barrow Hanley will address the specific voting issue through other objective means, such as voting the proxies in a manner consistent with a predetermined Proxy Voting Policy or accepting the voting recommendation of Glass Lewis.

**Other Policies and Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A proxy card or voting instruction form contains a list of voting options, including For, Against, Abstain, and/or Withhold. A vote to Abstain or Withhold is effectively a vote against the proposal. Barrow Hanley assesses each vote, the intended impact of our vote, and the rule(s) that apply to the vote and may select any of these options when casting the vote. Barrow Hanley sends a daily electronic transfer of equity positions to Glass Lewis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Glass Lewis identifies accounts eligible to vote for each security and posts the proposals and research on its secure, proprietary online system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Barrow Hanley sends a proxy report to clients at least annually and/or as requested by client, listing the number of shares voted and disclosing how proxies were voted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Barrow Hanley retains voting records in accordance with the Firm's Books and Records Policy. Glass Lewis retains the Firm's voting records for seven years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proxy Coordinators are responsible for retaining the following proxy records:

oThese policies, procedures, and amendments.

oProxy statements regarding our clients' securities.

oA record of each proxy voted.

oProxy voting reports that are sent to clients annually.

oInternal documents related to voting decisions; and

oRecords of clients' requests for proxy voting information and/or correspondence about votes.

**Voting Debt and/or Bank Loan Securities**

Barrow Hanley's proxy voting responsibilities may include voting on proposals, amendments, consents, or resolutions solicited by or in respect to securities related to bank loan investments.

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**Exceptions**

Limited exceptions to this policy may be permitted based on a client's circumstances, such as, foreign regulations that create a conflict with U.S. practices, expenses to facilitate voting when the costs outweigh the benefit of voting the proxies, or other circumstances.

**Proxy Voting Guidelines**

Barrow Hanley's set of Guidelines is a framework for assessing proposals. Each proposal is evaluated based on its facts and circumstances. The Firm reviews and considers ESG issues along with other financially material factors to assess the financially material impact on the long-term value of the shares. Our Guidelines address the following issues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Board of Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Independent Auditors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compensation Issues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate Structure and Shareholder Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shareholder Proposals and ESG Issues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Voting of Non-U.S./Foreign Shares

Issues that do not conform to these Guidelines are evaluated by the Proxy Voting Committee and voted in the best interest of our clients.

**Board of Directors**

*Election of Directors*

Barrow Hanley believes that good corporate governance begins with a board of majority-independent directors and committees, including independent directors who serve on Audit, Compensation, and Nominating committees.

Barrow Hanley will generally approve:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A slate of nominees comprised of a two-thirds majority of independent directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nominees for Audit, Compensation and/or Nominating committees who are independent of management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nominees who we believe have the required skills and diverse backgrounds to make informed judgments about the subject matter for which the committee is responsible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We attempt to target board diversity of at least 30%.

Barrow Hanley will generally not approve:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A slate of nominees that results in a majority non-independent directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nominees for Audit, Compensation and/or Nominating committees who are not independent of management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Incumbent board members who failed to attend at least 75% of board and applicable committee meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nominees who have served on boards or as executives of companies with records of poor performance, inadequate risk oversight, excessive compensation, audit, or accounting-related problems and/or other indicators of mismanagement or actions against the interests of shareholders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nominees whose actions on other committees demonstrate serious failures of governance, which may include acting to significantly reduce shareholder rights, or failure to respond to previous vote requests for directors and shareholder proposals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An independent director who has in the past three years, had a material financial, familial, or other relationship with the company or its executives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Members of a Nominating committee where the board has an average tenure of over ten years and has not appointed a new member to the board in at least five years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Members of a Nominating committee where the board lacks diversity.

*Combined Chairman / CEO Role*

When the roles of a board's chair and CEO are combined a strong lead independent director is necessary. If a lead director is not appointed, Barrow Hanley supports proposals to separate the roles.

*Contested Elections of Directors*

Barrow Hanley evaluates a nominee's qualifications, the incumbent board's performance, and the rationale behind dissident campaigns, and votes based on maximizing shareholder value.

*Classified Boards*

Barrow Hanley supports proposals to declassify existing boards, whether proposed by management or shareholders. In most cases we vote against proposals for classified board structures where only part of the board is elected each year.

If a board does not have a committee responsible for governance oversight and the board has not implemented a proposal that received the requisite support, we vote against the entire board. If a proposal requests the board adopt a declassified structure, we vote against all directors and nominees up for election.

*Board Diversity*

Barrow Hanley supports boards with diverse backgrounds and nominees with relevant experience. Nominating and governance committees should consider diversity within the context of the company and industry. Shareholders are best served when boards make an effort to ensure a constituency that is not only reasonably diverse based on age, race, gender, and ethnicity, but also based on geographic knowledge, industry experience, board tenure and culture. Board diversity is one of many factors considered on a case-by-case basis when reviewing board elections.

*Board Tenure*

Barrow Hanley believes that independent directors are an important part of good governance. Long term service diminishes a member's independence. Directors serving on a board for 10 years or more are not considered to be independent.

We recognize that in some cases, a director's tenure and experience on the board is beneficial to shareholders. Nominees' tenure on the board is evaluated to determine independence.

*Overboarding*

Barrow Hanley reviews a nominee's board commitments on a case-by-case basis and generally votes against nominees who are executives of public company while serving on three or more public boards or a non-executive who sits on four or more public boards.

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*Proxy Access*

Shareholders' participation in electing directors enhances a board's accountability and responsiveness. Long-term investors can benefit from shareholder rights to nominate directors. Such rights should require a minimum percentage ownership (at least 5%) of outstanding shares held for a minimum period (at least three years) to nominate a maximum percentage of (up to 20%) for the board.

**Approval of Independent Auditors**

Independent auditors are a critical element of good governance. A company's relationship with its independent auditor should be limited to its audit. Auditor's fees should be limited to the audit work. Other, closely related activities that do not appear to impair the auditor's independence may be approved. Barrow Hanley evaluates the circumstances of auditors who have a substantial non-auditing relationship with the company on a case-by-case basis.

**Compensation Issues**

Compensation Plans should align the interests of long-term shareholders with the interests of management, employees, and directors.

*Stock-Based Compensation Plans*

Stock-based compensation plans should be administered by an independent committee of the board and approved by shareholders. Barrow Hanley opposes compensation plans that substantially dilute a shareholder's ownership interest, provides participants with excessive awards, and/or have other objectionable features. Compensation proposals are evaluated on a case-by-case basis using the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The company's industry group, market capitalization, and competitors' compensation plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Requirements for senior executives to hold a minimum amount/percentage of company stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Requirements for minimum holding periods for stock acquired through equity awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performance-vesting awards, indexed options, and/or other grants linked to the company's performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Requirements that limit the concentration of equity grants to senior executives and provide for a broad-based plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Requirements for stock-based compensation plans as a substitute for cash compensation to deliver market-competitive total compensation.

*Bonus Plans*

Bonus based compensation plans should include the following features:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Periodic shareholder approval to properly qualify for deductions under Internal Revenue Code Section 162(m).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performance measures relating to key value drivers of the company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maximum award amounts expressed in dollar amounts.

Bonus plans should not include excessive awards in both absolute and relative terms.

*Executive Compensation Plans (Say on Pay)*

Say on Pay type of executive compensation programs can effectively link pay and performance and provide competitive compensation opportunities. Say on Pay type plans should state the amount of compensation at risk and the amount of equity-based compensation linked to the company's performance and include adequate disclosure about the overall compensation structure. Say on Pay type plans should not include significant compensation guarantees and/or compensation that is not sufficiently linked to performance.

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*Recoupment Provisions (Clawbacks)*

Executive compensation programs should be clearly tied to performance and include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Detailed bonus recoupment policies to prevent executives from retaining performance-based awards that were not truly earned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clawback triggers in the event of a restatement of financial results or similar revision of performance indicators upon which bonuses were based.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Policies allowing board reviews of performance-related bonuses and awards paid to senior executives during the period covered by a restatement that allows the company to recoup such bonuses if performance goals were not actually achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clawback policies that limit discretion and ensure the integrity of such policies.

*Executive Severance Agreement (Golden Parachutes)*

Executive compensation should be designed as an incentive for continued employment and include reasonable severance benefits, and the executive's termination should be limited to three times salary and bonus, referred to as *double-trigger plans*.

Guaranteed severance benefits that exceed three times salary and bonus should be disclosed and should require shareholder approval.

Barrow Hanley does not support guaranteed severance benefits without a change in control or arrangements that does not require the executive's termination, referred to as *single-trigger plans*.

*Employee Stock Purchase Plans*

Employee stock purchase plans are effective ways to increase employees' ownership in the company's stock. Such plans should not allow for purchases below 85% of current market value and should limit shares reserved under the plan to 5% or less of the outstanding shares of the company.

**Corporate Structure and Shareholder Rights**

Barrow Hanley supports market-based corporate control functions without undue interference from artificial barriers. Shareholders' rights are a fundamental privilege of equity ownership and should be proportional to economic ownership. Appropriate limits include a shareholder's ability to act by corporate charter, bylaw provisions, or adoption of certain takeover provisions.

*Shareholder Right Plans (Poison Pills)*

Poison pill plans can erode shareholder value by limiting a potential acquirer's ability to purchase a controlling interest in the company without the approval of its board of directors, and/or can serve to entrench incumbent management and directors.

Shareholder rights plans should be designed to enables the board to take appropriate to defensive actions, and should require the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shareholder approval within a year of its adoption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Timing limited to 3-5 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Requirement for shareholder approval for renewal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviews by a committee of independent directors at least every three years, referred to as *TIDE provisions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Permitted bid or qualified offer features requiring shareholder votes under specific conditions referred to as *chewable pills*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reasonable ownership triggers of 15-20%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Highly independent, non-classified boards.

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Shareholder rights plans should avoid the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Long-term defensive features of 5 or more years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Automatic renewals without shareholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ownership triggers of less than 15%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Classified boards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Boards with limited independence.

*Political Contributions and Lobbying*

Barrow Hanley evaluates an issuer's policy and procedures governing political spending and lobbying. Proposals demonstrating insufficient or absent policies and disclosure are opposed.

*An Increase in Authorized Shares*

Proposals for increases in authorized share amounts should not expose shareholders to excessive dilution and should be limited to increases of up to 20% of the current share authorization.

*Cumulative Voting*

Cumulative voting should be proportional to the shareholders' economic investment in the company.

*Supermajority Vote Requirements*

Shareholders' rights to approve or reject proposals should be based on a simple majority.

*Confidential Voting*

Shareholder voting should be conducted in a confidential manner.

*Dual Classes of Stock*

Barrow Hanley opposes dual-class capitalization structures that provide disparate voting rights to shareholders with similar economic interests. Proposals to create separate share classes with different voting rights are opposed. Proposals to dissolve separate share classes are approved.

**Shareholder Proposals and ESG Issues**

Proposals relating to ESG issues are usually initiated by shareholders seeking disclosure about certain business practices or amendments to certain policies. Barrow Hanley's policy and Guidelines are designed to provide a framework for assessing the financial materiality of corporate governance, environmental, and social issues. Barrow Hanley supports proposals that improve transparency on issues that can be clearly tied to sustainable resource development, environmental compliance, and workplace safety.

Barrow Hanley subscribes to third party ESG research and scoring databases, including MSCI, Sustainalytics, and IFRS as a tool for rating the financial materiality of ESG factors to support our internal research. Some investments may have a low corporate ranking based on a third party's profile. Investment in low ranked companies is based on our belief that shareholder engagement is the best way to engage with management and use our influence toward sustainable improvements. Our fundamental analysis identifies areas and issues for engagement with management to improve policies and disclosure.

Barrow Hanley evaluates climate risk and disclosure standards for the companies and industries most exposed to climate change and engages with management and boards to understand the company's risks and opportunities and where necessary, seeks additional disclosure.

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Barrow Hanley considers issues related to human capital to be a company's most significant risks and opportunities. Boards should disclose and communicate plans to instill inclusive, attractive, and high-retention environments in the company. Barrow Hanley supports inclusive working environments and diversity among employees and supports shareholder proposals that contain comprehensive equal opportunity and anti-discrimination provisions, and reporting on gender-based discrepancies in compensation.

**Voting of Non-U.S./Foreign Shares**

Although corporate governance standards, disclosure requirements, and voting mechanisms vary greatly among the markets outside the U.S., proposals are evaluated under these Guidelines and consideration of the local market's standards and best practices.

**Exceptions** 

Glass Lewis is configured to vote consistent with Barrow Hanley's Guidelines, however, the Proxy Voting Committee permits reasonable exceptions based on the facts, circumstances, and best economic interests of our clients. Exceptions are documented and retained in the Firm's proxy voting records.

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**BROWN ADVISORY**

Proxy Voting Policy

November 2024

*Discussion of Brown Advisory's proxy voting policies and procedures.*

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*Brown Advisory (hereafter 'the Firm') considers proxy voting to be an important part of executing our responsibilities to our clients. When clients designate voting authority to the Firm, we seek to vote proxies in line with our fiduciary duty. Overall, the Firm aims to vote in favor of proposals that we believe will maximize shareholder value over time.*

*This policy contains the considerations and preferences that guide our proxy voting on securities—including differences between our process for institutional strategies and for advisory clients—followed by our general Proxy Voting Guidelines, developed in consultation with Institutional Shareholder Services Inc. (ISS).*

*This Policy is designed to ensure that the Firm votes proxies in the best interest of clients, so as to promote the long-term economic value of the underlying securities. These votes are informed by the consideration of any material and applicable information.*

**Governance and Oversight**

Proxy voting is overseen by a Proxy Voting Committee consisting of colleagues from teams around the Firm including equity research, legal and compliance, sustainable investing, client service and operations. The Proxy Voting Committee is responsible for approving any changes to the Proxy Voting Policy. The Proxy Voting Policy is reviewed on at least an annual basis.

**Proxy Advisory Services**

To facilitate the proxy voting process, the Firm has engaged Institutional Shareholder Services Inc. ("ISS"), an unaffiliated, third-party proxy voting service, to provide proxy research and voting recommendations. In addition, the Firm subscribes to ISS's proxy vote management system, which provides a means to receive and vote proxies, as well as services for record-keeping, auditing, reporting and disclosure regarding votes. However, securities held within institutional equity strategies are voted on a case-by-case basis, meaning, we do not rely exclusively on the proxy policy, and complement our proxy provider's research with our own in-house research to arrive at independent decisions, when needed. The Firm will regularly review our relationship with ISS in order to assess its capacity and competency to provide services to the Firm and to review certain of its significant policies and procedures, including those governing conflicts of interests, error identification and correction and processes to evaluate additional information received during the proxy process.

**Voting Responsibilities**

With respect to securities held in our institutional equity strategies, determining how a vote will be cast begins with our research analysts and, ultimately, rests with the portfolio managers for each Brown Advisory strategy. While we use the recommendations of ISS as a baseline for our voting, especially for routine management proposals, we vote each proposal after consideration on a case-by-case basis.

**Client Specific Guidelines**

From time to time, clients may prefer to elect alternative voting guidelines. In cases where a client desires to elect alternative voting guidelines, the Firm will work with the client and ISS to identify appropriate alternative voting guidelines. Where no appropriate pre-defined alternative guidelines are available, the Firm will endeavor to work with the client to define and set up guidelines to vote proxies on a case-by-case basis. If pre- defined alternative ISS policy guidelines are selected that the Firm has not previously implemented, members of the Firm's proxy voting committee will review the policy and determine whether it may be offered to a broader array of clients as part of the on-boarding process. The Firm may recommend a departure from specific aspects of the selected policy's guidelines when it deems such a departure to be in the client's best interest.

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**Institutional Proxy Voting Process**

Proxy voting for our equity strategies that are marketed to the Firm's institutional clients is overseen by a Proxy Voting Committee consisting of colleagues from teams around the Firm including equity research, legal and compliance, sustainable investing and operations.

The Committee is responsible for overseeing the proxy voting process. Determining how a vote will be cast begins with the research analysts and, ultimately, rests with the portfolio managers for each Brown Advisory equity investment strategy. While we use the recommendations generated based on the guidelines contained in this document as a baseline for our voting, especially for routine management proposals, we vote each proposal after consideration on a case-by-case basis.

**For more detail on our Institutional Proxy Voting process, please see pp. 4-5 of this document.**

**Advisory Client Proxy Voting Process**

Proxy voting for our Advisory clients (meaning clients for whom we manage customized accounts in a discretionary relationship according to their goals) is facilitated and monitored by our Proxy Voting Operations team. The team is responsible for arrangements with all custodial partners to have accounts set to electronic omnibus ballot distribution to our proxy voting agency, ISS. When omnibus ballot distribution is not supported, individualized account set up and distribution will be arranged.

Unless otherwise agreed with a client, Brown Advisory's Proxy Voting Policy is assigned by default to our Advisory client accounts. This means that decisions made through the execution of the Institutional Proxy Voting process (including votes against policy) will also be reflected in the voting activity for Advisory Clients.

**For more detail on our Advisory Client Proxy Voting process, please see pp. 5 of this document.**

**Impediments to Vote Execution**

In recognition of its fiduciary obligations, the Firm generally endeavors to vote the proxies it receives. However, the Firm may abstain from voting proxies or allow for votes to be executed in line with the policy before full review is completed in certain circumstances. For example, the Firm may determine that abstaining from voting is appropriate if voting is not in the best interest of the client. In addition to abstentions due to material conflicts of interest, situations in which we would not vote proxies might include:

■Circumstances where the cost of voting the proxy exceeds the expected benefits to the client.

■Circumstances where there are significant impediments to an efficient voting process, including with respect to non-US issuers where the vote requires translations or other burdensome conditions.

■Circumstances where the vote would not reasonably be expected to have a material effect on the value of the client's investment.

■Circumstances where custodial procedural requirements are overly burdensome.

**Reporting and Transparency**

Brown Advisory publishes proxy voting activity for our internally managed funds on its website and provides reporting to clients as required or requested.

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**BROWN ADVISORY PROXY VOTING POLICY ON SECURITIES**

**Proxy Voting Principles for Securities Held within our Institutional Strategies**

The following principles serve as a foundation of our approach to proxy voting for securities held within our institutionally marketed equity strategies. For these securities, Brown Advisory's equity research team has researched the company and generally is well-informed of any issues that are material to the company's business model and practices. As such, we believe we are in a position to engage with companies on these issues both through proxy voting and other engagement practices.

■**Proxy voting is our fiduciary duty.** We hold ourselves responsible for aligning our investment decision- making process and our proxy voting, in order to be consistent about what we seek from companies we hold in our institutional portfolios. We seek investments that are building and protecting long-term shareholder value, and we align all proxy voting activity with this goal. Responsible management of sustainability issues may be one input to achieving long-term shareholder value, and as such, we may support those shareholder proposals that encourage company action on what we believe are material risks or opportunities. However, no goal – sustainability-related or otherwise – will supplant the goal of seeking long-term financial performance.

■**Transparency is essential.** Brown Advisory is committed to providing proxy reporting and standardized disclosure of our voting history, as well as publishing N-PX filings as required by law. Transparency is an important step in helping our clients evaluate whether we uphold our stated principles.

■**Bottom-up due diligence should inform voting decisions.** We seek to review each proposal that comes up for vote. Our analysts seek to dive below the surface and fully understand the implications of especially complex and material proposals. The recommended votes generated based on Brown Advisory's proxy voting guidelines are taken into consideration, but do not determine our final decisions.

■**Proxy voting can be a part of a larger program to encourage better management risks and opportunities that may affect the investment return.** Proxy voting is one way to communicate with companies on risks and opportunities that may present a challenge or present an opportunity for a business, and in turn its investment returns. To complement our proxy voting process, and sometimes as result of it, our investment team might choose to pursue an extended engagement with a company as it relates to any information found during the due-diligence process for determining the vote.

**Institutional Proxy Voting Process**

Members of the Firm's equity research team receive weekly notification of all upcoming meetings taking place at companies in their coverage. Fundamental research analysts guide vote recommendations on management proposals, and sustainable investment research analysts guide vote recommendations on shareholder proposals, with both groups working together to think through the relevant issues. Final vote decisions ultimately are made by the portfolio manager.

Proposals may require additional due diligence and benefit from collaborative investigation, and this is determined on a case-by- case basis. Where necessary, our analysts will conduct research on each proposal, which may include information contained in public filings, policy recommendations and management conversations. To enhance our analysis, we may collaborate with our internal and external networks, the resolution filer and/ or associated coalition, ISS analysts about their recommendation, the company itself and relevant industry experts. If our additional due diligence uncovers factual errors, incompleteness or inaccuracies in the information ISS uses to generate a vote recommendation, the Firm will seek to bring this to the attention of ISS.

In cases where the final voting recommendation is in line with our Proxy Voting Policy, the vote is cast automatically. When our recommendation diverges from the Policy the responsible analyst will contact the portfolio managers who own the company and who have final decision-making power to share their rationale. In most cases, the portfolio managers agree with the analyst's recommendation, in rare cases they may overrule. In either case, the final recommendation is provided to Brown Advisory's operations team, which documents the rationale for the vote and ensures vote execution. All votes cast against policy require approval from the Firm's General Counsel or designee.

In the event that portfolio managers of different strategies disagree on the vote recommendation for a company they all own, a split vote may be conducted. In general, this disagreement is due to portfolio managers having unique views on an issue. When a split vote occurs, the Fund and representative accounts associated with each strategy are voted in line with the portfolio manager's instruction. All other shares of the company held by Brown Advisory are split in a manner that is proportionate to the relative number of shares held across each institutional strategy. Split votes must be approved by the Firm's General Counsel or designee.

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**Advisory Client Voting Process**

Proxy voting for our Advisory clients is facilitated and monitored by our Proxy Voting Operations team. The team is responsible for arrangements with all custodial partners to have accounts set to electronic omnibus ballot distribution to our proxy voting agency, ISS. When omnibus ballot distribution is not supported, individualized account set up and distribution will be arranged. Unless otherwise agreed with a client, Brown Advisory's Proxy Voting Policy is assigned by default to our Advisory client accounts.

The following exceptions can apply to standard voting for Advisory clients:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Client Directed*: A client will always retain her or his authority to request verbally and confirm in writing their request to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Attend a meeting and vote

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Vote in line with account owner request

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Request a take no action or abstention

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• No Voting*: A client, during on-boarding, will have the ability to request accounts to be set to have voting ballots mailed directly to the account owner's address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Holdings in Funds*: All holdings owned by our Advisory client base also held in our fund complexes are overseen and governed by the voting practices detailed in the Institutional section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Client-specific Guidelines*: Whereas we have a standard policy default, we have the capability to provide our Advisory clients with the option to customize their voting preferences. Should a client desire a customized approach, the Brown Advisory client team will work directly with the client, Brown Advisory Operations, and ISS to establish and implement client-specific guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• No ISS Recommendations*: If a client is invested in a company where ISS will not be supplying voting recommendations (e.g., privately held companies), the analyst covering the company will supply voting recommendations. Should the company not be covered internally, the client's portfolio manager will be notified and asked to instruct the vote.

The following voting practices are applied to separately managed portfolios:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Brown Advisory institutional strategies held in a separately managed account (SMA)*: Holdings within Brown Advisory SMAs are overseen and governed by the Proxy Voting Committee and follow all protocols detailed in the Institutional section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Externally managed strategies held in a SMA*: Holdings within an externally managed strategy held as a SMA are set up with the delegated and/or appointed manager for voting. In other terms, Brown Advisory yields voting authority to the appointed manager.

**GENERAL POSITIONS**

Below is a summary of Brown Advisory's general positions for voting on common proxy questions when Brown Advisory is authorized to vote shares at its discretion rather than by a client's specific guidelines. Given the dynamic and wide-ranging nature of corporate governance issues that may arise, this summary is not intended to be exhaustive.

**Management Recommendations**

Since the quality and depth of management is a primary factor considered when investing in an issuer, the recommendation of the issuer's management on any issue will be given substantial weight. Furthermore, Brown Advisory runs concentrated equity portfolios which we believe generally results in holding high quality companies that have strong and trustworthy management teams. This quality bias results in our portfolio managers generally supporting management proposals. Although proxies with respect to most issues are voted in line with the recommendation of the issuer's management, the Firm will not blindly vote in favor of management. The Firm will not support proxy proposals or positions that it believes compromise clients' best interests or that the Firm determines may be detrimental to the underlying value of client positions.

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**Election of Directors**

Although proxies will typically be voted for a management-proposed slate of directors, the Firm may vote against (or withhold votes for) such directors if there are compelling corporate governance reasons for doing so. Some of these reasons may include where a director: attends less than 75% of board and relevant committee meetings; is the CEO of a company where a serious restatement occurred after the CEO certified the financial statements; served at a time when a poison pill was adopted without shareholder approval within the prior year; is the CFO of the company; has an interlocking directorship; has a perceived conflict of interest (or the director's immediate family member has a perceived conflict of interest); or serves on an excessive number of boards.

The Firm seeks to support independent boards of directors comprised of members with diverse backgrounds (including gender and race), a breadth and depth of relevant experience (including sustainability), and a track record of positive, long-term performance. We believe that diverse boards, which incorporate a broad range of perspectives, lead to better investment performance. Therefore, we are committed to using our vote to support this principle. The Firm may vote against any boards that do not have the following levels of diversity (i.e. directors who are women or other underrepresented groups):

■For boards consisting of six or fewer directors, the Firm may vote against the Nominating Committee Chair where the board does not have two diverse directors by 2024.

■For boards consisting of more than six directors, the Firm may vote against the Nominating Committee Chair where the board does not have 30% diverse directors by 2024.

■In cases where the Nominating Committee Chair is not up for re-election, the Firm may vote against other board members including the Chair of the board

Separation of the roles of Chairperson and CEO is generally supported, but the Firm will not vote against a CEO who serves as chairperson or director on this basis alone. In the absence of an independent chairperson, however, the Firm generally supports the appointment of a lead director with authority to conduct sessions outside the presence of the insider chairperson.

The Firm will typically vote against any inside director seeking appointment to a key committee (audit, compensation, nominating or governance), since the Firm believes that the service of independent directors on such committees best protects and enhances the interests of shareholders. Where insufficient information is provided regarding performance metrics, or where pay is not tied to performance (e.g., where management has excessive discretion to alter performance terms or previously defined targets), the Firm will typically vote against the chair of the compensation committee.

**Appointment and Rotation of Auditors**

Management recommendations regarding selection of an auditor shall generally be supported, but the Firm will not support the ratification of an auditor when there appears to be a hindrance on auditor independence, intentional accounting irregularity or negligence by the auditor. Some examples include: when an auditing firm has other relationships with the company that may suggest a conflict of interest; when the auditor bears some responsibility for a restatement by the company; when a company has aggressive accounting policies or lack of transparency in financial statements; and when a company changes auditors as a result of disagreement between the company and the auditor regarding accounting principles or disclosure issues. The firm will generally support proposals for voluntary auditor rotation with reasonable frequency and/or rationale proposals for voluntary auditor rotation with reasonable frequency and/or rationale.

**Changes in State of Incorporation or Capital Structure**

Management recommendations about reincorporation are generally supported unless the new jurisdiction in which the issuer is reincorporating has laws that would dilute the rights of shareholders of the issuer. The Firm will generally vote against reincorporation where it believes the financial benefits are minimal and there is a decrease in shareholder rights. Shareholder proposals to change the company's place of incorporation generally will only be supported in exceptional circumstances.

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Proposals to increase the number of authorized shares will be evaluated on a case-by-case basis. Because adequate capital stock is important to the operation of a company, the Firm will generally support the authorization of additional shares, unless the issuer has not disclosed a detailed plan for use of the shares, or where the number of shares far exceeds those needed to accomplish a detailed plan. Additionally, if the issuance of new shares will limit shareholder rights or could excessively dilute the value of outstanding shares, then such proposals will be supported only if they are in the best interest of the client.

**Corporate Restructurings, Mergers and Acquisitions**

All proposed transactions are reviewed on a case-by-case basis according to their specific merits and drawbacks. Vote recommendations are made based on the review of various factors. Factors that may be considered within the analysis include the reasonableness of the valuation, market response to the announcement of the proposed deal, the fit of the proposed transaction within the company's long-term strategy, management's track record for successful transaction implementation, changes to the governance profile of the company post transaction, and any conflicts of interest that may be present.

**Proposals Affecting Shareholder Rights**

The Firm generally favors proposals that are likely to promote shareholder rights and/or increase shareholder value. Proposals that seek to limit shareholder rights, such as the creation of dual classes of stock, generally will not be supported.

**Anti-takeover Issues**

Measures that impede takeovers or entrench management will be evaluated on a case-by-case basis, considering the rights of shareholders, since the financial interest of shareholders regarding buyout offers is so substantial.

Although the Firm generally opposes anti-takeover measures because they tend to diminish shareholder rights and reduce management accountability, the Firm generally supports proposals that allow shareholders to vote on whether to implement a "poison pill" plan (shareholder rights plan). In certain circumstances, the Firm may support a limited poison pill to accomplish a particular objective, such as the closing of an important merger, or a pill that contains a reasonable 'qualifying offer' provision. The Firm generally supports anti-greenmail proposals, which prevent companies from buying back company stock at significant premiums from a large shareholder.

**Shareholder Action**

The Firm generally supports proposals that allow shareholders to call special meetings, with a minimum threshold of shareholders requesting such a meeting. The Firm believes that best practice for a minimum threshold of shareholders required to call a special meeting is generally considered to be between 20-25%, however the Firm assesses this on a company-by-company basis. Proposals that allow shareholders to act by written consent are also generally supported, if there is a threshold of the minimum number of votes that would be necessary to authorize the action at a meeting at which all shareholders entitled to vote were present and voting. The Firm believes that best practice for a minimum threshold of shareholders required to act by written consent is generally considered to be between 20-25%, however the Firm assesses this on a company-by-company basis. In order to assess the appropriateness of special meeting and written consent provisions the Firm would, for example, consider the make-up of the existing investor base/ownership, to determine whether a small number of investors could easily achieve the required threshold, as well as what other mechanisms or governance provisions already exist for shareholders to access management.

**Proxy Access**

The Firm believes that shareholders should, under reasonable conditions, have the right to nominate directors of a company. The Firm believes that it is generally in the best interest of shareholders for companies to provide shareholders with reasonable opportunity to exercise this right, while also ensuring that short-term investors or investors without substantial investment in the company cannot abuse this right. In general, we believe that the appropriate threshold for proxy access should permit up to 20 shareholders that collectively own 3% or more of the company's outstanding shares for 3 or more years to nominate the greater of 2 directors or 20% of the board's directors, however the Firm assesses this on a case-by-case basis.

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**Supermajority Vote Requirements**

The Firm believes that a simple majority voting requirement is generally the preferred requirement to pass a proposal. Therefore, votes against proposals to establish a supermajority vote requirement are generally in the best interest of shareholders. In circumstances where there is a substantial or dominant shareholder, supermajority voting may be protective of minority shareholder interests therefore proposals instituting these requirements may be appropriate in such circumstances. Shareholder proposals seeking to reduce an existing supermajority voting requirement are generally not supported.

**Executive Compensation**

Although management recommendations should be given substantial weight, proposals relating to executive compensation plans, including stock option plans and other equity-based compensation, should be examined on a case-by- case basis to ensure that the long-term interests of management and shareholders are properly aligned. This alignment includes assessing whether compensation is tied to both material sustainability and financial KPIs. Share count and voting power dilution should be limited.

The Firm generally favors the grant of restricted stock units (RSUs) to executives, since RSUs are an important component of compensation packages that link executives' compensation with their performance and that of the company. The Firm typically opposes caps on executive stock RSUs, since tying an executive's compensation to the performance of the company provides incentive to maximize share value. The Firm also supports equity grants to directors, which help align the interests of outside directors with those of shareholders, although such awards should not be performance-based, so that directors are not incentivized in the same manner as executives.

Proposals to reprice or exchange RSUs are reviewed on a case-by-case basis, but are generally opposed. The Firm generally will support a repricing only in limited circumstances, such as if the stock decline mirrors the market or industry price decline in terms of timing and magnitude and the exchange is not value destructive to shareholders.

Although matters of executive compensation should generally be left to the board's compensation committee, proposals to limit executive compensation will be evaluated on a case-by-case basis.

The Firm generally supports shareholder proposals to allow shareholders an advisory vote on compensation. Absent a compelling reason, companies should submit say-on-pay votes to shareholders every year, since such votes promote valuable communication between the board and shareholders regarding compensation. Where there is an issue involving egregious or excessive bonuses, equity awards or severance payments (including golden parachutes), the Firm will generally vote against a say-on-pay proposal. The Firm may oppose the election of compensation committee members at companies that do not satisfactorily align executive compensation with the interests of shareholders.

**Sustainability-Related Proposals**

Brown Advisory seeks to cast all votes prudently and in line with long-term shareholder value, regardless of the topic on which a particular proposal focuses. Shareholder proposals regarding sustainability issues are evaluated in the same manner as all other proposals. We seek to support those proposals that our evaluation shows will likely have a clear and direct positive financial effect on shareholder value and would not impose unnecessary or excessive costs on the issuer. The sustainability-related proposals we support often result in increased reporting and disclosure, which we believe will benefit investors' due diligence. In rare cases where the Firm believes a company has not adequately mitigated significant and material sustainability risks, the Firm may vote against directors.

**Non-U.S. Proxy Proposals**

For actively recommended issuers domiciled outside the United States, the Firm uses ISS's international proxy voting guidelines, including, in certain circumstances, country-specific guidelines to generate vote recommendations. These proposals are reviewed in the same manner as U.S. proposals, with votes against policy executed when such a vote is deemed to be in line with the promotion of shareholder value.

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**Conflicts of Interest**

A "conflict of interest" means any circumstance when the Firm or one of its affiliates (including officers, directors and employees), or in the case where the Firm serves as investment adviser to a Brown Advisory Fund, when the Fund or the principal underwriter, or one or more of their affiliates (including officers, directors and employees), knowingly does a material amount of business with, receives material compensation from, or sits on the board of, a particular issuer or closely affiliated entity and, therefore, may appear to have a conflict of interest between its own interests and the interests of clients or Fund shareholders in how proxies of that issuer are voted. For example, a perceived conflict of interest may exist if an employee of the Firm serves as a director of an actively recommended issuer, or if the Firm is aware that a client serves as an officer or director of an actively recommended issuer. Conflicts of interest will be resolved in a manner the Firm believes is in the best interest of the client.

The firm should vote proxies relating to such issuers in accordance with the following procedures:

*Routine Matters and Immaterial Conflicts*: The Firm may vote proxies for routine matters, and for non-routine matters that are considered immaterial conflicts of interest, consistent with this Policy. A conflict of interest will be considered material to the extent that it is determined that such conflict has the potential to influence the Firm's decision-making in voting a proxy. Materiality determinations will be made by the Chief Compliance Officer or designee based upon an assessment of the particular facts and circumstances.

*Material Conflicts and Non-Routine Matters*: If the firm believes that (a) it has a material conflict and (b) that the issue to be voted upon is non-routine or is not covered by this Policy, then to avoid any potential conflict of interest:

■In the case of a Fund, the Firm shall contact the Fund board for a review and determination.

■In the case of all other conflicts or potential conflicts, the Firm may "echo vote" such shares, if possible, which means the Firm will vote the shares in the same proportion as the vote of all other holders of the issuer's shares; OR in cases when echo voting is not possible, the Firm may defer to ISS recommendations, abstain or vote in a manner that the Firm, in consultation with the General Counsel, believes to be in the best interest of the client.

■If the aforementioned options would not address or ameliorate the conflict or potential conflict, then the Firm may abstain from voting.

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The views expressed are those of the author and Brown Advisory as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be and should not be relied upon as investment advice and are not intended to be a forecast of future events or a guarantee of future results. Past performance is not a guarantee of future performance and you may not get back the amount invested.

The information provided in this material is not intended to be and should not be considered to be a recommendation or suggestion to engage in or refrain from a particular course of action or to make or hold a particular investment or pursue a particular investment strategy, including whether or not to buy, sell, or hold any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the author on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is intended solely for our clients and prospective clients, is for informational purposes only, and is not individually tailored for or directed to any particular client or prospective client.

Sustainable investment considerations are one of multiple informational inputs into the investment process, alongside data on traditional financial factors, and so are not the sole driver of decision-making. Sustainable investment analysis may not be performed for every holding in a strategy. Sustainable investment considerations that are material will vary by investment style, sector/industry, market trends and client objectives. Sustainable investment strategies ("Strategies") seek to identify companies that they believe may be desirable based on our analysis of sustainable investment related risks and opportunities, but investors may differ in their views. As a result, the Strategies may invest in companies that do not reflect the beliefs and values of any particular investor. The Strategies may also invest in companies that would otherwise be excluded from other funds that focus on sustainable investment risks. Security selection will be impacted by the combined focus on sustainable investment research assessments and fundamental research assessments including the return forecasts. The Strategies incorporate data from third parties in their research process but do not make investment decisions based on third-party data alone.

Brown Advisory relies on third parties to provide data and screening tools. There is no assurance that this information will be accurate or complete or that it will properly exclude all applicable securities. Investments selected using these tools may perform differently than as forecasted due to the factors incorporated into the screening process, changes from historical trends, and issues in the construction and implementation of the screens (including, but not limited to, software issues and other technological issues). There is no guarantee that Brown Advisory's use of these tools will result in effective investment decisions.

www.brownadvisory.com

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**CAUSEWAY CAPITAL MANAGEMENT LLC**

**Proxy Voting Policies and Procedures**

June 30, 2021

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**Overview**

As an investment adviser with fiduciary responsibilities to its clients, Causeway Capital Management LLC ("Causeway") votes the proxies of companies owned by investment vehicles managed and sponsored by Causeway, and institutional and private clients who have granted Causeway such voting authority. Causeway has adopted these Proxy Voting Policies and Procedures to govern how it performs and documents its fiduciary duty regarding the voting of proxies.

Proxies are voted solely in what Causeway believes is the best interests of the client, a fund's shareholders or, where employee benefit assets are involved, plan participants and beneficiaries (collectively "clients"). Causeway's intent is to vote proxies, wherever possible to do so, in a manner consistent with its fiduciary obligations. Practicalities involved in international investing may make it impossible at times, and at other times disadvantageous, to vote proxies in every instance.

The Chief Operating Officer of Causeway supervises the proxy voting process. Proxy voting staff monitor upcoming proxy votes, review proxy research, identify potential conflicts of interest and escalate such issues to the Chief Operating Officer, receive input from portfolio managers, and ultimately submit proxy votes in accordance with these Proxy Voting Policies and Procedures. The Chief Operating Officer and President have final decision-making authority over case-by-case votes. To assist in fulfilling its responsibility for voting proxies, Causeway currently uses Institutional Shareholder Services Inc. ("ISS") for proxy research, which assists the decision-making process, and for proxy voting services, which include organizing and tracking pending proxies, communicating voting decisions to custodian banks, and maintaining records. Causeway will conduct periodic due diligence on ISS and its capacity and competency to provide proxy research and the proxy voting services provided to Causeway.

**Proxy Voting Guidelines**

Causeway generally votes on specific matters in accordance with the proxy voting guidelines set forth below. However, Causeway reserves the right to vote proxies on behalf of clients on a case-by-case basis if the facts and circumstances so warrant.

Causeway's proxy voting guidelines are designed to cast votes consistent with certain basic principles: (i) increasing shareholder value; (ii) maintaining or increasing shareholder influence over the board of directors and management; (iii) establishing and enhancing strong and independent boards of directors; (iv) maintaining or increasing the rights of shareholders; and (v) aligning the interests of management and employees with those of shareholders with a view toward the reasonableness of executive compensation and shareholder dilution. Causeway's guidelines also recognize that a company's management is charged with day-to-day operations and, therefore, Causeway generally votes on routine business matters in favor of management's proposals or positions.

Causeway generally votes *for*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distributions of income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointment of auditors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• director compensation, unless deemed excessive

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• boards of directors – Causeway generally votes for management's slate of director nominees. However, it votes against incumbent nominees with poor attendance records, or who have otherwise acted in a manner Causeway believes is not in the best interests of shareholders. Causeway recognizes that, in certain jurisdictions, local law or regulation may influence Board composition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial results/director and auditor reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• share repurchase plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changing corporate names and other similar matters

Causeway generally votes the following matters on a *case-by-case* basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amendments to articles of association or other governing documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in board or corporate governance structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in authorized capital including proposals to issue shares

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compensation – Causeway believes that it is important that a company's equity-based compensation plans, including stock option or restricted stock plans, are aligned with the interests of shareholders, including Causeway's clients, and focus on observable long-term returns. Causeway evaluates compensation plans on a case-by-case basis, with due consideration of potential consequences of a particular compensation plan. Causeway generally opposes packages that it believes provide excessive awards or create excessive shareholder dilution. Causeway generally opposes proposals to reprice options because the underlying stock has fallen in value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• social and environmental issues – Causeway believes that it is generally management's responsibility to address such issues within the context of increasing long-term shareholder value. To the extent that management's position on a social or environmental issue is inconsistent with increasing long-term shareholder value, Causeway may vote against management or abstain. Causeway may also seek to engage in longer-term dialogue with management on these issues, either separately or in connection with proxy votes on the issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• debt issuance requests

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• mergers, acquisitions and other corporate reorganizations or restructurings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in state or country of incorporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• related party transactions

Causeway generally votes *against*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• anti-takeover mechanisms – Causeway generally opposes anti-takeover mechanisms including poison pills, unequal voting rights plans, staggered boards, provisions requiring supermajority approval of a merger and other matters that are designed to limit the ability of shareholders to approve merger transactions.

**Conflicts of Interest**

Causeway's interests may, in certain proxy voting situations, be in conflict with the interests of clients. Causeway may have a conflict if a company that is soliciting a proxy is a client of Causeway or is a major business partner or vendor for Causeway. Causeway may also have a conflict if Causeway personnel have significant business or personal relationships with participants in proxy contests, corporate directors or director candidates.

The Chief Operating Officer determines the issuers with which Causeway may have a significant business relationship. For this purpose, a "significant business relationship" is one that: (1) represents 1.5% or more of Causeway's prior calendar year gross revenues; (2) represents $2,000,000 or more in payments from a sponsored vehicle during the prior calendar year; or (3) may not directly involve revenue to Causeway or payments from its sponsored vehicles, but is otherwise determined by the Chief Operating Officer to be significant to Causeway or its affiliates or sponsored vehicles, such as a primary service provider of a fund or vehicle managed and sponsored by Causeway, or a significant relationship with the company that might create an incentive for Causeway to vote in favor of management.

The Chief Operating Officer will identify issuers with which Causeway's employees who are involved in the proxy voting process may have 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 Causeway votes proxies.

Proxy voting staff will seek to identify potential conflicts of interest in the first instance and escalate relevant information to the Chief Operating Officer. The Chief Operating Officer will reasonably investigate information relating to conflicts of interest. For purposes of identifying conflicts under this policy, the Chief Operating Officer will rely on publicly available information about Causeway and its affiliates, information about Causeway and its affiliates that is generally known by Causeway's employees, and other information actually known by the Chief Operating Officer. Absent actual knowledge, the Chief Operating Officer is not required to investigate possible conflicts involving Causeway where the information is (i) non-public, (ii) subject to information blocking procedures, or (iii) otherwise not readily available to the Chief Operating Officer.

Proxy voting staff will maintain a list of issuers with which there may be a conflict and will monitor for potential conflicts of interest on an ongoing basis.

Proxy proposals that are "routine," such as uncontested elections of directors or those not subject to a vote withholding campaign, meeting formalities, and approvals of annual reports/financial statements are presumed not to involve material conflicts of interest. For non-routine proposals, the Chief Operating Officer in consultation with Causeway's General Counsel/Chief Compliance Officer decides if they involve a material conflict of interest.

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If a proposal is determined to involve a material conflict of interest, Causeway may, but is not required to, obtain instructions from the client on how to vote the proxy or obtain the client's consent for Causeway's vote. If Causeway does not seek the client's instructions or consent, Causeway will vote as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If a "for" or "against" or "with management" guideline applies to the proposal, Causeway will vote in accordance with that guideline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If a "for" or "against" or "with management" guideline does not apply to the proposal, Causeway will follow the recommendation of an independent third party such as ISS. If Causeway seeks to follow the recommendation of a third party, the Chief Operating Officer will assess the third party's capacity and competency to analyze the issue, as well as the third party's ability to identify and address conflicts of interest it may have with respect to the recommendation.

To monitor potential conflicts of interest regarding the research and recommendations of independent third parties, such as ISS, proxy voting staff will review the third party's disclosures of significant relationships. The Chief Operating Officer will review proxy votes involving issuers where a significant relationship has been identified by the proxy research provider.

**Practical Limitations Relating to Proxy Voting**

While the proxy voting process is well established in the United States and other developed markets with numerous tools and services available to assist an investment manager, voting proxies of non-US companies located in certain jurisdictions may involve a number of problems that may restrict or prevent Causeway's ability to vote such proxies. These problems include, but are not limited to: (i) proxy statements and ballots being written in a language other than English; (ii) untimely and/or inadequate notice of shareholder meetings relative to deadlines required to submit votes; (iii) restrictions on the ability of holders outside the issuer's jurisdiction of organization to exercise votes; (iv) requirements to vote proxies in person; (v) restrictions on the sale of the securities for a period of time prior to the shareholder meeting; and (vi) requirements to provide local agents with powers of attorney (which Causeway will typically rely on clients to maintain) to facilitate Causeway's voting instructions. As a result, Causeway will only use its best efforts to vote clients' non-US proxies and Causeway may decide not to vote a proxy if it determines that it would be impractical or disadvantageous to do so.

In addition, regarding US and non-US companies, Causeway will not vote proxies if it does not receive adequate information from the client's custodian in sufficient time to cast the vote.

For clients with securities lending programs, Causeway may not be able to vote proxies for securities that a client has loaned to a third party. Causeway recognizes that clients manage their own securities lending programs. Causeway may, but is not obligated to, notify a client that Causeway is being prevented from voting a proxy due to the securities being on loan. There can be no assurance that such notice will be received in time for the client, if it so chooses, to recall the security.

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**EMERALD ADVISERS, LLC.**

**EMERALD MUTUAL FUND ADVISERS TRUST**

**EMERALD SEPARATE ACCOUNT MANAGEMENT**

PROXY VOTING POLICY

March 2025

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The voting policies set forth below apply to all proxies which Emerald Advisers, LLC. and subsidiaries are entitled to vote. It is Emerald's policy to vote all such proxies. Corporate governance through the proxy process is solely concerned with the accountability and responsibility for the assets entrusted to corporations. The role of institutional investors in the governance process is the same as the responsibility due all other aspects of the fund's management. First and foremost, the investor is a fiduciary and secondly, an owner. Fiduciaries and owners are responsible for their investments. These responsibilities include:

1)selecting proper directors

2)ensuring that these directors have properly supervised management

3)resolve issues of natural conflict between shareholders and managers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Corporate Expansion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Dividend Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Free Cash Flow

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Various Restrictive Corporate Governance Issues, Control Issues, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.Preserving Integrity

In voting proxies, Emerald will consider those factors which would affect the value of the investment and vote in the manner, which in its view, will best serve the economic interest of its clients. Consistent with this objective, Emerald will exercise its vote in a activist pro-shareholder manner in accordance with the following policies.

**I. BOARDS OF DIRECTORS**

In theory, the board represents shareholders, in practice, all to often Board members are selected by management. Their allegiance is therefore owed to management in order to maintain their very favorable retainers and prestigious position. In some cases, corporations never had a nominating process, let alone criteria for the selection of Board members. Shareholders have begun to focus on the importance of the independence of the Board of Directors and the nominating process for electing these Board members. Independence is an important criterium to adequately protect shareholders' ongoing financial interest and to properly conduct a board member's oversight process. Independence though, is only the first criteria for a Board. Boards need to be responsible fiduciaries in their oversight and decision making on behalf of the owners and corporations. Too many companies are really ownerless. Boards who have failed to perform their duties, or do not act in the best interests of the shareholders should be voted out. A clear message is sent when a no confidence vote is given to a set of directors or to a full Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Election of Directors**, a Board of Directors, or any number of Directors. In order to assure Boards are acting solely for the shareholders they represent, the following resolutions will provide a clear message to underperforming companies and Boards who have failed to fulfill duties assigned to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Votes should be cast in favor of shareholder proposals asking that boards be comprised of a majority of outside directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Votes should be cast in favor of shareholder proposals asking that board audit, compensation and nominating committees be comprised exclusively of outside directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Votes should be cast against management proposals to re-elect the board if the board has a majority of inside directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Votes should be withheld for directors who may have an inherent conflict of interest by virtue of receiving consulting fees from a corporation (affiliated outsiders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Votes should be withheld, on a case by case basis, for those directors of the compensation committees responsible for particularly egregious compensation plans.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Votes should be withheld for directors who have failed to attend 75% of board or committee meetings in cases where management does not provide adequate explanation for the absences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Votes should be withheld for incumbent directors of poor performing companies; defining poor performing companies as those companies who have below average stock performance (vs. peer group/Wilshire 5000) and below average return on assets and operating margins.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Votes should be cast in favor of proposals to create shareholder advisory committees. These committees will represent shareholders' views, review management, and provide oversight of the board and their directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Selection of Accountants:** Emerald will generally support a rotation of accountants to provide a truly independent audit. This rotation should generally occur every 4-5 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Incentive Stock Plans.** Emerald will generally vote against all excessive compensation and incentive stock plans which are not performance related.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.Corporate restructuring plans** or company name changes, will generally be evaluated on a case by case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.Annual Meeting Location.** This topic normally is brought forward by minority shareholders, requesting management to hold the annual meeting somewhere other than where management desires. **Resolution.** Emerald normally votes with management, except in those cases where management seeks a location to avoid their shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.Preemptive Rights.** This is usually a shareholder request enabling shareholders to participate first in any new offering of common stock. **Resolution:** We do not feel that preemptive rights would add value to shareholders, we would vote against such shareholder proposals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.Mergers and/or Acquisitions.** Each merger and/or acquisition has numerous ramifications for long term shareholder value. **Resolution:** After in-depth valuation Emerald will vote its shares on a case by case basis.

**II. CORPORATE GOVERNANCE ISSUES**

These issues include those areas where voting with management may not be in the best interest of the institutional investor. All proposals should be examined on a case by case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Provisions Restricting Shareholder Rights.** These provisions would hamper shareholders ability to vote on certain corporate actions, such as changes in the bylaws, greenmail, poison pills, recapitalization plans, golden parachutes, and on any item that would limit shareholders' right to nominate, elect, or remove directors. These items can change the course of the corporation overnight and shareholders should have the right to vote on these critical issues. **Resolution:** <u>Vote</u> **<u>Against</u>** <u>management proposals to implement such restrictions and vote</u> **<u>For</u>** <u>shareholder proposals to eliminate them.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Anti-Shareholder Measures**. These are measures designed to entrench management so as to make it more difficult to effect a change in control of the corporation. They are normally not in the best interests of shareholders since they do not allow for the most productive use of corporate assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Classification of the Board of Directors:**

A classified Board is one in which directors are not elected in the same year rather their terms of office are staggered. This eliminates the possibility of removing entrenched management at any one annual election of directors. **Resolution:** <u>Vote</u> **<u>Against</u>** <u>proposals to classify the Board and support proposals (usually shareholder initiated) to implement annual election of the Board.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Shareholder Rights Plans (Poison Pills):**

Anti-acquisition proposals of this sort come in a variety of forms. In general, issuers confer contingent benefits of some kind on their common stockholders. The most frequently used benefit is the right to

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buy shares at discount prices in the event of defined changes in corporate control. **Resolution:** <u>Vote</u> **<u>Against</u>** <u>proposals to adopt Shareholder Rights Plans, and vote</u> **<u>For</u>** <u>Shareholder proposals eliminating such plans.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Unequal Voting Rights:**

A takeover defense, also known as superstock, which gives holders disproportionate voting rights. Emerald adheres to the One Share, One Vote philosophy, as all holders of common equity must be treated fairly and equally. **Resolution:** <u>Vote</u> **<u>Against</u>** <u>proposals creating different classes of stock with unequal voting privileges.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Supermajority Clauses:**

These are implemented by management requiring that an overly large amount of shareholders (66-95% of shareholders rather than a simple majority) approve business combinations or mergers, or other measures affecting control. This is another way for management to make changes in control of the company more difficult. **Resolution:** <u>Vote</u> **<u>Against</u>** <u>management proposals to implement supermajority clauses and support shareholder proposals to eliminate them.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Fair Price Provisions:**

These provisions allow management to set price requirements that a potential bidder would need to satisfy in order to consummate a merger. The pricing formulas normally used are so high that the provision makes any tender offer prohibitively expensive. Therefore, their existence can foreclose the possibility of tender offers and hence, the opportunity to secure premium prices for holdings. **Resolution:** <u>Vote</u> **<u>Against</u>** <u>management proposals to implement fair price provisions and vote</u> **<u>For</u>** <u>shareholder proposals to eliminate them.</u>

**Caveat:** Certain fair price provisions are legally complex and require careful analysis and advice before concluding whether or not their adoption would serve stockholder interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Increases in authorized shares and/or creation of new classes of common and preferred stock:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Increasing authorized shares.

Emerald will support management if they have a stated purpose for increasing the authorized number of common and preferred stock. Under normal circumstances, this would include stock splits, stock dividends, stock option plans, and for additional financing needs. However, in certain circumstances, it is apparent that management is proposing these increases as an anti-takeover measure. When used in this manner, share increases could inhibit or discourage stock acquisitions by a potential buyer, thereby negatively affecting a fair price valuation for the company.

**Resolution:** <u>On a case by case basis, vote</u> **<u>Against</u>** <u>management if they attempt to increase the amount of shares that they are authorized to issue if their intention is to use the excess shares to discourage a beneficial business combination. One way to determine if management intends to abuse its right to issue shares is if the amount of authorized shares requested is double the present amount of authorized shares.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Creation of new classes of stock.

Managements have proposed authorizing shares of new classes of stock, usually preferreds, which the Board would be able to issue at their discretion. The Board would also be granted the discretion to determine the dividend rate, voting privileges, redemption provisions, conversion rights, etc. without approval of the shareholders. These "blank check" issues are designed specifically to inhibit a takeover, merger, or accountability to its shareholders.

**Resolution:** <u>Emerald would vote AGAINST management in allowing the Board the discretion to issue any type of "blank check" stock without shareholder approval.</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Directors and Management Liability and Indemnification.

These proposals are a result of the increasing cost of insuring directors and top management against lawsuits. Generally, managements propose that the liability of directors and management be either eliminated or limited. Shareholders must have some recourse for losses that are caused by negligence on the part of directors and management. Therefore directors and management should be responsible for their fiduciary duty of care towards the company. The Duty of Care is defined as the obligation of directors and management to be diligent in considering a transaction or in taking or refusing to take a corporate action.

**Resolution:** <u>On a case by case basis, Emerald votes</u> **<u>Against</u>** <u>attempts by management to eliminate directors and management liability for their duty of care.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Compensation Plans (Incentive Plans)

Management occasionally will propose to adopt an incentive plan which will become effective in the event of a takeover or merger. These plans are commonly known as "golden parachutes" or "tin parachutes" as they are specifically designed to grossly or unduly benefit a select few in management who would most likely lose their jobs in an acquisition. Shareholders should be allowed to vote on all plans of this type.

**Resolution:** <u>On a case by case basis, vote</u> **<u>Against</u>** <u>attempts by management to adopt proposals that are specifically designed to grossly or unduly benefit members of executive management in the event of an acquisition.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Greenmail

Emerald would not support management in the payment of greenmail.

**Resolution:** <u>Emerald would vote</u> **<u>FOR</u>** <u>any shareholder resolution that would eliminate the possibility of the payment of greenmail.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.Cumulative Voting

Cumulative voting entitles stockholders to as many votes as equal the number of shares they own multiplied by the number of directors being elected. According to this set of rules, a shareholder can cast all votes towards a single director, or any two or more. This is a proposal usually made by a minority shareholder seeking to elect a director to the Board who sympathizes with a special interest. It also can be used by management that owns a large percentage of the company to ensure that their appointed directors are elected.

**Resolution:** <u>Cumulative voting tends to serve special interests and not those of shareholders, therefore Emerald will vote</u> **<u>Against</u>** <u>any proposals establishing cumulative voting and</u> **<u>For</u>** <u>any proposal to eliminate it.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.Proposals Designed to Discourage Mergers & Acquisitions In Advance

These provisions direct Board members to weigh socioeconomic and legal as well as financial factors when evaluating takeover bids. This catchall apparently means that the perceived interests of customers, suppliers, managers, etc., would have to be considered along with those of the shareholder. These proposals may be worded: "amendments to instruct the Board to consider certain factors when evaluating an acquisition proposal". Directors are elected primarily to promote and protect the shareholder interests. Directors should not allow other considerations to dilute or deviate from those interests. **Resolution:** <u>Emerald will vote</u> **<u>Against</u>** <u>proposals that would discourage the most productive use of corporate assets in advance.</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.Confidential Voting

A company that does not have a ballot provision has the ability to see the proxy votes before the annual meeting. In this way, management is able to know before the final outcome how their proposals are being accepted. If a proposal is not going their way, management has the ability to call shareholders to attempt to convince them to change their votes. Elections should take place in normal democratic process which includes the secret ballot. Elections without the secret ballot can lead to coercion of shareholders, employees, and other corporate partners. **Resolution:** <u>Vote</u> **<u>For</u>** <u>proposals to establish secret ballot voting.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Disclosure

**Resolution:** <u>Emerald will vote</u> **<u>Against</u>** <u>proposals that would require any kind of unnecessary disclosure of business records. Emerald will vote</u> **<u>For</u>** <u>proposals that require disclosure of records concerning unfair labor practices or records dealing with the public safety.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.Sweeteners

**Resolution:** <u>Emerald will vote</u> **<u>Against</u>** <u>proposals that include what are called "sweeteners" used to entice shareholders to vote for a proposal that includes other items that may not be in the shareholders best interest. For instance, including a stock split in the same proposal as a classified Board, or declaring an extraordinary dividend in the same proposal installing a shareholders rights plan (Poison Pill).</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k.Changing the State of Incorporation

If management sets forth a proposal to change the State of Incorporation, the reason for change is usually to take advantage of another state's liberal corporation laws, especially regarding mergers, takeovers, and anti-shareholder measures. Many companies view the redomestication in another jurisdiction as an opportune time to put new anti-shareholder measures on the books or to purge their charter and bylaws of inconvenient shareholder rights, written consent, cumulative voting, etc. **Resolution:** <u>On a case-by-case basis, Emerald will vote</u> **<u>Against</u>** <u>proposals changing the State of Incorporation for the purpose of their anti-shareholder provisions and will support shareholder proposals calling for reincorporation into a jurisdiction more favorable to shareholder democracy.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l.Equal Access to Proxy Statements

Emerald supports stockholders right to equal access to the proxy statement, in the same manner that management has access. Stockholders are the owners of a corporation and should not be bound by timing deadlines and other obstacles that presently shareholders must abide by in sponsoring proposals in a proxy statement. The Board should not have the ability to arbitrarily prevent a shareholder proposal from appearing in the proxy statement. **Resolution:** <u>Emerald will support any proposal calling for equal access to proxy statements.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m.Abstention Votes

Emerald supports changes in the method of accounting for abstention votes. Abstention votes should <u>not</u> be considered as shares "represented" or "cast" at an annual meeting. Only those shares cast <u>favoring or opposing</u> a proposal should be included in the total votes cast to determine if a majority vote has been achieved. Votes cast abstaining should not be included in total votes cast. **Resolution:** <u>Emerald will support any proposal to change a company's by-laws or articles of incorporation to reflect the proper accounting for abstention votes.</u>

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**III. Other Issues**

On other major issues involving questions of community interest, moral and social concern, fiduciary trust and respect for the law such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Human Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Nuclear Issues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.Defense Issues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.Social Responsibility

Emerald, in general supports the position of management. Exceptions to this policy Include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.South Africa**

Emerald will actively encourage those corporations that have South African interests to adopt and adhere to the Statement of Principles for South Africa, formerly known as the Sullivan Principles, and to take further actions to promote responsible corporate activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Northern Ireland**

Emerald will actively encourage U.S. companies in Northern Ireland to adopt and adhere to the MacBride Principles, and to take further actions to promote responsible corporate activity.

**IV. Other Potential Conflicts of Interest**

Emerald may manage a variety of corporate accounts that are publicly traded.

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Adviser Compliance Manual - Account Administration

**ALGER**

FRED ALGER MANAGEMENT, LLC ("FAM")

WEATHERBIE CAPITAL, LLC ("WC")

REDWOOD INVESTMENTS, LLC ("RI")

(collectively, "Alger")

**PROXY VOTING POLICIES AND PROCEDURES**

Effective as of August 2025

**Purpose**

Rule 206(4)-6 of the Investment Advisers Act of 1940, as amended (the "Advisers Act") requires registered investment advisers, who have discretionary authority to vote the proxies held in their clients' accounts to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)adopt and implement written policies and procedures reasonably designed to ensure that they vote proxies in the best interests of their clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)describe their proxy voting policies and procedures to their clients and upon request, provide copies of such policies and procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)disclose to their clients how they may obtain information on how the investment adviser voted their proxies.

Rule 204-2 under the Advisers Act requires, among other things, that registered investment advisers maintain records of its proxy voting policies and procedures; proxy statements received; votes cast on behalf of clients; client requests for proxy voting information; and documents prepared by the investment adviser that were material to making a voting decision.

Form N-PX and Rule 14Ad-1 under the Securities Exchange Act of 1934, as amended, each requires certain investment advisers, such as FAM, WC and RI, to report annually how they voted proxies relating to shareholder advisory votes on executive compensation (or "say-on-pay") matters. This reporting is completed by filing with the Securities and Exchange Commission (the "SEC") a Form N-PX by August 31st each year.

**Scope**

This policy applies to FAM, WC, and RI, each an investment adviser registered under the Advisers Act, to ensure that proxies are voted in their clients' best interests.

**Procedures for Implementation**

Alger's Client and Portfolio Administration group ("CPA") is responsible for supervising the proxy voting process, which includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)maintaining appropriate proxy voting policies and procedures, as well as records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)determining the accounts for which Alger has proxy voting responsibilities as part of the account onboarding process or in connection with amending client agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)establishing new clients in the proxy voting process, including but not limited to establishing the accounts with Institutional Shareholder Services Inc. ("ISS"), Alger's proxy voting vendor, ensuring the custodians are sending proxies to ISS, and setting up required client reporting.

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Alger receives and considers the recommendations of ISS when voting proxies on behalf of clients. Alger also delegates the mechanics of voting proxies to ISS.

CPA ensures that ISS can vote the proxies of Alger's clients prior to investing the client assets. Alger provides notification to ISS stating the ISS proxy voting guideline to be used. Alger also instructs the client's custodian to forward all proxy ballots and notices to ISS.

Alger accesses ISS's proxy voting through a website that identifies when a proxy vote is due, provides an analysis of each proxy proposal, and indicates how ISS intends to vote the proxy based on its proxy policies. CPA monitors ISS by reviewing upcoming shareholder meetings through this website.

ISS issues voting recommendations based on pre-determined voting guidelines intended to vote proxies in the clients' best interests. ISS has developed a variety of different "pre-determined" recommendations based on a client's or adviser's particular objectives. Currently, in the absence of client specific direction, Alger has instructed ISS to base its recommendations from its Socially Responsible Investment Proxy Voting Guidelines. For clients of Alger who are Taft Hartley plans, Alger instructs ISS to base its recommendations from its Taft Hartley Proxy Voting Guidelines if requested by the client. Clients may instruct Alger to follow ISS <u>Global Board-Aligned Proxy Voting Policy Statement and Guidelines</u> to exclude socially responsible considerations from proxy voting. Clients may have their own specific proxy voting guidelines. For such clients, Alger requests ISS to vote proxies based on the clients' instructions. Clients may also advise Alger that they will vote proxies for their accounts. For such clients, Alger takes no action with respect to proxy voting.

If a country's laws allow a company to block the sale of shares in advance of a shareholder meeting, Alger will generally not vote in the shareholder meetings held in that country, unless the company represents that it will not block the sale of its shares in connection with the meeting. Although Alger considers proxy voting to be an important shareholder right, Alger will generally not impede its ability to trade in a stock to vote at a shareholder meeting.

An Alger Portfolio Manager or Analyst may desire to override ISS's voting recommendation. Such override recommendation must be submitted in writing to the appropriate Chief Investment Officer ("CIO") of FAM, WC or RI, as applicable, outlining the reasons for the override and confirming that the Analyst or Portfolio Manager has no conflict of interest in connection with the recommendation to override ISS' recommendation. If the applicable CIO agrees with the override, the recommendation is sent to CPA which will notify ISS of Alger's override vote. If a conflict does exist, the General Counsel reviews the matter with the applicable CIO and they then jointly determine how to cast the vote. All such determinations are documented by CPA and presented quarterly to Alger's Compliance & Controls Committee.

Daily, CPA monitors Proxy Alert notifications received from ISS. Alger will review any Proxy Alerts related to material changes or additional information, including errors, to assess if the ISS vote was in compliance with Alger's voting policy.

On a monthly basis, CPA sends a notice of upcoming shareholder meetings to the Alger Analysts for their review.

On a quarterly basis, CPA verifies that proxies for the previous quarter were voted in accordance with Alger's policies, procedures, and guidelines. Alger randomly selects one issuer's voted proxy and one issuer's prepopulated votes for an upcoming meeting. Alger reviews a sample of the proxy items to ensure that the ISS votes are in compliance with Alger's proxy voting policy for each client that hold the security. A certification from ISS and the result of the sampling is presented to Alger's Compliance & Controls Committee reporting the voting activity from the previous quarter.

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On an annual basis, CPA confirms with ISS which issuer proxy votes were say-on-pay matters that require Form N-PX filings. Once confirmed, CPA ensures that the Form N-PX reports are filed with the SEC by the regulatory August 31st deadline.

Alger or ISS, on Alger's behalf, maintains records of proxy statements received, votes cast on behalf of clients, client requests for proxy voting information, and documents prepared by the respective investment adviser that were material to making a voting decision. Such records are maintained in an easily accessible place for a period of not less than 5 years in an appropriate office of Alger or ISS. In the event that ISS maintains such records, ISS provides such records to Alger promptly upon Alger's request.

**Conflicts of Interest**

When issuing vote recommendations and casting proxy votes in accordance with its pre-determined proxy voting guidelines, ISS also discloses any conflicts of interest it has with the issuer of such securities that are the subject of its recommendation. To the extent ISS has a material conflict of interest with the company whose proxies are at issue, it may recuse itself from voting proxies. In such cases, Alger instructs ISS how to vote. When ISS does not recuse itself, but still discloses a conflict, Alger reviews ISS's disclosure regarding such conflict. When such relationship involves a payment to ISS of $250,000 or more,

Alger reviews ISS's voting to ensure adherence to the pre-determined proxy voting guidelines and considers whether ISS's recommendation is in its clients' best interests.

Moreover, Alger regularly considers the robustness of ISS's policies and procedures regarding its ability to (i) ensure that its proxy voting recommendations are based on current and accurate information and (ii) identify and address any conflicts of interest.

**Client Disclosure**

Alger provides its clients with a general description of its proxy guidelines. Such description of its proxy voting guidelines can be found in Alger's Form ADV and in Appendix A below. For

U.S. registered fund shareholders, a description of Alger's proxy voting guidelines can be found in the applicable fund's Statement of Additional Information. Further, Alger informs clients, upon request, of Alger's actual proxy voting policies and procedures, and how Alger voted their proxies. CPA maintains this policy online at <u>www.alger.com</u>.

**How to Obtain Further Information**

For U.S. registered fund shareholders, Alger's voting record is available at <u>www.alger.com</u>. For separate accounts clients, please contact your Client Service Manager (212) 806-8800.

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**Appendix A**

<u>SRI Advisory Services Proxy Voting Policy Statement and Guidelines</u>

ISS's Social Advisory Services division recognizes that socially responsible investors have dual objectives: financial and social. Socially responsible investors invest for economic gain, as do all investors, but they also require that the companies in which they invest conduct their business in a socially and environmentally responsible manner.

These dual objectives carry through to socially responsible investors' proxy voting activity once the security selection process is completed. In voting their shares, socially responsible institutional shareholders are concerned not only with sustainable economic returns to shareholders and good corporate governance but also with the ethical behavior of corporations and the social and environmental impact of their actions.

Social Advisory Services has, therefore, developed proxy voting guidelines that are consistent with the dual objectives of socially responsible shareholders. On matters of social and environmental import, the guidelines seek to reflect a broad consensus of the socially responsible investing community. Generally, we take as our frame of reference policies that have been developed by groups such as the Interfaith Center on Corporate Responsibility, the General Board of Pension and Health Benefits of the United Methodist Church, Domini Social Investments, and other leading church shareholders and socially responsible mutual fund companies. Additionally, we incorporate the active ownership and investment philosophies of leading globally recognized initiatives such as the United Nations Environment Programme Finance Initiative (UNEP FI), the United Nations Principles for Responsible Investment (UNPRI), the United Nations Global Compact, and environmental and social European Union Directives.

On matters of corporate governance, executive compensation, and corporate structure, Social Advisory Services guidelines are based on a commitment to create and preserve economic value and to advance principles of good corporate governance consistent with responsibilities to society as a whole.

The guidelines provide an overview of how Social Advisory Services recommends that its clients vote. We note that there may be cases in which the final vote recommendation on a particular company varies from the vote guideline due to the fact that we closely examine the merits of each proposal and consider relevant information and company-specific circumstances in arriving at our decisions. Where Social Advisory Services acts as voting agent for its clients, it follows each client's voting policy, which may differ in some cases from the policies outlined in this document. Social Advisory Services updates its guidelines on an annual basis to take into account emerging issues and trends on environmental, social, and corporate governance topics, in addition to evolving market standards, regulatory changes, and client feedback.

<u>Taft-Hartley</u> <u>Advisory</u> <u>Services</u> <u>Proxy</u> <u>Voting</u> <u>Policy</u> <u>Statement</u> <u>and</u> <u>Guidelines</u>

The proxy voting policy of ISS's Taft-Hartley Advisory Services is based upon the AFL-CIO Proxy Voting Guidelines, which comply with all the fiduciary standards delineated by the U.S. Department of Labor.

Taft-Hartley client accounts are governed by the Employee Retirement Income Security Act (ERISA). ERISA sets forth the tenets under which pension fund assets must be managed and invested. Proxy voting rights have been declared by the Department of Labor to be valuable plan assets and therefore must be exercised in accordance with the fiduciary duties of loyalty and prudence. The duty of loyalty requires that the voting fiduciary exercise proxy voting authority solely in the economic interest of participants and plan beneficiaries. The duty of prudence requires that decisions be made based on financial criteria and that a clear process exists for evaluating proxy issues.

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The Taft-Hartley Advisory Services voting policy was carefully crafted to meet those requirements by promoting long-term shareholder value, emphasizing the "economic best interests" of plan participants and beneficiaries. Taft-Hartley Advisory Services will assess the short-term and long-term impact of a vote and will promote a position that is consistent with the long-term economic best interests of plan members embodied in the principle of a "worker-owner view of value."

The Taft-Hartley Advisory Services guidelines address a broad range of issues, including election of directors, executive compensation, proxy contests, auditor ratification, and tender offer defenses – all significant voting items that affect long-term shareholder value. In addition, these guidelines delve deeper into workplace issues that may have an impact on corporate performance, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate policies that affect job security and wage levels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate policies that affect local economic development and stability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate responsibility to employees, communities and the environment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Workplace safety and health issues.

Taft-Hartley Advisory Services shall analyze each proxy on a case-by-case basis, informed by the guidelines outlined in the following pages. Taft-Hartley Advisory Services does not intend for these guidelines to be exhaustive. It is neither practical nor productive to fashion voting guidelines and policies which attempt to address every eventuality. Rather, Taft-Hartley Advisory Services' guidelines are intended to cover the most significant and frequent proxy issues that arise. Issues not covered by the guidelines shall be voted in the interest of plan participants and beneficiaries of the plan based on a worker-owner view of long-term corporate value. Taft-Hartley Advisory Services shall revise its guidelines as events warrant and will remain in conformity with the AFL-CIO proxy voting policy.

<u>Global</u> <u>Board-Aligned</u> <u>Proxy</u> <u>Voting</u> <u>Policy</u> <u>Statement</u> <u>and</u> <u>Guidelines</u>

ISS's Global Board-Aligned Policy is designed to enable subscribing investors to vote in a manner that upholds many foundational corporate governance principles as a means of protecting and maximizing their investments, whilst generally aligning with issuers' board recommendations for voting on environmental and social matters.

On matters of corporate governance, executive compensation, and corporate structure, the Global Board-Aligned Policy guidelines are focused on a range of widely accepted good standards of corporate governance and shareholder rights protection, and on the creation and preservation of economic value. On environmental or social matters, the Global Board-Aligned Policy will generally be in line with the board's recommendations, with support limited to circumstances where it is considered that greater disclosure will directly enhance or protect shareholder value and is reflective of a clearly established reporting standard in the market. Although board diversity is a widely accepted factor in assessing board composition and good standards of corporate governance in many markets globally and for many investors, the Global Board-Aligned Policy excludes consideration of board diversity, or any lack thereof, in determining vote recommendations under the policy, taking the approach that the consideration of such matters is the responsibility of the board.

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**HOTCHKIS & WILEY**

Proxy Policy

March 2025

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**OUR MANDATE**

Our primary responsibility is to act as a fiduciary for our clients when voting proxies. We evaluate and vote each proposed proxy in a manner that encourages sustainable business practices which in turn maximizes long-term shareholder value.

There are instances such as unique client guidelines, regulatory requirements, share blocking, securities lending, or other technical limitations where we are unable to vote a particular proxy. In those instances where we do not have voting responsibility, we will generally forward our recommendation to such person our client designates.

**OUR PROCESS**

**Analyst Role**

To the extent we are asked to vote a client's proxy, our investment analysts are given the final authority on how to vote a particular proposal as these analysts' understanding of the company makes them the best person to apply our policy to a particular company's proxy ballot.

**Voting Resources**

To assist our analysts in their voting, we provide them with a report that compares the company's board of directors' recommendation against H&W's proxy policy guideline recommendation and with third-party proxy research (Institutional Shareholder Services "ISS" sustainability and climate benchmarks) and third-party ESG analysis (Morgan Stanley Capital International "MSCI").

**Engagement**

As part of our normal due diligence and monitoring of investments, we engage management, board members, or their representatives on material business issues including environmental, social, and governance ("ESG") matters. Each proxy to be voted is an opportunity to give company management and board members formal feedback on these important matters.

If our policy recommendation is contrary to management's recommendation, our analyst is expected, but not required, to engage management. If the ballot issue is a materially important issue (i.e., the issue impacts the intrinsic value of the company), the analyst is required to engage with the company. Based on the engagement and the analyst's investment judgment, the analyst will submit a vote instruction to the Managing Director of Portfolio Services via email.

**Collaboration**

We are not "activists" and we do not form "groups" as defined by the SEC. However, we do engage with other institutional shareholders on important ESG proxy matters.

**Exceptions To Policy**

Any deviation from the H&W policy recommendation requires a written statement from the analyst that summarizes their decision to deviate from policy. Typical rationales include the issue raised is not material, the proposal is moot (e.g., the company already complies with proposal), the company has a credible plan to improve, policy does not fit unique circumstances of company, analyst's assessment of the issue is in-line with intent of policy, or the proposal usurps management's role in managing the company.

Exceptions to policy are reviewed annually by the ESG Investment Oversight Group.

**Administration**

The Managing Director of Portfolio Services coordinates the solicitation of analysts' votes, the collection of exception rationales, and the implementation of those votes by our third-party proxy advisor, ISS.

**CONFLICTS OF INTEREST**

All conflicts of interest are adjudicated based on what is deemed to be in the best interest of our clients and their beneficiaries. Our Proxy Oversight Committee ("POC") is responsible for reviewing proxies voted by the firm to determine that the vote was consistent with established guidelines in situations where potential conflicts of interests may exist when voting proxies. In general, when a conflict presents itself, we will follow the recommendation of our third-party proxy advisor, ISS.

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**OVERSIGHT AND ROLES**

**ESG Investment Oversight Group**

The ESG Investment Oversight Group is responsible for overseeing all ESG investment related issues. This mandate includes oversight of proxy voting policies and procedures as they relate to investment activity including the monitoring of proxy engagements, review of proxy voting exceptions and rationales, assessment of proxy voting issues, determination of ESG proxy goals, and education of investment staff on proxy matters. The group is staffed by members of the investment team and reports to the firm's Chief Executive Officer.

**Proxy Oversight Committee**

The Proxy Oversight Committee is responsible for overseeing proxy administration and conflicts of interest issues. The committee is comprised of the Chief Operating Officer, Chief Compliance Officer, the chair of the ESG Investment Oversight Group, and Managing Director of Portfolio Services. This group oversees H&W's proxy voting policies and procedures by providing an administrative framework to facilitate and monitor the exercise of such proxy voting and to fulfill the obligations of reporting and recordkeeping under the federal securities laws. This committee manages our third-party proxy advisory relationship.

**Investment Analyst**

The investment analyst is responsible for analyzing and voting all proxies. The investment analyst has the final authority on individual proxy votes. The ESG Investment Oversight Group has final authority on creating and amending the proxy policy.

**VOTING GUIDELINES**

This section summarizes our stance on important issues that are commonly found on proxy ballots, though each vote is unique and there will be occasional exceptions to these guidelines. The purpose of our proxy guidelines is to ensure decision making is consistent with our responsibilities as a fiduciary.

These guidelines are divided into seven categories based on issues that frequently appear on proxy ballots.

&nbsp;&nbsp;&nbsp;&nbsp;• Boards and Directors

&nbsp;&nbsp;&nbsp;&nbsp;• Environmental and Social Matters

&nbsp;&nbsp;&nbsp;&nbsp;• Auditors and Related Matters

&nbsp;&nbsp;&nbsp;&nbsp;• Shareholder Rights

&nbsp;&nbsp;&nbsp;&nbsp;• Capital and Restructuring

&nbsp;&nbsp;&nbsp;&nbsp;• Executive and Board Compensation

&nbsp;&nbsp;&nbsp;&nbsp;• Routine and Miscellaneous Matters

**Boards and Directors**

*<u>Board Independence</u>*

We believe an independent board is crucial to protecting and serving the interests of public shareholders. We will generally withhold from or vote against any insiders when such insider sits on the audit, compensation, or nominating committees; or if independent directors comprise less than 50% of the board. Insiders are non- independent directors who may have inherent conflicts of interest that could prevent them from acting in the best interest of shareholders. Examples of non-independent directors include current and former company executives, persons with personal or professional relationships with the company and or its executives, and shareholders with large ownership positions.

*<u>Board Composition</u>*

We believe directors should attend meetings, be focused on the company, be responsive to shareholders, and be accountable for their decisions.

We will generally withhold from or vote against directors who attend less than 75% of meetings held during their tenure without just cause, sit on more than 5 public company boards (for CEOs only 2 outside boards), support measures that limit shareholder rights, or fail to act on shareholder proposals that passed with a majority of votes.

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*<u>Board Diversity</u>*

Boards should consider diversity when nominating new candidates, including gender, race, ethnicity, age, and professional experience. We encourage, but do not require, companies to have at least one female and one diverse (e.g., race, ethnicity) director or have a plan to do so.

*<u>Board Size</u>*

We do not see a standard number of directors that is ideal for all companies. In general, we do not want to see board sizes changed without shareholder approval as changing board size can be abused in the context of a takeover battle.

*<u>Board Tenure</u>*

In general, we will evaluate on a case-by-case basis whether the board is adequately refreshed with new talent and the proposed changes are not designed to reduce board independence.

*<u>Classified Boards</u>*

We oppose classified boards because, among other things, it can make change in control more difficult to achieve and limit shareholder rights by reducing board accountability.

*<u>Cumulative Voting</u>*

Generally, we oppose cumulative voting because we believe that economic interests and voting interests should be aligned in most circumstances.

*<u>Independent Board Chair</u>*

Generally, we favor a separate independent chair that is not filled by an insider. If the CEO is also the board chair, we require 2/3 of the board to be independent, a strong independent director (i.e., has formal input on board agendas and can call/preside over meetings of independent directors), and the CEO cannot serve on the nominating or compensation committees.

*<u>Proxy Contests</u>*

Proxy contests are unusual events that require a case-by-case assessment of the unique facts and circumstances of each contested proxy campaign. Our policy is to defer to the judgement of our analysts on what best serves our clients' interests. Our analysts will evaluate the validity of the dissident's concerns, the likelihood that the dissident plan will improve shareholder value, the qualifications of the dissident's candidates, and management's historical record of creating or destroying shareholder value.

*<u>Risk Oversight</u>*

Generally, companies should have established processes for managing material threats to their businesses, including ESG risks. We encourage transparency and vote to improve transparency to help facilitate appropriate risk oversight.

**Environmental and Social Matters**

We believe the oversight of ESG risks is an important responsibility of the board of directors and is a prerequisite for a well-managed company. Transparent disclosures are necessary to identify and evaluate environmental and social risks and opportunities. A lack of transparency will increase the likelihood that environmental and social risks are not being sufficiently managed/limited/mitigated. In general, we will engage companies with substandard disclosure to encourage them to provide adequate disclosure on E&S risks that typically align with Sustainability Accounting Standards Board ("SASB") recommendations.

In general, we support proposals that encourage disclosure of risks provided they are not overly burdensome or disclose sensitive competitive information balanced against the materiality of the risk. We also consider whether the proposal is more effectively addressed through other means, like legislation or regulation.

**Environmental Issues**

*<u>Climate Change and Green House Gas Emissions</u>*

Climate change has become an important factor in companies' long-term sustainability. Understanding a company's strategy in managing these risks and opportunities is necessary in evaluating an investment's prospects. We support disclosures related to the risks and/or opportunities a company faces related to climate change, including information on how the company identifies and manages such risks/opportunities.

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*<u>Energy Efficiency</u>*

We generally support proposals requesting that a company report on its energy efficiency policies. Exceptions may include a request that is overly burdensome or provides unrealistic deadlines.

*<u>Renewable Energy</u>*

We support requests for reports on renewable energy accomplishments and future plans. Exceptions may include duplicative, irrelevant, or otherwise unreasonable requests.

**Social Issues**

*<u>Equal Opportunity</u>*

We support proposals requesting disclosures of companies' policies and/or future initiatives related to diversity, including current data regarding the diversity of its workforce.

*<u>Gender Identity and Sexual Orientation</u>*

We support proposals to revise diversity policies to prohibit discrimination based on sexual orientation and/or gender identity.

*<u>Human Rights Proposals</u>*

We support proposals requesting disclosure related to labor and/or human rights policies.

*<u>Political Activities</u>*

We support the disclosure of a company's policies and procedures related to political contributions and lobbying activities.

*<u>Sexual Harassment</u>*

We vote on a case-by-case basis regarding proposals seeking reports on company actions related to sexual harassment. We evaluate the company's current policies, oversight, and disclosures. We also consider the company's history and any related litigation or regulatory actions related to sexual harassment, and support proposals we believe will prevent such behavior when systemic issues are suspected.

**Auditors and Related Matters**

Generally, we will support the board's recommendation of auditors provided that the auditors are independent, non-audit fees are less than the sum of all audit and tax related fees, and there are no indications of fraud or misleading audit opinions.

**Shareholder Rights**

We do not support proposals that limit shareholder rights. When a company chronically underperforms minimal expectations due to poor execution, poor strategic decisions, or poor capital allocation, there may arise the need for shareholders to effect change at the board level. Proposals that have the effect of entrenching boards or managements, thwarting the will of the majority of shareholders, or advantaging one class of shareholders at the expense of other shareholders will not be supported.

*<u>Amendment to Charter/Articles/Bylaws</u>*

We do not support proposals that give the board exclusive authority to amend the bylaws. We believe amendments to charter/articles/bylaws should be approved by a vote of the majority of shareholders.

*<u>One Share, One Vote</u>*

Generally, we do not support proposals to create dual class voting structures that give one set of shareholders super voting rights that are disproportionate from their economic interest in the company. Generally, we will support proposals to eliminate dual class structures.

*<u>Poison Pills</u>*

In general, we do not support anti-takeover measures such as poison pills. Such actions can lead to outcomes that are not in shareholders' bests interests and impede maximum shareholder returns. It can also lead to management entrenchment. We may support poison pills intended to protect NOL assets.

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*<u>Proxy Access</u>*

Generally, we support proposals that enable shareholders with an ownership level of 3% for a period of three years or more, or an ownership level of 10% and a holding period of one year or more.

*<u>Right to Act by Written Consent</u>*

We believe that shareholders should have the right to solicit votes by written consent in certain circumstances. These circumstances generally include but are not limited to situations where more than a narrow group of shareholders support the cause to avoid unnecessary resource waste, the proposal does not exclude minority shareholders to the benefit of a large/majority shareholder, and shareholders receive more than 50% support to set up action by written consent.

*<u>Special Meetings</u>*

Generally, we support proposals that enable shareholders to call a special meeting provided shareholders own at least 15% of the outstanding shares.

*<u>Virtual Meetings</u>*

We believe shareholders should have the opportunity to participate in the annual and special meetings, as current communications technology such as video conferencing is broadly available to facilitate such interactions. This improves shareholders' ability to hear directly from management and the board of the directors, and to provide feedback as needed.

**Capital and Restructuring**

Events such as takeover offers, buyouts, mergers, asset purchases and sales, corporate restructuring, recapitalizations, dilutive equity issuance, or other major corporate events are considered by our analysts on a case-by-case basis. Our policy is to vote for transactions that maximize the long-term risk adjusted return to shareholders considering management's historical record of creating shareholder value, the likelihood of success, and the risk of not supporting the proposal.

*<u>Dual Class Shares</u>*

We do not support dual class shares unless the economic and voting interests are equal.

*<u>Issuance of Common Stock</u>*

In general, we will consider the issuance of additional shares in light of the stated purpose, the magnitude of the increase, the company's historical shareholder value creation, and historical use of shares. We are less likely to support issuance when discounts or re-pricing of options has been an issue in the past.

**Executive and Board Compensation**

We expect the board of directors to design, implement, and monitor pay practices that promote pay-for-performance, alignment of interest with long-term shareholder value creation, retention and attraction of key employees. In general, we will evaluate executive compensation in light of historical value creation, peer group pay practices, and our view on management's stewardship of the company.

We expect the board of directors to maintain an independent and effective compensation committee that has members with the appropriate skills, knowledge, experience, and ability to access third-party advice.

We expect the board of directors to provide shareholders with clear and understandable compensation disclosures that enable shareholders to evaluate the effectiveness and fairness of executive pay packages.

And finally, we expect the board of directors' own compensation to be reasonable and not set at a level that undermines their independence from management.

*<u>Golden Parachutes</u>*

Golden parachutes can serve as encouragement to management to consider transactions that benefit shareholders; however, substantial payouts may present a conflict of interest where management is incentivized to support a suboptimal deal. We view cash severance greater than 3x base salary and bonus to be excessive unless approved by a majority of shareholders in a say-on-pay advisory vote.

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*<u>Incentive Options and Repricing</u>*

We generally support long-term incentive programs tied to pay-for-performance. In general, we believe 50% or more of top executive pay should be tied to long-term performance goals and that those goals should be tied to shareholder value creation metrics. We do not support plans that reset when management fails to attain goals or require more than 10% of outstanding shares to be issued. In general, we do not support the exchange or repricing of options.

*<u>Say-on-Pay</u>*

We believe annual say-on-pay votes are an effective mechanism to provide feedback to the board on executive pay and performance. We support non-binding proposals that are worded in a manner such that the actual implementation of the plan is not restricted. In general, we will vote against plans where there is a serious misalignment of CEO pay and performance or the company maintains problematic pay practices. In general, we will withhold votes from members of the compensation committee if there is no say-on-pay on the ballot, the board fails to respond to a previous say-on-pay proposal that received less than 70% support, the company has implemented problematic pay practices such as repricing options or its pay plans are egregious.

**Routine and Miscellaneous Matters**

We generally support routine board proposals such as updating bylaws (provided they are of a housekeeping nature), change of the corporate name or change of the time or location of the annual meeting.

*<u>Adjournment of Meeting</u>*

We do not support proposals that give management the authority to adjourn a special meeting absent compelling reasons to support the proposal.

*<u>Amend Quorum Requirements</u>*

We do not support proposals to reduce quorum requirements for shareholder meetings without support from a majority of the shares outstanding without compelling justification.

*<u>Other Business</u>*

We do not support proposals on matters where we have not been provided sufficient opportunity to review the matters at hand.

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**LOS ANGELES CAPITAL** 

Proxy Policy

Rev. February 20, 2025

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| | | | |
|:---|:---|:---|:---|
| **Table of Contents** | **Table of Contents** | **Table of Contents** | **Table of Contents** |
| ***I.*** |  | ***Introduction*** | ***3*** |
| ***II.*** |  | ***Proxy Policy Statement*** | ***3*** |
|  | A. | Proxy Voting Guidelines | 3 |
|  | B. | Limitations | 4 |
|  | C. | Special Considerations | 4 |
| ***III.*** |  | ***Responsibility and Oversight*** | ***5*** |
| ***IV.*** |  | ***Proxy Voting Procedures*** | ***5*** |
|  | A. | Materiality | 5 |
|  | B. | Conflicts of Interest | 5 |
|  | C. | Disclosure | 6 |
|  | D. | Recordkeeping | 6 |

---

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**I.Introduction**

Los Angeles Capital Management LLC ("Los Angeles Capital" or the "Firm") has adopted and implemented policies and procedures that are reasonably designed to ensure that proxies are voted in the best interest of clients, in accordance with U.S. Securities and Exchange Commission ("SEC") Rule 206(4) - 6 under the Investment Advisers Act of 1940 (the "Advisers Act") and its obligations under the Employee Retirement Income Security Act of 1974 ("ERISA"). Los Angeles Capital provides investment advisory or sub-advisory services to various types of institutional clients. When clients give Los Angeles Capital the authority to vote proxies held in their client accounts such authority is specified in the advisory contract or other governing agreements.

**II.Proxy Policy Statement**

Los Angeles Capital has retained Glass, Lewis & Co., LLC ("Glass Lewis") an unaffiliated third-party, to act as an independent proxy voting agent. Glass Lewis provides proxy analysis, voting recommendations and administration, recordkeeping, and manages other operational and reporting matters of the proxy voting process. If at any time a material conflict arises in connection with the Firm voting proxies for a client account, it would be resolved in the best interest of the client.

When Los Angeles Capital is given proxy voting authority together with a client's voting policy, the Firm oversees compliance with such policy. When the client elects to use the Firm's standard proxy guidelines, the Firm will vote in accordance with the guidelines approved by the Firm's Proxy Committee ("Committee"). The Committee has approved the use of Glass Lewis' market-based U.S. and Global guidelines<sup>1</sup>, as may be modified from time to time (the "Firm's Guidelines"). Clients with specific proxy voting goals may direct the Firm to apply a thematic set of proxy guidelines developed by Glass Lewis or provide the Firm with an alternative set of custom guidelines for use in voting proxies for the client's account.

**A.Proxy Voting Guidelines**

On an annual basis, the Committee reviews the Firm's Guidelines. Members of the Committee also selectively review a sampling of the voting recommendations and the related proxy materials in determining whether to modify the approved Firm Guidelines.

Where the Firm has proxy voting authority, the Firm ultimately retains the right to cast each vote on a case-by-case basis, taking into consideration the applicable proxy guidelines including any contractual obligations or the specific voting policy of the particular portfolio as well as all relevant facts and circumstances including information that might be gathered from sources beyond Glass Lewis. Management of issuers, as well as other interested parties, will sometimes release supplemental information to the proxy statement that relates to a pending proxy vote. Glass Lewis and the Firm will not always be able to consider such additional information depending on the timing of its release and voting deadlines.

In the event there is a disagreement with the Glass Lewis analysis as to a particular vote, the Committee will determine whether it is appropriate to vote contrary to the Glass Lewis recommendation provided that such decision is consistent with the approved guideline. In the rare circumstance that the Committee believes it is in the best interest of a client to vote contrary to an approved guideline, the Committee will seek client consent prior to placing a vote that is contrary to such approved guideline(s).

Los Angeles Capital recognizes that a client may issue specific directives regarding how particular proxy issues are to be voted for the client's portfolio holdings. The Firm requires that the advisory or sub-advisory contract specify such instructions, including instructions as to how those votes will be managed, particularly where they differ from the Firm's Guidelines.

It is unlikely that serious conflicts of interest will arise in the context of the Firm's proxy voting because the Firm does not engage in other financial businesses such as brokerage or managing public companies, underwriting, or investment banking. Nevertheless, should a conflict of interest arise in connection with proxy voting or Glass Lewis, such conflict will be handled as described below under Section IV B, "Conflicts of Interest." As a matter of policy, the Firm and its employees are required to put the interests of clients ahead of their own.

<sup>1</sup> https://www.glasslewis.com/voting-policies-current/

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**B.Limitations**

In limited circumstances, the Firm may elect to abstain from voting or may be unable to vote a client's proxy. These circumstances include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where the Firm concludes that the effect on shareholder's economic interests or the value of the portfolio holding is indeterminable or insignificant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where the securities related to the vote participate in a ***securities lending program*** and are out on loan. In many cases, where a client directs the securities lending, Los Angeles Capital may not be aware when the security is out on loan and thus may not be able to recall the security before the record date, subject to the Special Considerations outlined below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where the related securities are issued in a country that participates in ***share blocking*** because it is disruptive to the management of the portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where multiple global custodian accounts roll up into one ***omnibus sub-custodian account***. In the specific markets where this may occur, the account managed by Los Angeles Capital is not registered individually. Therefore, if ballots are voted differently for the underlying accounts, the omnibus vote is considered split and is rejected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where in the Firm's judgement the ***unjustifiable costs***<sup>2</sup> or disadvantages of voting the proxy would exceed the anticipated benefit of voting (e.g., certain non-U.S. securities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where a required ***Power of Attorney*** is not on file or it is not feasible to get one on file.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where a meeting involves an issuer or transaction with a relevant U.S. or non U.S. ***sanctioned entity or individual****.*

**C.Special Considerations** 

Certain accounts may warrant specialized treatment in voting proxies. Contractual stipulations, individual client direction, and special guideline arrangements will dictate how voting will be done in these cases.

**Mutual Funds**

Where the Firm votes proxies for a mutual fund that it sub-advises, unless otherwise directed and agreed with such fund and its adviser, the proxies typically will be voted in accordance with the Firm's proxy guidelines. Proxies of a mutual fund's portfolio companies may be voted in accordance with resolutions or other instructions from an authorized person of the fund.

**ERISA Accounts**

The Department of Labor ("DOL") rules emphasize that a fiduciary's duties extend to management of shareholder rights including with respect to proxy voting. Responsibilities for voting ERISA accounts include: the duty of loyalty, prudence, compliance with the plan, as well as a duty to avoid prohibited transactions. The DOL rules require voting with a focus on relevant risk-return factors and not voting in a manner that sacrifices investment returns or takes on risks that promote benefits or goals unrelated to the interests of participants and beneficiaries. Where the Firm has authority to vote proxies for an ERISA account, the Firm employs the Firm's Guidelines unless otherwise specifically directed by the ERISA plan fiduciary. Where the Firm has authority to vote proxies for a commingled fund that is an ERISA plan asset fund, the Firm employs the Firm's Guidelines.

**Securities Lending Program**

Certain situations where Los Angeles Capital may recall securities on loan to vote proxies, if operationally feasible, include: (i) where Los Angeles Capital deems a holding materially significant, (ii) where Los Angeles Capital is directing the securities lending, or (iii) where a client has made arrangements with its custodian to permit standing instructions for the recall of securities out on loan and Los Angeles Capital has agreed to implement the standing instructions.

<sup>2</sup> The Department of Labor has indicated that such costs include, but are not limited to, expenditures related to developing proxy resolutions, proxy voting services and the analysis of the likely net effect of a particular issue on the economic value of the plan's investment. Fiduciaries must take into consideration whether the exercise of its rights to vote a proxy is expected to have an effect on the economic value of the plan's investment that will outweigh the costs of exercising such rights. With respect to proxies for shares of foreign corporations, a fiduciary, in deciding whether to purchase shares of a foreign corporation, should consider whether any additional difficulty and expense in voting such shares is reflected in their market price.

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**III.Responsibility and Oversight** 

The Committee was established to provide oversight to the proxy voting process and is responsible for developing, implementing, and updating the Firm's proxy policy, reviewing approving, and/or formulating the Firm's Guidelines, selecting and overseeing the third-party proxy vendor, identifying any conflicts of interest, determining the votes for issues it elects to vote independently from, or that cannot be voted by, Glass Lewis, monitoring legislative and corporate governance developments surrounding proxy issues, and meeting to discuss any material issues regarding the proxy voting process. The Committee meets annually and as necessary to fulfill its obligations.

As part of the Committee's ongoing oversight of its third-party proxy vendor, the Committee considers (i) the adequacy and quality of the proxy vendor's staffing and personnel; (ii) the presence of conflicts and processes to address those conflicts; (iii) the robustness of the proxy vendor's policies and procedures for ensuring that its recommendations are based on current and accurate information; and (iv) any other appropriate considerations as to the nature and quality of the proxy vendor's services. In addition, Compliance conducts periodic reviews of ballots voted by the proxy vendor to ensure they are in line with proxy voting procedures.

In cases where the Committee votes a proxy ballot it may conduct research internally and/or use the resources of an independent research consultant or use information from any of the following sources: legislative materials, studies of corporate governance and other proxy voting issues, reports by issuers' management on pending proxy votes, and/or published analyses of shareholder and management proposals. In such voting circumstances, two votes from voting members of the Committee or one voting member of the Committee and an internal legal counsel are required.

Los Angeles Capital's Operations Department handles the day-to-day administration of the proxy voting process.

**IV.Proxy Voting Procedures** 

Glass Lewis provides for the timely execution of specified proxy votes on the Firm's behalf, which includes complete account set-up, vote execution, reporting, recordkeeping, and compliance with ERISA.

Los Angeles Capital's responsibility for voting proxies is generally determined by the obligations set forth under each client's Investment Management Agreement, Limited Partnership Agreement, Prospectus, Trust Agreement or other legal documentation governing the account. Voting ERISA client proxies is a fiduciary act of plan asset management that must be performed by the adviser or delegated to a sub-adviser unless the voting right is retained by a named fiduciary of the plan. If an advisory or sub-advisory contract or similar document states that Los Angeles Capital does not have the authority to vote client proxies, then voting is the responsibility of some other named fiduciary.

While Los Angeles Capital will accept direction from clients on specific proxy issues for their account, the Firm reserves the right to maintain its standard position on all other client accounts for which the Firm has proxy voting authority.

**A.Materiality**

The Committee has designated certain materiality thresholds for situations in which the Committee may vote independently from Glass Lewis or may take separate actions in regard to securities lending limitations. Materiality thresholds are monitored daily and are escalated to the Committee for review.

**B.Conflicts of Interest**

Los Angeles Capital attempts to minimize the risks of conflicts and reviews the Conflict of Interest Statement prepared by Glass Lewis on an annual basis.

If Glass Lewis identifies a potential conflict of interest between it and a publicly held company, it will disclose the relationship on the relevant proxy paper research report. In these situations, members of the Committee will review the proxy paper research report and vote the proxy in accordance with the Committee charter.

If an unforeseen conflict requires specialized treatment, alternate measures may be taken, up to and including having Glass Lewis refrain from writing a proxy paper research report and abstaining from making a voting recommendation on the company. In this scenario Glass Lewis would procure a substitute research report from an alternative qualified provider, and the Committee may be required to research and vote the proxy.

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If the Committee identifies a potential material conflict of interest between Los Angeles Capital or an affiliated person of the Firm and the issuer whose ballot is being voted, the client whose account holds the shares of such issuer will be notified. If no directive on how to vote is issued by the client, the Committee will vote in such a way that, in the Committee's opinion, fairly addresses the conflict in the best interest of the client.

**C.Disclosure** 

Los Angeles Capital will provide clients with a copy of the Firm's current proxy policies and procedures upon request. In addition, clients may request, at any time, a copy of the Firm's voting records for their respective account(s) by making a formal request to Los Angeles Capital. Los Angeles Capital will make this information available to a client upon its request within a reasonable time. For further information, please contact a member of Operations at operations@lacapm.com.

Los Angeles Capital generally will not disclose how it has voted or intends to vote on behalf of a client account except as required by applicable law but may disclose such information to a client regarding their portfolio who itself may decide or may be required to make public such voting information. Los Angeles Capital will not disclose past votes or share amounts voted except: (i) for a valid business purpose as determined in the discretion of the Chief Compliance Officer or Chief Legal Officer, (ii) to the respective client for such client's account, (iii) as required on Form N-PX related to Say-on-Pay votes, or (iv) as otherwise required by law.

**D.Recordkeeping**

**ERISA Accounts**

Los Angeles Capital's maintains access to proxy voting records (both procedures and actions taken in individual situations) to enable the named fiduciary to determine whether Los Angeles Capital is fulfilling its obligations. Such records may be maintained via Glass Lewis' electronic system. Retention may include: (1) issuer name and meeting; (2) issues voted on and record of the vote; (3) number of shares eligible to be voted on the record date; (4) number of shares voted; and (5) where appropriate, cost-benefit analyses.

**Duration**

Proxy voting books and records will be maintained 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 records. For the first two years, the records are fully accessible in Los Angeles Capital's office and electronically.

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**T. ROWE PRICE ASSOCIATES, INC.** 

**AND CERTAIN OF ITS INVESTMENT ADVISER AFFILIATES**

PROXY VOTING POLICIES AND PROCEDURES

February 2026

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**RESPONSIBILITY TO VOTE PROXIES**

T. Rowe Price Associates, Inc. and certain of its investment adviser affiliates<sup>1</sup> (collectively, "**T. Rowe Price**") have adopted these Proxy Voting Policies and Procedures ("**Policies and Procedures**") for the purpose of establishing formal policies and procedures for performing and documenting their fiduciary duty with regard to the voting of client proxies. This document is reviewed at least annually and updated as necessary.

T. Rowe Price recognizes and adheres to the principle that one of the privileges of owning stock in a company is the right to vote in the election of the company's directors and on matters affecting certain important aspects of the company's structure and operations that are submitted to shareholder vote. The U.S.-registered investment companies which T. Rowe Price sponsors and serves as investment adviser (the "**Price Funds**") as well as other investment advisory clients have delegated to T. Rowe Price certain proxy voting powers. As an investment adviser, T. Rowe Price has a fiduciary responsibility to such clients when exercising its voting authority with respect to securities held in their portfolios. T. Rowe Price reserves the right to decline to vote proxies in accordance with client-specific voting guidelines.

**Fiduciary Considerations.** It is the policy of T. Rowe Price that decisions with respect to proxy issues will be made in light of the anticipated impact of the issue on the desirability of investing in the portfolio company from the viewpoint of the particular advisory client or Price Fund. Proxies are voted solely in the interests of the client, Price Fund shareholders or, where employee benefit plan assets are involved, in the interests of plan participants and beneficiaries. Our intent has always been to vote proxies, where possible to do so, in a manner consistent with our fiduciary obligations and responsibilities.

One of the primary factors T. Rowe Price considers when determining the desirability of investing in a particular company is the quality and depth of its management. We recognize that a company's management is entrusted with the day-to-day operations of the company, as well as its long-term direction and strategic planning, subject to the oversight of the company's board of directors. Accordingly, our proxy voting guidelines are not intended to substitute our judgment for management's with respect to the company's day-to-day operations. Rather, our proxy voting guidelines are designed to promote accountability of a company's management and board of directors to its shareholders; to align the interests of management with those of shareholders; and to encourage companies to adopt best practices in terms of their corporate governance and disclosure. In addition to our proxy voting guidelines, we rely on a company's public filings, its board recommendations, its track record, country-specific best practices codes, our research providers and – most importantly – our investment professionals' views in making voting decisions. T. Rowe Price investment personnel do not coordinate with investment personnel of its affiliated investment adviser, TRPIM, with respect to proxy voting decisions.

T. Rowe Price seeks to vote all of its clients' proxies. In certain circumstances, T. Rowe Price may determine that refraining from voting a proxy is in a client's best interest, such as when the cost of voting outweighs the expected benefit to the client. For example, the practicalities and costs involved with international investing may make it impossible at times, and at other times disadvantageous, to vote proxies in every instance.

<sup>1</sup> This document is not applicable to T. Rowe Price Investment Management, Inc. ("TRPIM"). TRPIM votes proxies independently from the other T. Rowe Price-related investment advisers and has adopted its own proxy voting policy.

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**ADMINISTRATION OF POLICIES AND PROCEDURES**

**Environmental, Social and Governance Investing Committee.** T. Rowe Price's Environmental, Social and Governance Investing Committee ("**TRPA ESG Investing Committee**" or the "**Committee**") is responsible for establishing positions with respect to corporate governance and other proxy issues. Certain delegated members of the Committee also review questions and respond to inquiries from clients and mutual fund shareholders pertaining to proxy issues. While the Committee sets voting guidelines and serves as a resource for T. Rowe Price portfolio management, it does not have proxy voting authority for any Price Fund or advisory client. Rather, voting authority and responsibility is held by the Chairperson of the Price Fund's Investment Advisory Committee or the advisory client's portfolio manager. The Committee is also responsible for the oversight of third-party proxy services firms that T. Rowe Price engages to facilitate the proxy voting process.

**Global Proxy Operations Team.** The Global Proxy Operations team is responsible for administering the proxy voting process as set forth in the Policies and Procedures.

**Governance Team.** Our Governance team is responsible for reviewing the proxy agendas for all upcoming meetings and making company-specific recommendations to our global industry analysts and portfolio managers with regard to the voting decisions in their portfolios.

**Responsible Investment Team.** Our Responsible Investment team oversees the integration of environmental and social factors into our investment processes across asset classes. In formulating vote recommendations for matters of an environmental or social nature, the Governance team consults with the appropriate sector analyst from the Responsible Investment team, as appropriate.

**HOW PROXIES ARE REVIEWED, PROCESSED AND VOTED**

In order to facilitate the proxy voting process, T. Rowe Price has retained Institutional Shareholder Services ("**ISS**") as an expert in the proxy voting and corporate governance area. ISS specializes in providing a variety of fiduciary-level proxy advisory and voting services. These services include custom vote recommendations, research, vote execution, and reporting. Services provided by ISS do not include automated processing of votes on our behalf using the ISS Benchmark Policy recommendations. Instead, in order to reflect T. Rowe Price's issue-by-issue voting guidelines as approved each year by the TRPA ESG Investing Committee, ISS maintains and implements custom voting policies for the Price Funds and other advisory client accounts.

**Meeting Notification**

T. Rowe Price utilizes ISS' voting agent services to notify us of upcoming shareholder meetings for portfolio companies held in client accounts and to transmit votes to the various custodian banks of our clients. ISS tracks and reconciles our clients' holdings against incoming proxy ballots. If ballots do not arrive on time, ISS procures them from the appropriate custodian or proxy distribution agent. Meeting and record date information is updated daily and transmitted to T. Rowe Price through ProxyExchange, an ISS application.

**Vote Determination**

Each day, ISS delivers into T. Rowe Price's customized ProxyExchange environment a comprehensive summary of upcoming meetings, proxy proposals, publications discussing key proxy voting issues, and custom vote recommendations to assist us with proxy research and processing. For meetings with complex ballot items in certain international markets, research may be consulted from local domestic proxy research providers. The final authority and responsibility for proxy voting decisions remains with T. Rowe Price. Decisions with respect to proxy matters are made primarily in light of the anticipated impact of the issue on the desirability of investing in the company from the perspective of our clients.

Portfolio managers execute their responsibility to vote proxies in different ways. Some have decided to vote their proxies generally in line with the guidelines as set by the TRPA ESG Investing Committee. Others review the customized vote recommendations and approve them before the votes are cast. Portfolio managers have access to current reports summarizing all proxy votes in their client accounts. Portfolio managers who vote their proxies inconsistent with T. Rowe Price guidelines are required to document the rationale for their votes. The Global Proxy Operations team is responsible for maintaining this documentation and assuring that it adequately reflects the basis for any vote which is contrary to our proxy voting guidelines.

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**T. Rowe Price Voting Guidelines**

Specific proxy voting guidelines have been adopted by the TRPA ESG Investing Committee for all regularly occurring categories of management and shareholder proposals. The guidelines include regional voting guidelines as well as the guidelines for investment strategies with objectives other than purely financial returns, such as Impact and Net Zero. A detailed set of proxy voting guidelines is available on the T. Rowe Price website, www.troweprice.com/esg.

**Global Portfolio Companies**

The TRPA ESG Investing Committee has developed custom international proxy voting guidelines based on our proxy advisor's general global policies, regional codes of corporate governance, and our own views as investors in these markets. We apply a two-tier approach to determining and applying global proxy voting policies. The first tier establishes baseline policy guidelines for the most fundamental issues, which span the corporate governance spectrum without regard to a company's domicile. The second tier takes into account various idiosyncrasies of different countries, making allowances for standard market practices, as long as they do not violate the fundamental goals of good corporate governance. The goal is to enhance shareholder value through effective use of the shareholder franchise, recognizing that application of a single set of policies is not appropriate for all markets.

**Fixed Income and Passively Managed Strategies**

Proxy voting for our fixed income and indexed portfolios is administered by the Global Proxy Operations team using T. Rowe Price's guidelines as set by the TRPA ESG Investing Committee. Indexed strategies generally vote in line with the T. Rowe Price guidelines. Fixed income strategies generally follow the proxy vote determinations on security holdings held by our equity accounts unless the matter is specific to a particular fixed income security such as consents, restructurings, or reorganization proposals.

**Shareblocking**

Shareblocking is the practice in certain countries of "freezing" shares for trading purposes in order to vote proxies relating to those shares. In markets where shareblocking applies, the custodian or sub-custodian automatically freezes shares prior to a shareholder meeting once a proxy has been voted. T. Rowe Price's policy is generally to refrain from voting shares in shareblocking countries unless the matter has compelling economic consequences that outweigh the temporary loss of liquidity in the blocked shares.

**Securities on Loan**

The Price Funds and our institutional clients may participate in securities lending programs to generate income for their portfolios. Generally, the voting rights pass with the securities on loan; however, lending agreements give the lender the right to terminate the loan and pull back the loaned shares provided sufficient notice is given to the custodian bank in advance of the applicable deadline. T. Rowe Price's policy is generally not to vote securities on loan unless we determine there is a material voting event that could affect the value of the loaned securities. In this event, we have the discretion to pull back the loaned securities for the Price Funds in order to cast a vote at an upcoming shareholder meeting. A monthly monitoring process is in place to review securities on loan for the Price Funds and how they may affect proxy voting.

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**Monitoring and Resolving Conflicts of Interest**

The TRPA ESG Investing Committee is also responsible for monitoring and resolving potential material conflicts between the interests of T. Rowe Price and those of its clients with respect to proxy voting. We have adopted safeguards to ensure that our proxy voting is not influenced by interests other than those of our fund shareholders and other investment advisory clients. While membership on the Committee is diverse, it does not include individuals whose primary duties relate to client relationship management, marketing, or sales. Since T. Rowe Price's voting guidelines are predetermined by the Committee, application of the guidelines by portfolio managers to vote client proxies should in most instances adequately address any potential conflicts of interest. However, consistent with the terms of the Policies and Procedures, which allow portfolio managers to vote proxies opposite our general voting guidelines, the Committee regularly reviews all such proxy votes that are inconsistent with the proxy voting guidelines to determine whether the portfolio manager's voting rationale appears reasonable. The Committee also assesses whether any business or other material relationships between T. Rowe Price 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. Issues raising potential conflicts of interest are referred to designated members of the Committee for immediate resolution prior to the time T. Rowe Price casts its vote.

With respect to personal conflicts of interest, T. Rowe Price's Global Code of Conduct requires all employees to avoid placing themselves in a "compromising position" in which their interests may conflict with those of our clients and restrict their ability to engage in certain outside business activities. Portfolio managers or Committee members with a personal conflict of interest regarding a particular proxy vote must recuse themselves and not participate in the voting decisions with respect to that proxy.

**Specific Conflict of Interest Situations**

Voting of T. Rowe Price Group, Inc. common stock (sym: TROW) by certain T. Rowe Price Index Funds will be done in all instances in accordance with T. Rowe Price voting guidelines and votes inconsistent with the guidelines will not be permitted. In the event that there is no previously established guideline for a specific voting issue appearing on the T. Rowe Price Group proxy, the Price Funds will abstain on that voting item.

In addition, T. Rowe Price has voting authority for proxies of the holdings of certain Price Funds that invest in other Price Funds. Shares of the Price Funds that are held by other Price Funds will generally be voted in the same proportion as shares for which voting instructions from other shareholders are timely received. If voting instructions from other shareholders are not received, or if a T. Rowe Price Fund is only held by other T. Rowe Price Funds or other accounts for which T. Rowe Price has proxy voting authority, the fund will vote in accordance with its Board's instruction.

For shares of the Price Funds that are series of T. Rowe Price Equity Series, Inc., T. Rowe Price Fixed Income Series, Inc., and T. Rowe Price International Series, Inc. (collectively, the "Variable Insurance Portfolios") held by insurance company separate accounts for which the insurance company has not received timely voting instructions, as well as shares the insurance company owns, those shares shall be voted in the same proportion as shares for which voting instructions from contract holders are timely received.

**Limitations on Voting Proxies of Banks**

T. Rowe Price has obtained relief from the U.S. Federal Reserve Board (the "**FRB Relief**") which permits, subject to a number of conditions, T. Rowe Price to acquire in the aggregate on behalf of its clients, 10% or more of the total voting stock of a bank, bank holding company, savings and loan holding company or savings association (each a "Bank"), not to exceed a 15%aggregate beneficial ownership maximum in such Bank. One such condition affects the manner in which T. Rowe Price will vote its clients' shares of a Bank in excess of 10% of the Bank's total voting stock ("Excess Shares"). The FRB Relief requires that T. Rowe Price use its best efforts to vote the Excess Shares in the same proportion as all other shares voted, a practice generally referred to as "mirror voting," or in the event that such efforts to mirror vote are unsuccessful, Excess Shares will not be voted. With respect to a shareholder vote for a Bank of which T. Rowe Price has aggregate beneficial ownership of greater than 10% on behalf of its clients, T. Rowe Price will determine which of its clients' shares are Excess Shares on a pro rata basis across all of its clients' portfolios for which T. Rowe Price has the power to vote proxies.<sup>2</sup>

<sup>2</sup> The FRB Relief and the process for voting of Excess Shares described herein apply to the aggregate beneficial ownership of T. Rowe Price and TRPIM.

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**REPORTING, RECORD RETENTION AND OVERSIGHT**

The TRPA ESG Investing Committee, and certain personnel under the direction of the Committee, perform the following oversight and assurance functions, among others, over T. Rowe Price's proxy voting: (1) periodically samples proxy votes to ensure that they were cast in compliance with T. Rowe Price's proxy voting guidelines; (2) reviews, no less frequently than annually, the adequacy of the Policies and Procedures to make sure that they have been implemented effectively, including whether they continue to be reasonably designed to ensure that proxies are voted in the best interests of our clients; (3) performs due diligence on whether a retained proxy advisory firm has the capacity and competency to adequately analyze proxy issues, including the adequacy and quality of the proxy advisory firm's staffing and personnel and its policies; and (4) oversees any retained proxy advisory firms and their procedures regarding their capabilities to (i) produce proxy research that is based on current and accurate information and (ii) identify and address any conflicts of interest and any other considerations that we believe would be appropriate in considering the nature and quality of the services provided by the proxy advisory firm.

T. Rowe Price will furnish Vote Summary Reports, upon request, to its institutional clients that have delegated proxy voting authority. The report specifies the portfolio companies, meeting dates, proxy proposals, and votes which have been cast for the client during the period and the position taken with respect to each issue. Reports normally cover quarterly or annual periods and are provided to such clients upon request.

T. Rowe Price retains proxy solicitation materials, memoranda regarding votes cast in opposition to the position of a company's management, and documentation on shares voted differently. In addition, any document which is material to a proxy voting decision such as the T. Rowe Price proxy voting guidelines, Committee meeting materials, and other internal research relating to voting decisions are maintained in accordance with applicable requirements.

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**VAUGHAN NELSON INVESTMENT MANAGEMENT**

Investment Adviser Policies and Procedures Manual

Proxy Voting Policies and Procedures

Revised September 2025

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**Introduction**

Rule 206(4)-6 under the Investment Advisers Act of 1940 addresses an investment adviser's duty with regard to the voting of proxies for clients. Under the rule an adviser must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the client's best interest and to address procedures to be undertaken in the event a material conflict arises between the firm's interest and that of our clients as to how a particular security or proxy issue is voted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Disclose to clients how they may obtain information regarding how the firm voted with respect to the client's securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Describe the firm's policies and procedures to clients and, upon request, furnish a copy of the policies and procedures to the requesting client.

Vaughan Nelson Investment Management, LP ("Vaughan Nelson") has created a Proxy Voting Policy, Procedures and Guideline which are reasonably designed to ensure proxies are voted in the best interest of our clients, are in compliance with Rule 206(4)-6 and address the areas noted by the U.S. Securities and Exchange Commission ("SEC") in Staff Legal Bulletin 20 as well as guidance issued from time to time by the SEC. Our authority to vote proxies for our clients is established through either the advisory contract (if the contract is silent, implied by the overall delegation of discretionary authority), or our fiduciary responsibility to ERISA clients under Department of Labor regulations.

**A.Proxy Voting Policy**

Vaughan Nelson Investment Management, LP ("Vaughan Nelson") will vote proxies of the securities held in its clients' portfolios on behalf of each client that has delegated proxy voting authority to Vaughan Nelson as investment adviser. Vaughan Nelson has adopted and implemented Proxy Voting Policies and Procedures ("Policy and Procedures") to ensure that, where it has voting authority, proxy matters are handled in the best interests of clients, in accordance with Vaughan Nelson's fiduciary duty, and all applicable law and regulations. The Policy and Procedures, as implemented by the Vaughan Nelson Proxy Voting Committee (PVC), are intended to support good corporate governance, including those corporate practices that address environmental and social issues ("ESG Matters"), with the objective of protecting shareholder interests and maximizing shareholder value.

Vaughan Nelson has also created a Proxy Voting Guideline (the "Guideline") reasonably believed to be in the best interest of clients relating to common and recurring issues found within proxy voting material. In drafting this guideline, the firm considered the nature of the firm's business and the types of securities being managed. The firm created the Guideline to help ensure voting consistency on issues common amongst issuers and to help serve as evidence that a vote was not the product of a conflict of interest but rather a vote in accordance with a pre-determined policy.

Vaughan Nelson uses the services of third parties to provide research, analysis, voting recommendations, and to administer the process of voting proxies for those clients for which Vaughan Nelson has voting authority (collectively the "Proxy Voting Services"). Vaughan Nelson will generally follow its express policy with input from the Proxy Voting Service that provides research, analysis and voting recommendations to Vaughan Nelson unless the Proxy Voting Committee determines that the client's best interests are served by voting otherwise.

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**B.General Guidelines**

The following general guidelines will apply when voting proxies on behalf of accounts for which Vaughan Nelson has voting authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Client's Best Interests.** The Policy and Procedures are designed and implemented in a way that is reasonably expected to ensure that proxy matters are conducted in the best interests of clients. When considering the best interests of clients, Vaughan Nelson has determined that this means the best investment interest of its clients as shareholders of the issuer. In evaluating our clients' best interests, Vaughan Nelson considers ESG Matters as part of its investment process. The Procedures are intended to reflect the incorporation and impact of these factors in cases where they are material to the growth and sustainability of an issuer. Vaughan Nelson has established its Policy and Procedures to assist it in making its proxy voting decisions with a view toward enhancing the value of its clients' interests in an issuer over the period during which it expects its clients to hold their investments. Vaughan Nelson will vote against proposals that it believes could negatively impact the current or future market value of the issuer's securities during the expected holding period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Client Proxy Voting Authority.** Rather than delegating proxy voting authority to Vaughan Nelson, a client may retain the authority to vote proxies for securities in its account (or delegate voting authority to another party). Vaughan Nelson will honor this instruction as included within the investment management agreement or separately authorized document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Stated Proxy Guideline.** In the interest of consistency in voting proxies on behalf of its clients, Vaughan Nelson has adopted a Proxy Guideline that identifies issues where Vaughan Nelson will (a) generally vote in favor of a proposal; (b) generally vote against a proposal; or (c) specifically consider its vote for or against a proposal. However, each vote may be cast differently than the stated guideline, taking into consideration all relevant facts and circumstances at the time of the vote. In cases where the recommendation of the issuer's management and the Proxy Voting Service are the same, the vote will generally be cast as recommended and will not be reviewed on a case-by- case basis by the Proxy Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.Abstentions, Limitations and Other Exceptions.** Vaughan Nelson's general policy is to vote rather than abstain from voting on issues presented. However, in the following circumstances Vaughan Nelson may not vote a client's proxy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mutual Funds – where voting may be controlled by restrictions within the fund or the actions of authorized persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• International Securities – where the perceived benefit of voting an international proxy does not outweigh the anticipated costs of doing so

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New Accounts – instances where security holdings assumed will be sold in the near term thereby limiting any benefit to be obtained by a vote of proxy material

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unsupervised Securities – where the firm does not have a basis on which to offer advice

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unjustifiable Costs – for example, the firm may abstain from voting a client proxy in a specific instance if, in our good faith determination, the costs involved in voting such proxy cannot be justified (e.g., total client holdings less than 10,000 shares and not held by a mutual fund; costs associated with obtaining translations of relevant proxy materials for non-U.S. securities) in light of the benefits to the client of voting. In accordance with the firm's fiduciary duties, the firm shall, in appropriate cases, weigh the costs and benefits of voting proxy proposals and shall make an informed decision with respect to whether voting a given proxy proposal is prudent. The decision will take into account the effect the vote is expected to have on the value of a client's investment and whether this expected effect would outweigh the cost of voting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Administrative requirements for voting proxies in certain foreign jurisdictions such as providing a power of attorney to the client's local sub-custodian, cannot be fulfilled due to timing of the requirement, or the costs required to fulfill the administrative requirements appear to outweigh the benefits to the client of voting the proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities Not Held on Meeting Date – securities held on 'record date' but divested prior to the 'meeting date'

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The client, as of the record date, has loaned the securities to which the proxy relates and Vaughan Nelson has concluded that it is not in the best interest of the client to recall the loan or is unable to recall the loan in order to vote the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ERISA accounts – with respect to ERISA clients for whom we have accepted the responsibility for proxy voting, we vote proxies in accordance with our duty of loyalty and prudence, compliance with the plan documents, and the firm's duty to avoid prohibited transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.Oversight.** All issues presented for shareholder vote are subject to the oversight of the Proxy Voting Committee, either directly or by application of this Policy and Guideline. All non-routine issues will generally be considered directly by the Proxy Voting Committee and/or, when necessary, the investment professionals responsible for an account holding the security and will be voted in the best investment interests of the client. All routine "for" and "against" issues will be voted according to the Guideline unless special factors require that they be considered by the PVC and/or the investment professionals responsible for an account holding the security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.Availability of Procedures**. Vaughan Nelson includes a description of its Proxy Voting Procedures in Part 2A of its Form ADV. Upon request, Vaughan Nelson also provides clients with a copy of its Proxy Voting Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.Disclosure of Vote.** Vaughan Nelson will, upon request by a client, provide information about how each proxy was voted with respect to the securities in that client's account. Vaughan Nelson's policy is not to disclose a client's proxy voting records to third parties except as required by applicable law and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.N-PX reporting.** On November 2, 2022, the Securities and Exchange Commission (the "Commission") adopted amendments to enhance the form used by mutual funds, exchange-traded funds, and certain other registered funds ("funds") to report information about their proxy votes ("Form N-PX"). The amendments are intended to make these funds' proxy voting records more usable and easier to analyze, improving investors' ability to monitor how their funds vote and compare different funds' voting records. The rulemaking also requires institutional investment managers ("managers") to report how they voted on executive compensation, or so-called "say-on-pay" matters. Vaughan Nelson worked with its third-party proxy service provider (ISS) to develop these reports in support of the regulation amendments. Funds and managers will be required to file their first annual reports on amended Form N-PX by August 31, 2024, with these reports covering the period of July 1, 2023 to June 30, 2024.

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**C.Proxy Voting Committee (PVC)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Proxy Voting Committee Composition.** The Proxy Voting Committee will be composed of a Compliance team member, a Portfolio Manager and other employees of Vaughan Nelson as needed. In the event that any member is unable to participate in a meeting of the Proxy Voting Committee, the member may designate another individual to act on the member's behalf. Each portfolio manager of an account that holds voting securities of an issuer or the analyst covering the issuer or its securities may be an ad hoc member of the Proxy Voting Committee in connection with voting proxies of that issuer. Voting determinations made by the Proxy Voting Committee will be memorialized electronically.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Duties**. The Proxy Voting Committee's specific responsibilities include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually reviewing the Proxy Voting Policies and Procedures to ensure they continue to be reasonably designed to ensure proxy votes are cast in the clients' best interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually reviewing, updating and modifying the Guidelines

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing the vote on proposals according to the predetermined Guideline,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• directing the vote on proposals where there is reason not to vote according to the predetermined Guideline or where proposals require special consideration,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consulting with the portfolio managers and analysts for the accounts holding the security when necessary or appropriate.

**D.Proxy Voting Service (PVS)**

Vaughan Nelson intends to use a PVS in a limited capacity to assist the firm with its proxy voting responsibilities and to obtain supplemental research information which will assist the firm in voting some proxy items (i.e., ESG related items, items not addressed in the firm's proxy voting guideline). The PVS will be used primarily to collect proxy ballots for our clients, provide the firm a platform in which to indicate our vote, provide company research as a point of information to assist our firm with voting and assist our firm in generating proxy voting reports.

Given the different business lines of a PVS, there will be instances where the research received from the PVS might be influenced by a conflict of interest resulting from the PVS's affiliations or other relationships/engagements the PVS has with an issuer.

Vaughan Nelson will become informed of these conflicts by:

1)Periodically obtaining an updated list of the PVS's affiliates and a list of its significant relationships with publicly traded issuers that are clients.

Vaughan Nelson will use these lists along with any available on-line tools made available by the PVS to determine if an upcoming proxy vote may present a conflict of interest for the PVS and take that information into consideration if we intend to use the PVS's research to vote a proxy item that is not addressed in our firm's recurring Proxy Voting Guideline.

2)Obtaining a copy of the PVS's Code of Ethics and Policies and Procedures (or similar document) to ensure they address the topic of conflicts of interest with their employees and have processes in place to mitigate any issues.

3)Reviewing for indications of conflict for each proxy to be voted.

Vaughan Nelson will perform a third party service provider review of the PVS on an annual basis to determine whether the PVS: a) has been the subject of any inquiries, subpoenas, investigations or penalties by the SEC or any other regulator; b) has the capacity and competency (i.e. staffing, technology) to adequately analyze matters and provide its services; c) has appropriate disclosure regarding the source of information and methodologies used in formulating recommendations; d) has an effective process for seeking timely input from issuers and clients regarding its voting policies, methodologies, peer group construction, identifying and addressing conflicts of interest; e) has a process to correct material deficiencies in the issuer information or research it has provided

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**E.Conflicts of Interest**

Vaughan Nelson has established policies and procedures to ensure that proxy votes are voted in its clients' best interests and are not affected by any possible conflicts of interest. When determining the vote on any proposal, the Proxy Committee will not consider any benefit to Vaughan Nelson, any of its affiliates, any of its or their clients or service providers, other than benefits to the owner of the securities to be voted.

Vaughan Nelson envisions only rare situations where a conflict of interest would exist or potentially exist between our firm and our clients given the nature of our business, clients, relationship and the types of securities being managed. Notwithstanding, an actual or potential conflict may be resolved in either of the following manners:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the proposal that gives rise to an actual or potential conflict is specifically addressed in the Guideline, the firm may vote the proxy in accordance with the pre-determined Guideline (provided that the pre-determined Guideline involves little or no discretion on the firm's part);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Otherwise, the firm will follow the recommendations of the PVS as to how the proxy should be voted. However, if the conflict of interest is a result of the PVS' affiliations or other lines of business, then the firm will take that information into consideration if the firm intends to use the PVS's research to vote a proxy item that is not addressed in our firm's recurring Proxy Voting Guideline.

Vaughan Nelson, as an indirect subsidiary of a Bank Holding Company (Natixis), is restricted from voting the shares it has invested in banking entities on behalf of its clients in instances where the aggregate ownership of all the Bank Holding Company's investment management subsidiaries exceed 5% of the outstanding voting shares of a bank. Where the aggregate ownership described exceeds the 5% threshold, the firm will instruct the PVS, an independent third party, to vote the proxies in line with their recommendation.

**F.Recordkeeping**

**G.Proxy Voting Procedures**

The procedures to be performed by a Compliance Individual (CI), the firm's Proxy Administrator (PA) and, as needed, the Proxy Voting Committee (or representative thereof) in the execution of our proxy voting duty to clients will be as follows:

<u>Client account Setup/Reconciliation</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.New clients will receive a copy of the "Description of Proxy Voting Policies and Procedures" as part of information provided in connection with the firm's New Client Checklist. This document details the proposed scope of Vaughan Nelson's proxy voting responsibilities and summarizes the processes used to vote proxies on behalf of a client if the client delegates the proxy voting responsibility to Vaughan Nelson.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.At the time a contract is entered into a determination will be made as to whether the client will retain proxy voting responsibilities. A separate acknowledgement will be obtained where the client elects to retain proxy voting responsibilities, if so desired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The PA will arrange for client proxy material to be forwarded to the PVS for voting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Vaughan Nelson uploads an automated FTP position file each day (on a settlement date basis) detailing all the securities held on behalf of our clients. The PVS will reconcile the daily file uploaded against their records and inform us if there are any account discrepancies. VN will research the reason for any account discrepancies in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The PVS will match the proxy material they receive for the accounts listed in the daily FTP position file and follow up with any custodian that has not forwarded proxies within a reasonable time.

<u>Securities Lending</u>

In many cases Vaughan Nelson's clients participate in securities lending programs whereby the legal right to vote a proxy is transferred to the borrower as a result of the lending process. From time to time, circumstances may arise where Vaughan Nelson desires to vote shares in an upcoming proxy (i.e. acquisition, contested election, etc.) if it is determined that it is in the client's best interest. In these cases, Vaughan Nelson, if the record date has not passed, will request the client to 'recall' the security in question from loan until the proxy record date in order for the client (and thereby Vaughan Nelson) to be the holder of record in order to cast the proxy vote.

<u>Voting Process</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The PA will log into the PVS system daily to review the proxy meetings that need to be voted. The PA has developed a desk top procedure help track the upcoming proxy meetings to ensure that all proxies are voted in a timely manner and none are missed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.While the PVS system provides a monthly view of upcoming proxy meetings, sometimes the research materials are not immediately available. Through web access and the PVS system, the PA is able to determine for each security its record date, meeting date and whether the PVS has completed proxy research on the security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Once the PVS research reports are available for a proxy meeting, the meeting is ready to be voted. At such time, the PA will review our internal positions/holdings report detailing the shares held of the security for our clients and compare it for reasonableness to the positions/holdings report provided by the PVS. Sometimes, share discrepancies exist because a client might have shares on loan or because clients have opted to retain the responsibility to vote their own proxies. Although Vaughan Nelson relies mainly on account reconciliations (instead of share reconciliations) to ensure proxies are being voted, the PA will research certain share discrepancies as detailed in the PA's desk top procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Download the PVS proxy research for each security and save it to a shared drive to be used by the CI if needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The PA will provide the CI with a copy of the voting form and provide a description of any conflict of interest for the company flagged by the PVS system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The CI will make a determination as to whether a material conflict exists with regard to the proxy or an individual proxy issue. The results of this determination will be documented and initialed on the proxy voting form. The CI will review the proxy issues against the firm's Guideline and cast each vote on the voting form, if able, and sign off on having voted those issues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)If all issues were able to be voted within the Guideline the package will be returned to the PA for online voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)If issues exist for which a case-by-case review must be made the package is forwarded to the PVC. The PVC will review the information within the package and any other necessary information in order to formulate the vote to be cast. If necessary, the proxy item(s) will be forwarded to the appropriate Portfolio Manager for input. The rationale for any departures from the firm's Guideline will be documented within the package. All votes will be indicated on the voting form and a member of the PVC or the Portfolio Manager will sign off as to having voted those issues. The package will then be returned to the PA for voting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)As described under "Conflicts of Interests", where a material conflict exists the firm may vote the issue 1) in accordance with the Guideline if the application of such policy to the issue at hand involves little or no discretion on the part of the firm, or 2) as indicated by the independent third-party research firm(if the PVS has no conflict), or 3) If both VN and the PVS have a conflict of interest, then this will be documented and taken into consideration when determining how the vote will be cast in the client's best interest . By voting conflicts in accordance with the indication of an independent third-party, the firm will be able to demonstrate that the vote was not a product of a conflict of interest. An indication that this was the approach taken to vote the issue will be made and signed off on by a member of the PVC. The package will then be returned to the PA for voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Through the software interface with the PVS the PA will indicate, review and submit our vote on individual securities. The PA is able to re-submit our vote up until the day before the meeting which can accommodate cases where new information may come to light.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.The PVS will then process the vote with the issuer on behalf of the firm.

<u>Review of User Access</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Vaughan Nelson will monitor and perform at least annually a formalized review of the user access for the PVS system, to ensure that all users with associated permissions are up to date.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>The CI will identify the current users who are granted access for proxy voting purposes. An email will be sent by the CI to the PVS administrator, asking to confirm what individuals currently have access rights.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Upon receipt, the CI will save the file with response provided to the shared drive and perform a reconciliation of the PVS list for accuracy. The reconciliation should include verifying any changes in personnel, which would require updates to user access in the PVS system. The CI will communicate and provide email correspondence back to the PVS administrator on any user access additions or removals, if necessary.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Documents and responses will be saved to the shared drive, which include the date of review undertaken.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Reconciliation of user access will be performed by the CI, on an as needed basis for individuals</u> joining the firm, or who <u>have left the firm.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Evidence of user access review will be kept in an organized location, and as confirmation for 206(4)-7 annual user access testing</u>.

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**Victory Capital** 

H-12 Proxy Voting

June 30, 2024

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**BACKGROUND AND RISKS**

Voting rights associated with security ownership are closely related to the discretionary asset management services VCM provides to its clients. Therefore, VCM should be capable of accepting and exercising voting authority on behalf of clients with the same standard of care, skill, prudence, and diligence it is subject to when exercising its investment authority on behalf of clients. Further, in order to exercise voting authority on behalf of clients, VCM must comply with Rule 206(4)-6 of the Advisers Act (the "proxy rule") and Rule 14Ad-1 of the Securities and Exchange Act of 1934 (the "proxy reporting rule"). The proxy rule requires VCM to adopt and implement written policies and procedures designed to ensure it votes securities in the best interest of clients including managing material conflicts of interest between VCM and its clients, to disclose to clients a summary of its proxy voting policies and procedures, how they may obtain a copy of these procedures, and information about how VCM voted their securities. The proxy reporting rule requires certain investment managers to report their proxy voting record annually on Form N-PX with respect to certain votes on executive compensation.

Inability to accept and exercise voting authority on behalf of clients or failure to comply with the proxy rule or proxy reporting rule could result in violations of securities law, breach of fiduciary duty, client harm, or damage to VCM's reputation.

**POLICY**

VCM will establish policies and procedures and retain resources necessary to ensure it is capable of exercising voting authority on behalf of clients according to the same standard of care with which it exercises investment authority. Because VCM will exercise voting authority, it will comply with the proxy rule and the proxy reporting rule and must vote securities in the best interest of clients.

For purposes of this policy, voting in the best interest of clients means using complete and accurate information to vote with the objective of increasing the long-term economic value of client assets. Similar to investment decision making, voting decisions are qualitative in nature and VCM will consider a variety of factors to arrive at vote decisions. Further a voting decision in the same security may be different between clients for the same reasons VCM clients are invested in different securities. For example, client agreements, investment strategies, or specific investment franchise views on ballot proposals may cause the same security to be voted in a different manner across VCM's client base.

VCM will vote all securities over which it has authority, provided the client has voting rights and there is sufficient time and information available to make informed decisions. VCM will take reasonable steps to obtain appropriate and timely information.

In situations where voting may impact the ability to trade a security (e.g., shareblocking), VCM will not vote unless it determines that voting is in a client's best interest.

For a copy of the guidelines (as defined below) please visit VCM's website at https://investor.vcm.com/policies. To obtain information on specific proxies voted by VCM, clients may contact their VCM client manager or email an inquiry to client_service_team@vcm.com.

VCM will create, maintain, and retain appropriate records related to voting client securities.

**LIST OF REQUIRED CONTROLS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proxy Voting Committee (the "committee")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Client Investment Management Agreements ("IMAs")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third-party proxy firm ("proxy firm")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• M-19 Vendor Due Diligence and Oversight ("vendor oversight policy")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proxy voting guidelines

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual committee guideline review

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Form ADV, Part 2A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• M-13 Record Retention and Destruction, Appendix A ("recordkeeping requirements")

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**CONTROL IMPLEMENTATION PROCEDURES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The committee will consist of members with experience related to the functional areas applicable to voting client securities including responsible investing, investment management, operations, and compliance. The committee is responsible for exercising VCM's fiduciary responsibilities related to voting client securities including voting in the best interests of clients and identifying and managing conflicts of interest. The committee will be active, keep a charter, and maintain records that demonstrate adequate execution of its responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When a client enters into an advisory relationship with VCM, proxy voting roles and responsibilities between the client and VCM will be fully disclosed. Responsibilities delegated to VCM will be communicated to the committee and the committee will be responsible for implementing voting requirements in accordance with each IMA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In order to support its fiduciary duty related to voting client securities and comply with the proxy rule and proxy reporting rule, VCM will retain, and the committee will oversee a third-party proxy advisory firm ("proxy firm") to provide both administrative and advisory services related to voting client securities. In relation to the proxy reporting rule, the proxy firm will provide draft filings in the appropriate format. The Business Owner of this policy is responsible for ensuring the accuracy of the filing. The Compliance Owner is responsible for ensuring the report is filed in a timely manner and complies with the proxy reporting rule. Selection and ongoing oversight of the proxy firm will be conducted in accordance with the vendor oversight policy. The Sponsor, as defined in the vendor oversight policy, must be a member of the committee. Currently, VCM retains Institutional Shareholder Services Inc. as its proxy firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The committee will adopt written proxy voting guidelines authored by the proxy firm ("guidelines"). These guidelines can be used as standing instructions on how the proxy firm must vote ballots provided that the committee must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Have the ability to customize the guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Retain the ability to override the guidelines on individual ballot proposals at the client level.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Review the guidelines at least annually, implement customizations based on this review, and submit a written memo to the compliance committee documenting the results of the annual review that includes the name of the proxy firm, links to the specific guidelines adopted, and a description of customizations made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Make the memo available to clients upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The purpose of the guidelines is 1) to benefit from the specialized expertise related to voting securities provided by the proxy firm and to provide an independent source to resolve conflicts of interest identified between VCM and its clients. For the first purpose, the committee will take into account the guidelines but will have ultimate responsibility for voting decisions. The committee will, in its discretion, rely on additional sources such as portfolio manager input to ensure the voting decisions it makes are in the best interest of specific clients. If the guidelines are silent on any pending ballot proposal, the committee will exercise its voting responsibility with due care and document the rationale for the vote decision. For the second purpose, if the committee identifies a conflict of interest between VCM and clients, the committee must vote in accordance with the guidelines unless the rationale for deviating from guidelines has unanimous consent from the committee and is put in writing, including an analysis of how the conflict of interest is eliminated, mitigated, or disclosed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The proxy firm will provide technology-based platform that provides operational controls over voting securities that include, at minimum, ballot reconciliation, casting complete ballots in a timely manner and in accordance with adopted written guidelines, ability to adjust or override a vote based on committee input, and reporting capabilities that support compliance with the proxy reporting rule and VCM's need to oversee the proxy firm and report internally and externally. The committee is responsible for ensuring these controls are operating as intended though must, at minimum, develop reporting designed to ensure all eligible client accounts are properly set up and configured on the proxy firm's platform and that the proxy firm is voting securities in accordance with the guidelines and this policy. Such reports should be reviewed by the committee at regular intervals and any exceptions should be referred to the LCR department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The disclosures required under the proxy rule will be contained in VCM's Form ADV, Part 2A and will be delivered to clients at the time and frequency required by regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The committee will be familiar with the recordkeeping requirements related to voting client securities and will maintain records and ensure the proxy firm maintains records for the required periods.

---

| | |
|:---|:---|
| **<u>Compliance Policy Executive Summary</u>** | **<u>Compliance Policy Executive Summary</u>** |
| **Policy Name:** | H-12 Proxy Voting Policy |
| **Applicability:** | Victory Capital Management Inc. ("VCM") |
| **Category:** | Investments - General |
| **Compliance Owner:** | Chief Compliance Officer, VCM |
| **Business Owner:** | Director Responsible Investment, VCM |
| **Effective Date:** | June 30, 2024 |
| **Executive Summary:** | Policy and procedures governing the voting of client securities |

---

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**WESTFIELD CAPITAL MANAGEMENT**

**Proxy Voting**

March 2025

**<u>Introduction</u>**

Westfield will offer to vote proxies for all client accounts. Westfield believes that the voting of proxies can be an important tool for investors to promote best practices in corporate governance. Therefore, Westfield seeks to vote all proxies in the best interest of clients which includes ERISA plan participants and beneficiaries, as applicable. Westfield also recognizes that the voting of proxies with respect to securities held in client accounts is an investment responsibility having economic value. Based on this, Westfield votes all ballots received for client accounts and covers all costs associated with voting proxy ballots.

In accordance with Rule 206(4)-6 under the Investment Advisers Act of 1940 (the "Act"), Westfield has adopted and implemented policies and procedures that they believe are reasonably designed to ensure that proxies are voted in the best interest of clients. Westfield's authority to vote proxies for their clients is established in writing, usually by the investment advisory contract. Clients can change such authority at any time with prior written notice to Westfield. Clients can also contact their Marketing representative or the Operations Department (wcmops@wcmgmt.com) for a report of how their accounts' securities were voted.

**<u>Oversight</u> <u>of</u> <u>Proxy</u> <u>Voting</u> <u>Function</u>**

Westfield has engaged a third-party service provider, Institutional Shareholder Services, Inc. (the "vendor"), to assist with proxy voting. The Operation's Proxy team will:

&nbsp;&nbsp;&nbsp;&nbsp;▪ oversee the vendor; this includes working with the Compliance team in performing annual audits of the proxy votes and conducting annual due diligence;

&nbsp;&nbsp;&nbsp;&nbsp;▪ ensure required proxy records are retained according to applicable rules and regulations and internal policy;

&nbsp;&nbsp;&nbsp;&nbsp;▪ distribute proxy reports prepared by the vendor for internal and external requests;

&nbsp;&nbsp;&nbsp;&nbsp;▪ review the proxy policy and voting guidelines at least annually; and

&nbsp;&nbsp;&nbsp;&nbsp;▪ identify material conflicts of interest that may impair Westfield's ability to vote shares in clients' best interest.

**<u>Proxy</u> <u>Voting</u> <u>Guidelines</u>**

Westfield utilizes the vendor's proxy voting guidelines, which consider market-specific best practices,

transparency, and disclosure when addressing shareholder matters. Westfield does not select a client's voting policy. Clients must choose the policy that best fits their requirements. Clients may choose to vote in accordance with the vendor's U.S. proxy voting guidelines (i.e., Standard Guidelines), Taft-Hartley guidelines which are in full conformity with the AFL-CIO's proxy voting guidelines, Socially Responsible Investing Guidelines ("SRI") or Sustainability Guidelines. A summary of ISS' voting guidelines is located at the end of this policy.

The vendor reviews the above listed policies annually to ensure they are still considering market-specific best practices, transparency, and disclosure when addressing shareholder matters. Westfield reviews these changes annually to ensure they are in clients' best interests.

Generally, information on Westfield's proxy voting decisions or status of votes will not be communicated or distributed to external solicitors. On occasion, Westfield may provide such information to solicitors if it is believed that a response will benefit clients, or a response is requested from the Westfield security analyst or portfolio manager. Westfield is required to disclose all say-on-pay votes on an annual basis in its Form N-PX filing to the SEC.

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**<u>Proxy</u> <u>Voting</u> <u>Process</u>**

The vendor tracks proxy meetings and reconciles proxy ballots received for each meeting. Westfield will use best efforts in obtaining any missing ballots; however, only those proxy ballots the vendor has received will be voted. For any missing ballots, the vendor and/or Westfield will contact custodians to locate such ballots. Since there can be many factors affecting proxy ballot retrieval, it is possible that Westfield will not receive a ballot in time to place a vote. Clients who participate in securities lending programs should be aware that Westfield will not call back any shares on loan for proxy voting purposes. However, Westfield could request a client call back shares if they determine there is the potential for a material benefit in doing so.

For each meeting, the vendor reviews the agenda and applies a vote recommendation for each proposal based on the written guidelines assigned to the applicable accounts. Proxies will be voted in accordance with the guidelines, unless the Westfield analyst or portfolio manager believes that following the vendor's guidelines would not be in the clients' best interests.

With limited exceptions, an analyst or portfolio manager may request to override the Standard or the Sustainability Guidelines at any time on or before the meeting cutoff date. When there is an upcoming material meeting (also referred to as "significant votes"), the Proxy team will bring the identified ballots to the analyst's or portfolio manager's attention. Westfield utilizes the vendor's classification to determine materiality (e.g. mergers, acquisitions, proxy contests). If the analyst or portfolio manager chooses to vote against the vendor's stated guidelines in any instance, he/she must make the request in writing and provide a rationale for the vote against the stated guidelines. No analyst or portfolio manager overrides are permitted in the Taft-Hartley and SRI guidelines.

**<u>Conflicts</u> <u>of</u> <u>Interest</u>**

Compliance and the Proxy team are responsible for identifying conflicts of interest that could arise when voting proxy ballots on behalf of Westfield's clients. Per Westfield's Code of Ethics and other internal policies, all employees should avoid situations where potential conflicts may exist. Westfield has put in place certain reviews to ensure proxies are voted solely on the investment merits of the proposal. In identifying potential conflicts, Compliance will review many factors, including, but not limited to existing relationships with Westfield or an employee, and the vendor's disclosed conflicts. If an actual conflict of interest is identified, it is reviewed by the Compliance and/or Proxy teams. If it is determined that the conflict is material in nature, the analyst or portfolio manager may not override the vendor's recommendation. Westfield's material conflicts are coded within the vendor's system. These meetings are flagged within the system to ensure Westfield does not override the vendor's recommendations.

Annually, Westfield will review the vendor's policies regarding their disclosure of their significant relationships to determine if there are conflicts that would impact Westfield. Westfield will also review their Code of Ethics which specifically identifies their actual or potential conflicts. During the annual due diligence meeting, Westfield ensures that the vendor has firewalls in place to separate the staff that performs proxy analyses and research from the members of ISS Corporate Solutions, Inc.

**<u>Proxy</u> <u>Reports</u>**

Westfield can provide account specific proxy reports to clients upon request or at scheduled time periods (e.g., quarterly). Client reporting requirements typically are established during the initial account set-up stage, but clients may modify this reporting schedule at any time with prior written notice to Westfield. The reports will contain at least the following information:

&nbsp;&nbsp;&nbsp;&nbsp;▪ company name

&nbsp;&nbsp;&nbsp;&nbsp;▪ meeting agenda

&nbsp;&nbsp;&nbsp;&nbsp;▪ how the account voted on each agenda item

&nbsp;&nbsp;&nbsp;&nbsp;▪ how management recommended the vote to be cast on each agenda item

&nbsp;&nbsp;&nbsp;&nbsp;▪ rationale for any votes against the established guidelines (rationale is not always provided for votes that are in-line with guidelines since these are set forth in the written guidelines)

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**<u>Recordkeeping</u>**

In accordance with Rule 204-2 of the Investment Advisers Act of 1940, proxy voting records will be maintained for at least five years. The following records will be retained by either Westfield or the proxy vendor:

&nbsp;&nbsp;&nbsp;&nbsp;• a copy of the Proxy Voting Polices and Guidelines and amendments that were in effect during the required time period;

&nbsp;&nbsp;&nbsp;&nbsp;• electronic or paper copies of each proxy statement received by Westfield or the vendor with respect to securities in client accounts (Westfield may also rely on obtaining copies of proxy statements from the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system);

&nbsp;&nbsp;&nbsp;&nbsp;• records of each vote cast for eachclient;

&nbsp;&nbsp;&nbsp;&nbsp;• written reports to clients on proxy voting and all client requests for information and Westfield's response;

&nbsp;&nbsp;&nbsp;&nbsp;• disclosure documentation to clients on how they may obtain information on how Westfield voted their securities

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**ISS**

**UNITED STATES**

**Concise Proxy Voting Guidelines**

**Benchmark Policy Recommendations**

Effective for Meetings on or after February 1, 2025

Published January 15, 2025

WWW.ISSGOVERNANCE.COM

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**The policies contained herein are a sampling only of selected key Taft-Hartley Advisory Services U.S. proxy voting guidelines, and are not intended to be exhaustive. The complete guidelines can be found at:**

**<u>https://www.issgovernance.com/policy-gateway/voting-policies/</u>**

**Board of Directors**

Voting on Director Nominees in Uncontested Elections

**General Recommendation:** Generally vote for director nominees, except under the following circumstances (with new nominees<sup>1</sup> considered on case-by-case basis):

**Independence**

Vote against<sup>2</sup> or withhold from non-independent directors (Executive Directors and Non-Independent Non- Executive Directors per ISS' Classification of Directors) when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Independent directors comprise 50 percent or less of the board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The non-independent director serves on the audit, compensation, or nominating committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company lacks an audit, compensation, or nominating committee so that the full board functions as that committee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company lacks a formal nominating committee, even if the board attests that the independent directors fulfill the functions of such a committee.

**Composition**

**Attendance at Board and Committee Meetings:** Generally vote against or withhold from directors (except nominees who served only part of the fiscal year<sup>3</sup>) who attend less than 75 percent of the aggregate of their board and committee meetings for the period for which they served, unless an acceptable reason for absences is disclosed in the proxy or another SEC filing. Acceptable reasons for director absences are generally limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Medical issues/illness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Family emergencies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Missing only one meeting (when the total of all meetings is three or fewer).

In cases of chronic poor attendance without reasonable justification, in addition to voting against the director(s) with poor attendance, generally vote against or withhold from appropriate members of the nominating/governance committees or the full board.

If the proxy disclosure is unclear and insufficient to determine whether a director attended at least 75 percent of the aggregate of his/her board and committee meetings during his/her period of service, vote against or withhold from the director(s) in question.

_______________________

<sup>1</sup> A "new nominee" is a director who is being presented for election by shareholders for the first time. Recommendations on new nominees who have served for less than one year are made on a case-by-case basis depending on the timing of their appointment and the problematic governance issue in question.

<sup>2</sup> In general, companies with a plurality vote standard use "Withhold" as the contrary vote option in director elections; companies with a majority vote standard use "Against". However, it will vary by company and the proxy must be checked to determine the valid contrary vote option for the particular company.

<sup>3</sup> Nominees who served for only part of the fiscal year are generally exempted from the attendance policy.

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**Overboarded Directors: Generally vote against or withhold from individual directors who:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Sit on more than five public company boards; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Are CEOs of public companies who sit on the boards of more than two public companies besides their own - withhold only at their outside boards<sup>4</sup>.

**Gender Diversity:** Generally vote against or withhold from the chair of the nominating committee (or other directors on a case-by-case basis) at companies where there are no women on the company's board. An exception will be made if there was at least one woman on the board at the preceding annual meeting and the board makes a firm commitment to return to a gender-diverse status within a year.

**Racial and/or Ethnic Diversity:** For companies in the Russell 3000 or S&P 1500 indices, generally vote against or withhold from the chair of the nominating committee (or other directors on a case-by-case basis) where the board has no apparent racially or ethnically diverse members.5 An exception will be made if there was racial and/or ethnic diversity on the board at the preceding annual meeting and the board makes a firm commitment to appoint at least one racial and/or ethnic diverse member within a year.

**Responsiveness**

Vote case-by-case on individual directors, committee members, or the entire board of directors as appropriate if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The board failed to act on a shareholder proposal that received the support of a majority of the shares cast in the previous year or failed to act on a management proposal seeking to ratify an existing charter/bylaw provision that received opposition of a majority of the shares cast in the previous year. Factors that will be considered are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Disclosed outreach efforts by the board to shareholders in the wake of the vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Rationale provided in the proxy statement for the level of implementation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The subject matter of the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The level of support for and opposition to the resolution in past meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Actions taken by the board in response to the majority vote and its engagement with shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The continuation of the underlying issue as a voting item on the ballot (as either shareholder or management proposals); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Other factors as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The board failed to act on takeover offers where the majority of shares are tendered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ At the previous board election, any director received more than 50 percent withhold/against votes of the shares cast and the company has failed to address the issue(s) that caused the high withhold/against vote.

Vote case-by-case on Compensation Committee members (or, in exceptional cases, the full board) and the Say on Pay proposal if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company's previous say-on-pay received the support of less than 70 percent of votes cast. Factors that will be considered are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company's response, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Disclosure of engagement efforts with major institutional investors, including the frequency and timing of engagements and the company participants (including whether independent directors participated);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Disclosure of the specific concerns voiced by dissenting shareholders that led to the say-on-pay opposition; 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;▪ Disclosure of specific and meaningful actions taken to address shareholders' concerns;

_______________________

<sup>4</sup> Although all of a CEO's subsidiary boards with publicly-traded common stock will be counted as separate boards, ISS will not recommend a withhold vote for the CEO of a parent company board or any of the controlled (>50 percent ownership) subsidiaries of that parent but may do so at subsidiaries that are less than 50 percent controlled and boards outside the parent/subsidiary relationships.

<sup>5</sup> Aggregate diversity statistics provided by the board will only be considered if specific to racial and/or ethnic diversity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Other recent compensation actions taken by the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether the issues raised are recurring or isolated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company's ownership structure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether the support level was less than 50 percent, which would warrant the highest degree of responsiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The board implements an advisory vote on executive compensation on a less frequent basis than the frequency that received the plurality of votes cast.

**Accountability**

***Problematic Takeover Defenses, Capital Structure, and Governance Structure***

**Poison Pills:** Generally vote against or withhold from all nominees (except new nominees1, who should be considered case-by-case) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company has a poison pill with a deadhand or slowhand feature5F ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The board makes a material adverse modification to an existing pill, including, but not limited to, extension, renewal, or lowering the trigger, without shareholder approval; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company has a long-term poison pill (with a term of over one year) that was not approved by the public shareholders.<sup>7</sup>

Vote case-by-case on nominees if the board adopts an initial short-term pill6 (with a term of one year or less) without shareholder approval, taking into consideration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The trigger threshold and other terms of the pill;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The disclosed rationale for the adoption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The context in which the pill was adopted, (e.g., factors such as the company's size and stage of development, sudden changes in its market capitalization, and extraordinary industry-wide or macroeconomic events);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A commitment to put any renewal to a shareholder vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The company's overall track record on corporate governance and responsiveness to shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other factors as relevant.

**Unequal Voting Rights:** Generally vote withhold or against directors individually, committee members, or the entire board (except new nominees1, who should be considered case-by-case), if the company employs a common stock structure with unequal voting rights 7F .

Exceptions to this policy will generally be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Newly-public companies8F with a sunset provision of no more than seven years from the date of going public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Limited Partnerships and the Operating Partnership (OP) unit structure of REITs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Situations where the super-voting shares represent less than 5% of total voting power and therefore considered to be de minimis; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company provides sufficient protections for minority shareholders, such as allowing minority shareholders a regular binding vote on whether the capital structure should be maintained.

**Classified Board Structure:** The board is classified, and a continuing director responsible for a problematic governance issue at the board/committee level that would warrant a withhold/against vote recommendation is not up for election. All appropriate nominees (except new) may be held accountable.

_______________________

<sup>6</sup> If a short-term pill with a deadhand or slowhand feature is enacted but expires before the next shareholder vote, ISS will generally still recommend withhold/against nominees at the next shareholder meeting following its adoption.

<sup>7</sup> Approval prior to, or in connection, with a company's becoming publicly-traded, or in connection with a de-SPAC transaction, is insufficient.

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**Removal of Shareholder Discretion on Classified Boards:** The company has opted into, or failed to opt out of, state laws requiring a classified board structure.

**Problematic Governance Structure:** For companies that hold or held their first annual meeting9 of public shareholders after Feb. 1, 2015, generally vote against or withhold from directors individually, committee members, or the entire board (except new nominees1, who should be considered case-by-case) if, prior to or in connection with the company's public offering, the company or its board adopted the following bylaw or charter provisions that are considered to be materially adverse to shareholder rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Supermajority vote requirements to amend the bylaws or charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ A classified board structure; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Other egregious provisions.

A provision which specifies that the problematic structure(s) will be sunset within seven years of the date of going public will be considered a mitigating factor.

Unless the adverse provision is reversed or removed, vote case-by-case on director nominees in subsequent years.

**Unilateral Bylaw/Charter Amendments:** Generally vote against or withhold from directors individually, committee members, or the entire board (except new nominees1, who should be considered case-by-case) if the board amends the company's bylaws or charter without shareholder approval in a manner that materially diminishes shareholders' rights or that could adversely impact shareholders, considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The board's rationale for adopting the bylaw/charter amendment without shareholder ratification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Disclosure by the company of any significant engagement with shareholders regarding the amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The level of impairment of shareholders' rights caused by the board's unilateral amendment to the bylaws/charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The board's track record with regard to unilateral board action on bylaw/charter amendments or other entrenchment provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company's ownership structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company's existing governance provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The timing of the board's amendment to the bylaws/charter in connection with a significant business development; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Other factors, as deemed appropriate, that may be relevant to determine the impact of the amendment on shareholders.

Unless the adverse amendment is reversed or submitted to a binding shareholder vote, in subsequent years vote case-by-case on director nominees. Generally vote against (except new nominees1, who should be considered case-by-case) if the directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Classified the board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Adopted supermajority vote requirements to amend the bylaws or charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Eliminated shareholders' ability to amend bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Adopted a <u>fee-shifting provision</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Adopted another provision deemed egregious.

_______________________

<sup>8</sup> This generally includes classes of common stock that have additional votes per share than other shares; classes of shares that are not entitled to vote on all the same ballot items or nominees; or stock with time-phased voting rights ("loyalty shares").

<sup>9</sup> Includes companies that emerge from bankruptcy, SPAC transactions, spin-offs, direct listings, and those who complete a traditional initial public offering.

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**Restricting Binding Shareholder Proposals:** Generally vote against or withhold from the members of the governance committee if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company's governing documents impose undue restrictions on shareholders' ability to amend the bylaws. Such restrictions include but are not limited to: outright prohibition on the submission of binding shareholder proposals or share ownership requirements, subject matter restrictions, or time holding requirements in excess of SEC Rule 14a-8. Vote against or withhold on an ongoing basis.

Submission of management proposals to approve or ratify requirements in excess of SEC Rule 14a-8 for the submission of binding bylaw amendments will generally be viewed as an insufficient restoration of shareholders' rights. Generally continue to vote against or withhold on an ongoing basis until shareholders are provided with an unfettered ability to amend the bylaws or a proposal providing for such unfettered right is submitted for shareholder approval.

**Director Performance Evaluation:** The board lacks mechanisms to promote accountability and oversight, coupled with sustained poor performance relative to peers. Sustained poor performance is measured by one-, three-, and five-year total shareholder returns in the bottom half of a company's four-digit GICS industry group (Russell 3000 companies only). Take into consideration the company's operational metrics and other factors as warranted. Problematic provisions include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ A classified board structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ A supermajority vote requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Either a plurality vote standard in uncontested director elections, or a majority vote standard in contested elections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The inability of shareholders to call special meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The inability of shareholders to act by written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ A multi-class capital structure; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ A non-shareholder-approved poison pill.

**Management Proposals to Ratify Existing Charter or Bylaw Provisions:** Vote against/withhold from individual directors, members of the governance committee, or the full board, where boards ask shareholders to ratify existing charter or bylaw provisions considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The presence of a shareholder proposal addressing the same issue on the same ballot;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The board's rationale for seeking ratification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Disclosure of actions to be taken by the board should the ratification proposal fail;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Disclosure of shareholder engagement regarding the board's ratification request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The level of impairment to shareholders' rights caused by the existing provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The history of management and shareholder proposals on the provision at the company's past meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether the current provision was adopted in response to the shareholder proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company's ownership structure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Previous use of ratification proposals to exclude shareholder proposals.

**Problematic Audit-Related Practices**

Generally vote against or withhold from the members of the Audit Committee if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The non-audit fees paid to the auditor are <u>excessive</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company receives an adverse opinion on the company's financial statements from its auditor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ There is persuasive evidence that the Audit Committee entered into an inappropriate indemnification agreement with its auditor that limits the ability of the company, or its shareholders, to pursue legitimate legal recourse against the audit firm.

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Vote case-by-case on members of the Audit Committee and potentially the full board if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Poor accounting practices are identified that rise to a level of serious concern, such as: fraud; misapplication of GAAP; and material weaknesses identified in Section 404 disclosures. Examine the severity, breadth, chronological sequence, and duration, as well as the company's efforts at remediation or corrective actions, in determining whether withhold/against votes are warranted.

**Problematic Compensation Practices**

In the absence of an Advisory Vote on Executive Compensation (Say on Pay) ballot item or in egregious situations, vote against or withhold from the members of the Compensation Committee and potentially the full board if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ There is an unmitigated misalignment between CEO pay and company performance (<u>pay</u> <u>for performance</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company maintains significant <u>problematic pay</u> <u>practices</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The board exhibits a significant level of <u>poor</u> <u>communication</u> <u>and</u> <u>responsiveness</u> to shareholders.

Generally vote against or withhold from the Compensation Committee chair, other committee members, or potentially the full board if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company fails to include a Say on Pay ballot item when required under SEC provisions, or under the company's declared frequency of say on pay; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company fails to include a Frequency of Say on Pay ballot item when required under SEC provisions.

Generally vote against members of the board committee responsible for approving/setting non-employee director compensation if there is a pattern (i.e. two or more years) of awarding excessive non-employee director compensation without disclosing a compelling rationale or other mitigating factors.

**Problematic Pledging of Company Stock:** Vote against the members of the committee that oversees risks related to pledging, or the full board, where a significant level of pledged company stock by executives or directors raises concerns. The following factors will be considered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The presence of an anti-pledging policy, disclosed in the proxy statement, that prohibits future pledging activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The magnitude of aggregate pledged shares in terms of total common shares outstanding, market value, and trading volume;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Disclosure of progress or lack thereof in reducing the magnitude of aggregate pledged shares over time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Disclosure in the proxy statement that shares subject to stock ownership and holding requirements do not include pledged company stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Any other relevant factors.

**Climate Accountability**

For companies that are significant greenhouse gas (GHG) emitters, through their operations or value chain<sup>10</sup> generally vote against or withhold from the incumbent chair of the responsible committee (or other directors on a case-by-case basis) in cases where ISS determines that the company is not taking the minimum steps needed to understand, assess, and mitigate risks related to climate change to the company and the larger economy.

_______________________

<sup>10</sup> Companies defined as "significant GHG emitters" will be those on the current Climate Action 100+ Focus Group list.

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Minimum steps to understand and mitigate those risks are considered to be the following. Both minimum criteria will be required to be in alignment with the policy :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Detailed disclosure of climate-related risks, such as according to the framework established by the Task Force on Climate-related Financial Disclosures (TCFD), including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Board governance measures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Corporate strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Risk management analyses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Metrics and targets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Appropriate GHG emissions reduction targets.

At this time, "appropriate GHG emissions reductions targets" will be medium-term GHG reduction targets or Net Zero-by-2050 GHG reduction targets for a company's operations (Scope 1) and electricity use (Scope 2). Targets should cover the vast majority of the company's direct emissions.

**Governance Failures**

Under extraordinary circumstances, vote against or withhold from directors individually, committee members, or the entire board, due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Material failures of governance, stewardship, risk oversight<sup>11</sup>, or fiduciary responsibilities at the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Failure to replace management as appropriate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Egregious actions related to a director's service on other boards that raise substantial doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company.

Voting on Director Nominees in Contested Elections

**Vote-No Campaigns**

**General Recommendation:** In cases where companies are targeted in connection with public "vote-no" campaigns, evaluate director nominees under the existing governance policies for voting on director nominees in uncontested elections. Take into consideration the arguments submitted by shareholders and other publicly available information.

**Proxy Contests/Proxy Access**

**General Recommendation:** Vote case-by-case on the election of directors in contested elections, considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Long-term financial performance of the company relative to its industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Management's track record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Background to the contested election;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Nominee qualifications and any compensatory arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Strategic plan of dissident slate and quality of the critique against management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Likelihood that the proposed goals and objectives can be achieved (both slates); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Stock ownership positions.

In the case of candidates nominated pursuant to proxy access, vote case-by-case considering any applicable factors listed above or additional factors which may be relevant, including those that are specific to the company, to the nominee(s) and/or to the nature of the election (such as whether there are more candidates than board seats).

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<sup>11</sup> Examples of failure of risk oversight include but are not limited to: bribery; large or serial fines or sanctions from regulatory bodies; demonstrably poor risk oversight of environmental and social issues, including climate change; significant adverse legal judgments or settlement; or hedging of company stock.

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Other Board-Related Proposals

**Independent Board Chair**

**General Recommendation:** Generally vote for shareholder proposals requiring that the board chair position be filled by an independent director, taking into consideration the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The scope and rationale of the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company's current board leadership structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company's governance structure and practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Company performance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Any other relevant factors that may be applicable.

The following factors will increase the likelihood of a "for" recommendation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ A majority non-independent board and/or the presence of non-independent directors on key board committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ A weak or poorly-defined lead independent director role that fails to serve as an appropriate counterbalance to a combined CEO/chair role;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The presence of an executive or non-independent chair in addition to the CEO, a recent recombination of the role of CEO and chair, and/or departure from a structure with an independent chair;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Evidence that the board has failed to oversee and address material risks facing the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ A material governance failure, particularly if the board has failed to adequately respond to shareholder concerns or if the board has materially diminished shareholder rights; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Evidence that the board has failed to intervene when management's interests are contrary to shareholders' interests.

**Shareholder Rights & Defenses**

**Shareholder Ability to Act by Written Consent**

**General Recommendation:** Generally vote against management and shareholder proposals to restrict or prohibit shareholders' ability to act by written consent.

Generally vote for management and shareholder proposals that provide shareholders with the ability to act by written consent, taking into account the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shareholders' current right to act by written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The consent threshold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The inclusion of exclusionary or prohibitive language;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Investor ownership structure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shareholder support of, and management's response to, previous shareholder proposals.

Vote case-by-case on shareholder proposals if, in addition to the considerations above, the company has the following governance and antitakeover provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ An unfettered<sup>12</sup> right for shareholders to call special meetings at a 10 percent threshold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ A majority vote standard in uncontested director elections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ No non-shareholder-approved pill; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ An annually elected board.

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<sup>12</sup> "Unfettered" means no restrictions on agenda items, no restrictions on the number of shareholders who can group together to reach the 10 percent threshold, and only reasonable limits on when a meeting can be called: no greater than 30 days after the last annual meeting and no greater than 90 prior to the next annual meeting.

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**Shareholder Ability to Call Special Meetings**

**General Recommendation:** Vote against management or shareholder proposals to restrict or prohibit

shareholders' ability to call special meetings.

Generally vote for management or shareholder proposals that provide shareholders with the ability to call special meetings taking into account the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shareholders' current right to call special meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Minimum ownership threshold necessary to call special meetings (10 percent preferred);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The inclusion of exclusionary or prohibitive language;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Investor ownership structure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shareholder support of, and management's response to, previous shareholder proposals.

**Virtual Shareholder Meetings**

**General Recommendation:** Generally vote for management proposals allowing for the convening of shareholder meetings by electronic means, so long as they do not preclude in-person meetings. Companies are encouraged to disclose the circumstances under which virtual-only<sup>13</sup> meetings would be held, and to allow for comparable rights and opportunities for shareholders to participate electronically as they would have during an in-person meeting.

Vote case-by-case on shareholder proposals concerning virtual-only meetings, considering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Scope and rationale of the proposal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Concerns identified with the company's prior meeting practices.

**Capital/Restructuring**

**Common Stock Authorization**

**General Authorization Requests**

**General Recommendation:** Vote case-by-case on proposals to increase the number of authorized shares of common stock that are to be used for general corporate purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ If share usage (outstanding plus reserved) is less than 50% of the current authorized shares, vote for an increase of up to 50% of current authorized shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ If share usage is 50% to 100% of the current authorized, vote for an increase of up to 100% of current authorized shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ If share usage is greater than current authorized shares, vote for an increase of up to the current share usage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ In the case of a stock split, the allowable increase is calculated (per above) based on the post-split adjusted authorization.

Generally vote against proposed increases, even if within the above ratios, if the proposal or the company's prior or ongoing use of authorized shares is problematic, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The proposal seeks to increase the number of authorized shares of the class of common stock that has superior voting rights to other share classes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ On the same ballot is a proposal for a reverse split for which support is warranted despite the fact that it would result in an excessive increase in the share authorization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company has a non-shareholder approved poison pill (including an NOL pill); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company has previous sizeable placements (within the past 3 years) of stock with insiders at prices substantially below market value, or with problematic voting rights, without shareholder approval.

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<sup>13</sup> Virtual-only shareholder meeting" refers to a meeting of shareholders that is held exclusively using technology without a corresponding in-person meeting.

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However, generally vote for proposed increases beyond the above ratios or problematic situations when there is disclosure of specific and severe risks to shareholders of not approving the request, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ In, or subsequent to, the company's most recent 10-K filing, the company discloses that there is substantial doubt about its ability to continue as a going concern;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company states that there is a risk of imminent bankruptcy or imminent liquidation if shareholders do not approve the increase in authorized capital; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ A government body has in the past year required the company to increase its capital ratios.

For companies incorporated in states that allow increases in authorized capital without shareholder approval, generally vote withhold or against all nominees if a unilateral capital authorization increase does not conform to the above policies.

**Specific Authorization Requests**

**General Recommendation:** Generally vote for proposals to increase the number of authorized common shares where the primary purpose of the increase is to issue shares in connection with transaction(s) (such as acquisitions, SPAC transactions, private placements, or similar transactions) on the same ballot, or disclosed in the proxy statement, that warrant support. For such transactions, the allowable increase will be the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ twice the amount needed to support the transactions on the ballot, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ the allowable increase as calculated for general issuances above.

**Share Issuance Mandates at U.S. Domestic Issuers Incorporated Outside the U.S.**

**General Recommendation:** For U.S. domestic issuers incorporated outside the U.S. and listed solely on a U.S. exchange, generally vote for resolutions to authorize the issuance of common shares up to 20 percent of currently issued common share capital, where not tied to a specific transaction or financing proposal.

For pre-revenue or other early-stage companies that are heavily reliant on periodic equity financing, generally vote for resolutions to authorize the issuance of common shares up to 50 percent of currently issued common share capital. The burden of proof will be on the company to establish that it has a need for the higher limit.

Renewal of such mandates should be sought at each year's annual meeting.

Vote case-by-case on share issuances for a specific transaction or financing proposal.

**Mergers and Acquisitions**

**General Recommendation:** Vote case-by-case on mergers and acquisitions. Review and evaluate the merits and drawbacks of the proposed transaction, balancing various and sometimes countervailing factors including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ *Valuation* - Is the value to be received by the target shareholders (or paid by the acquirer) reasonable? While the fairness opinion may provide an initial starting point for assessing valuation reasonableness, emphasis is placed on the offer premium, market reaction, and strategic rationale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ *Market reaction* - How has the market responded to the proposed deal? A negative market reaction should cause closer scrutiny of a deal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ *Strategic rationale* - Does the deal make sense strategically? From where is the value derived? Cost and revenue synergies should not be overly aggressive or optimistic, but reasonably achievable. Management should also have a favorable track record of successful integration of historical acquisitions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ *Negotiations and process* - Were the terms of the transaction negotiated at arm's-length? Was the process fair and equitable? A fair process helps to ensure the best price for shareholders. Significant negotiation "wins" can also signify the deal makers' competency. The comprehensiveness of the sales process (e.g., full auction, partial auction, no auction) can also affect shareholder value.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ *Conflicts of interest* - Are insiders benefiting from the transaction disproportionately and inappropriately as compared to non-insider shareholders? As the result of potential conflicts, the directors and officers of the company may be more likely to vote to approve a merger than if they did not hold these interests. Consider whether these interests may have influenced these directors and officers to support or recommend the merger. The CIC figure presented in the "ISS Transaction Summary" section of this report is an aggregate figure that can in certain cases be a misleading indicator of the true value transfer from shareholders to insiders. Where such figure appears to be excessive, analyze the underlying assumptions to determine whether a potential conflict exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ *Governance* - Will the combined company have a better or worse governance profile than the current governance profiles of the respective parties to the transaction? If the governance profile is to change for the worse, the burden is on the company to prove that other issues (such as valuation) outweigh any deterioration in governance.

**Special Purpose Acquisition Corporations (SPACs) - Proposals for Extensions**

The main purpose of SPACs is to identify and acquire a viable target within a specified timeframe, and failure to achieve this objective within the allotted time calls into question management's ability to execute its primary objective. The end of that timeframe is generally referred to as the termination date.

**General Recommendation:** Generally support requests to extend the termination date by up to one year from the SPAC's original termination date (inclusive of any built-in extension options, and accounting for prior extension requests).

Other factors that may be considered include: any added incentives, business combination status, other amendment terms, and, if applicable, use of money in the trust fund to pay excise taxes on redeemed shares.

**Compensation**

Executive Pay Evaluation

Underlying all evaluations are five global principles that most investors expect corporations to adhere to in designing and administering executive and director compensation programs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Maintain appropriate pay-for-performance alignment, with emphasis on long-term shareholder value: This principle encompasses overall executive pay practices, which must be designed to attract, retain, and appropriately motivate the key employees who drive shareholder value creation over the long term. It will take into consideration, among other factors, the link between pay and performance; the mix between fixed and variable pay; performance goals; and equity-based plan costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Avoid arrangements that risk "pay for failure": This principle addresses the appropriateness of long or indefinite contracts, excessive severance packages, and guaranteed compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Maintain an independent and effective compensation committee: This principle promotes oversight of executive pay programs by directors with appropriate skills, knowledge, experience, and a sound process for compensation decision-making (*e.g.*, including access to independent expertise and advice when needed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Provide shareholders with clear, comprehensive compensation disclosures: This principle underscores the importance of informative and timely disclosures that enable shareholders to evaluate executive pay practices fully and fairly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Avoid inappropriate pay to non-executive directors: This principle recognizes the interests of shareholders in ensuring that compensation to outside directors is reasonable and does not compromise their independence and ability to make appropriate judgments in overseeing managers' pay and performance. At the market level, it may incorporate a variety of generally accepted best practices.

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**Advisory Votes on Executive Compensation—Management Proposals (Say- on-Pay)**

**General Recommendation:** Vote case-by-case on ballot items related to executive pay and practices, as well as certain aspects of outside director compensation.

Vote against Advisory Votes on Executive Compensation (Say-on-Pay or "SOP") if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ There is an unmitigated misalignment between CEO pay and company performance (<u>pay for performance</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company maintains significant <u>problematic pay practices</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The board exhibits a significant level of <u>poor communication and responsiveness</u> to shareholders.

Vote against or withhold from the members of the Compensation Committee and potentially the full board if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ There is no SOP on the ballot, and an against vote on an SOP would otherwise be warranted due to pay-for- performance misalignment, problematic pay practices, or the lack of adequate responsiveness on compensation issues raised previously, or a combination thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The board fails to respond adequately to a previous SOP proposal that received less than 70 percent support of votes cast;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company has recently practiced or approved problematic pay practices, such as option repricing or option backdating; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The situation is egregious.

Primary Evaluation Factors for Executive Pay

**Pay-for-Performance Evaluation**

ISS annually conducts a pay-for-performance analysis to identify strong or satisfactory alignment between pay and performance over a sustained period. With respect to companies in the S&P1500, Russell 3000, or Russell 3000E Indices<sup>14</sup>, this analysis considers the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Peer Group.<sup>15</sup> Alignment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The degree of alignment between the company's annualized TSR rank and the CEO's annualized total pay rank within a peer group, each measured over a three-year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The rankings of CEO total pay and company financial performance within a peer group, each measured over a three-year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The multiple of the CEO's total pay relative to the peer group median in the most recent fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Absolute Alignment<sup>16</sup> – the absolute alignment between the trend in CEO pay and company TSR over the prior five fiscal years – i.e., the difference between the trend in annual pay changes and the trend in annualized TSR during the period.

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<sup>14</sup> The <u>Russell</u> <u>3000E</u> Index includes approximately 4,000 of the largest U.S. equity securities.

<sup>15</sup> The revised peer group is generally comprised of 14-24 companies that are selected using market cap, revenue (or assets for certain financial firms), GICS industry group, and company's selected peers' GICS industry group, with size constraints, via a process designed to select peers that are comparable to the subject company in terms of revenue/assets and industry, and also within a market-cap bucket that is reflective of the company's market cap. For Oil, Gas & Consumable Fuels companies, market cap is the only size determinant.

<sup>16</sup> Only Russell 3000 Index companies are subject to the Absolute Alignment analysis.

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If the above analysis demonstrates significant unsatisfactory long-term pay-for-performance alignment or, in the case of companies outside the Russell indices, a misalignment between pay and performance is otherwise suggested, our analysis may include any of the following qualitative factors, as relevant to an evaluation of how various pay elements may work to encourage or to undermine long-term value creation and alignment with shareholder interests:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The ratio of performance- to time-based incentive awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The overall ratio of performance-based compensation to fixed or discretionary pay;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The rigor of performance goals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The complexity and risks around pay program design;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The transparency and clarity of disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company's peer group benchmarking practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Financial/operational results, both absolute and relative to peers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Special circumstances related to, for example, a new CEO in the prior FY or anomalous equity grant practices (e.g., bi-annual awards);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Realizable pay<sup>17</sup> compared to grant pay; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Any other factors deemed relevant.

**Problematic Pay Practices**

Problematic pay elements are generally evaluated case-by-case considering the context of a company's overall pay program and demonstrated pay-for-performance philosophy. The focus is on executive compensation practices that contravene the global pay principles, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Problematic practices related to non-performance-based compensation elements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Incentives that may motivate excessive risk-taking or present a windfall risk; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Pay decisions that circumvent pay-for-performance, such as options backdating or waiving performance requirements.

The list of examples below highlights certain problematic practices that carry significant weight in this overall consideration and may result in adverse vote recommendations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Repricing or replacing of underwater stock options/SARs without prior shareholder approval (including cash buyouts and voluntary surrender of underwater options);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Extraordinary perquisites or tax gross-ups;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ New or materially amended agreements that provide for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Excessive termination or CIC severance payments (generally exceeding 3 times base salary and average/target/most recent bonus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ CIC severance payments without involuntary job loss or substantial diminution of duties ("single" or "modified single" triggers) or in connection with a problematic Good Reason definition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ CIC excise tax gross-up entitlements (including "modified" gross-ups);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Multi-year guaranteed awards that are not at risk due to rigorous performance conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Liberal CIC definition combined with any single-trigger CIC benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Insufficient executive compensation disclosure by externally-managed issuers (EMIs) such that a reasonable assessment of pay programs and practices applicable to the EMI's executives is not possible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Severance payments made when the termination is not clearly disclosed as involuntary (for example, a termination without cause or resignation for good reason); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Any other provision or practice deemed to be egregious and present a significant risk to investors.

_______________________

<sup>17</sup> ISS research reports include realizable pay for S&P1500 companies.

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The above examples are not an exhaustive list. Please refer to <u>ISS' U.S. Compensation Policies FAQ</u> document for additional detail on specific pay practices that have been identified as problematic and may lead to negative vote recommendations.

**Options Backdating**

The following factors should be examined case-by-case to allow for distinctions to be made between "sloppy" plan administration versus deliberate action or fraud:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Reason and motive for the options backdating issue, such as inadvertent vs. deliberate grant date changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Duration of options backdating;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Size of restatement due to options backdating;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Corrective actions taken by the board or compensation committee, such as canceling or re-pricing backdated options, the recouping of option gains on backdated grants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Adoption of a grant policy that prohibits backdating and creates a fixed grant schedule or window period for equity grants in the future.

**Compensation Committee Communications and Responsiveness**

Consider the following factors case-by-case when evaluating ballot items related to executive pay on the board's responsiveness to investor input and engagement on compensation issues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Failure to respond to majority-supported shareholder proposals on executive pay topics; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Failure to adequately respond to the company's previous say-on-pay proposal that received the support of less than 70 percent of votes cast, taking into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Disclosure of engagement efforts with major institutional investors, including the frequency and timing of engagements and the company participants (including whether independent directors participated);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Disclosure of the specific concerns voiced by dissenting shareholders that led to the say-on-pay opposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Disclosure of specific and meaningful actions taken to address shareholders' concerns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Other recent compensation actions taken by the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether the issues raised are recurring or isolated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company's ownership structure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether the support level was less than 50 percent, which would warrant the highest degree of responsiveness.

Equity-Based and Other Incentive Plans

Please refer to <u>ISS' U.S. Equity Compensation Plans FAQ</u> document for additional details on the Equity Plan Scorecard policy.

**General Recommendation:** Vote case-by-case on certain equity-based compensation plans18 depending on a combination of certain plan features and equity grant practices, where positive factors may counterbalance negative factors, and vice versa, as evaluated using an "Equity Plan Scorecard" (EPSC) approach with three pillars:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Plan Cost:** The total estimated cost of the company's equity plans relative to industry/market cap peers, measured by the company's estimated Shareholder Value Transfer (SVT) in relation to peers and considering both:

SVT based on new shares requested plus shares remaining for future grants, plus outstanding unvested/unexercised grants; and

SVT based only on new shares requested plus shares remaining for future grants.

_______________________

<sup>18</sup> Proposals evaluated under the EPSC policy generally include those to approve or amend (1) stock option plans for employees and/or employees and directors, (2) restricted stock plans for employees and/or employees and directors, and (3) omnibus stock incentive plans for employees and/or employees and directors; amended plans will be further evaluated case-by-case.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**▪ Plan Features:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quality of disclosure around vesting upon a change in control (CIC);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discretionary vesting authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Liberal share recycling on various award types;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lack of minimum vesting period for grants made under the plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dividends payable prior to award vesting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**▪ Grant Practices:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company's three-year burn rate relative to its industry/market cap peers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Vesting requirements in CEO's recent equity grants (3-year look-back);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The estimated duration of the plan (based on the sum of shares remaining available and the new shares requested, divided by the average annual shares granted in the prior three years);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The proportion of the CEO's most recent equity grants/awards subject to performance conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether the company maintains a sufficient claw-back policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether the company maintains sufficient post-exercise/vesting share-holding requirements.

Generally vote against the plan proposal if the combination of above factors indicates that the plan is not, overall, in shareholders' interests, or if any of the following egregious factors ("overriding factors") apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Awards may vest in connection with a liberal change-of-control definition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The plan would permit repricing or cash buyout of underwater options without shareholder approval (either by expressly permitting it – for NYSE and Nasdaq listed companies – or by not prohibiting it when the company has a history of repricing – for non-listed companies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The plan is a vehicle for problematic pay practices or a significant pay-for-performance disconnect under certain circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The plan is excessively dilutive to shareholders' holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The plan contains an evergreen (automatic share replenishment) feature; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Any other plan features are determined to have a significant negative impact on shareholder interests.

**Social and Environmental Issues**

Global Approach – E&S Shareholder Proposals

ISS applies a common approach globally to evaluating social and environmental proposals which cover a wide range of topics, including consumer and product safety, environment and energy, labor standards and human rights, workplace and board diversity, and corporate political issues. While a variety of factors goes into each analysis, the overall principle guiding all vote recommendations focuses on how the proposal may enhance or protect shareholder value in either the short or long term.

**General Recommendation:** Generally vote case-by-case, examining primarily whether implementation of the proposal is likely to enhance or protect shareholder value. The following factors will be considered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ If the issues presented in the proposal are being appropriately or effectively dealt with through legislation or government regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ If the company has already responded in an appropriate and sufficient manner to the issue(s) raised in the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether the proposal's request is unduly burdensome (scope or timeframe) or overly prescriptive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company's approach compared with any industry standard practices for addressing the issue(s) raised by the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether there are significant controversies, fines, penalties, or litigation associated with the company's practices related to the issue(s) raised in the proposal;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ If the proposal requests increased disclosure or greater transparency, whether reasonable and sufficient information is currently available to shareholders from the company or from other publicly available sources; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ If the proposal requests increased disclosure or greater transparency, whether implementation would reveal proprietary or confidential information that could place the company at a competitive disadvantage.

Climate Change

**Say on Climate (SoC) Management Proposals**

**General Recommendation:** Vote case-by-case on management proposals that request shareholders to approve

the company's climate transition action plan19 taking into account the completeness and rigor of the plan.

Information that will be considered where available includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The extent to which the company's climate related disclosures are in line with TCFD recommendations and meet other market standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Disclosure of its operational and supply chain GHG emissions (Scopes 1, 2, and 3);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The completeness and rigor of company's short-, medium-, and long-term targets for reducing operational and supply chain GHG emissions (Scopes 1, 2, and 3 if relevant);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether the company has sought and received third-party approval that its targets are science-based;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether the company has made a commitment to be "net zero" for operational and supply chain emissions (Scopes 1, 2, and 3) by 2050;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether the company discloses a commitment to report on the implementation of its plan in subsequent years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether the company's climate data has received third-party assurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Disclosure of how the company's lobbying activities and its capital expenditures align with company strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether there are specific industry decarbonization challenges; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company's related commitment, disclosure, and performance compared to its industry peers.

**Say on Climate (SoC) Shareholder Proposals**

**General Recommendation:** Vote case-by-case on shareholder proposals that request the company to disclose a report providing its GHG emissions levels and reduction targets and/or its upcoming/approved climate transition action plan and provide shareholders the opportunity to express approval or disapproval of its GHG emissions reduction plan, taking into account information such as the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The completeness and rigor of the company's climate-related disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company's actual GHG emissions performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether the company has been the subject of recent, significant violations, fines, litigation, or controversy related to its GHG emissions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether the proposal's request is unduly burdensome (scope or timeframe) or overly prescriptive.

**Climate Change/Greenhouse Gas (GHG) Emissions**

**General Recommendation:** Generally vote for resolutions requesting that a company disclose information on the financial, physical, or regulatory risks it faces related to climate change on its operations and investments or on how the company identifies, measures, and manages such risks, considering:

_______________________

<sup>19</sup> Variations of this request also include climate transition related ambitions, or commitment to reporting on the implementation of a climate plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether the company already provides current, publicly-available information on the impact that climate change may have on the company as well as associated company policies and procedures to address related risks and/or opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company's level of disclosure compared to industry peers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether there are significant controversies, fines, penalties, or litigation associated with the company's climate change-related performance.

Generally vote for proposals requesting a report on greenhouse gas (GHG) emissions from company operations and/or products and operations, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company already discloses current, publicly-available information on the impacts that GHG emissions may have on the company as well as associated company policies and procedures to address related risks and/or opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company's level of disclosure is comparable to that of industry peers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ There are no significant, controversies, fines, penalties, or litigation associated with the company's GHG emissions.

Vote case-by-case on proposals that call for the adoption of GHG reduction goals from products and operations, taking into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether the company provides disclosure of year-over-year GHG emissions performance data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether company disclosure lags behind industry peers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company's actual GHG emissions performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company's current GHG emission policies, oversight mechanisms, and related initiatives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether the company has been the subject of recent, significant violations, fines, litigation, or controversy related to GHG emissions.

**Racial Equity and/or Civil Rights Audit Guidelines**

**General Recommendation:** Vote case-by-case on proposals asking a company to conduct an independent racial equity and/or civil rights audit, taking into account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company's established process or framework for addressing racial inequity and discrimination internally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether the company adequately discloses workforce diversity and inclusion metrics and goals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether the company has issued a public statement related to its racial justice efforts in recent years, or has committed to internal policy review;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether the company has engaged with impacted communities, stakeholders, and civil rights experts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company's track record in recent years of racial justice measures and outreach externally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether the company has been the subject of recent controversy, litigation, or regulatory actions related to racial inequity or discrimination.

**ESG Compensation-Related Proposals**

**General Recommendation:** Vote case-by-case on proposals seeking a report or additional disclosure on the company's approach, policies, and practices on incorporating environmental and social criteria into its executive compensation strategy, considering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The scope and prescriptive nature of the proposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The company's current level of disclosure regarding its environmental and social performance and governance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The degree to which the board or compensation committee already discloses information on whether it has considered related E&S criteria; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether the company has significant controversies or regulatory violations regarding social or environmental issues.

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**ISS**

**UNITED STATES**

**TAFT-HARTLEY PROXY VOTING GUIDELINES**

**2025 Executive Summary**

Published January 17, 2025

WWW.ISSGOVERNANCE.COM

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| **Introduction** | **3** |
| Board of Directors | **4** |
| Voting on Director Nominees in Uncontested Elections | 4 |
| Board Size | 5 |
| Board Diversity | 5 |
| Majority Threshold Voting Requirement for Director Elections | 5 |
| Cumulative Voting | 5 |
| Shareholder Access to the Proxy | 6 |
| Takeover Defenses / Shareholder Rights | 6 |
| Poison Pills | 6 |
| Proxy Contests — Voting for Director Nominees in Contested Elections | 6 |
| **Capital Structure** | **7** |
| Increase Authorized Common Stock | 7 |
| Reverse Stock Splits | 7 |
| Dual Class Structures | 7 |
| Preferred Stock Authorization | 7 |
| Share Repurchase Programs | 8 |
| **Auditor Ratification** | 9 |
| Auditor Independence | 9 |
| **Mergers, Acquisitions, and Restructurings** | 10 |
| Mergers and Acquisitions | 10 |
| Reincorporation | 10 |
| **Executive Compensation** | 11 |
| Equity Incentive Plans | 11 |
| Options Backdating | 11 |
| Advisory Votes on Executive Compensation – Management Say-on-Pay Proposals (MSOP) | 11 |
| Golden Parachutes | 12 |
| Proposals to Limit Executive and Director Pay | 12 |
| **Corporate Responsibility & Accountability** | 13 |
| Corporate and Supplier Codes of Conduct | 13 |
| Greenhouse Gas Emissions | 13 |
| Sustainability Reporting and Planning | 13 |
| Hydraulic Fracturing | 14 |
| Workplace Practices and Human Rights | 14 |
| Environmental Justice | 14 |
| Just Transition | 14 |

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**Introduction**

The proxy voting policy of ISS' Taft-Hartley Advisory Services is based upon the AFL-CIO Proxy Voting Guidelines, which comply with all the fiduciary standards delineated by the U.S. Department of Labor.

Taft-Hartley client accounts are governed by the Employee Retirement Income Security Act (ERISA). ERISA sets forth the tenets under which pension fund assets must be managed and invested. Proxy voting rights have been declared by the Department of Labor to be valuable plan assets and therefore must be exercised in accordance with the fiduciary duties of loyalty and prudence. The duty of loyalty requires that the voting fiduciary exercise proxy voting authority solely in the economic interest of participants and plan beneficiaries. The duty of prudence requires that decisions be made based on financial criteria and that a clear process exists for evaluating proxy issues.

The Taft-Hartley Advisory Services voting policy was carefully crafted to meet those requirements by promoting long-term shareholder value, emphasizing the "economic best interests" of plan participants and beneficiaries. Taft-Hartley Advisory Services will assess the short-term and long-term impact of a vote and will promote a position that is consistent with the long-term economic best interests of plan members embodied in the principle of a "worker-owner view of value."

The Taft-Hartley Advisory Services guidelines address a broad range of issues, including election of directors, executive compensation, proxy contests, auditor ratification, and tender offer defenses – all significant voting items that affect long-term shareholder value. In addition, these guidelines delve deeper into workplace issues that may have an impact on corporate performance, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Corporate policies that affect job security and wage levels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Corporate policies that affect local economic development and stability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Corporate responsibility to employees, communities, and the environment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Workplace safety and health issues.

Taft-Hartley Advisory Services shall analyze each proxy on a case-by-case basis, informed by the guidelines outlined in the following pages. Taft-Hartley Advisory Services does not intend for these guidelines to be exhaustive. It is neither practical nor productive to fashion voting guidelines and policies which attempt to address every eventuality. Rather, Taft-Hartley Advisory Services' guidelines are intended to cover the most significant and frequent proxy issues that arise. Issues not covered by the guidelines shall be voted in the interest of plan participants and beneficiaries of the plan based on a worker-owner view of long-term corporate value. Taft-Hartley Advisory Services shall revise its guidelines as events warrant and will remain in conformity with the AFL-CIO proxy voting policy.

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**The policies contained herein are a sampling only of selected key Taft-Hartley Advisory Services U.S. proxy voting guidelines, and are not intended to be exhaustive. The complete guidelines can be found at:**

**<u>https://www.issgovernance.com/policy-gateway/voting-policies/</u>**

**Board of Directors**

Voting on Director Nominees in Uncontested Elections

Electing directors is the single most important stock ownership right that shareholders can exercise. The board of directors is responsible for holding management accountable to performance standards on behalf of the shareholders. Taft-Hartley Advisory Services supports annually elected boards and holds directors to a high standard when voting on their election, qualifications, and compensation.

Taft-Hartley Advisory Services believes votes should be cast in a manner that will encourage the independence of boards. In particular, the Taft-Hartley guidelines board independence standards require a two-thirds majority independent board. The Taft-Hartley guidelines also employ a higher bar on director independence classifications and consider directors who have been on the board for a period exceeding 10 years as non-independent directors. Furthermore, key board committees should be composed entirely of independent directors. Taft-Hartley Advisory Services supports shareholders proposals requesting the separation of the chairman and CEO positions and opposes the election of a non-independent chair.

Taft-Hartley Advisory Services takes into account the attendance records of directors, using a benchmark attendance rate of 75 percent of board and committee meetings. Cases of chronic poor attendance without reasonable justification may also warrant adverse recommendations for nominating/governance committees or the full board. Taft-Hartley Advisory Services will also vote against a director nominee who serves on an excessive number of boards. A non-CEO director will be deemed "overboarded" if he/she sits on more than four public company boards while CEO directors will be considered as such if they serve on more than one public company board besides their own. Furthermore, adverse recommendations for directors may be warranted at companies where problematic pay practices exist, and where boards have not been accountable or responsive to their shareholders.

For companies that are significant greenhouse gas (GHG) emitters, through their operations or value chain<sup>1</sup>, Taft-Hartley Advisory Services will generally vote against or withhold from the incumbent chair of the responsible committee (or other directors on a case-by-case basis) in cases where it is determined that the company is not taking the minimum steps needed to understand, assess, and mitigate risks related to climate change to the company and the larger economy.

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Board Size

While there is no hard and fast rule among institutional investors as to what may be an optimal board size, a board that is too large may function inefficiently. Conversely, a board that is too small may allow the CEO to exert disproportionate influence or may stretch the time requirements of individual directors too thin. Given that the preponderance of boards in the U.S. range between five and fifteen directors, many institutional investors believe this benchmark is a useful standard for evaluating such proposals. Taft-Hartley Advisory Services will generally vote against any proposal seeking to amend the company's board size to fewer than five seats or more than fifteen seats.

Board Diversity

Taft-Hartley Advisory Services will generally vote against or withhold from the chair of the nominating committee (or other directors on a case-by-case basis) for companies where there are no women on the company's board or for companies in the Russell 3000 or S&P 1500 indices where the board has no apparent racially or ethnically diverse members<sup>2</sup>.

Taft-Hartley Advisory Services will support shareholder proposals asking the board to make greater efforts to search for qualified female and minority candidates for nomination to the board of director. Taft-Hartley fiduciaries generally believe that increasing diversity in the boardroom better reflects a company's workforce, customers and community, and enhances shareholder value.

Majority Threshold Voting Requirement for Director Elections

Taft-Hartley fiduciaries believe shareholders should have a greater voice regarding the election of directors and view majority threshold voting as a viable alternative to the current deficiencies of the plurality system in the U.S. Shareholders have expressed strong support for resolutions on majority threshold voting. Taft-Hartley Advisory Services supports proposals calling for directors to be elected with an affirmative majority of votes cast and/or the elimination of the plurality standard for electing directors, provided the proposal includes a carve-out for a plurality voting standard in contested director elections.

Cumulative Voting

Under a cumulative voting scheme, shareholders are permitted to have one vote per share for each director to be elected and may apportion these votes among the director candidates in any manner they wish. This voting method allows minority shareholders to influence the outcome of director contests by "cumulating" their votes for one nominee, thereby creating a measure of independence from management control. Taft-Hartley Advisory Services will generally vote against proposals to eliminate cumulative voting, and for proposals to allow cumulative voting.

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<sup>1</sup> Companies defined as "significant GHG emitters" will be those on the current Climate Action 100+ Focus Group list.

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Shareholder Access to the Proxy

Many investors view proxy access as an important shareholder right, one that is complementary to other best- practice corporate governance features. Taft-Hartley Advisory Services is generally supportive of reasonably crafted shareholder proposals advocating for the ability of long-term shareholders to cost-effectively nominate director candidates that represent their interests on management's proxy card. Shareholder proposals that have the potential to result in abuse of the proxy access right by way of facilitating hostile takeovers will generally not be supported.

Takeover Defenses / Shareholder Rights

Topics evaluated in this category include shareholders' ability to call a special meeting or act by written consent, the adoption or redemption of poison pills, unequal voting rights, fair price provisions, greenmail, supermajority vote requirements, and confidential voting.

Taft-Hartley Advisory Services generally opposes takeover defenses, as they limit shareholder value by eliminating the takeover or control premium for the company. As owners of the company, shareholders should be given the opportunity to decide on the merits of takeover offers. Further, takeover devices can be used to entrench a board that is unresponsive to shareholders on both governance and corporate social responsibility issues.

Taft-Hartley Advisory Services will generally vote for management proposals allowing for the convening of shareholder meetings by electronic means, so long as they do not preclude in-person meetings. Companies are encouraged to disclose the circumstances under which virtual-only meetings would be held, and to allow for comparable rights and opportunities for shareholders to participate electronically as they would have during an in- person meeting.

Poison Pills

Shareholder rights plans, more commonly known as poison pills, are warrants issued to shareholders allowing them to purchase shares from the company at a price far below market value when a certain ownership threshold has been reached, thereby effectively preventing a takeover. Poison pills can entrench management and give the board veto power over takeover bids, thereby altering the balance of power between shareholders and management. While poison pills are evaluated on a case-by-case basis depending on a company's particular set of circumstances, Taft-Hartley Advisory Services will generally vote for proposals to submit a company's poison pill to shareholder vote and/or eliminate or redeem poison pills.

Proxy Contests — Voting for Director Nominees in Contested Elections

Contested elections of directors frequently occur when a board candidate or "dissident slate" seeks election for the purpose of achieving a significant change in corporate policy or control of seats on the board. Competing slates will be evaluated on a case-by-case basis with several considerations in mind. These include, but are not limited to, the following: personal qualifications of each candidate; the economic impact of the policies advanced by the dissident slate of nominees; and their expressed and demonstrated commitment to the interests of the shareholders of the company.

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<sup>2</sup> Aggregate diversity statistics provided by the board will only be considered if specific to racial and/or ethnic diversity.

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**Capital Structure**

Increase Authorized Common Stock

Corporations seek shareholder approval to increase their supply of common stock for a variety of business reasons. Taft-Hartley Advisory Services will vote for proposals to increase authorized common stock when management has provided a specific justification for the increase, evaluating proposals on a case-by-case basis. An increase of up to 50 percent is enough to allow a company to meet its capital needs. Taft-Hartley Advisory Services will vote against proposals to increase an authorization by more than 50 percent unless management provides compelling reasons for the increase. Adverse recommendations would be considered warranted if the proposal or the company's prior or ongoing use of authorized shares is problematic (e.g., the company has a non-shareholder approved poison pill).

Reverse Stock Splits

Reverse splits exchange multiple shares for a lesser amount to increase share price. Evaluation of management proposals to implement a reverse stock split will take into account whether there is a corresponding proportional decrease in authorized shares. Without a corresponding decrease, a reverse stock split is effectively an increase in authorized shares by way of reducing the number of shares outstanding, while leaving the number of authorized shares to be issued at the pre-split level. Taft-Hartley Advisory Services also considers if the reverse stock split is necessary to maintain listing of a company's stock on the national stock exchanges, or if there is substantial doubt about the company's ability to continue as a going concern without additional financing.

Taft-Hartley Advisory Services generally supports a reverse stock split if the number of authorized shares will be reduced proportionately. When there is not a proportionate reduction of authorized shares, Taft-Hartley trustees should oppose such proposals unless a stock exchange has provided notice to the company of a potential delisting.

Dual Class Structures

Taft-Hartley Advisory Services does not support dual share class structures. Incumbent management can use a dual class structure to gain unequal voting rights. A separate class of shares with superior voting rights can allow management to concentrate its power and insulate itself from the majority of its shareholders. An additional drawback is the added cost and complication of maintaining the two-class system. Taft-Hartley Advisory Services will vote for a one share, one vote capital structure, and vote against the creation or continuation of dual class structures.

Preferred Stock Authorization

Preferred stock is an equity security which has certain features similar to debt instruments- such as fixed dividend payments and seniority of claims to common stock - and usually carries little to no voting rights. The terms of blank check preferred stock give the board of directors the power to issue shares of preferred stock at their discretion with voting, conversion, distribution, and other rights to be determined by the board at time of issue. Taft-Hartley Advisory Services will generally vote for proposals to authorize preferred stock in cases where the company specifies the voting, dividend, conversion, and other rights of such stock and the terms of the preferred stock appear reasonable. Taft-Hartley Advisory Services will also consider company-specific factors including the company's prior or ongoing use of authorized shares, disclosure on specific reasons/rationale for the proposed increase, the dilutive impact of the request, disclosure of specific risks to shareholders of not approving the request, and whether the shares requested are blank check preferred shares that can be used for antitakeover purposes.

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Share Repurchase Programs

While most U.S. companies can and do implement share buyback programs via board resolutions without shareholder votes, there are exceptions to this rule. Certain financial institutions, for example, are required by their regulators to receive shareholder approval for buyback programs. In addition, certain U.S.-listed cross-market companies are required by the law of their country of incorporation to receive shareholder approval to grant the board the authority to repurchase shares.

For U.S.-incorporated companies, and foreign-incorporated U.S. Domestic Issuers that are traded solely on U.S. exchanges, Taft-Hartley Advisory Services will vote for management proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms, or to grant the board authority to conduct open-market repurchases, in the absence of company-specific concerns. Taft-Hartley Advisory Services will vote case-by-case on proposals to repurchase shares directly from specified shareholders, balancing the stated rationale against the possibility for the repurchase authority to be misused, such as to repurchase shares from executives at a premium to market price.

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**Auditor Ratification**

Auditor Independence

Auditors are the backbone upon which a company's financial health is measured, and auditor independence is essential for rendering objective opinions upon which investors then rely. When an auditor is paid more in consulting fees than for auditing, its relationship with the company is left open to conflicts of interest. Because accounting scandals evaporate shareholder value, any proposal to ratify auditors is examined for potential conflicts of interest, with particular attention to the fees paid to the auditor, auditor tenure, as well as whether the ratification of auditors has been put up for shareholder vote. Failure by a company to present its selection of auditors for shareholder ratification should be discouraged as it undermines good governance and disenfranchises shareholders.

Taft-Hartley Advisory Services will vote against the ratification of a company's auditor if it receives more than one- quarter of its total fees for consulting or if auditor tenure has exceeded seven years. A vote against the election of Audit Committee members will also be recommended when auditor ratification is not included on the proxy ballot and/or when consulting fees exceed audit fees. Taft-Hartley Advisory Services supports shareholder proposals to ensure auditor independence and effect mandatory auditor ratification.

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**Mergers, Acquisitions, and Restructurings**

Taft-Hartley Advisory Services votes for corporate transactions that take the high road to competitiveness and company growth. Taft-Hartley Advisory Services believes that structuring merging companies to build long-term relationships with a stable and quality work force and preserving good jobs creates long-term company value. Taft- Hartley Advisory Services opposes corporate transactions which indiscriminately lay off workers and shed valuable competitive resources.

Mergers and Acquisitions

Mergers, acquisitions, spinoffs, reincorporations, and other corporate restructuring plans are evaluated on a case- by-case basis, given the potential for significant impact on shareholder value and on shareholders' economic interests. In addition, these corporate actions can have a significant impact on community stakeholders and the workforce, and may affect the levels of employment, community lending, equal opportunity, and impact on the environment.

Reincorporation

For a company that seeks to reincorporate, Taft-Hartley Advisory Services evaluates the merits of the move on a case-by-case basis, taking into consideration both financial and corporate governance concerns including the reasons for reincorporation, a comparison of both the company's governance practices and provisions prior to and following the reincorporation, and corporation laws of original state and destination state.

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**Executive Compensation**

Equity Incentive Plans

Taft-Hartley Advisory Services supports compensating executives at a reasonable rate and believes that executive compensation should be strongly correlated to sustained performance. Stock options and other forms of equity compensation should be performance-based with an eye toward improving shareholder value. Well-designed stock option plans align the interests of executives and shareholders by providing that executives benefit when stock prices rise as the company— and shareholders— prosper together. Poorly designed equity award programs can encourage excessive risk-taking behavior and incentivize executives to pursue corporate strategies that promote short-term stock price to the ultimate detriment of long-term shareholder value.

Many plans sponsored by management provide goals so easily attained that executives can realize massive rewards even though shareholder value is not necessarily created. Stock options that are awarded selectively and excessively can dilute shareholders' share value and voting power. In general, Taft-Hartley Advisory Services supports plans that are offered at fair terms to executives who satisfy well-defined performance goals. Option plans are evaluated on a case-by-case basis, taking into consideration factors including: exercise price, voting power dilution, equity burn rate, executive concentration ratios, pay-for-performance, and the presence of any repricing provisions.

Options Backdating

Options backdating has serious implications and has resulted in financial restatements, delisting of companies, and/or the termination of executives or directors. When options backdating has taken place, Taft-Hartley Advisory Services may consider recommending against or withholding votes from the compensation committee, depending on the severity of the practices and the subsequent corrective actions taken by the board. Taft-Hartley Advisory Services adopts a case-by-case approach to the options backdating issue to differentiate companies that had sloppy administration versus those that had committed fraud, as well as those companies that have since taken corrective action. Instances in which companies have committed fraud are more disconcerting, and Taft-Hartley Advisory Services will look to them to adopt formal policies to ensure that such practices will not re-occur in the future.

Advisory Votes on Executive Compensation – Management Say-on-Pay Proposals (MSOP)

The Dodd-Frank Wall Street Reform and Consumer Protection Act requires advisory shareholder votes on executive compensation (management "Say on Pay"), an advisory vote on the frequency of Say on Pay, as well as a shareholder advisory vote on golden parachute compensation. Taft-Hartley Advisory Services believes that executive pay programs should be fair, competitive, reasonable, and appropriate, and that pay for performance should be a central tenet in executive compensation philosophy. Taft-Hartley Advisory Services will vote against MSOP proposals if there is a misalignment between CEO pay and company performance, the company maintains problematic pay practices, or the board exhibits a significant level of poor communication and responsiveness to shareholders.

Taft-Hartley Advisory Services also supports annual advisory votes on compensation, which provide the most consistent and clear communication channel for shareholder concerns about companies' executive pay programs.

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Golden Parachutes

Golden parachutes are designed to protect the senior level employees of a corporation in the event of a change-in- control. Under most golden parachute agreements, senior level management employees receive a lump sum pay- out triggered by a change-in-control at usually two to three times base salary. These severance agreements can grant extremely generous benefits to well-paid executives and most often offer no value to shareholders. Taft- Hartley Advisory Services will evaluate golden parachutes compensation and shareholder proposals to have all golden parachute agreements submitted for shareholder ratification on a case-by-case basis, consistent with Taft- Hartley Advisory Services' policies on problematic pay practices related to severance packages.

Proposals to Limit Executive and Director Pay

Taft-Hartley Advisory Services will vote for shareholder proposals that seek additional disclosure of executive and director pay information. Taft-Hartley Advisory Services will also vote for shareholder proposals that seek to

eliminate outside directors' retirement benefits. Taft-Hartley Advisory Services reviews on a case-by-case basis all other shareholder proposals that seek to limit executive and director pay. This includes shareholder proposals that seek to link executive compensation to non-financial factors such as corporate downsizing, customer/employee satisfaction, community involvement, human rights, social and environmental goals, and performance.

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**Corporate Responsibility & Accountability**

Taft-Hartley Advisory Services generally supports social, workforce, and environmental shareholder-sponsored resolutions if they seek to create responsible corporate citizens while at the same time attempting to enhance long-term shareholder value. Taft-Hartley Advisory Services typically supports proposals that ask for disclosure reporting of information that is not available outside the company and not proprietary in nature. Such reporting is particularly most vital when it appears that a company has not adequately addressed shareholder concerns regarding social, workplace, environmental and/or other issues.

Corporate and Supplier Codes of Conduct

Taft-Hartley Advisory Services generally supports proposals that call for the adoption and/or enforcement of clear principles or codes of conduct relating to countries in which there are systematic violations of human rights. These conditions include the use of slave, child, or prison labor, undemocratically elected governments, widespread reports by human rights advocates, fervent pro-democracy protests, or economic sanctions and boycotts.

Many proposals refer to the seven core conventions, commonly referred to as the "Declaration on Fundamental Principles and Rights At Work," ratified by the International Labor Organization (ILO). The seven conventions fall under four broad categories: i) right to organize and bargain collectively; ii) non-discrimination in employment; iii) abolition of forced labor; and iv) end of child labor. Each member nation of the ILO body is bound to respect and promote these rights to the best of their abilities.

Taft-Hartley Advisory Services supports the implementation and reporting on ILO codes of conduct. Taft-Hartley Advisory Services also votes in favor of requests for an assessment of the company's human rights risks in its operation or in its supply chain, or report on its human rights risk assessment process.

Greenhouse Gas Emissions

Shareholder proposals asking a company to issue a report to shareholders – at reasonable cost and omitting proprietary information – on greenhouse gas emissions ask that the report include descriptions of efforts within companies to reduce emissions, their financial exposure and potential liability from operations that contribute to global warming, and their direct or indirect efforts to promote the view that global warming is not a threat.

Proponents argue that there is scientific proof that the burning of fossil fuels causes global warming, that future legislation may make companies financially liable for their contributions to global warming, and that a report on the company's role in global warming can be assembled at reasonable cost. Taft-Hartley Advisory Services generally supports greater disclosure on climate change-related proposals.

Sustainability Reporting and Planning

The concept of sustainability is commonly understood as meeting the needs of the present generation without compromising the ability of future generations to meet their own needs. Indeed, the term sustainability is complex and poses significant challenges for companies on many levels. Many in the investment community have termed this broader responsibility the "triple bottom line," referring to the triad of performance goals related to economic prosperity, social responsibility, and environmental quality. In essence, the concept requires companies to balance the needs and interests of their various stakeholders while operating in a manner that sustains business growth for the long-term, supports local communities and protects the environment and natural capital for future generations.

Taft-Hartley Advisory Services generally supports shareholder proposals seeking greater disclosure on the company's environmental and social practices, and/or associated risks and liabilities.

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Hydraulic Fracturing

Shareholder proponents have elevated concerns on the use of hydraulic fracturing, an increasingly controversial process in which water, sand, and a mix of chemicals is blasted horizontally into tight layers of shale rock to extract natural gas. As this practice has gained more widespread use, environmentalists have raised concerns that the chemicals mixed with sand and water to aid the fracturing process can contaminate ground water supplies.

Proponents of resolutions at companies that employ hydraulic fracturing are also concerned that wastewater produced by the process could overload the waste treatment plants to which it is shipped. Shareholders have asked companies that utilize hydraulic fracturing to report on the environmental impact of the practice and to disclose policies aimed at reducing hazards from the process.

Taft-Hartley Advisory Services generally supports shareholder requests seeking greater transparency on the practice of hydraulic fracturing and its associated risks.

Workplace Practices and Human Rights

Taft-Hartley Advisory Services supports shareholder requests for workplace safety reports, including reports on accident risk reduction effort. In addition, Taft-Hartley Advisory Services will generally support proposals calling for action on equal employment opportunity and anti-discrimination, and requests to conduct an independent racial equity and/or civil rights audit.

Environmental Justice

Companies have faced proposals addressing environmental justice concerns, focused on vulnerable stakeholders – particularly communities of color and low-income communities – who are disproportionately impacted by environmental pollution. These heightened risks can be exacerbated by climate change. Taft-Hartley Advisory Services generally supports shareholder proposals requesting disclosure of an environmental justice report, as well as a third-party environmental justice assessment.

Just Transition

Companies have faced proposals requesting disclosure on the just transition – addressing stakeholder concerns within a company's value chain with regards to the effects of climate change and the energy transition. Relevant stakeholder groups can include employees, suppliers (and workers in supply chains), communities impacted by operations, and other vulnerable groups potentially affected by a company's climate change strategy. Just transition disclosure should adequately assess, consult on, and address impacts on affected stakeholders regarding climate change risks. Taft-Hartley Advisory Services generally supports shareholder proposals requesting just transition and labor protection disclosure, in alignment with the International Labour Organization, the World Benchmarking Alliance, and other generally accepted guidelines and indicators.

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SRI PROXY VOTING GUIDELINES

2025 Executive Summary

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**ISS**

**UNITED STATES**

**SRI PROXY VOTING GUIDELINES**

**2025 Executive Summary**

Published January 17, 2025

WWW.ISSGOVERNANCE.COM

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| **Introduction** | **3** |
| **Management Proposals** | **4** |
| Board of Directors | 4 |
| Board Responsiveness | 5 |
| Auditors | 5 |
| Takeover Defenses / Shareholder Rights | 5 |
| Miscellaneous Governance Provisions | 5 |
| Capital Structures | 6 |
| Executive and Director Compensation | 6 |
| Mergers and Corporate Restructurings | 6 |
| Mutual Fund Proxies | 7 |
| **Shareholder Proposals** | **7** |
| Shareholder Proposals on Corporate Governance and Executive Compensation | 7 |
| Shareholder Proposals on Social and Environmental Topics | 7 |

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**Introduction**

ISS' Social Advisory Services division recognizes that socially responsible investors have dual objectives: financial and social. Socially responsible investors invest for economic gain, as do all investors, but they also require that the companies in which they invest conduct their business in a socially and environmentally responsible manner.

These dual objectives carry through to socially responsible investors' proxy voting activity once the security selection process is completed. In voting their shares, socially responsible institutional shareholders are concerned not only with sustainable economic returns to shareholders and good corporate governance but also with the ethical behavior of corporations and the social and environmental impact of their actions.

Social Advisory Services has, therefore, developed proxy voting guidelines that are consistent with the dual objectives of socially responsible shareholders. On matters of social and environmental import, the guidelines seek to reflect a broad consensus of the socially responsible investing community. Generally, we take policies that have been developed by groups such as the Interfaith Center on Corporate Responsibility, the General Board of Pension and Health Benefits of the United Methodist Church, Domini Social Investments, and other leading church shareholders and socially responsible mutual fund companies as our frame of reference. Additionally, we incorporate the active ownership and investment philosophies of leading globally recognized initiatives such as the United Nations Environment Programme Finance Initiative (UNEP FI), the United Nations Principles for Responsible Investment (UNPRI), the United Nations Global Compact, and environmental and social European Union Directives.

On matters of corporate governance, executive compensation, and corporate structure, Social Advisory Services guidelines are based on a commitment to create and preserve economic value and to advance principles of good corporate governance consistent with responsibilities to society as a whole.

The guidelines provide an overview of how Social Advisory Services recommends that its clients vote. We note that there may be cases in which the final vote recommendation on a particular company varies from the vote guideline due to the fact that we closely examine the merits of each proposal and consider relevant information and company-specific circumstances in arriving at our decisions. Where Social Advisory Services acts as a voting agent for its clients, it follows each client's voting policy, which may differ in some cases from the policies outlined in this document. Social Advisory Services updates its guidelines on an annual basis to take into account emerging issues and trends on environmental, social, and corporate governance topics, in addition to evolving market standards, regulatory changes, and client feedback.

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**The policies contained herein are a sampling only of selected key Taft-Hartley Advisory Services U.S. proxy voting guidelines, and are not intended to be exhaustive. The complete guidelines can be found at:**

**<u>https://www.issgovernance.com/policy-gateway/voting-policies/</u>**

**Management Proposals**

Board of Directors

Social Advisory Services considers director elections to be one of the most important voting decisions that shareholders make. Boards should be composed of a majority of independent directors and key board committees should be composed entirely of independent directors. The independent directors are expected to organize much of the board's work, even if the chief executive officer also serves as chairman of the board. It is expected that boards will engage in critical self-evaluation of themselves and of individual members. Directors are ultimately responsible to the corporation's shareholders. The most direct expression of this responsibility is the requirement that directors be elected to their positions by the shareholders.

Social Advisory Services will generally oppose all director nominees if the board is not majority independent and will vote against or withhold from non-independent directors who sit on key board committees. Social Advisory Services will also vote against or withhold from incumbent members of the nominating committee, or other directors on a case-by-case basis, where the board is not comprised of at least 40 percent underrepresented gender identities1 or at least 20 percent racially or ethnically diverse directors. The election of directors who have failed to attend a minimum of 75 percent of board and committee meetings held during the year will be opposed. Furthermore, Social Advisory Services will vote against or withhold from a director nominee who serves on an excessive number of boards. A non-CEO director will be deemed "overboarded" if they sit on more than five public company boards while CEO directors will be considered as such if they serve on more than two public company boards besides their own.

In addition, Social Advisory Services will generally vote against or withhold from directors individually, committee members, or potentially the entire board, for failure to adequately guard against or manage ESG risks or for lack of sustainability reporting in the company's public documents and/or website in conjunction with a failure to adequately manage or mitigate ESG risks. For companies that are significant greenhouse gas (GHG) emitters, through their operations or value chain2 Social Advisory Services will generally vote against or withhold from the incumbent chair of the responsible committee (or other directors on a case-by-case basis) in cases where it has been determined that the company is not taking the minimum steps needed to be aligned with a Net Zero by 2050 trajectory.

Social Advisory Services supports requests asking for the separation of the positions of chairman and CEO, opposes the creation of classified boards, and reviews proposals to change board size on a case-by-case basis. Social Advisory Services also generally supports shareholder proposals calling for greater access to the board, affording shareholders the ability to nominate directors to corporate boards. Social Advisory Services may vote against or withhold from directors at companies where problematic pay practices exist and where boards have not been accountable or responsive to their shareholders.

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<sup>1</sup> Underrepresented gender identities include directors who identify as women or as non-binary.

<sup>2</sup> Companies defined as "significant GHG emitters" will be those on the current Climate Action 100+ Focus Group list.

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Board Responsiveness

Social Advisory Services will vote case-by-case on individual directors, committee members, or the entire board of directors as appropriate if the board fails to act on a shareholder proposal that received the support of a majority of the shares in the previous year. When evaluating board responsiveness issues, Social Advisory Services takes into account other factors, including the board's failure to act on takeover offers where the majority of shares are tendered; if at the previous board election, any director received more than 50 percent withhold/against votes of the shares cast and the company has failed to address the issue(s) that caused the high withhold/against vote; or if the board implements an advisory vote on executive compensation on a less frequent basis than the frequency that received the plurality of votes cast.

Auditors

While it is recognized that the company is in the best position to evaluate the competence of the outside accountants, Social Advisory Services believes that outside accountants must ultimately be accountable to shareholders. Given the rash of accounting irregularities that were not detected by audit panels or auditors, shareholder ratification is an essential step in restoring investor confidence. A Blue Ribbon Commission concluded that audit committees must improve their current level of oversight of independent accountants. Social Advisory Services will vote against the ratification of the auditor in cases where non-audit fees represent more than 25 percent of the total fees paid to the auditor in the previous year. Social Advisory Services supports requests asking for the rotation of the audit firm if the request includes a timetable of five years or more.

Takeover Defenses / Shareholder Rights

Topics evaluated in this category include shareholders' ability to call a special meeting or act by written consent, the adoption or redemption of poison pills, unequal voting rights, fair price provisions, greenmail, supermajority vote requirements, and confidential voting.

Social Advisory Services will generally vote for management proposals allowing for the convening of shareholder meetings by electronic means, so long as they do not preclude in-person meetings. Companies are encouraged to disclose the circumstances under which virtual-only meetings would be held, and to allow for comparable rights and opportunities for shareholders to participate electronically as they would have during an in-person meeting.

Social Advisory Services generally opposes takeover defenses, as they limit shareholder value by eliminating the takeover or control premium for the company. As owners of the company, shareholders should be given the opportunity to decide on the merits of takeover offers. Further, takeover devices can be used to entrench a board that is unresponsive to shareholders on both governance and corporate social responsibility issues.

Miscellaneous Governance Provisions

Social Advisory Services evaluates proposals that concern governance issues such as shareholder meeting adjournments, quorum requirements, corporate name changes, and bundled or conditional proposals on a case- by-case basis, taking into account the impact on shareholder rights.

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Capital Structures

Capital structure related topics include requests for increases in authorized stock, stock splits and reverse stock splits, issuances of blank check preferred stock, debt restructurings, and share repurchase plans.

Social Advisory Services supports a one-share, one-vote policy and opposes mechanisms that skew voting rights. Social Advisory Services supports capital requests that provide companies with adequate financing flexibility while protecting shareholders from excessive dilution of their economic and voting interests. Proposals to increase common stock are evaluated on a case-by-case basis, taking into account the company's prior or ongoing use of share authorizations and elements of the current request.

Executive and Director Compensation

The global financial crisis resulted in significant erosion of shareholder value and highlighted the need for greater assurance that executive compensation is principally performance-based, fair, reasonable, and not designed in a manner that would incentivize excessive risk-taking by management. The crisis raised questions about the role of pay incentives in influencing executive behavior and motivating inappropriate or excessive risk-taking and other unsustainable practices that could threaten a corporation's long-term viability. The safety lapses that led to the disastrous explosions at BP's Deepwater Horizon oil rig and Massey Energy's Upper Big Branch mine, and the resulting unprecedented losses in shareholder value; a) underscore the importance of incorporating meaningful economic incentives around social and environmental considerations in compensation program design, and; b) exemplify the costly liabilities of failing to do so.

Social Advisory Services evaluates executive and director compensation by considering the presence of appropriate pay-for-performance alignment with long-term shareholder value, compensation arrangements that risk "pay for failure," and an assessment of the clarity and comprehensiveness of compensation disclosures.

Shareholder proposals calling for additional disclosure on compensation issues or the alignment of executive compensation with social or environmental performance criteria are supported, while shareholder proposals calling for other changes to a company's compensation programs are reviewed on a case-by-case basis.

The Dodd-Frank Wall Street Reform and Consumer Protection Act requires advisory shareholder votes on executive compensation (Say on Pay), an advisory vote on the frequency of say on pay, as well as a shareholder advisory vote on golden parachute compensation. Social Advisory Services will vote against Say on Pay proposals if there is a misalignment between CEO pay and company performance, the company maintains problematic pay practices, and the board exhibits a significant level of poor communication and responsiveness to shareholders.

Social Advisory Services will evaluate whether pay quantum is in alignment with company performance, and consideration will also be given to whether the proportion of performance-contingent pay elements is sufficient in light of concerns with a misalignment between executive pay and company performance.

Social Advisory Services will vote case-by-case on certain equity-based compensation plans depending on a combination of certain plan features and equity grant practices, where positive factors may counterbalance negative factors, and vice versa, as evaluated using an "equity plan scorecard" (EPSC) approach.

Mergers and Corporate Restructurings

Mergers, acquisitions, spinoffs, reincorporations, and other corporate restructuring plans are evaluated on a case- by-case basis, given the potential for significant impact on shareholder value and on shareholders' economic interests. In addition, these corporate actions can have a significant impact on community stakeholders and the workforce, and may affect the levels of employment, community lending, equal opportunity, and impact on the environment.

------

Mutual Fund Proxies

There are a number of proposals that are specific to mutual fund proxies, including the election of trustees, investment advisory agreements, and distribution agreements. Social Advisory Services evaluates these proposals on a case-by-case basis taking into consideration recent trends and best practices at mutual funds.

**Shareholder Proposals**

Shareholder Proposals on Corporate Governance and Executive Compensation

Shareholder proposals topics include board-related issues, shareholder rights and board accountability issues, as well as compensation matters. Each year, shareholders file numerous proposals that address key issues regarding corporate governance and executive compensation. Social Advisory Services evaluates these proposals from the perspective that good corporate governance practices can have positive implications for a company and its ability to maximize shareholder value. Proposals that seek to improve a board's accountability to its shareholders and other stakeholders are supported. Social Advisory Services supports initiatives that seek to strengthen the link between executive pay and performance, including performance elements related to corporate social responsibility.

Shareholder Proposals on Social and Environmental Topics

Shareholder resolutions on social and environmental topics include workplace diversity and safety topics, codes of conduct, labor standards and human rights, the environment and energy, sustainability and climate, weapons, consumer welfare, animal welfare, and public safety.

Socially responsible shareholder resolutions are receiving a great deal more attention from institutional shareholders today than they have in the past. In addition to the moral and ethical considerations intrinsic to many of these proposals, there is a growing recognition of their potential impact on the economic performance of the company. Among the reasons for this change are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The number and variety of shareholder resolutions on social and environmental issues has increased;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Many of the sponsors and supporters of these resolutions are large institutional shareholders with significant holdings, and therefore, greater direct influence on the outcomes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The proposals are more sophisticated – better written, more focused, and more sensitive to the feasibility of implementation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Investors now understand that a company's response to social and environmental issues can have serious economic consequences for the company and its shareholders.

Social Advisory Services generally supports requests for additional disclosures that would allow shareholders to better assess the board and management's oversight of risks in the company's operations. Social Advisory Services will closely evaluate proposals that ask the company to cease certain actions that the proponent believes are harmful to society or some segment of society with special attention to the company's legal and ethical obligations, its ability to remain profitable, and potential negative publicity if the company fails to honor the request. Social Advisory Services supports shareholder proposals that seek to improve a company's public image or reduce its exposure to liabilities and risks.

------

We empower investors and companies to build for long-term and sustainable growth by providing high-quality data, analytics, and insight.

**G E T S T A RT E D W I TH IS S S O L U TI O N S**

Email <u>sales@issgovernance.com</u> or visit <u>www.issgovernance.com</u> for more information.

Founded in 1985, Institutional Shareholder Services group of companies (ISS) empowers investors and companies to build for long-term and sustainable growth by providing high-quality data, analytics and insight. ISS, which is majority owned by Deutsche Bourse Group, along with Genstar Capital and ISS management, is a leading provider of corporate governance and responsible investment solutions, market intelligence, fund services, and events and editorial content for institutional investors and corporations, globally. ISS' 2,600 employees operate worldwide across 29 global locations in 15 countries. Its approximately 3,400 clients include many of the world's leading institutional investors who rely on

ISS' objective and impartial offerings, as well as public companies focused on ESG and governance risk mitigation as a shareholder value enhancing measure. Clients rely on ISS' expertise to help them make informed investment decisions. This document and all of the information contained in it, including without limitation all text, data, graphs, and charts (collectively, the "Information") is the property of Institutional Shareholder Services Inc. (ISS), its subsidiaries, or, in some cases third party suppliers.

The Information has not been submitted to, nor received approval from, the United States Securities and Exchange Commission or any other regulatory body. None of the Information constitutes an offer to sell (or a solicitation of an offer to buy), or a promotion or recommendation of, any security, financial product or other investment vehicle or any trading strategy, and ISS does not endorse, approve, or otherwise express any opinion regarding any issuer, securities, financial products or instruments or trading strategies.

The user of the Information assumes the entire risk of any use it may make or permit to be made of the Information.

ISS MAKES NO EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION AND EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, TIMELINESS, NON-INFRINGEMENT, COMPLETENESS, MERCHANTABILITY, AND FITNESS for A PARTICULAR PURPOSE) WITH RESPECT TO ANY OF THE INFORMATION.

Without limiting any of the foregoing and to the maximum extent permitted by law, in no event shall ISS have any liability regarding any of the Information for any direct, indirect, special, punitive, consequential (including lost profits), or any other damages even if notified of the possibility of such damages. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited.

<br>© 2025 \| Institutional Shareholder Services and/or its affiliates

SUSTAINABILITY PROXY VOTING GUIDELINES

------

**ISS**

**UNITED STATES**

**SUSTAINABILITY PROXY VOTING GUIDELINES**

**2025 Executive Summary**

Published January 17, 2025

WWW.ISSGOVERNANCE.COM

------

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| **Introduction** | **3** |
| **Management Proposals** | **4** |
| Board of Directors | 4 |
| Board Responsiveness | 5 |
| Auditors | 5 |
| Takeover Defenses / Shareholder Rights | 5 |
| Miscellaneous Governance Provisions | 5 |
| Capital Structures | 6 |
| Executive and Director Compensation | 6 |
| Mergers and Corporate Restructurings | 6 |
| Mutual Fund Proxies | 6 |
| **Shareholder Proposals** | **7** |
| Shareholder Proposals on Corporate Governance and Executive Compensation | 7 |
| Shareholder Proposals on Social and Environmental Topics | 7 |

---

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**Introduction**

ISS' Sustainability Advisory Services recognizes the growing view among investment professionals that sustainability or environmental, social, and corporate governance (ESG) factors could present material risks to portfolio investments. Whereas investment managers have traditionally analyzed topics such as board accountability and executive compensation to mitigate risk, greater numbers are incorporating ESG performance into their investment decision making in order to have a more comprehensive understanding of the overall risk profile of the companies in which they invest to ensure sustainable long-term profitability for their beneficiaries.

Investors concerned with portfolio value preservation and enhancement through the incorporation of sustainability factors can also carry out this active ownership approach through their proxy voting activity. In voting their shares, sustainability-minded investors are concerned not only with economic returns to shareholders and good corporate governance, but also with ensuring corporate activities and practices are aligned with the broader objectives of society. These investors seek standardized reporting on ESG issues, request information regarding an issuer's adoption of, or adherence to, relevant norms, standards, codes of conduct or universally recognized international initiatives including affirmative support for related shareholder resolutions advocating enhanced disclosure and transparency.

Sustainability Advisory Services has, therefore, developed proxy voting guidelines that are consistent with the objectives of sustainability-minded investors and fiduciaries. On matters of ESG import, ISS' Sustainability Policy seeks to promote support for recognized global governing bodies promoting sustainable business practices advocating for stewardship of environment, fair labor practices, non-discrimination, and the protection of human rights. Generally, ISS' Sustainability Policy will take as its frame of reference internationally recognized sustainability-related initiatives such as the United Nations Environment Programme Finance Initiative (UNEP FI), United Nations Principles for Responsible Investment (UNPRI), United Nations Global Compact, Global Reporting Initiative (GRI), Carbon Principles, International Labour Organization Conventions (ILO), Ceres Roadmap 2030, Global Sullivan Principles, MacBride Principles, and environmental and social European Union Directives. Each of these efforts promote a fair, unified and productive reporting and compliance environment which advances positive corporate ESG actions that promote practices that present new opportunities or that mitigate related financial and reputational risks.

On matters of corporate governance, executive compensation, and corporate structure, the Sustainability Policy guidelines are based on a commitment to create and preserve economic value and to advance principles of good corporate governance.

These guidelines provide an overview of how ISS approaches proxy voting issues for subscribers of the Sustainability Policy. Sustainability Advisory Services notes there may be cases in which the final vote recommendation at a particular company varies from the voting guidelines due to the fact that Sustainability Advisory Services closely examines the merits of each proposal and consider relevant information and company-specific circumstances in arriving at decisions. To that end, ISS engages with both interested shareholders as well as issuers to gain further insight into contentious issues facing the company. Where ISS acts as voting agent for clients, it follows each client's voting policy, which may differ in some cases from the policies outlined in this document. Sustainability Advisory Services updates its guidelines on an annual basis to take into account emerging issues and trends on environmental, social and corporate governance topics, as well as the evolution of market standards, regulatory changes and client feedback.

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**The policies contained herein are a <u>sampling</u> only of selected key Sustainability Advisory Services U.S. proxy voting guidelines, and are not intended to be exhaustive. The complete guidelines can be found at:**

**<u>https://www.issgovernance.com/policy-gateway/voting-policies/</u>**

**Management Proposals**

Board of Directors

ISS' Sustainability Advisory Services considers director elections to be one of the most important voting decisions that shareholders make. Boards should be sufficiently independent from management (and significant shareholders) so as to ensure that they are able and motivated to effectively supervise management's performance for the benefit of all shareholders, including in setting and monitoring the execution of corporate strategy, with appropriate use of shareholder capital, and in setting and monitoring executive compensation programs that support that strategy. The chair of the board should ideally be an independent director, and all boards should have an independent leadership position or a similar role in order to help provide appropriate counterbalance to executive management, as well as having sufficiently independent committees that focus on key governance concerns such as audit, compensation, and nomination of directors.

Sustainability Advisory Services will generally oppose non-independent director nominees if the board is not composed of a majority of independent directors and will vote against or withhold from non-independent directors who sit on key board committees. Sustainability Advisory Services will also vote against or withhold from the chair of the nominating committee, or other nominees on a case-by-case basis, if the board lacks at least one director of an underrepresented gender identity1 or where the board has no apparent racially or ethnically diverse members. The election of directors who have failed to attend a minimum of 75 percent of board and committee meetings held during the year will be opposed. Furthermore, Sustainability Advisory Services will vote against or withhold from a director nominee who serves on an excessive number of boards. A non-CEO director will be deemed "overboarded" if they sit on more than five public company boards while CEO directors will be considered as such if they serve on more than two public company boards besides their own.

In addition, Sustainability Advisory Services will generally vote against or withhold from directors individually, committee members, or potentially the entire board, for failure to adequately guard against or manage ESG risks or for lack of sustainability reporting in the company's public documents and/or website in conjunction with a failure to adequately manage or mitigate ESG risks. For companies that are significant greenhouse gas (GHG) emitters, through their operations or value chain2, Sustainability Advisory Services will generally vote against or withhold from the incumbent chair of the responsible committee (or other directors on a case-by-case basis) in cases where it is determined that the company is not taking the minimum steps needed to be aligned with a Net Zero by 2050 trajectory.

Sustainability Advisory Services generally supports requests asking for the separation of the positions of chairman and CEO, and shareholder proposals calling for greater access to the board, affording shareholders the ability to nominate directors to corporate boards. Sustainability Advisory Services may vote against or withhold from directors at companies where problematic pay practices exist, and where boards have not been accountable or responsive to their shareholders.

_______________________

<sup>1</sup> Underrepresented gender identities include directors who identify as women or as non-binary.

<sup>2</sup> Companies defined as "significant GHG emitters" will be those on the current Climate Action 100+ Focus Group list.

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Board Responsiveness

Sustainability Advisory Services will vote case-by-case on individual directors, committee members, or the entire board of directors as appropriate if the board fails to act on a shareholder proposal that received the support of a majority of the shares in the previous year. When evaluating board responsiveness issues, Sustainability Advisory Services takes into account other factors including the board's failure to act on takeover offers where the majority of shares are tendered; if at the previous board election, any director received more than 50 percent withhold/against votes of the shares cast and the company has failed to address the issue(s) that caused the high withhold/against vote; or if the board implements an advisory vote on executive compensation on a less frequent basis than the frequency that received the plurality of votes cast.

Auditors

While it is recognized that the company is in the best position to evaluate the competence of the outside accountants, Sustainability Advisory Services believes that outside accountants must ultimately be accountable to shareholders.

Given the rash of accounting irregularities that were not detected by audit panels or auditors, shareholder ratification is an essential step in restoring investor confidence. A Blue Ribbon Commission concluded that audit committees must improve their current level of oversight of independent accountants. Sustainability Advisory Services will vote against the ratification of the auditor in cases where fees for non-audit services are excessive.

Takeover Defenses / Shareholder Rights

Topics evaluated in this category include shareholders' ability to call a special meeting or act by written consent, the adoption or redemption of poison pills, unequal voting rights, fair price provisions, greenmail, supermajority vote requirements, and confidential voting.

Sustainability Advisory Services will generally vote for management proposals allowing for the convening of shareholder meetings by electronic means, so long as they do not preclude in-person meetings. Companies are encouraged to disclose the circumstances under which virtual-only meetings would be held, and to allow for comparable rights and opportunities for shareholders to participate electronically as they would have during an in-person meeting.

Sustainability Advisory Services generally opposes takeover defenses, as they limit shareholder value by eliminating the takeover or control premium for the company. As owners of the company, shareholders should be given the opportunity to decide on the merits of takeover offers. Further, takeover devices can be used to entrench a board that is unresponsive to shareholders on both governance and corporate social responsibility issues.

Miscellaneous Governance Provisions

Sustainability Advisory Services evaluates proposals that concern governance issues such as shareholder meeting adjournments, quorum requirements, corporate name changes, and bundled or conditional proposals on a case-by-case basis, taking into account the impact on shareholder rights.

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Capital Structures

Capital structure related topics include requests for increases in authorized stock, stock splits and reverse stock splits, issuances of blank check preferred stock, debt restructurings, and share repurchase plans.

Sustainability Advisory Services supports a one-share, one-vote policy and opposes mechanisms that skew voting rights. Sustainability Advisory Services supports capital requests that provide companies with adequate financing flexibility while protecting shareholders from excessive dilution of their economic and voting interests. Proposals to increase common stock are evaluated on a case-by-case basis, taking into account the company's past use of share authorizations and elements of the current request.

Executive and Director Compensation

The Dodd-Frank Wall Street Reform and Consumer Protection Act requires advisory shareholder votes on executive compensation (Say on Pay), an advisory vote on the frequency of say on pay, as well as a shareholder advisory vote on golden parachute compensation. Sustainability Advisory Services will vote against Say on Pay proposals if there is an unmitigated misalignment between CEO pay and company performance, the company maintains problematic pay practices, and the board exhibits a significant level of poor communication and responsiveness to shareholders.

Sustainability Advisory Services will vote case-by-case on certain equity-based compensation plans depending on a combination of certain plan features and equity grant practices, where positive factors may counterbalance negative factors, and vice versa, as evaluated using an "equity plan scorecard" (EPSC) approach.

Mergers and Corporate Restructurings

Mergers, acquisitions, spinoffs, reincorporations, and other corporate restructuring plans are evaluated on a case-by- case basis, given the potential for significant impact on shareholder value and on shareholders' economic interests. In addition, these corporate actions can have a significant impact on community stakeholders and the workforce, and may affect the levels of employment, community lending, equal opportunity, and impact on the environment.

Mutual Fund Proxies

There are a number of proposals that are specific to mutual fund proxies, including the election of trustees, investment advisory agreements, and distribution agreements. Sustainability Advisory Services evaluates these proposals on a case- by-case basis taking into consideration recent trends and best practices at mutual funds.

------

**Shareholder Proposals**

Shareholder Proposals on Corporate Governance and Executive Compensation

Shareholder proposals topics include board-related issues, shareholder rights and board accountability issues, as well as compensation matters. Each year, shareholders file numerous proposals that address key issues regarding corporate governance and executive compensation. Sustainability Advisory Services evaluates these proposals from the perspective that good corporate governance practices can have positive implications for a company and its ability to maximize shareholder value. Proposals that seek to improve a board's accountability to its shareholders and other stakeholders are supported.

Shareholder Proposals on Social and Environmental Topics

Shareholder resolutions on social and environmental topics include workplace diversity and safety topics, codes of conduct, labor standards and human rights, the environment and energy, sustainability and climate, weapons, consumer welfare, and public safety.

Socially responsible shareholder resolutions are receiving a great deal more attention from institutional shareholders today than they have in the past. In addition to the moral and ethical considerations intrinsic to many of these proposals, there is a growing recognition of their potential impact on the economic performance of the company.

Among the reasons for this change are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The number and variety of shareholder resolutions on social and environmental issues has increased;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Many of the sponsors and supporters of these resolutions are large institutional shareholders with significant holdings, and therefore, greater direct influence on the outcomes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The proposals are more sophisticated – better written, more focused, and more sensitive to the feasibility of implementation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Investors now understand that a company's response to social and environmental issues can have serious economic consequences for the company and its shareholders.

While focusing on value enhancement through risk mitigation and exposure to new sustainability-related opportunities, these resolutions also seek standardized reporting on ESG issues, request information regarding an issuer's adoption of, or adherence to, relevant norms, standards, codes of conduct or universally recognized international initiatives to promote disclosure and transparency. Sustainability Advisory Services generally supports standards-based ESG shareholder proposals that enhance long-term shareholder and stakeholder value while aligning the interests of the company with those of society at large. In particular, the policy will focus on resolutions seeking greater transparency and/or adherence to internationally recognized standards and principles.

------

We empower investors and companies to build for long-term and sustainable growth by providing high-quality data, analytics, and insight.

**G E T S T A RT E D W I TH IS S S O L U TI O N S**

Email <u>sales@issgovernance.com</u> or visit <u>www.issgovernance.com</u> for more information.

Founded in 1985, Institutional Shareholder Services group of companies (ISS) empowers investors and companies to build for long-term and sustainable growth by providing high-quality data, analytics and insight. ISS, which is majority owned by Deutsche Bourse Group, along with Genstar Capital and ISS management, is a leading provider of corporate governance and responsible investment solutions, market intelligence, fund services, and events and editorial content for institutional investors and corporations, globally. ISS' 2,600 employees operate worldwide across 29 global locations in 15 countries. Its approximately 3,400 clients include many of the world's leading institutional investors who rely on

ISS' objective and impartial offerings, as well as public companies focused on ESG and governance risk mitigation as a shareholder value enhancing measure. Clients rely on ISS' expertise to help them make informed investment decisions. This document and all of the information contained in it, including without limitation all text, data, graphs, and charts (collectively, the "Information") is the property of Institutional Shareholder Services Inc. (ISS), its subsidiaries, or, in some cases third party suppliers.

The Information has not been submitted to, nor received approval from, the United States Securities and Exchange Commission or any other regulatory body. None of the Information constitutes an offer to sell (or a solicitation of an offer to buy), or a promotion or recommendation of, any security, financial product or other investment vehicle or any trading strategy, and ISS does not endorse, approve, or otherwise express any opinion regarding any issuer, securities, financial products or instruments or trading strategies.

The user of the Information assumes the entire risk of any use it may make or permit to be made of the Information.

ISS MAKES NO EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE INFORMATION AND EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, TIMELINESS, NON-INFRINGEMENT, COMPLETENESS, MERCHANTABILITY, AND FITNESS for A PARTICULAR PURPOSE) WITH RESPECT TO ANY OF THE INFORMATION.

Without limiting any of the foregoing and to the maximum extent permitted by law, in no event shall ISS have any liability regarding any of the Information for any direct, indirect, special, punitive, consequential (including lost profits), or any other damages even if notified of the possibility of such damages. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited.

<br>© 2025 \| Institutional Shareholder Services and/or its affiliates

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**PRINCIPAL FUNDS, INC.**

**PART C. OTHER INFORMATION**

**Item 28. Exhibits.**

Unless otherwise noted, documents containing Accession Numbers below have previously been filed with the Securities and Exchange Commission and are incorporated herein by reference.

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

---

| | | | |
|:---|:---|:---|:---|
| (a) | Articles of Incorporation | Articles of Incorporation | Articles of Incorporation |
|  | (1) | <u>[Articles of Amendment and Restatement dated 02/14/2019 - Filed as Ex-99(a) on 02/26/2019 (Accession No. 0000898745-19-000131)](https://www.sec.gov/Archives/edgar/data/898745/000089874519000131/ex99a-articlesofrestatemen.htm)</u> | <u>[Articles of Amendment and Restatement dated 02/14/2019 - Filed as Ex-99(a) on 02/26/2019 (Accession No. 0000898745-19-000131)](https://www.sec.gov/Archives/edgar/data/898745/000089874519000131/ex99a-articlesofrestatemen.htm)</u> |
|  | (2) | <u>[Articles Supplementary dated 0](pfiarticlessupplementary05.htm)[5/18](pfiarticlessupplementary05.htm)[/2026](pfiarticlessupplementary05.htm)</u> \* | <u>[Articles Supplementary dated 0](pfiarticlessupplementary05.htm)[5/18](pfiarticlessupplementary05.htm)[/2026](pfiarticlessupplementary05.htm)</u> \* |
| (b) | By-laws | By-laws | By-laws |
|  | (1) | <u>[Amended and Restated By-laws effective 06/09/2020 - Filed as Ex-99(b) on 10/30/2020 (Accession No. 0000898745-20-000619)](https://www.sec.gov/Archives/edgar/data/898745/000089874520000619/pfiarbylaws060920.htm)</u> | <u>[Amended and Restated By-laws effective 06/09/2020 - Filed as Ex-99(b) on 10/30/2020 (Accession No. 0000898745-20-000619)](https://www.sec.gov/Archives/edgar/data/898745/000089874520000619/pfiarbylaws060920.htm)</u> |
| (c) | Instruments Defining Rights of Security Holders: None other than those included in to Items 28(a) and 28(b). | Instruments Defining Rights of Security Holders: None other than those included in to Items 28(a) and 28(b). | Instruments Defining Rights of Security Holders: None other than those included in to Items 28(a) and 28(b). |
| (d) | Investment Advisory Agreements | Investment Advisory Agreements | Investment Advisory Agreements |
|  | (1) | <u>[Amended and Restated Management Agreement dated 03/01/2026 - Filed as Ex-99(d)(1) on 02/27/2026 (Accession No. 0000898745-26-000202)](https://www.sec.gov/Archives/edgar/data/898745/000089874526000202/d1pfiarmanagementagreement.htm)</u> | <u>[Amended and Restated Management Agreement dated 03/01/2026 - Filed as Ex-99(d)(1) on 02/27/2026 (Accession No. 0000898745-26-000202)](https://www.sec.gov/Archives/edgar/data/898745/000089874526000202/d1pfiarmanagementagreement.htm)</u> |
|  | (2) | <u>[DRA Cayman Corporation Amended and Restated Management Agreement dated 04/28/2022 - Filed as Ex-99(d)(2) on 12/27/2024 (Accession No. 0000898745-24-000725)](https://www.sec.gov/Archives/edgar/data/898745/000089874524000725/ex99d2dra20220428armanagem.htm)</u> | <u>[DRA Cayman Corporation Amended and Restated Management Agreement dated 04/28/2022 - Filed as Ex-99(d)(2) on 12/27/2024 (Accession No. 0000898745-24-000725)](https://www.sec.gov/Archives/edgar/data/898745/000089874524000725/ex99d2dra20220428armanagem.htm)</u> |
|  | (3) | <u>[GMS Cayman Corporation Amended and Restated Management Agreement dated 04/29/2022 - Filed as Ex-99(d)(3) on 12/27/2024 (Accession No. 0000898745-24-000725)](https://www.sec.gov/Archives/edgar/data/898745/000089874524000725/ex99d3gms20220429armanagem.htm)</u> | <u>[GMS Cayman Corporation Amended and Restated Management Agreement dated 04/29/2022 - Filed as Ex-99(d)(3) on 12/27/2024 (Accession No. 0000898745-24-000725)](https://www.sec.gov/Archives/edgar/data/898745/000089874524000725/ex99d3gms20220429armanagem.htm)</u> |
|  | (4) | <u>[GM Cayman Corporation Management Agreement dated 11/14/2025 - Filed as Ex-99(d)(5) on 12/16/2025 (Accession Number 0000898745-25-000688)](https://www.sec.gov/Archives/edgar/data/898745/000089874525000688/ex99d5gmmanagementagreemen.htm)</u> | <u>[GM Cayman Corporation Management Agreement dated 11/14/2025 - Filed as Ex-99(d)(5) on 12/16/2025 (Accession Number 0000898745-25-000688)](https://www.sec.gov/Archives/edgar/data/898745/000089874525000688/ex99d5gmmanagementagreemen.htm)</u> |
|  | (5) | a. | <u>[AllianceBernstein L.P. Amended & Restated Sub-Advisory Agreement dated 04/01/2026](pfialliancebernsteinarsub-.htm)</u> \* |
|  |  | b. | <u>[Barrow, Hanley, Mewhinney & Strauss, LLC Amended & Restated Sub-Advisory Agreement dated 01/01/2023 - Filed as Ex-99(d)(2)b on 02/27/2023 (Accession No. 0001683863-23-001574)](https://www.sec.gov/Archives/edgar/data/898745/000168386323001574/f24464d3.htm)</u> |
|  |  | c. | <u>[Brown Advisory LLC Amended & Restated Sub-Advisory Agreement](pfibrownarsub-advagmt040126.htm)[dated 04/01/2026](pfibrownarsub-advagmt040126.htm)</u> \* |
|  |  | d. | <u>[Causeway Capital Management LLC Amended & Restated Sub-Advisory Agreement dated 07/01/2020 - Filed as Ex-99(d)(2)e on 10/30/2020 (Accession No. 0000898745-20-000619)](https://www.sec.gov/Archives/edgar/data/898745/000089874520000619/pficausewaycapitalarsub-ad.htm)</u> |
|  |  | e. | <u>[ClearBridge Investments (North America) Pty Limited Amended & Restated Sub-Advisory Agreement dated 01/01/2026 - Filed as Ex-99(d)(5)f on 02/27/2026 (Accession No. 0000898745-26-000202)](https://www.sec.gov/Archives/edgar/data/898745/000089874526000202/d5fpficlearbridgearsaagmt0.htm)</u> |
|  |  | f. | <u>[CoreCommodity Management, LLC Sub-Advisory Agreement dated 05/01/2022 - Filed as Ex-99(d)(2)g on 07/01/2022 (Accession No. 0001683863-22-005229)](https://www.sec.gov/Archives/edgar/data/898745/000168386322005229/f12729d4.htm)</u> |
|  |  |  | <u>[CoreCommodity Management, LLC Sub-Advisory Agreement (DRA Cayman) dated 05/01/2022 - Filed as Ex-99(d)(2)g(2) on 12/27/2023 (Accession No. 0000898745-23-000393)](https://www.sec.gov/Archives/edgar/data/898745/000089874523000393/ex-99d2g2corecommoditysubx.htm)</u> |
|  |  | g. | <u>[Crabel Capital Management, LLC Sub-Advisory Agreement dated 05/05/2025 - Filed as Ex-99(d)(6)h(1) on 06/20/2025 (Accession No. 0000898745-25-000315)](https://www.sec.gov/Archives/edgar/data/898745/000089874525000315/a20250505pficrabelsub-advi.htm)</u> |
|  |  |  | <u>[Crabel Capital Management, LLC Sub-Advisory Agreement (GMS Cayman) - Filed as Ex-99(d)(6)h(2) on 06/20/2025 (Accession No. 0000898745-25-000315)](https://www.sec.gov/Archives/edgar/data/898745/000089874525000315/a20250505pficrabelcaymansu.htm)</u>  |
|  |  | h. | <u>[Emerald Advisers, LLC Amended & Restated Sub-Advisory Agreement dated 01/01/2020 - Filed as Ex-99(d)(2)k on 02/26/2020 (Accession No. 0000898745-20-0000125)](https://www.sec.gov/Archives/edgar/data/898745/000089874520000125/ex99-emeraldarsubadv010120.htm)</u> |
|  |  | i. | Federated MDTA LLC Sub-Advisory Agreement dated _____________ \*\* |
|  |  | j. | <u>[Fred Alger Management, LLC](pfialgersub-advagmt062526.htm)[Sub-Advisory Agreement dated](pfialgersub-advagmt062526.htm)[06/25/2026](pfialgersub-advagmt062526.htm)</u> \* |
|  |  | k. | <u>[Graham Capital Management, L.P. Amended & Restated Sub-Advisory Agreement dated 07/01/2020 - Filed as Ex-99(d)(2)n on 10/30/2020 (Accession No. 0000898745-20-000619)](https://www.sec.gov/Archives/edgar/data/898745/000089874520000619/pfigrahamarsub-advisoryagm.htm)</u> |
|  |  |  | <u>[Graham Capital Management, L.P. Sub-Advisory Agreement (GMS Cayman) dated 09/28/2018 - Filed as Ex-99(d)(2)m(2) on 12/27/2023 (Accession No. 0000898745-23-000393)](https://www.sec.gov/Archives/edgar/data/898745/000089874523000393/ex-99d2m2grahamxgmscaymans.htm)</u> |
|  |  | l. | <u>[Hotchkis & Wiley Capital Management, LLC Amended & Restated Sub-Advisory Agreement dated 04/01/2026](pfihotchkiswileyarsub-adva.htm)</u> \* |
|  |  | m. | <u>[Loomis, Sayles & Company, L.P. Amended & Restated Sub-Advisory Agreement dated 10/01/2024 - Filed as Ex-99(d)(s) on 12/27/2024 (Accession No. 0000898745-24-000725)](https://www.sec.gov/Archives/edgar/data/898745/000089874524000725/ex99ds-pfiloomissaylesarsu.htm)</u> |
|  |  | n. | <u>[Los Angeles Capital Management LLC Amended & Restated Sub-Advisory Agreement dated 04/14/2026](pfilacapitalarsub-advagmt0.htm)</u> \* |
|  |  | o. | <u>[Newton Investment Management North America, LLC Amended & Restated Sub-Advisory Agreement dated 01/01/2026 - Filed as Ex-99(d)(5)q on 02/27/2026 (Accession No. 0000898745-26-000202)](https://www.sec.gov/Archives/edgar/data/898745/000089874526000202/d5qpfinewtonarsaagmt010126.htm)</u> |
|  |  | p. | <u>[Nuveen Fourth Amended & Restated Sub-Advisory Agreement dated 04/30/2026](pfinuveenfourtharsub-advag.htm)</u> \* |

---

------

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

---

| | | |
|:---|:---|:---|
| q. | <u>[P](pfiparametricsub-advagmt05.htm)[arametri](pfiparametricsub-advagmt05.htm)[c Portfolio Associates LLC Sub-A](pfiparametricsub-advagmt05.htm)[dvisory Agreement dated 05/15/202](pfiparametricsub-advagmt05.htm)[6](pfiparametricsub-advagmt05.htm)</u> \* | <u>[P](pfiparametricsub-advagmt05.htm)[arametri](pfiparametricsub-advagmt05.htm)[c Portfolio Associates LLC Sub-A](pfiparametricsub-advagmt05.htm)[dvisory Agreement dated 05/15/202](pfiparametricsub-advagmt05.htm)[6](pfiparametricsub-advagmt05.htm)</u> \* |
| r. | <u>[Pictet Asset Management SA Amended & Restated Sub-Advisory Agreement dated 10/01/2017 - Filed as Ex-99(d)(2)dd(1) on 12/15/2017 (Accession No. 0000898745-17-001335)](https://www.sec.gov/Archives/edgar/data/898745/000089874517001335/ex-99d2dd1pictetxpfisubxad.htm)</u> | <u>[Pictet Asset Management SA Amended & Restated Sub-Advisory Agreement dated 10/01/2017 - Filed as Ex-99(d)(2)dd(1) on 12/15/2017 (Accession No. 0000898745-17-001335)](https://www.sec.gov/Archives/edgar/data/898745/000089874517001335/ex-99d2dd1pictetxpfisubxad.htm)</u> |
| s. | <u>[Principal Real Estate Investors, LLC Amended & Restated Sub-Advisory Agreement 01/01/2024 - Filed as Ex-99(d)(2)z on 02/27/2024 (Accession No. 0000898745-24-000221)](https://www.sec.gov/Archives/edgar/data/898745/000089874524000221/ex99d2z-pfiprinreiarsubxad.htm)</u> | <u>[Principal Real Estate Investors, LLC Amended & Restated Sub-Advisory Agreement 01/01/2024 - Filed as Ex-99(d)(2)z on 02/27/2024 (Accession No. 0000898745-24-000221)](https://www.sec.gov/Archives/edgar/data/898745/000089874524000221/ex99d2z-pfiprinreiarsubxad.htm)</u> |
| t. | <u>[Record Currency Management Limited Sub-Advisory Agreement dated 11/21/2024 - Filed as Ex-99(d)(aa) on 12/27/2024 (Accession No. 0000898745-24-000725)](https://www.sec.gov/Archives/edgar/data/898745/000089874524000725/ex99daa-pfirecordcurrencys.htm)</u> | <u>[Record Currency Management Limited Sub-Advisory Agreement dated 11/21/2024 - Filed as Ex-99(d)(aa) on 12/27/2024 (Accession No. 0000898745-24-000725)](https://www.sec.gov/Archives/edgar/data/898745/000089874524000725/ex99daa-pfirecordcurrencys.htm)</u> |
| u. | <u>[Spectrum Asset Management, Inc. Amended & Restated Sub-Advisory Agreement dated 01/01/2024 - Filed as Ex-99(d)(2)cc on 02/27/2024 (Accession No. 0000898745-24-000221)](https://www.sec.gov/Archives/edgar/data/898745/000089874524000221/ex99d2cc-pfispectrumarsuba.htm)</u> | <u>[Spectrum Asset Management, Inc. Amended & Restated Sub-Advisory Agreement dated 01/01/2024 - Filed as Ex-99(d)(2)cc on 02/27/2024 (Accession No. 0000898745-24-000221)](https://www.sec.gov/Archives/edgar/data/898745/000089874524000221/ex99d2cc-pfispectrumarsuba.htm)</u> |
| v. | <u>[T. Rowe Price Associates, Inc. Amended & Restated Sub-Advisory Agreement](pfitrowearsub-advagmt040126.htm)[dated 04/01/2026](pfitrowearsub-advagmt040126.htm)</u> \* | <u>[T. Rowe Price Associates, Inc. Amended & Restated Sub-Advisory Agreement](pfitrowearsub-advagmt040126.htm)[dated 04/01/2026](pfitrowearsub-advagmt040126.htm)</u> \* |
| w. | <u>[Vaughan Nelson Investment Management, LP Amended & Restated Sub-Advisory Agreement](pfivaughannelsonarsub-adva.htm)[dated 04/01/2026](pfivaughannelsonarsub-adva.htm)</u> \* | <u>[Vaughan Nelson Investment Management, LP Amended & Restated Sub-Advisory Agreement](pfivaughannelsonarsub-adva.htm)[dated 04/01/2026](pfivaughannelsonarsub-adva.htm)</u> \* |
| x. | <u>[Victory Capital Management, Inc. Amended & Restated Sub-Advisory Agreement dated 07/01/2023 - Filed as Ex-99(d)(2)ee on 12/27/2023 (Accession No. 0000898745-23-000393)](https://www.sec.gov/Archives/edgar/data/898745/000089874523000393/ex99d2ee-victoryarsubxadv0.htm)</u> | <u>[Victory Capital Management, Inc. Amended & Restated Sub-Advisory Agreement dated 07/01/2023 - Filed as Ex-99(d)(2)ee on 12/27/2023 (Accession No. 0000898745-23-000393)](https://www.sec.gov/Archives/edgar/data/898745/000089874523000393/ex99d2ee-victoryarsubxadv0.htm)</u> |
| y. | (1) | <u>[Wellington Management Company LLP Amended & Restated Sub-Advisory Agreement dated 10/01/2024 - Filed as Ex-99(d)(gg)1 on 12/27/2024 (Accession No. 0000898745-24-000725)](https://www.sec.gov/Archives/edgar/data/898745/000089874524000725/ex99dgg1-pfiwellingtonarsu.htm)</u> |
|  | (2) | <u>[Wellington Management Company LLP Sub-Advisory Agreement (DRA Cayman) dated 03/21/2022 - Filed as Ex-99(d)(2)ff(2) on 12/27/2023 (Accession No. 0000898745-23-000393)](https://www.sec.gov/Archives/edgar/data/898745/000089874523000393/ex-99d2ff2wellingtonsubxad.htm)</u> |
| z. | <u>[Westchester Capital Management, LLC Sub-Advisory Agreement dated 10/01/2021 - Filed as Ex-99(d)(2)hh on 12/28/2021 (Accession No. 0001683863-21-007448)](https://www.sec.gov/Archives/edgar/data/898745/000168386321007448/f10587d7.htm)</u> | <u>[Westchester Capital Management, LLC Sub-Advisory Agreement dated 10/01/2021 - Filed as Ex-99(d)(2)hh on 12/28/2021 (Accession No. 0001683863-21-007448)](https://www.sec.gov/Archives/edgar/data/898745/000168386321007448/f10587d7.htm)</u> |
| aa. | <u>[West](pfiwestfieldsub-advagmt041.htm)[field Capital Management Company, L.P.](pfiwestfieldsub-advagmt041.htm)[Sub-Advisory Agreement dated](pfiwestfieldsub-advagmt041.htm)[04/15/2026](pfiwestfieldsub-advagmt041.htm)</u> \* | <u>[West](pfiwestfieldsub-advagmt041.htm)[field Capital Management Company, L.P.](pfiwestfieldsub-advagmt041.htm)[Sub-Advisory Agreement dated](pfiwestfieldsub-advagmt041.htm)[04/15/2026](pfiwestfieldsub-advagmt041.htm)</u> \* |

---

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

---

| | | | |
|:---|:---|:---|:---|
| (e) | Underwriting Contracts | Underwriting Contracts | Underwriting Contracts |
|  | (1) | <u>[Amended & Restated Distribution Agreement for Class A, Class C, Class J, Class P, Class S, Class T, Class R-1, Class R-2, Class R-3, Class R-4, Class R-5, Class R-6 and Institutional Class Shares dated 06/12/2017 - Filed as Ex-99(e)(1)b on 07/13/2017 (Accession No. 0000898745-17-001053)](https://www.sec.gov/Archives/edgar/data/898745/000089874517001053/amendedrestateddistributio.htm)</u> | <u>[Amended & Restated Distribution Agreement for Class A, Class C, Class J, Class P, Class S, Class T, Class R-1, Class R-2, Class R-3, Class R-4, Class R-5, Class R-6 and Institutional Class Shares dated 06/12/2017 - Filed as Ex-99(e)(1)b on 07/13/2017 (Accession No. 0000898745-17-001053)](https://www.sec.gov/Archives/edgar/data/898745/000089874517001053/amendedrestateddistributio.htm)</u> |
|  | (2) | a. | <u>Form [Selling Agreement](https://www.sec.gov/Archives/edgar/data/898745/000089874519000725/ex9e2a-sellingagmtdtd092719.htm)[for Classes A, C, Institutional, R-1, R-2, R-3, R-4, R-5, and R-6 Shares - Filed as Ex-99(e)(2)a on 12/17/2019 (Accession No. 0000898745-19-000725)](https://www.sec.gov/Archives/edgar/data/898745/000089874519000725/ex9e2a-sellingagmtdtd092719.htm)</u> |
|  |  | b. | <u>Form [Amendment to Selling Agreement for Class S - Filed as Ex-99(e)(2)b on 12/15/2017 (Accession No. 0000898745-17-001335)](https://www.sec.gov/Archives/edgar/data/898745/000089874517001335/ex99e2b-classsamendmenttos.htm)</u> |
| (f) | Bonus or Profit Sharing Contracts -- Not Applicable | Bonus or Profit Sharing Contracts -- Not Applicable | Bonus or Profit Sharing Contracts -- Not Applicable |
| (g) | Custodian Agreements | Custodian Agreements | Custodian Agreements |
|  | (1) | a. | <u>[Custody Agreement between The Bank of New York Mellon and Principal Funds, Inc. dated 11/11/2011 - Filed as Ex-99(g)(1) on 07/16/2012 (Accession No. 0001144204-12-039659)](https://www.sec.gov/Archives/edgar/data/898745/000114420412039659/v318039_ex99-g1.htm)</u> |
|  |  | b. | <u>[Custody Agreement Supplement between The Bank of New York Mellon and Principal Funds, Inc. dated 04/16/2018 - Filed as Ex-99(g)(1)b on 02/26/2020 (Accession No. 0000898745-20-0000125)](https://www.sec.gov/Archives/edgar/data/898745/000089874520000125/ex99g1b-custodyagmtsuppbny.htm)</u> |
|  |  | c. | <u>[Custody Agreement Supplement dated 04/16/2018 Amendment between The Bank of New York Mellon and Principal Funds, Inc. dated 07/10/2019 - Filed as Ex-99(g)(1)d on 02/26/2020 (Accession No. 0000898745-20-0000125)](https://www.sec.gov/Archives/edgar/data/898745/000089874520000125/ex99g1d-custodyagmtsuppame.htm)</u> |
|  |  | d. | <u>[Custody Agreement Supplement between the The Bank of New York Mellon and Principal Funds, Inc. dated 11/07/2019 - Filed as Ex-99(g)(1)e on 02/26/2020 (Accession No. 0000898745-20-0000125)](https://www.sec.gov/Archives/edgar/data/898745/000089874520000125/ex99g1e-custodyagmtsuppbny.htm)</u> |
|  |  | e. | <u>[Custody Agreement Supplement dated 04/16/2018 Amended and Restated Appendix A between The Bank of New York Mellon and Principal Funds, Inc. dated 01/07/2020 - Filed as Ex-99(g)(1)f on 02/26/2020 (Accession No. 0000898745-20-0000125)](https://www.sec.gov/Archives/edgar/data/898745/000089874520000125/ex99g1f-custodyagmtsuppara.htm)</u> |
|  |  | f. | <u>[Custody Agreement Supplement dated 04/16/2018 Amended and Restated Appendix A between The Bank of New York Mellon and Principal Funds, Inc. dated 05/12/2020 - Filed as Ex-99(g)(1)g on 07/01/2022 (Accession No. 0001683863-22-005229)](https://www.sec.gov/Archives/edgar/data/898745/000168386322005229/f12729d10.htm)</u> |
|  |  | g. | <u>[Custody Agreement Supplement dated 11/07/2019 Amended and Restated Appendix A between The Bank of New York Mellon and Principal Funds, Inc. dated 09/23/2021 - Filed as Ex-99(g)(1)h on 07/01/2022 (Accession No. 0001683863-22-005229)](https://www.sec.gov/Archives/edgar/data/898745/000168386322005229/f12729d11.htm)</u> |
|  |  | h. | <u>[Custody Agreement Amendment to Schedule II between The Bank of New York Mellon and Principal Funds, Inc. dated 02/13/2026](custodyagreementamdttoschi.htm)</u> \* |
| (h) | Other Material Contracts | Other Material Contracts | Other Material Contracts |

---

------

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

---

| | | |
|:---|:---|:---|
| | (1) | <u>[Amended](https://www.sec.gov/Archives/edgar/data/898745/000089874523000393/ex99h1-transferagencyagr11.htm)[&](https://www.sec.gov/Archives/edgar/data/898745/000089874523000393/ex99h1-transferagencyagr11.htm)[Restated Transfer Agency Agreement for Class A, Class C, Class J, Class S, Institutional Class, Class R-6, and Plan Class Shares dated 11/01/2023 - Filed as Ex-99(h)(1) on 12/27/2023 (Accession No. 0000898745-23-000393)](https://www.sec.gov/Archives/edgar/data/898745/000089874523000393/ex99h1-transferagencyagr11.htm)</u> |
| | (2) | <u>[Amended & Restated Shareholder Services Agreement dated 01/12/2007 - Filed as Ex-99(h)(2)h on 12/14/2007 (Accession No. 0000898745-07-000184)](https://www.sec.gov/Archives/edgar/data/898745/000089874507000184/shrhldrsevagr-011207.txt)</u> |
| | (3) | <u>[Amended & Restated Administrative Services Agreement dated 05/01/2010 - Filed as Ex-99(h)(5)a on 07/29/2010 (Accession No. 0000898745-10-000394)](https://www.sec.gov/Archives/edgar/data/898745/000089874510000394/h5a-adminsvcagr0501101.htm)</u> |
| | (4) | <u>[Amended & Restated Service Agreement dated 05/01/2010 - Filed as Ex-99(h)(6)a on 07/29/2010 (Accession No. 0000898745-10-000394)](https://www.sec.gov/Archives/edgar/data/898745/000089874510000394/h6a-svcagt050110.htm)</u> |
| | (5) | <u>[Amended & Restated Service Sub-Agreement dated 9/30/2005 - Filed as Ex-99(h)(7)g on 11/22/2005 (Accession No. 0000870786-05-000263)](https://www.sec.gov/Archives/edgar/data/898745/000087078605000263/service-subagrmt.txt)</u> |
| | (6) | <u>[Principal Funds, Inc.](https://www.sec.gov/Archives/edgar/data/898745/000089874516000869/a12b-1contractualfeewaiver.htm)[-](https://www.sec.gov/Archives/edgar/data/898745/000089874516000869/a12b-1contractualfeewaiver.htm)[Contractual Fee Waiver Agreement (12b-1) dated 12/31/2015](https://www.sec.gov/Archives/edgar/data/898745/000089874516000869/a12b-1contractualfeewaiver.htm)[-](https://www.sec.gov/Archives/edgar/data/898745/000089874516000869/a12b-1contractualfeewaiver.htm)[Filed as Ex-99(h)(7) on 01/14/2016 (Accession No. 0000898745-16-000869)](https://www.sec.gov/Archives/edgar/data/898745/000089874516000869/a12b-1contractualfeewaiver.htm)</u> |
| | (7) | <u>[Principal Funds, Inc. and Principal Variable Contracts Funds, Inc. Interfund Lending Agreement dated](pfipvcinterfundlendingagre.htm)[03/02/2026](pfipvcinterfundlendingagre.htm)</u> \* |
| | (8) | <u>[Principal Funds Inc. - Contractual Fee Waiver Agreement dated 03/01/2026 - Filed as Ex-99(h)(9) on 02/27/2026 (Accession No. 0000898745-26-000202)](https://www.sec.gov/Archives/edgar/data/898745/000089874526000202/h9pficontractualfeewaivera.htm)</u> |
| | (9) | <u>[Form of Rule 12d1-4 Fund of Funds Investment Agreement - Filed as Ex-99(h)(10) on 02/24/2022 (Accession No. 0001683863-22-001059)](https://www.sec.gov/Archives/edgar/data/898745/000168386322001059/f11080d7.htm)</u> |
| | (10) | <u>[Powers of Attorney for Beckman, Bhatia, Chatterjee, Damos, Dyer, Grieb, Hymes, Lattimer, McCullum, McMillan, and Swank dated 06/09/2026](pfi-powerofattorneyall0609.htm)</u> \* |
| (i) | Legal Opinion \*\* | Legal Opinion \*\* |
| (j) | Other Opinions | Other Opinions |
|  | (1) | Consent of Independent Registered Public Accounting Firm \*\* |
| (k) | Omitted Financial Statements -- Not Applicable | Omitted Financial Statements -- Not Applicable |
| (l) | Initial Capital Agreements | Initial Capital Agreements |
|  | (1) | Initial Capital Agreement dated 04/26/1993 – Filed as Ex-99(b)(13) on 04/12/1996 (Accession No. 0000898745-96-000012) This exhibit was originally filed in paper format. Accordingly, a hyperlink has not been provided. |
|  | (2) | <u>[Initial Capital Agreements dated 11/17/1997 – Filed as Ex-99(l)(2) and Ex-99(l)(3) on 09/22/2000 (Accession No. 0000898745-00-500024)](https://www.sec.gov/Archives/edgar/data/898745/000089874500500024/0000898745-00-500024-0017.txt)</u> |
|  | (3) | <u>[Initial Capital Agreements – Filed as Ex-99(l)(4) through (l)(38) on 12/05/2000 (Accession No. 0000898745-00-000021)](https://www.sec.gov/Archives/edgar/data/898745/000089874500000021/0000898745-00-000021-0012.txt)</u> |
|  | (4) | <u>[Initial Capital Agreement dated 12/30/2002 – Filed as Ex-99(l)(39) on 12/30/2002 (Accession No. 0001126871-02-000036)](https://www.sec.gov/Archives/edgar/data/898745/000112687102000036/initialcapital.txt)</u> |
|  | (5) | <u>[Initial Capital Agreements dated 12/29/2003 and 12/30/2003 – Filed as Ex-99(l)(40](https://www.sec.gov/Archives/edgar/data/898745/000112704804000033/newfunds-invltr.txt)</u>) and <u>[Ex-99(l)(41) on 02/26/2004 (Accession No. 0001127048-04-000033)](https://www.sec.gov/Archives/edgar/data/898745/000112704804000033/prfdj-invltr.txt)</u> |
|  | (6) | <u>[Initial Capital Agreement dated 06/01/2004 – Filed as Ex-99(l)(42) on 07/27/2004 (Accession No. 0000870786-04-000163)](https://www.sec.gov/Archives/edgar/data/898745/000087078604000163/invstmnt-ltr.txt)</u> |
|  | (7) | <u>[Initial Capital Agreement dated 11/01/2004 – Filed as Ex-99(l)(43) on 12/13/2004 (Accession No. 0000870786-04-000242)](https://www.sec.gov/Archives/edgar/data/898745/000087078604000242/advsign-invltr.txt)</u> |
|  | (8) | <u>[Initial Capital Agreement dated 12/29/2004 – Filed as Ex-99(l)(44) on 02/28/2005 (Accession No. 0000870786-05-000065)](https://www.sec.gov/Archives/edgar/data/898745/000087078605000065/invltr-1204.txt)</u> |
|  | (9) | <u>[Initial Capital Agreement dated 03/01/2005 – Filed as Ex-99(l)(45) on 05/16/2005 (Accession No. 0000870786-05-000194)](https://www.sec.gov/Archives/edgar/data/898745/000087078605000194/invltr-prtglobalequity.txt)</u> |
|  | (10) | <u>[Initial Capital Agreement dated 06/28/2005 – Filed as Ex-99(l)(46) on 11/22/2005 (Accession No. 0000870786-05-000263)](https://www.sec.gov/Archives/edgar/data/898745/000087078605000263/initalcap-ltr.txt)</u> |
|  | (11) | <u>[Initial Capital Agreement dated 03/01/2006 – Filed as Ex-99(l)(47) on 10/20/2006 (Accession No. 0000898745-06-000160)](https://www.sec.gov/Archives/edgar/data/898745/000089874506000160/invtltr-0306.txt)</u> |
|  | (12) | <u>[Initial Capital Agreement dated 01/10/2007 – Filed as Ex-99(l)(48) on 02/20/2008 (Accession No. 0000950137-08-002501)](https://www.sec.gov/Archives/edgar/data/898745/000095013708002501/c23411bpexv99wxlyx48y.htm)</u> |
|  | (13) | <u>[Initial Capital Agreement dated 10/01/2007 and 02/29/2008 – Filed as Ex-99(l)(49)](https://www.sec.gov/Archives/edgar/data/898745/000089874508000017/invltr-100107.htm)</u> and<u>[Ex-99(l)(50) on 03/28/2008 (Accession No. 0000898745-08-000017)](https://www.sec.gov/Archives/edgar/data/898745/000089874508000017/invltr-022908.htm)</u> |

---

------

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

(14) <u>[Initial Capital Agreement dated 05/01/2008 – Filed as Ex-99(l)(51) on 07/17/2008 (Accession No. 0000009713-08-000060)](https://www.sec.gov/Archives/edgar/data/898745/000000971308000060/investmentltr.htm)</u>

(15) <u>[Initial Capital Agreement dated 09/30/2008 – Filed as Ex-99(l)(52) on 12/12/2008 (Accession No. 0000898745-08-000166)](https://www.sec.gov/Archives/edgar/data/898745/000089874508000166/investmentltr.htm)</u>

(16) <u>[Initial Capital Agreements dated 12/15/2008 – Filed as Ex-99(l)(53) on 12/31/2008 (Accession No. 0000898745-08-000184)](https://www.sec.gov/Archives/edgar/data/898745/000089874508000184/investmentletters.htm)</u>

(17) <u>[Initial Capital Agreements dated 03/02/2009 and 09/09/2009 – Filed as Ex-99(l)(54](https://www.sec.gov/Archives/edgar/data/898745/000089874510000490/ex99_l54-investmentltr030209.htm)</u>) and <u>[Ex-99(l)(55) on 10/29/2010 (Accession No. 0000898745-10-000490)](https://www.sec.gov/Archives/edgar/data/898745/000089874510000490/ex99_l55-investmentltr090909.htm)</u>

(18) <u>[Initial Capital Agreement dated 12/30/2009 – Filed as Ex-99(l)(56) on 10/29/2010 (Accession No. 0000898745-10-000490)](https://www.sec.gov/Archives/edgar/data/898745/000089874510000490/ex99_l56-investmentltr123009.htm)</u>

(19) <u>[Initial Capital Agreement dated 03/01/2010 – Filed as Ex-99(l)(57) on 10/29/2010 (Accession No. 0000898745-10-000490)](https://www.sec.gov/Archives/edgar/data/898745/000089874510000490/ex99_l57-investmentltr030110.htm)</u>

(20) <u>[Initial Capital Agreement dated 03/16/2010 – Filed as Ex-99(l)(58) on 10/29/2010 (Accession No.0000898745-10-000490)](https://www.sec.gov/Archives/edgar/data/898745/000089874510000490/ex99_l58investmentltr031610.htm)</u>

(21) <u>[Initial Capital Agreement dated 07/12/2010 – Filed as Ex-99(l)(59) on 10/29/2010 (Accession No.0000898745-10-000490)](https://www.sec.gov/Archives/edgar/data/898745/000089874510000490/ex99_l59-investmentltr071210.htm)</u>

(22) <u>[Initial Capital Agreement dated 09/27/2010 – Filed as Ex-99(l)(60) on 12/30/2010 (Accession No. 0000898745-10-000522)](https://www.sec.gov/Archives/edgar/data/898745/000089874510000522/investmentltr09-272010.htm)</u>

(23) <u>[Initial Capital Agreement dated 12/29/2010 – Filed as Ex-99(l)(61) on 02/23/2011 (Accession No. 0000898745-11-000040)](https://www.sec.gov/Archives/edgar/data/898745/000089874511000040/investmentletterdtd122910.htm)</u>

(24) <u>[Initial Capital Agreement dated 06/06/2011 – Filed as Ex-99(l)(62) on 10/12/2011 (Accession No. 0000898745-11-000711)](https://www.sec.gov/Archives/edgar/data/898745/000089874511000711/smid-invltr.htm)</u>

(25) <u>[Initial Capital Agreement dated 10/24/2011 – Filed as Ex-99(l)(63) on 12/30/2011 (Accession No. 0001144204-11-072069)](https://www.sec.gov/Archives/edgar/data/898745/000114420411072069/v243281_ex99-l63.htm)</u>

(26) <u>[Initial Capital Agreement dated 03/01/2012 – Filed as Ex-99(l)(64) on 06/13/2012 (Accession No. 0001144204-12-034634)](https://www.sec.gov/Archives/edgar/data/898745/000114420412034634/v311389_ex99l-64.htm)</u>

(27) <u>[Initial Capital Agreements dated 06/14/2012 – Filed as Ex-99(l)(65](https://www.sec.gov/Archives/edgar/data/898745/000114420412039659/v318039_exl-65.htm)</u>) and <u>[Ex-99(l)(66) on 07/16/2012 (Accession No. 0001144204-12-039659)](https://www.sec.gov/Archives/edgar/data/898745/000114420412039659/v318039_exl-66.htm)</u>

(28) <u>[Initial Capital Agreement dated 12/28/2012 – Filed as Ex-99(l)(67) on 02/28/2013 (Accession No. 0000898745-13-000071)](https://www.sec.gov/Archives/edgar/data/898745/000089874513000071/l67-invltr122812.htm)</u>

(29) <u>[Initial Capital Agreement dated 03/01/2013 – Filed as Ex-99(l)(68) on 05/07/2013 (Accession No. 0000898745-13-000459)](https://www.sec.gov/Archives/edgar/data/898745/000089874513000459/l68-investmentletterx030113.htm)</u>

(30) <u>[Initial Capital Agreement dated 03/14/2014 (Capital Securities Fund) – Filed as Ex-99(l)(69) on 03/28/2014 (Accession No. 0000898745-14-000513)](https://www.sec.gov/Archives/edgar/data/898745/000089874514000513/ex-l69investmentletter0314.htm)</u>

(31) <u>[Initial Capital Agreement dated 09/30/2013 (Blue Chip and Global Opportunities) – Filed as Ex-99(l)(70) on 10/31/2013 (Accession No. 0000898745-13-000729)](https://www.sec.gov/Archives/edgar/data/898745/000089874513000729/l70initialcapagreement.htm)</u>

(32) <u>[Initial Capital Agreement dated 12/30/2013 (Opportunistic Municipal) – Filed as Ex-99(l)(71) on 02/27/2014 (Accession No. 0000898745-14-000071)](https://www.sec.gov/Archives/edgar/data/898745/000089874514000071/l71-invltroppmuni.htm)</u>

(33) <u>[Initial Capital Agreement dated 06/03/2014 (share class additions) – Filed as Ex-99(l)(72) on 06/20/2014 (Accession No. 0000898745-14-000687)](https://www.sec.gov/Archives/edgar/data/898745/000089874514000687/l72pfi-investmentletter060.htm)</u>

(34) <u>[Initial Capital Agreement dated 06/11/2014 (International Small Company) – Filed as Ex-99(l)(73) on 06/20/2014 (Accession No. 0000898745-14-000687)](https://www.sec.gov/Archives/edgar/data/898745/000089874514000687/l73pfi-investmentletter061.htm)</u>

(35) <u>[Initial Capital Agreement dated 09/30/2014 (Principal LifeTime Hybrids - Instl) – Filed as Ex-99(l)(75) on 10/15/2014 (Accession No. 0000898745-14-000996)](https://www.sec.gov/Archives/edgar/data/898745/000089874514000996/l75-pfixlifetimehybridisha.htm)</u>

(36) <u>[Initial Capital Agreement dated 11/25/2014 (Class R-6 - 6 Funds) – Filed as Ex-99(l)(37) on 12/29/2014 (Accession No. 000898745-14-001274)](https://www.sec.gov/Archives/edgar/data/898745/000089874514001274/l37-pfixinvestmentletter11.htm)</u>

(37) <u>[Initial Capital Agreements dated 12/31/2014 (Real Estate Allocation and Real Estate Debt Income Funds, addition of Class R-6 to Diversified Real Asset and Institutional Class to International Small Company Funds) – Filed as Ex-99(l)(38) on 02/26/2015 (Accession No. 0000898745-15-000123)](https://www.sec.gov/Archives/edgar/data/898745/000089874515000123/pfiinvltrs-123114.htm)</u>

(38) <u>[Initial Capital Agreement dated 02/27/2015 (Cal Muni - Instl) – Filed as Ex-99(l)(40) on 05/18/2015 (Accession No. 0000898745-15-000325)](https://www.sec.gov/Archives/edgar/data/898745/000089874515000325/pfi-investmentltrx022715.htm)</u>

(39) <u>[Initial Capital Agreement dated 03/10/2015 (Opp Muni - Instl) – Filed as Ex-99(l)(41) on 05/18/2015 (Accession No. 0000898745-15-000325)](https://www.sec.gov/Archives/edgar/data/898745/000089874515000325/pfi-investmentltrx031015.htm)</u>

------

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

---

| | | |
|:---|:---|:---|
| | (40) | <u>[Initial Capital Agreement dated 05/18/2015 (Tax-Exempt Bond - Instl) – Filed as Ex-99(l)(42) on 06/12/2015 (Accession No. 0000898745-15-000404)](https://www.sec.gov/Archives/edgar/data/898745/000089874515000404/ex-99l42xpfixinvltrx051815.htm)</u> |
| | (41) | <u>[Initial Capital Agreement dated 08/24/2015 (California Municipal Fund - P, Principal LifeTime Hybrid Income - R-6, Principal LifeTime Hybrid 2015 - R-6, Principal LifeTime Hybrid 2020 - R-6, Principal LifeTime Hybrid 2025 - R-6, Principal LifeTime Hybrid 2030 - R-6, Principal LifeTime Hybrid 2035 - R-6, Principal LifeTime Hybrid 2040 - R-6, Principal LifeTime Hybrid 2045 - R-6, Principal LifeTime Hybrid 2050 - R-6, Principal LifeTime Hybrid 2055 - R-6, Principal LifeTime Hybrid 2060 - R-6, SAM Balanced - P, SAM Conservative Balanced - P, SAM Conservative Growth - P, SAM Flexible Income - P, SAM Strategic Growth - P, Tax-Exempt Bond Fund - P) – Filed as Ex-99(l)(44) on 09/18/2015 (Accession No. 0000898745-15-000653)](https://www.sec.gov/Archives/edgar/data/898745/000089874515000653/ex-99l44xpfiinitialcapital.htm)</u> |
| | (42) | <u>[Initial Capital Agreement dated 03/07/2016 (Class R-3 shares, Class R-4 shares, and Class R-5 to the Global Real Estate Securities Fund) - Filed ax Ex-99(l)(47) on 03/29/2016 (Accession No. 0000898745-16-001192)](https://www.sec.gov/Archives/edgar/data/898745/000089874516001192/pfi-investmentltrgres030716.htm)</u> |
| | (43) | <u>[Initial Capital Agreement dated 03/29/2016 (Class R-3 shares, Class R-4 shares, and Class R-5 to the Blue Chip Fund and Diversified Real Asset Fund) - Filed as Ex-99(l)(48) on 04/08/2016 (Accession No. 0000898745-16-001225)](https://www.sec.gov/Archives/edgar/data/898745/000089874516001225/ex99l48-initialcapagmt0329.htm)</u> |
| | (44) | <u>[Initial Capital Agreement dated 07/11/2016 (Finisterre Unconstrained Emerging Markets Bond Fund Class A, P, and Institutional shares) - Filed as Ex-99(l)(50) on 10/13/2016 (Accession No. 0000898745-16-001543)](https://www.sec.gov/Archives/edgar/data/898745/000089874516001543/pfiinvltr-071116.htm)</u> |
| | (45) | <u>[Initial Capital Agreement dated 11/22/2016 (Class R-6 shares for High Yield, International Emerging Markets, International I, MidCap, MidCap S&P 400 Index, Real Estate Securities, SmallCap, and SmallCap S&P 600 Index Funds) - Filed as Ex-99(l)(51) on 12/28/2016 (Accession No. 0000898745-16-001858)](https://www.sec.gov/Archives/edgar/data/898745/000089874516001858/ex99l51-initialcapitalagmt.htm)</u> |
| | (46) | <u>[Initial Capital Agreement dated 01/03/2017 (Class R-6 shares for Blue Chip, Edge MidCap, International Equity Index, International Small Company, Preferred Securities, Real Estate Debt Income, and Small-MidCap Dividend Income Funds) - Filed as Ex-99(l)(52) on 01/30/2017 (Accession No. 0000898745-17-000041)](https://www.sec.gov/Archives/edgar/data/898745/000089874517000041/ex99l52-initialcapitalagmt.htm)</u> |
| | (47) | <u>[Initial Capital Agreement dated 06/12/2017 (Class R-6 shares for Global Diversified Income and Global Multi-Strategy) – Filed as Ex-99(l)(55) on 06/23/2017 (Accession No. 0000898745-17-001004)](https://www.sec.gov/Archives/edgar/data/898745/000089874517001004/ex-99i54xinitialcapagreeme.htm)</u> |
| | (48) | <u>[Initial Capital Agreement dated 09/06/2017 (Principal LifeTime 2065 and Principal LifeTime Hybrid 2065 Funds) - Filed as Ex-99(l)(56) on 09/08/2017 (Accession No. 0000898745-17-001118)](https://www.sec.gov/Archives/edgar/data/898745/000089874517001118/ex-99l56xinitialcaptalagrm.htm)</u> |
| | (49) | <u>[Initial Capital Agreement dated 09/11/2017 (Class J shares for Blue Chip Fund) - Filed as Ex-99(l)(57) on 10/06/2017 (Accession No. 0000898745-17-001219)](https://www.sec.gov/Archives/edgar/data/898745/000089874517001219/pfiinitialcapitalagmtblchi.htm)</u> |
| | (50) | <u>[Initial Capital Agreement dated 12/20/2017 (Institutional Class shares for Government Money Market Fund) - Filed as Ex-99(l)(57) on 12/29/2017 (Accession No. 0000898745-17-001402)](https://www.sec.gov/Archives/edgar/data/898745/000089874517001402/ex99l57-initialcapitalagmt.htm)</u> |
| | (51) | <u>[Initial Capital Agreement dated 03/01/2018 (Class J shares for all Principal LifeTime Hybrid Funds) - Filed as Ex-99(l)(58) on 04/13/2018 (Accession No. 0000898745-18-000319)](https://www.sec.gov/Archives/edgar/data/898745/000089874518000319/ex99l58-initialcapitalagmt.htm)</u> |
| | (52) | <u>[Initial Capital Agreement dated 10/09/2018 (Class J shares for Equity Income Fund) - Filed as Ex-99(I)(58) on 11/01/2018 (Accession No. 0000898745-18-000852)](https://www.sec.gov/Archives/edgar/data/898745/000089874518000852/ex-99l59initialcapitalagmt.htm)</u> |
| | (53) | <u>[Initial Capital Agreement dated 03/01/2019 (Class R-6 shares for Diversified International Fund) - Filed as Ex-99(l)(60) on 03/29/2019 (Accession No. 0000898745-19-000316)](https://www.sec.gov/Archives/edgar/data/898745/000089874519000316/ex-99l60xpfixpgiinvestment.htm)</u> |
| | (54) | <u>[Initial Capital Agreement dated 03/01/2019 (Class R-3 and R-5 shares for all LifeTime Hybrid Funds) - Filed as Ex-99(l)(61) on 03/29/2019 (Accession No. 0000898745-19-000316)](https://www.sec.gov/Archives/edgar/data/898745/000089874519000316/ex-99l61xpfixpgiinvestment.htm)</u> |
| | (55) | <u>[Initial Capital Agreement dated 04/02/2019 (Class A and R-6 shares for MidCap Value I Fund) - Filed as Ex-99(l)(62) on 06/10/2019 (Accession No. 0000898745-19-000437)](https://www.sec.gov/Archives/edgar/data/898745/000089874519000437/pfi-pgiinvestmentletterxmc.htm)</u> |
| | (56) | <u>[Initial Capital Agreement dated 09/22/2022 (Institutional Class shares for Global Sustainable Listed Infrastructure Fund) - Filed as Ex-99(l)(60) on 11/17/2022 (Accession No. 0000898745-22-000193)](https://www.sec.gov/Archives/edgar/data/898745/000089874522000193/ex99l60-investmentltrgloba.htm)</u> |
| | (57) | <u>[Initial Capital Agreement dated 03/01/2023 (Principal LifeTime 2070 Fund and Principal LifeTime Hybrid 2070 Fund) - Filed as Ex-99(l)(60) on 12/27/2023 (Accession No. 0000898745-23-000393)](https://www.sec.gov/Archives/edgar/data/898745/000089874523000393/ex99l60-letterofinvestment.htm)</u> |
| | (58) | <u>[Initial Capital Agreement dated 11/14/2025 (Global Macro Fund) - Filed as Ex-99(l)(58) on 12/16/2025 (Accession Number 0000898745-25-000688)](https://www.sec.gov/Archives/edgar/data/898745/000089874525000688/ex99l58investmentltrglobal.htm)</u> |
| (m) | Rule 12b-1 Plan | Rule 12b-1 Plan |
|  | (1) | <u>[Class A Distribution Plan and Agreement dated 04/02/2019 - Filed as Ex-99(m)(1) on 12/27/2023 (Accession No. 0000898745-23-000393)](https://www.sec.gov/Archives/edgar/data/898745/000089874523000393/ex-99m1distribution12bx1cl.htm)</u> |
|  | (2) | <u>[Class C Distribution Plan and Agreement dated 01/01/2014 - Filed as Ex-99(m)(2) on 02/25/2016 (Accession No. 0000898745-16-001024)](https://www.sec.gov/Archives/edgar/data/898745/000089874516001024/m212b-1classc010114.htm)</u> |
|  | (3) | <u>[Class J Amended & Restated Distribution Plan and Agreement dated 03/01/2023 - Filed as Ex-99(m)(3) on 02/27/2023 (Accession No. 0001683863-23-001574)](https://www.sec.gov/Archives/edgar/data/898745/000168386323001574/f24464d12.htm)</u> |

---

------

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

---

| | | |
|:---|:---|:---|
| | (4) | <u>[Class R-1 Amended & Restated Distribution Plan and Agreement dated 03/01/2023 - Filed as Ex-99(m)(4) on 02/27/2023 (Accession No. 0001683863-23-001574)](https://www.sec.gov/Archives/edgar/data/898745/000168386323001574/f24464d13.htm)</u> |
| | (5) | <u>[Class R-3 Amended & Restated Distribution Plan and Agreement dated 03/01/2023 - Filed as Ex-99(m)(5) on 02/27/2023 (Accession No. 0001683863-23-001574)](https://www.sec.gov/Archives/edgar/data/898745/000168386323001574/f24464d14.htm)</u> |
| | (6) | <u>[Class R-4 Amended & Restated Distribution Plan and Agreement dated 03/01/2023 - Filed as Ex-99(m)(6) on 02/27/2023 (Accession No. 0001683863-23-001574)](https://www.sec.gov/Archives/edgar/data/898745/000168386323001574/f24464d15.htm)</u> |
| (n) | Rule 18f-3 Plan | Rule 18f-3 Plan |
|  | (1) | <u>[Plan pursuant to Rule 18f-3(d) under the Investment Company Act of 1940 dated 06/12/2017- Filed as Ex-99(n)(1) on 08/31/2017 (Accession No. 0000898745-17-001102)](https://www.sec.gov/Archives/edgar/data/898745/000089874517001102/ex99n1-18fx3dplan061217.htm)</u> |
| (o) | Reserved | Reserved |
| (p) | Code of Ethics | Code of Ethics |
|  | (1) | <u>[AllianceBernstein L.P. Code of Ethics dated 02/2026](codeofethics-allianceber.htm)</u> \* |
|  | (2) | <u>[Barrow, Hanley, Mewhinney & Strauss, LLC Code of Ethics dated 03/11/2026](codeofethics-barrowhanley0.htm)</u> \* |
|  | (3) | <u>[Brown Advisory Code of Ethics dated 2024 - Filed as Ex-99(p)(4) on 12/27/2024 (Accession No. 0000898745-24-000725)](https://www.sec.gov/Archives/edgar/data/898745/000089874524000725/brownadvisorycodeofethic.htm)</u> |
|  | (4) | <u>[Causeway Capital Management LLC Code of Ethics dated 12/30/2022 - Filed as Ex-99(p)(5) on 12/27/2024 (Accession No. 0000898745-24-000725)](https://www.sec.gov/Archives/edgar/data/898745/000089874524000725/causewaycodeofethics1220.htm)</u> |
|  | (5) | <u>[ClearBridge RARE Infrastructure (North America) Pty Limited Code of Ethics dated 12/2023 - Filed as Ex-99(p)(6) on 12/27/2024 (Accession No. 0000898745-24-000725)](https://www.sec.gov/Archives/edgar/data/898745/000089874524000725/clearbridge-codeofethics.htm)</u> |
|  | (6) | <u>[CoreCommodity Management, LLC Code of Ethics dated 10/2025](corecommoditycodeofethic.htm)</u> \* |
|  | (7) | <u>[Crabel Capital Management, LLC Code of Ethics dated 02/2024 - Filed as Ex-99(p)(8) on 06/20/2025 (Accession No. 0000898745-25-000315)](https://www.sec.gov/Archives/edgar/data/898745/000089874525000315/crabelcapitalmanagementapp.htm)</u> |
|  | (8) | <u>[Emerald Advisers Inc. Code of Ethics dated 0](codeofethics-emerald022826.htm)[2](codeofethics-emerald022826.htm)[/](codeofethics-emerald022826.htm)[28](codeofethics-emerald022826.htm)[/202](codeofethics-emerald022826.htm)[6](codeofethics-emerald022826.htm)</u> \* |
|  | (9) | Federated MDTA LLC Code of Ethics dated 11/13/2024 \*\* |
|  | (10) | <u>[Fred Alger Management, LLC](codeofethics-fredalgerdec2.htm)[Code of Ethics dated 1](codeofethics-fredalgerdec2.htm)[2/2025](codeofethics-fredalgerdec2.htm)</u> \* |
|  | (11) | <u>[Graham Capital Management, L.P. Code of Ethics dated 01/26/2026](codeofethics-grahamdec20.htm)</u> \* |
|  | (12) | <u>[Hotchkis & Wiley Capital Management, LLC Code of Ethics dated 09/2021 - Filed as Ex-99(p)(13) on 12/28/2021 (Accession No. 0001683863-21-007448)](https://www.sec.gov/Archives/edgar/data/898745/000168386321007448/f10587d19.htm)</u> |
|  | (13) | <u>[Loomis, Sayles & Co., L.P. Code of Ethics dated 12/2025](loomiscodeofethics_dec10.htm)</u> \* |
|  | (14) | <u>[Los Angeles Capital Management LLC Code of Ethics dated 07/16/2024 - Filed as Ex-99(p)(19) on 12/27/2024 (Accession No. 0000898745-24-000725)](https://www.sec.gov/Archives/edgar/data/898745/000089874524000725/losangelescapitalmanagem.htm)</u> |
|  | (15) | <u>[Newton Investment Management North America LLC Codes of Ethics dated 01/27/2026](codeofethics-newton01272.htm)</u> \* |
|  | (16) | <u>[Nuveen Asset Management LLC Code of Ethics dated 01/06/2026](codeofethics-nuveenameri.htm)</u> \* |
|  | (17) | <u>[Parametric Portfolio Associates LLC Code of Ethics dated 07/25/2025](codeofethics-parametricpor.htm)</u> \* |
|  | (18) | <u>[Pictet Asset Management SA Code of Ethics dated 03/2024 - Filed as Ex-99(p)(23) on 12/27/2024 (Accession No. 0000898745-24-000725)](https://www.sec.gov/Archives/edgar/data/898745/000089874524000725/pictetamcodeofethics-032.htm)</u> |
|  | (19) | <u>[Record Currency Management Limited Code of Ethics dated 07/2025, effective 08/2025](codeofethics-recordcurre.htm)</u> \* |
|  | (20) | <u>[Registrant, Principal Global Investors, LLC, and Principal Real Estate Investors, LLC Code of Ethics dated 10/01/2025](codeofethics-pgiprincipalx.htm)</u> \* |
|  | (21) | <u>[Spectrum Code of Ethics dated 2024 - Filed as Ex-99(p)(29) on 12/27/2024 (Accession No. 0000898745-24-000725)](https://www.sec.gov/Archives/edgar/data/898745/000089874524000725/spectrumcodeofethicsrece.htm)</u> |
|  | (22) | <u>[T. Rowe Price Code of Ethics dated 07/01/2025 - Filed as Ex-99(p)(26) on 02/27/2026 (Accession No. 0000898745-26-000202)](https://www.sec.gov/Archives/edgar/data/898745/000089874526000202/p26codeofethics-troweprice.htm)</u> |
|  | (23) | <u>[Vaughan-Nelson Code of Ethics dated 08/15/2025](codeofethics-vaughannels.htm)</u> \* |
|  | (24) | <u>[Victory Capital Management Inc. Code of Ethics dated 04/01/2025 - Filed as Ex-99(p)(28) on 02/27/2026 (Accession No. 0000898745-26-000202)](https://www.sec.gov/Archives/edgar/data/898745/000089874526000202/p28codeofethics-victory040.htm)</u>  |
|  | (25) | <u>[Wellington Management Code of Ethics dated 02/02/2026](wellingtoncodeofethicspo.htm)</u> \* |
|  | (26) | <u>[Westchester Capital Management, LLC Code of Ethics dated 0](codeofethics-westchestervi.htm)[2](codeofethics-westchestervi.htm)[/01/202](codeofethics-westchestervi.htm)[6](codeofethics-westchestervi.htm)</u> \* |
|  | (27) | <u>[Westfield Capital Management Company, L.P. Code of Ethics dated 10/21/2025](codeofethics-westfieldoct2.htm)</u> \* |
| \* | Filed herein. | Filed herein. |
| \*\* | To be filed by amendment. | To be filed by amendment. |

---

------

**Item 29. Persons Controlled by or Under Common Control with the Fund**

The Registrant does not control and is not under common control with any person.

**Item 30.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification**

Under Section 2-418 of the Maryland General Corporation Law, with respect to any proceedings against a present or former director, officer, agent or employee (a "corporate representative") of the Registrant, the Registrant may indemnify the corporate representative against judgments, fines, penalties, and amounts paid in settlement, and against expenses, including attorneys' fees, if such expenses were actually incurred by the corporate representative in connection with the proceeding, unless it is established that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The act or omission of the corporate representative was material to the matter giving rise to the proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Was committed in bad faith; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Was the result of active and deliberate dishonesty; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The corporate representative actually received an improper personal benefit in money, property, or services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)In the case of any criminal proceeding, the corporate representative had reasonable cause to believe that the act or omission was unlawful.

If a proceeding is brought by or on behalf of the Registrant, however, the Registrant may not indemnify a corporate representative who has been adjudged to be liable to the Registrant. Under the Registrant's Articles of Incorporation and Bylaws, directors and officers of Registrant are entitled to indemnification by the Registrant to the fullest extent permitted under Maryland law and the Investment Company Act of 1940. Reference is made to Article VI, Section 7 of the Registrant's Articles of Incorporation, Article 9 of Registrant's Bylaws and Section 2-418 of the Maryland General Corporation Law.

The Registrant has agreed to indemnify, defend and hold the Distributors, their officers and directors, and any person who controls the Distributors within the meaning of Section 15 of the Securities Act of 1933, free and harmless from and against any and all claims, demands, liabilities and expenses (including the cost of investigating or defending such claims, demands or liabilities and any counsel fees incurred in connection therewith) which the Distributors, their officers, directors or any such controlling person may incur under the Securities Act of 1933, or under common law or otherwise, arising out of or based upon any untrue statement of a material fact contained in the Registrant's registration statement or prospectus or arising out of or based upon any alleged omission to state a material fact required to be stated in either thereof or necessary to make the statements in either thereof not misleading, except insofar as such claims, demands, liabilities or expenses arise out of or are based upon any such untrue statement or omission made in conformity with information furnished in writing by the Distributors to the Registrant for use in the Registrant's registration statement or prospectus: provided, however, that this indemnity agreement, to the extent that it might require indemnity of any person who is also an officer or director of the Registrant or who controls the Registrant within the meaning of Section 15 of the Securities Act of 1933, shall not inure to the benefit of such officer, director or controlling person unless a court of competent jurisdiction shall determine, or it shall have been determined by controlling precedent that such result would not be against public policy as expressed in the Securities Act of 1933, and further provided, that in no event shall anything contained herein be so construed as to protect the Distributors against any liability to the Registrant or to its security holders to which the Distributors would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence, in the performance of their duties, or by reason of their reckless disregard of their obligations under this Agreement. The Registrant's agreement to indemnify the Distributors, their officers and directors and any such controlling person as aforesaid is expressly conditioned upon the Registrant being promptly notified of any action brought against the Distributors, their officers or directors, or any such controlling person, such notification to be given by letter or telegram addressed to the Registrant.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Each director has entered into an indemnification agreement with the Fund. In addition, the interested directors each have available indemnifications from Principal Financial Group, Inc., the parent company of his/her employer, the Fund's sponsor.

**Item 31. Business or Other Connections of Investment Advisor**

Principal Global Investors, LLC ("PGI") serves as investment advisor and administrator for Principal Funds, Inc. ("PFI"), Principal Variable Contracts Funds, Inc. ("PVC"), Principal Real Asset Fund ("PRA"), and Principal Private Credit Fund ("PPCF"). PGI also serves as investment advisor for Principal Exchange-Traded Funds ("PETF"). PGI is part of a diversified global asset management organization that utilizes specialized investment teams and affiliates to provide institutional investors and individuals with diverse investment capabilities, including fixed income, equities, real estate, and asset allocation. A complete list of the officers and directors of the investment advisor, PGI, are set out below.

------

PGI is an indirect wholly-owned subsidiary of Principal Financial Group, Inc. (together with its affiliates, "Principal"), the headquarters of which is located at 711 High Street, Des Moines, Iowa. Many of the individuals listed below support Principal in various capacities, in some cases as directors or officers, in addition to their role with PGI. The below list includes individuals (designated by an \*), who serve as officers and directors of the Registrant. For these individuals, the information as set out in the Statement of Additional Information (See Part B) under the caption "Additional Information Regarding Board Members and Officers" is incorporated by reference.

---

| | | |
|:---|:---|:---|
| | **NAME** | **OFFICE WITH INVESTMENT ADVISOR (PGI)** |
| | Patricio Abal | Counsel |
| | Christopher K. Agbe-Davies | Vice President, Associate General Counsel, and Assistant Secretary |
| \* | Kamal Bhatia | Director, President, and Chief Executive Officer - Principal Asset Management |
| | Suzanne Cohrs | Managing Director - Public Markets Strategy |
| | Daniel R. Coleman | Chief Investment Officer - Edge Asset Management |
| | Anne R. Cook | Associate General Counsel |
| | Ramona Dessouki | Executive Director and Chief Marketing Officer and Digital Sales |
| \* | George Djurasovic | Vice President - Principal Asset Management General Counsel |
| | Jen Dulski | Counsel |
| | Todd E. Everett | Executive Managing Director and Global Head of Private Markets - Principal Asset Management |
| | Michael J. Goosay | Executive Managing Director and Chief Investment Officer - Global Head of Fixed Income |
| | Melinda L. Hanrahan | Managing Director - Global Equities |
| | Angela Harrison | Counsel |
| | Corrin Hatala | Counsel |
| | Maggie Hibbs | Counsel |
| | Jill M. Hittner | Director and Executive Managing Director - Chief Financial Officer - Principal Asset Management |
| | Todd A. Jablonski | Executive Managing Director - Global Head of Multi Asset & Quant, Principal Asset Management |
| | Chester Knight | Managing Director - Financial Analysis and Planning |
| | Justin T. Lange | Vice President and Chief Compliance Officer - Principal Asset Management |
| \* | Laura B. Latham | Assistant General Counsel |
| | Steve Lempa | Chief Risk Officer - Principal Asset Management |
| | Ming Lodh | Director - Investment Risk Management |
| | George P. Maris | Executive Managing Director - Chief Investment Officer - Global Head of Equities |
| | Kenneth A. McCullum | Director |
| | Adrienne L. McFarland | Associate General Counsel and Secretary |
| | Amy M. McNally | Global Head Risk Management - PGI |
| | Terri Messina | Managing Director - Global Investment Operations |
| \* | David P. Michalik | Counsel |
| | Everett S. Miles | Vice President - Corporate Strategy and Development |
| | Karl (Bill) W. Nolin | Chief Investment Officer - Aligned Investors |
| | Mike Oppold | Senior Director - Accounting and Finance |
| \* | Deanna Y. Pellack | Assistant General Counsel |
| | Colin D. Pennycooke | Assistant General Counsel |
| | J. Markham Penrod | Chief Compliance Officer - North America |
| | Matt Peron | Managing Director - Deputy Chief Investment Officer - Equities |
| | Darshini Reddivari | Counsel |
| \* | Sara L. Reece | Managing Director - Global Head of Fund Services |
| \* | Teri R. Root | Chief Compliance Officer - Funds |
| | Kelly D. Rush | Chief Investment Officer - Global Real Estate Securities |
| | Scott M. Sailer | Vice President - Treasurer and Corporate Chief Financial Officer |
| | Charles M. Schneider | Assistant General Counsel |
| | Brenda Scholten | Assistant Vice President and Chief Accounting Officer |
| \* | Michael Scholten | Assistant Vice President and Actuary |
| \* | Adam U. Shaikh | Associate General Counsel |
| | Jennifer Shields | Assistant General Counsel |
| \* | John L. Sullivan | Assistant General Counsel |
| | Rob Susman | Managing Director - Global Head of Equities Research |
| | David E. Tabora | Executive Managing Director, Chief Information Officer - Principal Asset Management |
| \* | Barbara Wenig | Executive Managing Director - Chief Business Officer - Principal Asset Management |
| \* | Brant K. Wong | Executive Managing Director - Head of Retirement Solutions |

---

------

**Item 32.&nbsp;&nbsp;&nbsp;&nbsp;Principal Underwriters**

(a)Principal Funds Distributor, Inc. ("PFD") acts as principal underwriter for PFI, PVC, PRA, and PPCF. PFD also serves as the principal underwriter for certain variable contracts issued by American General Life Insurance Company and The United States Life Insurance Company in the City of New York, through their respective separate accounts.

(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **(1)** | **(2)** | **(3)** |
| **Name and Principal** | **Positions and Offices with** | **Positions and Offices** |
| **Business Address** | **Principal Underwriter (PFD)** | **with the Registrant** |
| Christopher K. Agbe-Davies | Vice President, Associate General Counsel, |  |
| Principal Funds Distributor, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;and Assistant Secretary |  |
| Sean Clines | Chief Financial Officer |  |
| Principal Funds Distributor, Inc.<sup>(1)</sup> |  |  |
| Ramona Dessouki | Chief Marketing Officer |  |
| Principal Funds Distributor, Inc.<sup>(2)</sup> |  |  |
| Tom Drogan | Chief Compliance Officer |  |
| Principal Funds Distributor, Inc.<sup>(2)</sup> |  |  |
| Dina Hoeske | Senior Director - Fund Shareholder Services |  |
| Principal Funds Distributor, Inc.<sup>(1)</sup> |  |  |
| Michael F. Murray | Director |  |
| Principal Securities, Inc.<sup>(1)</sup> |  |  |
| Brian S. Ness | Senior Vice President and Chief Information Officer |  |
| Principal Funds Distributor, Inc.<sup>(1)</sup> |  |  |
| Scott M. Sailer | Vice President - Treasurer and Corporate |  |
| Principal Funds Distributor, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer |  |
| Michael Scholten | Chief Operations Officer | Chief Financial Officer |
| Principal Funds Distributor, Inc.<sup>(1)</sup> |  |  |
| Dina Sullivan | Assistant Vice President |  |
| Principal Funds Distributor, Inc. <sup>(3)</sup> |  |  |
| Jeff Trier | AML Compliance Officer |  |
| Principal Funds Distributor, Inc.<sup>(1)</sup> |  |  |
| Rohit Vohra | Director |  |
| Principal Funds Distributor, Inc.<sup>(2)</sup> |  |  |
| Brant K. Wong | President and Chair of the Board | Vice President |
| Principal Funds Distributor, Inc. <sup>(2)</sup> |  |  |
| <sup>(1)</sup> Des Moines, IA 50392 | <sup>(1)</sup> Des Moines, IA 50392 |  |
| <sup>(2)</sup> 888 7th Avenue, 25th Floor, New York, NY 10019 | <sup>(2)</sup> 888 7th Avenue, 25th Floor, New York, NY 10019 |  |
| <sup>(3)</sup> 1478 Stone Point Drive, Ste 390, Roseville, CA 95661  | <sup>(3)</sup> 1478 Stone Point Drive, Ste 390, Roseville, CA 95661  |  |

---

(c)&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

**Item 33.&nbsp;&nbsp;&nbsp;&nbsp;Location of Accounts and Records**

The location of all accounts, books, and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules promulgated thereunder is provided in the most recent report on Form N-CEN filed by the Registrant.

**Item 34.&nbsp;&nbsp;&nbsp;&nbsp;Management Services**

Not applicable.

**Item 35.&nbsp;&nbsp;&nbsp;&nbsp;Undertakings**

Not applicable.

------

---

| | |
|:---|:---|
| **Exhibit Index:** | |
| Articles Supplementary | Exhibit (a)(2) |
| AllianceBernstein Amended & Restated Sub-Advisory Agreement | Exhibit (d)(5)a |
| Brown Advisory LLC Amended & Restated Sub-Advisory Agreement | Exhibit (d)(5)c |
| Fred Alger Management, LLC Sub-Advisory Agreement | Exhibit (d)(5)j |
| Hotchkis & Wiley Capital Management, LLC Amended & Restated Sub-Advisory Agreement | Exhibit (d)(5)l |
| Los Angeles Capital Management LLC Amended & Restated Sub-Advisory Agreement | Exhibit (d)(5)n |
| Nuveen Fourth Amended & Restated Sub-Advisory Agreement | Exhibit (d)(5)p |
| Parametric Portfolio Associates LLC Sub-Advisory Agreement | Exhibit (d)(5)q |
| T. Rowe Price Associates, Inc. Amended & Restated Sub-Advisory Agreement | Exhibit (d)(5)v |
| Vaughan Nelson Investment Management, LP Amended & Restated Sub-Advisory Agreement | Exhibit (d)(5)w |
| Westfield Capital Management Company, L.P. Sub-Advisory Agreement | Exhibit (d)(5)aa |
| Custody Agreement Amendment | Exhibit (g)(1)h |
| Interfund Lending Agreement | Exhibit (h)(7) |
| Powers of Attorney | Exhibit (h)(10) |
| AllianceBernstein L.P. Code of Ethics | Exhibit (p)(1) |
| Barrow, Hanley, Mewhinney & Strauss, LLC Code of Ethics | Exhibit (p)(2) |
| CoreCommodity Management, LLC Code of Ethics | Exhibit (p)(6) |
| Emerald Advisers Inc. Code of Ethics | Exhibit (p)(8) |
| Fred Alger Management, LLC Code of Ethics | Exhibit (p)(10) |
| Graham Capital Management, L.P. Code of Ethics | Exhibit (p)(11) |
| Loomis, Sayles & Co., L.P. Code of Ethics | Exhibit (p)(13) |
| Newton Investment Management North America LLC Codes of Ethics | Exhibit (p)(15) |
| Nuveen Asset Management LLC Code of Ethics | Exhibit (p)(16) |
| Parametric Portfolio Associates LLC Code of Ethics | Exhibit (p)(17) |
| Record Currency Management Limited Code of Ethics | Exhibit (p)(19) |
| Registrant, Principal Global Investors, LLC, and Principal Real Estate Investors, LLC Code of Ethics | Exhibit (p)(20) |
| Vaughan-Nelson Code of Ethics | Exhibit (p)(23) |
| Wellington Management Code of Ethics | Exhibit (p)(25) |
| Westchester Capital Management, LLC Code of Ethics | Exhibit (p)(26) |
| Westfield Capital Management Company, L.P. Code of Ethics | Exhibit (p)(27) |

---

------

---

| |
|:---|
| **SIGNATURES** |
| Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Fund has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the city of Des Moines and State of Iowa, on the 26th day of June, 2026. |
| Principal Funds, Inc. |
| (Registrant) |
| <br>/s/ Kamal Bhatia<br>_____________________________________<br>Kamal Bhatia<br>Director, President, and Chief Executive Officer |

---

------

---

| | | |
|:---|:---|:---|
| Pursuant to the requirements of the Securities Act of 1933, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Act of 1933, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Act of 1933, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated. |
| **Signature** | **Title** | **Date** |
| /s/ Kamal Bhatia<br>__________________________<br>Kamal Bhatia | Director, President, and Chief Executive Officer <br>(Principal Executive Officer) | June 26, 2026 |
| /s/ Michael Scholten<br>__________________________<br>Michael Scholten | Chief Financial Officer<br>(Principal Financial Officer) | June 26, 2026 |
| /s/ Megan Hoffmann<br>__________________________<br>Megan Hoffmann | Vice President and Treasurer<br>(Principal Accounting Officer) | June 26, 2026 |
| (Daniel J. Beckman)\* <br>__________________________<br>Daniel J. Beckman | Director | June 26, 2026 |
| (Sharmila Chatterjee)\*<br>__________________________<br>Sharmila Chatterjee | Director | June 26, 2026 |
| (Craig Damos)\* <br>__________________________<br>Craig Damos | Director | June 26, 2026 |
| (Katharin S. Dyer)\* <br>__________________________<br>Katharin S. Dyer  | Director | June 26, 2026 |
| (Frances P. Grieb)\* <br>__________________________<br>Frances P. Grieb | Director | June 26, 2026 |
| (Victor L. Hymes)\* <br>__________________________<br>Victor L. Hymes | Director | June 26, 2026 |
| (Padelford L. Lattimer)\*<br>__________________________<br>Padelford L. Lattimer | Director | June 26, 2026 |
| (Kenneth A. McCullum)\*<br>__________________________<br>Kenneth A. McCullum | Director | June 26, 2026 |
| (Karen McMillan)\*<br>__________________________<br>Karen McMillan | Director | June 26, 2026 |
| (Thomas A. Swank)\* <br>__________________________<br>Thomas A. Swank | Director | June 26, 2026 |
|  | /s/ Kamal Bhatia<br>_____________________________________ <br>Kamal Bhatia<br>Attorney-In-Fact | June 26, 2026 |
| \* Pursuant to Powers of Attorney filed herewith | \* Pursuant to Powers of Attorney filed herewith | \* Pursuant to Powers of Attorney filed herewith |

---

------

## Ex-99.(A)(2)

**ARTICLES SUPPLEMENTARY**

**OF**

**PRINCIPAL FUNDS, INC.**

Principal Funds, Inc., a Maryland corporation having its principal office in this State in Baltimore, Maryland (the "Corporation"), hereby certifies to the State Department of Assessments and Taxation of Maryland that:

FIRST: On December 10, 2025, pursuant to authority granted to it in the Charter of the Corporation, resolutions were approved by the Board of Directors of the Corporation, in accordance with Sections 2-105(a)(10), 2-105(c), and 2-605 of Maryland General Corporation Law, authorizing a reclassification of an aggregate of one hundred million (100,000,000) shares, representing all Class R-3 shares of the Diversified Real Asset Fund series of the Corporation, and reclassifying these shares as authorized but unclassified shares of the Corporation.

SECOND: On May 14, 2026, pursuant to authority granted to it in the Charter of the Corporation, resolutions were approved by the Board of Directors of the Corporation, in accordance with Sections 2-105(a)(10), 2-105(c), and 2-605 of Maryland General Corporation Law, authorizing a reclassification of an aggregate of one hundred million (100,000,000) shares, representing authorized but unclassified shares, and to designate such as Institutional Class shares of the Finisterre Emerging Markets Total Return Bond Fund, a series of the Corporation.

The total number of authorized shares of stock of the Corporation will remain at ninety-nine billion six hundred five million (99,605,000,000) shares of stock, with a par value of one cent ($0.01) per share. The aggregate par value of all the authorized shares will remain at nine hundred ninety-six million fifty thousand dollars ($996,050,000).

As amended, Article V shall be stricken in its entirety and replaced by the following:

**ARTICLE V**

**Capital Stock Allocation**

**Section 5.1. Authorized Shares**: The total number of shares of stock which the Corporation shall have authority to issue is ninety-nine billion six hundred five million (99,605,000,000) shares of stock, with a par value of one cent ($0.01) per share. The aggregate par value of all the authorized shares is nine hundred ninety-six million fifty thousand dollars ($996,050,000). The shares may be issued by the Board of Directors in such separate and distinct series and classes of series as the Board of Directors shall from time to time create and establish. The Board of Directors shall have full power and authority, in its sole discretion, to establish and designate series and classes of series, and to classify or reclassify any unissued shares in separate series or classes having such preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications, and terms and conditions of redemption as shall be fixed and determined from time to time by the Board of Directors. Unless otherwise provided in these Articles of Incorporation or by the Board of Directors when establishing a class, each class of a series shall represent interests in the assets belonging to that series and have identical voting, dividend, liquidation and other rights and the same terms and conditions as any other class of the series, except that expenses allocated to the class of a series may be borne solely by such class as shall be determined by the Board of Directors. Expenses related to the distribution of, and other identified expenses that should properly be allocated to, the shares of a particular series or class may be charged to and borne solely by such series or class, and the bearing of expenses solely by a series or class may be appropriately reflected (in a manner determined by the Board of Directors) and cause differences in the net asset value attributable to, and the dividend, redemption and liquidation rights of, the shares of each series or class. Subject to the authority of the Board of Directors to increase and decrease the number of, and to reclassify the shares of any series or class, there are hereby established seventy-four series of common stock, each comprising the number of shares and having the share class designations indicated:

------

---

| | | |
|:---|:---|:---|
| **Fund** | **Class** | **Number of Shares** |
| Blue Chip Fund | A | 50000000 |
|  | C | 50000000 |
|  | Institutional | 500000000 |
|  | J | 100000000 |
|  | R-3 | 100000000 |
|  | R-5 | 200000000 |
|  | R-6 | 300000000 |
| Bond Market Index Fund | Institutional | 500000000 |
|  | J | 10000000 |
|  | R-3 | 150000000 |
|  | R-5 | 50000000 |
| California Municipal Fund | A | 300000000 |
|  | C | 50000000 |
|  | Institutional | 100000000 |
| Capital Securities Fund | S | 500000000 |
| Core Fixed Income Fund | A | 350000000 |
|  | Institutional | 300000000 |
|  | J | 100000000 |
|  | R-3 | 150000000 |
|  | R-5 | 50000000 |
|  | R-6 | 1600000000 |
| Core Plus Bond Fund | A | 200000000 |
|  | Institutional | 500000000 |
|  | J | 75000000 |
|  | R-3 | 150000000 |
|  | R-5 | 60000000 |
| Diversified Income Fund | A | 750000000 |
|  | C | 300000000 |
|  | Institutional | 700000000 |
|  | R-6 | 400000000 |
| Diversified International Fund | A | 350000000 |
|  | Institutional | 1200000000 |
|  | J | 75000000 |
|  | R-3 | 250000000 |
|  | R-5 | 100000000 |
|  | R-6 | 1900000000 |
| Diversified Real Asset Fund | A | 800000000 |
|  | Institutional | 500000000 |
|  | R-6 | 375000000 |
| Equity Income Fund  | A | 750000000 |
|  | C | 50000000 |
|  | Institutional | 500000000 |
|  | J | 100000000 |
|  | R-3 | 150000000 |
|  | R-5 | 50000000 |
| Finisterre Emerging Markets Total Return Bond Fund | Institutional | 200000000 |

---

------

---

| | | |
|:---|:---|:---|
| **Fund** | **Class** | **Number of Shares** |
| Global Emerging Markets Fund | A | 250000000 |
|  | Institutional | 300000000 |
|  | J | 25000000 |
|  | R-3 | 150000000 |
|  | R-5 | 50000000 |
|  | R-6 | 250000000 |
| Global Listed Infrastructure Fund | Institutional | 200000000 |
| Global Macro Fund | R-6 | 200000000 |
| Global Multi-Strategy Fund | A | 850000000 |
|  | Institutional | 500000000 |
|  | R-6 | 400000000 |
| Global Real Estate Securities Fund | A | 300000000 |
|  | Institutional | 500000000 |
|  | R-3 | 250000000 |
|  | R-5 | 200000000 |
|  | R-6 | 250000000 |
| Government & High Quality Bond Fund | A | 350000000 |
|  | Institutional | 400000000 |
|  | J | 75000000 |
|  | R-3 | 150000000 |
|  | R-5 | 50000000 |
| Government Money Market Fund | Institutional | 10200000000 |
|  | R-6 | 10200000000 |
| High Yield Fund | A | 750000000 |
|  | C | 200000000 |
|  | Institutional | 1200000000 |
|  | R-6 | 1000000000 |
| Inflation Protection Fund | Institutional | 400000000 |
|  | J | 25000000 |
|  | R-3 | 300000000 |
|  | R-5 | 125000000 |
| International Bond Fund | R-6 | 200000000 |
| International Equity Fund | Institutional | 300000000 |
|  | R-3 | 150000000 |
|  | R-5 | 50000000 |
|  | R-6 | 600000000 |
| International Equity Index Fund | Institutional | 200000000 |
|  | R-3 | 150000000 |
|  | R-5 | 50000000 |
|  | R-6 | 750000000 |
| International Small Company Fund | Institutional | 100000000 |
|  | R-6 | 200000000 |

---

------

---

| | | |
|:---|:---|:---|
| **Fund** | **Class** | **Number of Shares** |
| LargeCap Growth Fund I | A | 100000000 |
|  | Institutional | 600000000 |
|  | J | 200000000 |
|  | R-3 | 145000000 |
|  | R-5 | 150000000 |
|  | R-6 | 850000000 |
| LargeCap S&P 500 Index Fund | A | 250000000 |
|  | Institutional | 500000000 |
|  | J | 100000000 |
|  | R-3 | 175000000 |
|  | R-5 | 125000000 |
| LargeCap Value Fund III | Institutional | 300000000 |
|  | J | 25000000 |
|  | R-3 | 145000000 |
|  | R-5 | 50000000 |
| MidCap Fund | A | 850000000 |
|  | C | 50000000 |
|  | Institutional | 1350000000 |
|  | J | 100000000 |
|  | R-3 | 450000000 |
|  | R-5 | 155000000 |
|  | R-6 | 400000000 |
| MidCap S&P 400 Index Fund | Institutional | 200000000 |
|  | J | 25000000 |
|  | R-3 | 150000000 |
|  | R-5 | 50000000 |
|  | R-6 | 100000000 |
| MidCap Value Fund I | A | 100000000 |
|  | Institutional | 300000000 |
|  | J | 25000000 |
|  | R-3 | 150000000 |
|  | R-5 | 50000000 |
|  | R-6 | 300000000 |
| Money Market Fund | A | 5000000000 |
|  | J | 1200000000 |
| Opportunistic Municipal Fund | A | 200000000 |
|  | Institutional | 100000000 |
| Overseas Fund | Institutional | 575000000 |
|  | R-3 | 150000000 |
| Principal Capital Appreciation | A | 350000000 |
|  | Institutional | 300000000 |
|  | R-3 | 150000000 |
|  | R-5 | 50000000 |
| Principal LifeTime 2015 Fund | Institutional | 200000000 |
|  | R-3 | 150000000 |
|  | R-5 | 50000000 |

---

------

---

| | | |
|:---|:---|:---|
| **Fund** | **Class** | **Number of Shares** |
| Principal LifeTime Hybrid 2015 Fund | Institutional | 200000000 |
|  | J | 100000000 |
|  | R-6 | 300000000 |
| Principal LifeTime 2020 Fund | A | 200000000 |
|  | Institutional | 500000000 |
|  | J | 150000000 |
|  | R-3 | 175000000 |
|  | R-5 | 125000000 |
| Principal LifeTime Hybrid 2020 Fund | Institutional | 200000000 |
|  | J | 100000000 |
|  | R-6 | 300000000 |
| Principal LifeTime 2025 Fund | Institutional | 225000000 |
|  | R-3 | 150000000 |
|  | R-5 | 50000000 |
| Principal LifeTime Hybrid 2025 Fund | Institutional | 200000000 |
|  | J | 100000000 |
|  | R-6 | 300000000 |
| Principal LifeTime 2030 Fund | A | 200000000 |
|  | Institutional | 525000000 |
|  | J | 300000000 |
|  | R-3 | 275000000 |
|  | R-5 | 125000000 |
| Principal LifeTime Hybrid 2030 Fund | Institutional | 200000000 |
|  | J | 100000000 |
|  | R-6 | 300000000 |
| Principal LifeTime 2035 Fund | Institutional | 200000000 |
|  | R-3 | 150000000 |
|  | R-5 | 50000000 |
| Principal LifeTime Hybrid 2035 Fund | Institutional | 200000000 |
|  | J | 100000000 |
|  | R-6 | 300000000 |
| Principal LifeTime 2040 Fund | A | 200000000 |
|  | Institutional | 500000000 |
|  | J | 100000000 |
|  | R-3 | 150000000 |
|  | R-5 | 75000000 |
| Principal LifeTime Hybrid 2040 Fund | Institutional | 200000000 |
|  | J | 100000000 |
|  | R-6 | 300000000 |
| Principal LifeTime 2045 Fund | Institutional | 200000000 |
|  | R-3 | 150000000 |
|  | R-5 | 50000000 |
| Principal LifeTime Hybrid 2045 Fund | Institutional | 200000000 |
|  | J | 100000000 |
|  | R-6 | 300000000 |

---

------

---

| | | |
|:---|:---|:---|
| **Fund** | **Class** | **Number of Shares** |
| Principal LifeTime 2050 Fund | A | 200000000 |
|  | Institutional | 300000000 |
|  | J | 100000000 |
|  | R-3 | 150000000 |
|  | R-5 | 50000000 |
| Principal LifeTime Hybrid 2050 Fund | Institutional | 200000000 |
|  | J | 100000000 |
|  | R-6 | 300000000 |
| Principal LifeTime 2055 Fund | Institutional | 200000000 |
|  | R-3 | 150000000 |
|  | R-5 | 50000000 |
| Principal LifeTime Hybrid 2055 Fund | Institutional | 200000000 |
|  | J | 100000000 |
|  | R-6 | 300000000 |
| Principal LifeTime 2060 Fund | Institutional | 200000000 |
|  | J | 100000000 |
|  | R-3 | 75000000 |
|  | R-5 | 50000000 |
| Principal LifeTime Hybrid 2060 Fund | Institutional | 200000000 |
|  | J | 100000000 |
|  | R-6 | 300000000 |
| Principal LifeTime 2065 Fund | Institutional | 200000000 |
|  | R-3 | 75000000 |
|  | R-5 | 50000000 |
| Principal LifeTime Hybrid 2065 Fund | Institutional | 200000000 |
|  | J | 100000000 |
|  | R-6 | 225000000 |
| Principal LifeTime 2070 Fund | Institutional | 200000000 |
|  | J | 25000000 |
|  | R-3 | 50000000 |
|  | R-5 | 50000000 |
| Principal LifeTime Hybrid 2070 Fund | Institutional | 200000000 |
|  | J | 25000000 |
|  | R-6 | 25000000 |
| Principal LifeTime Hybrid Income Fund | Institutional | 200000000 |
|  | J | 100000000 |
|  | R-6 | 300000000 |
| Principal LifeTime Strategic Income Fund | A | 200000000 |
|  | Institutional | 300000000 |
|  | J | 100000000 |
|  | R-3 | 150000000 |
|  | R-5 | 50000000 |

---

------

---

| | | |
|:---|:---|:---|
| **Fund** | **Class** | **Number of Shares** |
| Real Estate Securities Fund | A | 300000000 |
|  | C | 50000000 |
|  | Institutional | 200000000 |
|  | J | 25000000 |
|  | R-3 | 150000000 |
|  | R-5 | 50000000 |
|  | R-6 | 150000000 |
| Short-Term Income Fund | A | 300000000 |
|  | C | 50000000 |
|  | Institutional | 800000000 |
|  | J | 25000000 |
|  | R-3 | 15000000 |
|  | R-5 | 30000000 |
| SmallCap Fund | A | 250000000 |
|  | Institutional | 100000000 |
|  | J | 50000000 |
|  | R-3 | 150000000 |
|  | R-5 | 50000000 |
|  | R-6 | 100000000 |
| Small-MidCap Dividend Income Fund | A | 750000000 |
|  | C | 100000000 |
|  | Institutional | 750000000 |
|  | R-6 | 100000000 |
| SmallCap Growth Fund I | Institutional | 400000000 |
|  | J | 25000000 |
|  | R-3 | 145000000 |
|  | R-5 | 50000000 |
|  | R-6 | 250000000 |
| SmallCap S&P 600 Index Fund | Institutional | 100000000 |
|  | J | 25000000 |
|  | R-3 | 150000000 |
|  | R-5 | 50000000 |
|  | R-6 | 100000000 |
| SmallCap Value Fund II | Institutional | 300000000 |
|  | J | 25000000 |
|  | R-3 | 150000000 |
|  | R-5 | 50000000 |
|  | R-6 | 175000000 |
| Spectrum Preferred and Capital Securities Income Fund | A | 750000000 |
|  | C | 300000000 |
|  | Institutional | 800000000 |
|  | J | 150000000 |
|  | R-3 | 150000000 |
|  | R-5 | 50000000 |
|  | R-6 | 300000000 |

---

------

---

| | | |
|:---|:---|:---|
| **Fund** | **Class** | **Number of Shares** |
| Strategic Asset Management Balanced Portfolio | A | 750000000 |
|  | C | 150000000 |
|  | Institutional | 500000000 |
|  | J | 175000000 |
|  | R-3 | 150000000 |
|  | R-5 | 50000000 |
| Strategic Asset Management Conservative Balanced Portfolio | A | 750000000 |
|  | C | 50000000 |
|  | Institutional | 500000000 |
|  | J | 200000000 |
|  | R-3 | 150000000 |
|  | R-5 | 50000000 |
| Strategic Asset Management Conservative Growth Portfolio | A | 750000000 |
|  | C | 150000000 |
|  | Institutional | 500000000 |
|  | J | 75000000 |
|  | R-3 | 150000000 |
|  | R-5 | 50000000 |
| Strategic Asset Management Flexible Income Portfolio | A | 750000000 |
|  | C | 50000000 |
|  | Institutional | 500000000 |
|  | J | 200000000 |
|  | R-3 | 150000000 |
|  | R-5 | 50000000 |
| Strategic Asset Management Strategic Growth Portfolio | A | 750000000 |
|  | C | 150000000 |
|  | Institutional | 300000000 |
|  | J | 75000000 |
|  | R-3 | 550000000 |
|  | R-5 | 50000000 |
| Tax-Exempt Bond Fund | A | 300000000 |
|  | C | 50000000 |
|  | Institutional | 100000000 |

---

A total of two hundred seventy-five million (275,000,000) shares remain authorized but unclassified shares.

------

In addition, the Board of Directors is hereby expressly granted authority to change the designation of any series or class, to increase or decrease the number of shares of any series or class, provided that the number of authorized shares of any series or class shall not be decreased by the Board of Directors below the number of shares thereof then outstanding, and to reclassify any unissued shares into one or more series or classes that may be established and designated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)The Corporation may issue shares of stock in fractional denominations to the same extent as its whole shares, and shares in fractional denominations shall be shares of stock having proportionately, to the respective fractions represented thereby, all the rights of whole shares, including without limitation, the right to vote, the right to receive dividends and distributions and the right to participate upon liquidation of the Corporation, but excluding the right to receive a stock certificate representing fractional shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)The holder of each share of stock of the Corporation shall be entitled to one vote for each full share, and a fractional vote for each fractional share, of stock, irrespective of the series or class, then standing in the holder's name on the books of the Corporation. On any matter submitted to a vote of stockholders, all shares of the Corporation then issued and outstanding and entitled to vote shall be voted in the aggregate and not by series or class except that (1) when otherwise expressly required by the Maryland General Corporation Law or the Investment Company Act of 1940, shares shall be voted by individual series or class, and (2) if the Board of Directors, in its sole discretion, determines that a matter (including an amendment to these Articles of Incorporation) affects the interests of only one or more particular series or class or classes then only the holders of shares of such affected series or class or classes shall be entitled to vote thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Unless otherwise provided in the resolution of the Board of Directors providing for the establishment and designation of any new series or class or classes, each series and class of stock of the Corporation shall have the following powers, preferences and rights, and qualifications, restrictions, and limitations thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Assets Belonging to a Series. All consideration received by the Corporation for the issue or sale of shares of a particular series, together with all assets in which such consideration is invested or reinvested, all income, earnings, profits and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably belong to that series for all purposes, subject only to the rights of creditors, and shall be so recorded upon the books and accounts of the Corporation. Such consideration, assets, income, earnings, profits and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds, in whatever form the same may be, together with any General Items allocated to that series as provided in the following sentence, are herein referred to as "assets belonging to" that series. In the event that there are any assets, income, earnings, profits, proceeds thereof, funds or payments which are not readily identifiable as belonging to any particular series (collectively "General Items"), such General Items shall be allocated by or under the supervision of the Board of Directors to and among any one or more of the series established and designated from time to time in such manner and on such basis as the Board of Directors, in its sole discretion, deems fair and equitable, and any General Items so allocated to a particular series shall belong to that series. Each such allocation by the Board of Directors shall be conclusive and binding for all purposes. The foregoing provisions of this Section 5.1(c)(1) shall apply to each class to the extent provided by the Board of Directors and consistent with applicable laws and regulations.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Liabilities Belonging to a Series. The assets belonging to each particular series shall be charged with the liabilities of the Corporation in respect of that series and all expenses, costs, charges and reserves attributable to that series, and any general liabilities, expenses, costs, charges or reserves of the Corporation which are not readily identifiable as belonging to any particular series shall be allocated and charged by or under the supervision of the Board of Directors to and among any one or more of the series established and designated from time to time in such manner and on such basis as the Board of Directors, in its sole discretion, deems fair and equitable. The liabilities, expenses, costs, charges and reserves allocated and so charged to a series are herein referred to as "liabilities belonging to" that series. Expenses related to the shares of a series may be borne solely by that series (as determined by the Board of Directors). Each allocation of liabilities, expenses, costs, charges and reserves by the Board of Directors shall be conclusive and binding for all purposes. The foregoing provisions of this Section 5.1(c)(2) shall apply to each class to the extent provided by the Board of Directors and consistent with applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Dividends and Distributions. The Board of Directors may from time to time declare and pay dividends or distributions, in stock, property or cash, on any or all series of stock, the amount of such dividends and property distributions and the payment of them being wholly in the discretion of the Board of Directors. Dividends may be declared daily or otherwise pursuant to a standing resolution or resolutions adopted only once or with such frequency as the Board of Directors may determine, after providing for actual and accrued liabilities belonging to that series. All dividends or distributions on shares of a particular series shall be paid only out of surplus or other lawfully available assets determined by the Board of Directors as belonging to such series. Dividends and distributions may vary between the classes of a series to reflect differing allocations of the expense of each class of that series to such extent and for such purposes as the Board of Directors may deem appropriate. The Board of Directors shall have the power, in its sole discretion, to distribute in any fiscal year as dividends, including dividends designated in whole or in part as capital gains distributions, amounts sufficient, in the opinion of the Board of Directors, to enable the Corporation, or where applicable each series of shares to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended, or any successor or comparable statute thereto, and regulations promulgated thereunder, and to avoid liability for the Corporation, or each series of shares, for Federal income and excise taxes in respect of that or any other year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Liquidation. In the event of the liquidation of the Corporation or of the assets attributable to a particular series or class, the stockholders of each series or class that has been established and designated and is being liquidated shall be entitled to receive, as a series or class, when and as declared by the Board of Directors, the excess of the assets belonging to that series or class over the liabilities belonging to that series or class. The holders of shares of any series or class shall not be entitled thereby to any distribution upon liquidation of any other series or class. The assets so distributable to the stockholders of any particular series or class shall be distributed among such stockholders according to their respective rights taking into account the proper allocation of expenses being borne by that series or class. The liquidation of assets attributable to any particular series or class in which there are shares then outstanding and the termination of the series or the class may be authorized by vote of a majority of the Board of Directors then in office, without action or approval of the stockholders, to the extent consistent with applicable laws and regulations. In the event that there are any general assets not belonging to any particular series or class of stock and available for distribution, such distribution shall be made to holders of stock of various series or classes in such proportion as the Board of Directors determines to be fair and equitable, and such determination by the Board of Directors shall be conclusive and binding for all purposes.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Redemption. All shares of stock of the Corporation shall be subject to the redemption, repurchase and conversion provisions set forth in Sections 5.6 through 5.11 of this Article V.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)The Corporation's shares of stock are issued and sold, and all persons who shall acquire stock of the Corporation shall do so, subject to the condition and understanding that the provisions of the Corporation's Articles of Incorporation, as from time to time amended, shall be binding upon them.

**Section 5.2. Quorum Requirements and Voting Rights**: Except as otherwise expressly provided by the Maryland General Corporation Law, the presence in person or by proxy of the holders of one-third of the shares of capital stock of the Corporation outstanding and entitled to vote thereat shall constitute a quorum at any meeting of the stockholders, except that where the holders of any series or class are required or permitted to vote as a series or class, one-third of the aggregate number of shares of that series or class outstanding and entitled to vote shall constitute a quorum.

Notwithstanding any provision of Maryland General Corporation Law requiring a greater proportion than a majority of the votes of all series or classes or of any series or class of the Corporation's stock entitled to be cast in order to take or authorize any action, any such action may be taken or authorized upon the concurrence of a majority of the aggregate number of votes entitled to be cast thereon subject to applicable laws and regulations. All shares of stock of this Corporation shall have the voting rights provided for in Section 5.1(b) of this Article V.

The Board of Directors from time to time, subject to such procedures as may be adopted by the Board of Directors, and consistent with applicable laws and regulations, may authorize the holders of shares of any series or class to take action or consent to any action by delivering a consent, in writing or by electronic transmission, of the holders entitled to cast not less than the minimum number of votes that would be necessary to authorize or take the action at a meeting of the holders of shares of such series or class.

**Section 5.3. No Preemptive or Appraisal Rights**: No holder of shares of capital stock of the Corporation shall, as such holder, have any right to purchase or subscribe for any shares of the capital stock of the Corporation which the Corporation may issue or sell (whether consisting of shares of capital stock authorized by these Articles of Incorporation, or shares of capital stock of the Corporation acquired by it after the issue thereof, or other shares) other than any right which the Board of Directors of the Corporation, in its discretion, may determine.

No holder of shares of capital stock of the Corporation shall be entitled to exercise the rights of an objecting stockholder under Subtitle 2 of Title 3 of the Maryland General Corporation Law or any successor provision.

**Section 5.4. Determination of Net Asset Value**: The net asset value of each share of each series or class of each series of the Corporation shall be the quotient obtained by dividing the value of the net assets of the Corporation, or if applicable of the series or class (being the value of the assets of the Corporation or of the particular series or class or attributable to the particular series or class less its actual and accrued liabilities exclusive of capital stock and surplus), by the total number of outstanding shares of the Corporation or the series or class, as applicable. Such determination may be made on a series-by-series basis or made or adjusted on a class-by-class basis, as appropriate, and shall include any expenses allocated to a specific series or class thereof. The Board of Directors may adopt procedures for determination of net asset value consistent with the requirements of applicable laws and regulations and, so far as accounting matters are concerned, with generally accepted accounting principles. The procedures may include, without limitation, procedures for valuation of the Corporation's portfolio securities and other assets, for accrual of expenses or creation of reserves and for the determination of the number of shares issued and outstanding at any given time.

------

**Section 5.5. Stable Net Asset Value**: With respect to any money market, stable value or other series or class that seeks to maintain a stable net asset value per share, and pursuant to procedures established by the Board of Directors, the Corporation shall be entitled, without the payment of monetary compensation but in consideration of the interest of the Corporation and its stockholders in maintaining a stable net asset value per share of such series or class, to redeem pro rata from all holders of record of such series or class at the time of such redemption (in proportion to their respective holdings of such shares) sufficient outstanding shares (or fractional shares) of such series or class, or to take such other measures as are not prohibited by the Investment Company Act of 1940, as shall maintain for such series or class a stable net asset value.

**Section 5.6. Redemption by Stockholders**: Any stockholder may redeem shares of the Corporation for the net asset value of each series or class thereof, less such fees and charges, if any, as may be established by the Board of Directors from time to time, by presentation of an appropriate request, together with the certificates, if any, for such shares, duly endorsed, at the office or agency designated by the Corporation. Redemptions as aforesaid, shall be made in the manner and subject to the conditions contained in the bylaws or approved by the Board of Directors.

**Section 5.7. Redemption at the Option of the Corporation**: Subject to the provisions of the Investment Company Act of 1940, each share of the Corporation and each share of each series and class shall be redeemable from any stockholder at the option of the Corporation. In that regard, the Board of Directors may from time to time authorize the Corporation to redeem all or any part of the shares of the Corporation or of any series or class upon such terms and conditions as the Board of Directors may determine in its sole discretion. The Corporation's right to redeem shares includes, without limitation, the right to redeem shares when required for the payment of account fees or other fees, charges and expenses as set by the Board of Directors, including without limitation any small account fees permitted by Section 5.9 of this Article V.

**Section 5.8. Purchase of Shares**: The Corporation shall be entitled to purchase all or any part of the shares of the Corporation or of any series or class of its capital stock, to the extent that the Corporation may lawfully effect such purchase under Maryland General Corporation Law, upon such terms and conditions and for such consideration as the Board of Directors shall deem advisable.

**Section 5.9. Redemption of Minimum Amounts**: The Board of Directors may establish, from time to time, one or more minimum investment amounts for stockholder accounts, which may be different for each series or class and within each series or class, and may impose account fees on, and/or require the involuntary redemption of, those accounts the net asset value of which for any reason falls below such established minimum amounts, or may take any other action with respect to minimum investment amounts as may be deemed appropriate by the Board of Directors, in each case upon such terms as shall be established by the Board of Directors. Any such account fee may be satisfied by the Corporation by redeeming the requisite number of shares in any such account in the amount of such fee.

**Section 5.10. Conversion of Shares by Stockholders and by the Corporation:** Subject to compliance with the Investment Company Act of 1940 and applicable laws and regulations, the Board of Directors shall have authority, without stockholder approval, to provide that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the holders of any series or class of shares shall have the right to convert or exchange such shares into shares of one or more other series or classes in accordance with such terms and conditions as may be established by the Board of Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Corporation may automatically convert some or all of the shares of a particular series or class into shares of another series or class, at such times as may be determined by the Board of Directors, based on the relative net asset values of such series or class at time of conversion and otherwise in accordance with such terms and conditions as may be established by the Board of Directors and which may vary within and among the series and classes and within and among the holders of the series or classes to the extent determined by the Board of Directors.

------

**Section 5.11. Mode of Payment**: Payment by the Corporation for shares of any series or class of the capital stock of the Corporation surrendered to it for redemption shall be made by the Corporation within seven days of such surrender out of the funds legally available therefor, provided that the Corporation may suspend the right of the holders of capital stock of the Corporation to redeem shares of capital stock and may postpone the right of such holders to receive payment for any shares when permitted or required to do so by law. Payment of the redemption or purchase price may be made in cash or, at the option of the Corporation, wholly or partly in such portfolio securities or other assets of the Corporation as the Corporation may select in its sole discretion. The composition of any such payments may be different among stockholders, including those of the same series or class, as the Corporation may determine in its sole discretion.

**Section 5.12. Rights of Holders of Shares Purchased or Redeemed**: The right of any holder of any series or class of capital stock of the Corporation purchased or redeemed by the Corporation as provided in this Article V to receive dividends thereon and all other rights of such holder with respect to such shares shall terminate at the time as of which the purchase or redemption price of such shares is determined, except the right of such holder to receive (i) the purchase or redemption price of such shares from the Corporation or its designated agent and (ii) any dividend or distribution or voting rights to which such holder has previously become entitled as the record holder of such shares on the record date for the determination of the stockholders entitled to receive such dividend or distribution or to vote at the meeting of stockholders.

**Section 5.13. Status of Shares Purchased or Redeemed**: In the absence of any specification as to the purpose for which such shares of any series or class of capital stock of the Corporation are redeemed or purchased by it, all shares so redeemed or purchased shall be deemed to be retired in the sense contemplated by the laws of the State of Maryland and may be reissued. The number of authorized shares of capital stock of the Corporation shall not be reduced by the number of any shares redeemed or purchased by it.

**Section 5.14. Additional Limitations and Powers**: The following provisions are inserted for the purpose of defining, limiting and regulating the powers of the Corporation and of the Board of Directors and stockholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Any determination made in good faith and, so far as accounting matters are involved, in accordance with generally accepted accounting principles by or pursuant to the direction of the Board of Directors, as to the amount of the assets, debts, obligations or liabilities of the Corporation, as to the amount of any reserves or charges set up and the propriety thereof, as to the time of or purpose for creating such reserves or charges, as to the use, alteration or cancellation of any reserves or charges (whether or not any debt, obligation or liability for which such reserves or charges shall have been created shall have been paid or discharged or shall be then or thereafter required to be paid or discharged), as to the establishment or designation of procedures or methods to be employed for valuing any investment or other assets of the Corporation and as to the value of any investment or other asset, as to the allocation of any asset of the Corporation to a particular series or class or classes of the Corporation's stock, as to the funds available for the declaration of dividends and as to the declaration of dividends, as to the charging of any liability of the Corporation to a particular series or class or classes of the Corporation's stock, as to the number of shares of any series or class or classes of the Corporation's outstanding stock, as to the estimated expense to the Corporation in connection with purchases or redemptions of its shares, as to the ability to liquidate investments in orderly fashion, or as to any other matters relating to the issue, sale, purchase or redemption or other acquisition or disposition of investments or shares of the Corporation, or in the determination of the net asset value per share of shares of any series or class of the Corporation's stock shall be conclusive and binding for all purposes.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Except to the extent prohibited by the Investment Company Act of 1940, or rules, regulations or orders thereunder promulgated by the Securities and Exchange Commission or any successor thereto or by the bylaws of the Corporation, a director, officer or employee of the Corporation shall not be disqualified by his position from dealing or contracting with the Corporation, nor shall any transaction or contract of the Corporation be void or voidable by reason of the fact that any director, officer or employee or any firm of which any director, officer or employee is a member, or any corporation of which any director, officer or employee is a stockholder, officer or director, is in any way interested in such transaction or contract; provided that in case a director, or a firm or corporation of which a director is a member, stockholder, officer or director is so interested, such fact shall be disclosed to or shall have been known by the Board of Directors or a majority thereof. Nor shall any director or officer of the Corporation be liable to the Corporation or to any stockholder or creditor thereof or to any person for any loss incurred by it or him or for any profit realized by such director or officer under or by reason of such contract or transaction; provided that nothing herein shall protect any director or officer of the Corporation against any liability to the Corporation or to its security holders to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office; and provided always that such contract or transaction shall have been on terms that were unfair to the Corporation at the time at which it was entered into. Any director of the Corporation who is so interested, or who is a member, stockholder, officer or director of such firm or corporation, may be counted in determining the existence of a quorum at any meeting of the Board of Directors of the Corporation which shall authorize any such transaction or contract, with like force and effect as if he were not such director, or member, stockholder, officer or director of such firm or corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Specifically and without limitation of the foregoing paragraph (b) but subject to the exception therein prescribed, the Corporation may enter into management or advisory, underwriting, distribution and administration contracts, custodian contracts and such other contracts as may be appropriate.

**Section 5.15. Reorganization**: The Board of Directors may merge or consolidate one of more series of shares with, and may sell, convey and transfer the assets belonging to any one or more series of shares to, another corporation, trust, partnership, association or other organization, or to the Corporation to be held as assets belonging to another series of shares, in exchange for cash, securities or other consideration (including, in the case of a transfer to another series of shares of the Corporation, shares of such other series of shares) with such transfer being made subject to, or with the assumption by the transferee of, the liabilities belonging to each transferor series of shares if deemed appropriate by the Board of Directors. The Board of Directors shall have the authority to effect any such merger, consolidation or transfer of assets, without action or approval of the stockholders, to the extent consistent with applicable laws and regulations.

**Section 5.16. Classes of Shares**: The Board of Directors shall also have the authority, subject to applicable laws and regulations and without action or approval of the stockholders, from time to time to designate any class of shares of a series of shares as a separate series of shares as it deems necessary or desirable. The designation of any class of shares of a series of shares as a separate series of shares shall be effective at the time specified by the Board of Directors. The Board of Directors shall allocate the assets, liabilities and expenses attributable to any class of shares designated as a separate series of shares to such separate series of shares and shall designate the relative rights and preferences of such series of shares, provided that such relative rights and preferences may not be materially adversely different from the relative rights and preferences of the class of shares designated as a separate series of shares.

------

**Section 5.17. Fees and Expenses**. Notwithstanding anything to the contrary contained in these Articles of Incorporation, each share of any series or class of a series may be subject to such sales loads or charges, whether initial, deferred or contingent, or any combination thereof, or any other type of sales load or charge; to such expenses and fees (including, without limitation, distribution expenses, administrative expenses under an administrative or service agreement, plan or other arrangement, however designated, and other administrative, recordkeeping, redemption, service and other fees, however designated); to such account size requirements; and to such other rights and provisions; which may be the same or different from any other share of any series or class, including any other share of the same series or class, all as the Board of Directors may from time to time establish and/or change in accordance with applicable laws and regulations.

THIRD: The Corporation is registered as an open-end company under the Investment Company Act of 1940.

FOURTH: The Articles Supplementary shall become effective immediately upon filing.

*Remainder of Page Intentionally Left Blank*

------

IN WITNESS WHEREOF, Principal Funds, Inc. has caused this to be signed in its name and on its behalf by the undersigned.

---

| | |
|:---|:---|
| **PRINCIPAL FUNDS, INC.** | **PRINCIPAL FUNDS, INC.** |
| By: | /s/ Adam U. Shaikh |
| | Adam U. Shaikh |
| | Vice President, Assistant General Counsel, and |
| | &nbsp;&nbsp;&nbsp;&nbsp; Assistant Secretary |
| By: | /s/ Deanna Y. Pellack |
| | Deanna Y. Pellack |
| | Counsel and Secretary |
| Attest |  |
| /s/ Laura B. Latham  |  |
| Laura B. Latham  |  |
| Counsel and Assistant Secretary  |  |

---

------

The UNDERSIGNED, Adam U. Shaikh, Vice President, Assistant General Counsel, and Assistant Secretary of Principal Funds, Inc., who executed on behalf of said corporation the foregoing Articles Supplementary, of which this certificate is made a part, hereby acknowledges, in the name and on behalf of said corporation, the foregoing Articles Supplementary to be the corporate act of said corporation and further certifies that, to the best of his knowledge, information, and belief, the matters and facts set forth therein with respect to the approval thereof are true in all material respects, under the penalties of perjury.

---

| |
|:---|
| /s/ Adam U. Shaikh |
| Adam U. Shaikh |
| Vice President, Assistant General Counsel, |
| &nbsp;&nbsp;&nbsp;&nbsp; and Assistant Secretary |
| Principal Funds, Inc. |

---

The UNDERSIGNED, Deanna Y. Pellack, Counsel and Secretary of Principal Funds, Inc., who executed on behalf of said corporation the foregoing Articles Supplementary, of which this certificate is made a part, hereby acknowledges, in the name and on behalf of said corporation, the foregoing Articles Supplementary to be the corporate act of said corporation and further certifies that, to the best of her knowledge, information, and belief, the matters and facts set forth therein with respect to the approval thereof are true in all material respects, under the penalties of perjury.

---

| |
|:---|
| /s/ Deanna Y. Pellack |
| Deanna Y. Pellack |
| Counsel and Secretary |
| Principal Funds, Inc. |

---

## Ex-99.(D)(5)A

**<u>PRINCIPAL FUNDS, INC.</u>**

**AMENDED AND RESTATED SUB-ADVISORY AGREEMENT**

**ALLIANCEBERNSTEIN L.P. SUB-ADVISED FUNDS**

AMENDED AND RESTATED SUB-ADVISORY AGREEMENT (the "Agreement") to be effective as of April 1, 2026 (the "Effective Date") by and between PRINCIPAL GLOBAL INVESTORS, LLC, a Delaware limited liability company (the "Manager"), and ALLIANCEBERNSTEIN L.P., a Delaware limited partnership (the "Sub-Advisor").

W I T N E S S E T H:

WHEREAS, the Manager is the manager and investment advisor to each series of Principal Funds, Inc. (the "Fund"), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Manager desires to retain the Sub-Advisor to render discretionary investment advisory services for all or a portion of the assets of each series of the Fund identified in <u>Appendix A</u> hereto, as may be amended from time to time (the "Series"), which the Manager has agreed to provide to the Fund, and the Sub-Advisor desires to furnish such services; and

WHEREAS, the Manager and the Sub-Advisor agree to amend and restate the Amended and Restated Sub-Advisory Agreement between the Manager and the Sub-Advisor dated January 1, 2024 with this Agreement; and&nbsp;&nbsp;&nbsp;&nbsp;

WHEREAS, the Manager has furnished the Sub-Advisor with copies properly certified or authenticated of each of the following and will promptly provide the Sub-Advisor with copies properly certified or authenticated of any amendment or supplement thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Management Agreement (the "Management Agreement") with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Fund's registration statement and financial statements as filed with the Securities and Exchange Commission (the "SEC");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Fund's Articles of Incorporation and By-laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Policies, procedures or instructions adopted or approved by the Board of Directors of the Fund relating to obligations and services to be provided by the Sub-Advisor.

NOW, THEREFORE, in consideration of the premises and the terms and conditions hereinafter set forth, the parties agree as follows:

1.<u>Appointment of Sub-Advisor</u>

In accordance with and subject to the Management Agreement, the Manager hereby appoints the Sub-Advisor to perform the services described in <u>Section 2</u> below for investment and reinvestment of such portion of the assets of each Series as may be allocated to the Sub-Advisor by the Manager, from time to time (the "Allocated Assets"), subject to the control and direction of the Manager and the Fund's Board of Directors, for the period and on the terms hereinafter set forth. The Sub-Advisor accepts such appointment and agrees to furnish the services hereinafter set forth for the compensation herein provided. The Sub-Advisor shall for all purposes herein be deemed to be an independent contractor and shall, except as expressly provided or authorized, have no authority to act for or represent the Fund or the Manager in any way or otherwise be deemed an agent of the Fund or the Manager.

2.<u>Obligations of and Services to be Provided by the Sub-Advisor</u>

The Sub-Advisor will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Provide investment advisory services, including but not limited to research, advice and supervision for the Allocated Assets of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Provide information and assistance to the Manager related to the recommended investment program for each Series, consistent with each Series' respective investment objective and policies and any specific criteria applicable to the Allocated Assets, so the Manager may furnish such information to the Board of Directors of the Fund (or any appropriate committee of such Board) for approval and/or review, and update such information from time to time as conditions require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Implement the approved investment program for the Allocated Assets by placing orders for the purchase and sale of securities without prior consultation with the Manager and without regard to the length of time the securities have been held, the resulting rate of portfolio turnover or any tax considerations, subject always to the provisions of the Fund's registration statement, Articles of Incorporation and Bylaws and the requirements of the 1940 Act, as each of the same shall be from time to time in effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Advise and assist the officers of the Fund, as requested by the officers, in taking such steps as are necessary or appropriate to carry out the decisions of its Board of Directors, and any appropriate committees of such Board, regarding the general conduct of the investment business of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Maintain, in connection with the Sub-Advisor's investment advisory services provided to the Allocated Assets, compliance with the 1940 Act and the regulations adopted by the SEC thereunder and the Series' investment strategies and restrictions as stated in the Fund's prospectus and statement of additional information and any specific criteria applicable to the Allocated Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Report to the Board of Directors of the Fund at such times and in such detail as the Board of Directors may reasonably deem appropriate in order to enable it to determine that the investment policies, procedures and approved investment program of each Series (and any specific criteria applicable to the Allocated Assets) are being observed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Upon request, provide assistance and recommendations for the determination of the fair value of certain securities when reliable market quotations are not readily available for purposes of calculating net asset value in accordance with procedures and methods established by the Fund's Board of Directors. Further, the Sub-Advisor will provide security and foreign exchange trade details to the Manager so that the effects of all securities trades entered into by or for a Series are included in the appropriate day's end of day net asset value. Sub-Advisor must also communicate all trade amendments, cancellations or re-books accurately and timely to be included in the daily net asset value of a Series. Rule 2a-4 of the 1940 Act permits registered investment companies to record security transactions as of one day after the trade date for purposes of determining net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Furnish, at its own expense, (i) all necessary investment and management facilities, including salaries of clerical and other personnel required for it to execute its duties faithfully, and (ii) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the investment advisory affairs of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Open accounts with Foreign Account Tax Compliance Act compliant broker-dealers, financial counterparties including swap counterparties and futures commission merchants ("broker-dealers"); select broker-dealers to effect all transactions for each Series; place all necessary orders with broker-dealers or issuers (including affiliated broker-dealers); and negotiate commissions, if applicable. To the extent consistent with applicable law, purchase or sell orders for each Series may be aggregated with contemporaneous purchase or sell orders of other clients of the Sub-Advisor. In such event allocation of securities so sold or purchased, as well as the expenses incurred in the transaction, will be made by the Sub-Advisor in the manner the Sub-Advisor considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to other clients. The Sub-Advisor will report on such allocations at the request of the Manager, the Fund or the Fund's Board of Directors providing such information as the number of aggregated trades to which each Series was a party, the broker-dealers to whom such trades were directed and the basis for the allocation for the aggregated trades. The Sub-Advisor shall use its best efforts to obtain execution of transactions for each Series at prices which are advantageous to the Series and at commission rates that are reasonable in relation to the benefits received. However, the Sub-Advisor may select brokers or dealers on the basis that they provide brokerage, research or other services or products to the Sub-Advisor. To the extent consistent with applicable law, the Sub-Advisor may pay a broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission or dealer spread another broker or dealer would have charged for effecting that transaction if the Sub-Advisor determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research products and/or services provided by such broker or dealer. This determination, with respect to brokerage and research products and/or services, may be viewed in terms of either that particular transaction or the overall responsibilities which the Sub-Advisor and its affiliates have with respect to each Series as well as to accounts over which they exercise investment discretion. Not all such services or products need be used by the Sub-Advisor in managing the Allocated Assets. In addition, joint repurchase or other accounts may not be utilized by the Series except to the extent permitted under any exemptive order obtained by the Sub-Advisor provided that all conditions of such order are complied with.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Section 871(m) Transactions: Sub-Advisor shall not on behalf of a Series enter into certain U.S. dividend equivalent payment transactions described in Section 871(m) of the U.S. Internal Revenue Code and the regulations thereunder ("871(m) Transaction") with a foreign counterparty unless: (i) Sub-Advisor adheres to the ISDA 2015 Section 871(m) Protocol on behalf of the Series, and (ii) the foreign counterparty to the 871(m) Transaction provides Sub-Advisor with a properly completed Form W-8IMY certifying to its status as a qualified derivatives dealer ("QDD").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)Maintain all accounts, books and records with respect to the Allocated Assets as are required of an investment advisor of a registered investment company pursuant to the 1940 Act and Investment Advisers Act of 1940, as amended (the "Advisers Act"), and the rules thereunder, and furnish the Fund and the Manager with such periodic and special reports as the Fund or the Manager may reasonably request. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Advisor hereby agrees that all records that it maintains for each Series are the property of the Fund, agrees to preserve for the periods described by Rule 31a-2 under the 1940 Act any records that it maintains for the Series and that are required to be maintained by Rule 31a-1 under the 1940 Act, and further agrees to surrender promptly to the Fund any records that it maintains for a Series upon request by the Fund or the Manager. The Sub-Advisor has no responsibility for the maintenance of Fund records except insofar as is directly related to the services the Sub-Advisor provides to a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)Observe and comply with Rule 17j-1 under the 1940 Act and the Sub-Advisor's Code of Ethics adopted pursuant to that Rule as the same may be amended from time to time. The Manager acknowledges receipt of a copy of the Sub-Advisor's current Code of Ethics. The Sub-Advisor shall promptly forward to the Manager a copy of any material amendment to the Sub-Advisor's Code of Ethics along with certification that the Sub-Advisor has implemented procedures for administering the Sub-Advisor's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)From time to time as the Manager or the Fund may request, furnish the requesting party reports on portfolio transactions and reports on investments held by a Series, all in such detail as the Manager or the Fund may reasonably request. The Sub-Advisor will make available its officers and employees to meet with the Fund's Board of Directors at the Fund's principal place of business on due notice to review the investments of a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)Provide such information as is customarily provided by a sub-advisor, or as may be required or reasonably requested by the Manager, for the Fund or the Manager to comply with their respective obligations under applicable laws, including, without limitation, the Internal Revenue Code of 1986, as amended (the "Code"), the 1940 Act, the Advisers Act, the Securities Act of 1933, as amended (the "Securities Act"), and any state securities laws, and any rule or regulation thereunder. Such information includes, but is not limited to: electronic copies of (i) the Sub-Advisor's compliance manual and policies and procedures adopted to comply with Rules 206(4)-6 and 206(4)-7 of the Advisers Act and (ii) the Sub-Advisor's most recent annual compliance report or a detailed summary of such report; timely, accurate and complete responses to all 15(c) questionnaires; timely, accurate and complete responses to all Quarterly Compliance Questionnaires (including the identification of any material compliance matters and an electronic copy of any material changes to the Sub-Advisor's Rules 206(4)-6 and 206(4)-7 policies and procedures, marked to show changes along with a written summary of the purpose of each such change); Annual Proxy Voting Questionnaires; Annual Best Execution and Soft Dollar Questionnaires, and responses to all other requests from the Manager. The Sub-Advisor agrees to make available for the Manager's review all deficiency letters issued by the SEC together with all responses given by Sub-Advisor to such letters. The Sub-Advisor will advise the Manager of any material changes in the Sub-Advisor's ownership within a reasonable time after any such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)Vote proxies received on behalf of each Series (with respect to the portion thereof allocated to the Sub-Advisor) in a manner consistent with the Sub-Advisor's proxy voting policies and procedures and provide a record of votes cast containing all of the voting information required by Form N-PX in an electronic format to enable the Series to file Form N-PX as required by SEC rule.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)Respond to tender offers, rights offerings and other voluntary corporate action requests affecting securities held by each Series (with respect to the portion thereof allocated to the Sub-Advisor).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)Cooperate with the Manager in its performance of quarterly and annual tax compliance tests to monitor the Series' compliance with Subchapter M and Section 817(h) of the Code. If it is determined by the Manager or its tax advisors that the Series is not in compliance with the requirements imposed by the Code, the Sub-Advisor, in consultation with the Manager and its tax advisors, will take prompt action to bring the Series back into compliance within the time permitted under the Code.

3.<u>Prohibited Conduct</u>

In providing the services described in this Agreement, the Sub-Advisor will not consult with any other investment advisory firm that provides investment advisory services to any investment company sponsored by Principal Financial Group, Inc. regarding transactions for the Fund in securities or other assets.

4.<u>Compensation</u>

As full compensation for all services rendered and obligations assumed by the Sub-Advisor hereunder with respect to the Allocated Assets, the Manager shall pay the compensation specified in <u>Appendix A</u> to this Agreement.

5.<u>Liability of Sub-Advisor</u>

Neither the Sub-Advisor nor any of its directors, officers, employees, agents or affiliates shall be liable to the Manager, the Fund or its shareholders for any loss suffered by the Manager or the Fund resulting from any error of judgment made in the good faith exercise of the Sub-Advisor's investment discretion in connection with selecting investments for a Series or as a result of the failure by the Manager or any of its affiliates to comply with the terms of this Agreement, except for losses resulting from willful misfeasance, bad faith or gross negligence of, or from reckless disregard of, the duties of the Sub-Advisor or any of its directors, officers, employees, agents, or affiliates.

6.<u>Trade Errors</u>

The Sub-Advisor will notify the Manager of any Trade Error(s), regardless of materiality, promptly upon the discovery of such Trade Error(s) by the Sub-Advisor. Notwithstanding <u>Section 5</u>, the Sub-Advisor shall be liable to the Manager, the Fund or its shareholders for any loss suffered by the Manager or the Fund resulting from Trade Errors due to negligence, misfeasance, or disregard of duties of the Sub Advisor or any of its directors, officers, employees, agents (excluding any broker-dealer selected by the Sub-Advisor), or affiliates. Any gains that occur due to a Trade Error shall be retained by the Fund. For purposes under this <u>Section 6</u>, a "Trade Error" occurs when a transaction results in an unintended, including an impermissible, result. Examples include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• orders by the Sub-Advisor that result in the purchase or sale of securities or other assets that were not intended to be purchased or sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• orders by the Sub-Advisor that result in the purchase or sale of securities or other assets in an unintended amount, which includes price or commission rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases or sales of securities or other assets that violate the investment limitations or restrictions disclosed in the Fund's registration statement and/or imposed by applicable law, regulation, contract or understanding (calculated at the Sub-Advisor's portfolio level), unless otherwise agreed to in writing.

7.<u>Supplemental Arrangements</u>

The Sub-Advisor may enter into arrangements with other persons affiliated with the Sub-Advisor or with unaffiliated third parties to better enable the Sub-Advisor to fulfill its obligations under this Agreement for the provision of certain personnel and facilities to the Sub-Advisor, subject to written notification to and approval of the Manager and, where required by applicable law, the Board of Directors of the Fund; provided, however, that entry into any such arrangements shall not relieve the Sub-Advisor of any of its obligations under this Agreement.

8.<u>Regulation</u>

The Sub-Advisor shall submit to all regulatory and administrative bodies having jurisdiction over the services provided pursuant to this Agreement any information, reports or other material which any such body may request or require pursuant to applicable laws and regulations.

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9.<u>Duration and Termination of This Agreement</u>

This Agreement shall become effective as of the Effective Date. <u>Appendix B</u> sets forth historical or Series-specific reference dates and initial term information and does not modify or supersede the Effective Date. Unless otherwise terminated with respect to such Series, the Agreement shall continue in effect thereafter for the initial term set forth on <u>Appendix B</u> to this Agreement, and thereafter from year to year, provided that in each case the continuance is specifically approved within the period required by the 1940 Act either by the Board of Directors of the Fund or by a vote of a majority of the outstanding voting securities of the Series and in either event by a vote of a majority of the Board of Directors of the Fund who are not interested persons of the Manager, Principal Financial Group, Inc., the Sub-Advisor or the Fund cast in accordance with the requirements of the 1940 Act after taking into effect any exemptive order, no-action assurances or other relief, rule or regulation upon which the Fund may rely.

If the shareholders of a Series fail to approve the Agreement or any continuance of the Agreement in accordance with the requirements of the 1940 Act, the Sub-Advisor will continue to act as Sub-Advisor with respect to the Allocated Assets of such Series pending the required approval of the Agreement or its continuance or of any contract with the Sub-Advisor or a different manager or sub-advisor or other definitive action; provided, that the compensation received by the Sub-Advisor in respect to the Allocated Assets of such Series during such period is in compliance with Rule 15a-4 under the 1940 Act.

This Agreement may be terminated with respect to a Series at any time without the payment of any penalty by the Board of Directors of the Fund or by the Sub-Advisor, the Manager or by vote of a majority of the outstanding voting securities of the Series on sixty days' written notice. This Agreement shall automatically terminate in the event of its assignment. In interpreting the provisions of this <u>Section 9</u>, the definitions contained in Section 2(a) of the 1940 Act (particularly the definitions of "interested person," "assignment," "voting security" and "majority of the outstanding voting securities") shall be applied.

10.<u>Amendment of this Agreement</u>

No amendment of this Agreement shall be effective unless in writing and signed by both parties. No material amendment of this Agreement shall be effective until approved, if required by the 1940 Act or the rules, regulations, interpretations or orders issued thereunder, by vote of the holders of a majority of the outstanding voting securities of the Series (as defined in the 1940 Act) and by vote of a majority of the Board of Directors of the Fund who are not interested persons (as defined in the 1940 Act) of the Manager, the Sub-Advisor, Principal Financial Group, Inc. or the Fund cast in accordance with the requirements of the 1940 Act after taking into effect any exemptive order, no-action assurances or other relief, rule or regulation upon which the Fund may rely.

11.<u>Additional Series</u>

In the event the Manager wishes to appoint the Sub-Advisor to perform the services described in this Agreement with respect to one or more additional Series of the Fund after the effective date of this Agreement, such Series will become a Series under this Agreement upon approval of this Agreement in the manner required by the 1940 Act and the amendment of <u>Appendices A</u> and <u>B</u> hereto.

12.<u>General Provisions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each party agrees to perform such further acts and execute such further documents as are necessary to effectuate the purposes hereof. This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Iowa. The captions in this Agreement are included for convenience only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any notice under this Agreement shall be in writing, addressed and delivered or mailed postage prepaid to the other party at such address as such other party may designate for the receipt of such notices. Until further notice to the other party, it is agreed that the address of the Manager for this purpose shall be Principal Financial Group, Des Moines, Iowa 50392-0200, and the address of the Sub-Advisor shall be 501 Commerce Street, Nashville, TN 37203, Attention: Michael Hart.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Sub-Advisor will promptly notify the Manager in writing of the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.the Sub-Advisor fails to be registered as an investment advisor under the Advisers Act or under the laws of any jurisdiction in which the Sub-Advisor is required to be registered as an investment advisor in order to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.the Sub-Advisor is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, involving the affairs of a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.the Sub-Advisor becomes aware of any pending or threatened action, suit, proceeding, inquiry or investigation that is reasonably likely to result in a conviction, order, judgment or decree issued with respect to it or any affiliate that could reasonably be expected to result in the Sub-Advisor becoming ineligible to serve as an investment advisor of a registered investment company under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.the Sub-Advisor becomes aware of a transaction or series of transactions that is reasonably likely to result in a change in the management or control of the Sub-Advisor or a controlling person thereof or otherwise in the assignment (as defined in the 1940 Act) of this Agreement by the Sub-Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Manager shall provide (or cause the Series custodian to provide) timely information to the Sub-Advisor regarding such matters as the composition of the assets of a Series, cash requirements and cash available for investment in a Series, and all other reasonable information as may be necessary for the Sub-Advisor to perform its duties and responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Sub-Advisor agrees that neither it nor any of its affiliates will in any way refer to its relationship with the Fund, the Series, or the Manager or any of their respective affiliates in offering, marketing or other promotional materials without the express written consent of the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Sub-Advisor represents that it will not enter into any agreement, oral or written, or other understanding under which the Fund directs or is expected to direct portfolio securities transactions, or any remuneration, to a broker or dealer in consideration for the promotion or sale of Fund shares or shares issued by any other registered investment company. The Sub-Advisor further represents that it is contrary to the Sub-Advisor's policies to permit those who select brokers or dealers for execution of Fund portfolio securities transactions to take into account the broker's or dealer's promotion or sale of Fund shares or shares issued by any other registered investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)This Agreement contains the entire understanding and agreement of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Each party agrees that electronic signatures of the parties included in this Agreement are intended to authenticate this writing and to have the same force and effect as manual signatures. Electronic signature means any electronic sound, symbol, or process attached to or logically associated with a record and executed and adopted by a party with the intent to sign such record, including facsimile or email electronic signatures.

*Remainder of Page Intentionally Blank*

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IN WITNESS WHEREOF, the parties have duly executed this Agreement on the date first above written.

**CTA EXEMPTION:** PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS ACCOUNT DOCUMENT.

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| | |
|:---|:---|
| **PRINCIPAL GLOBAL INVESTORS, LLC** | **PRINCIPAL GLOBAL INVESTORS, LLC** |
| By: | /s/ Adam U. Shaikh |
| Name: | Adam U. Shaikh |
| Title: | Associate General Counsel |
| By: | /s/ Laura B. Latham |
| Name: | Laura B. Latham |
| Title: | Assistant General Counsel |
| **ALLIANCEBERNSTEIN, L.P.** | **ALLIANCEBERNSTEIN, L.P.** |
| By: | /s/ Andrea S. Freeman |
| Name: | Andrea S. Freeman |
| Title: | Vice President, Counsel |

---

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**<u>APPENDIX A</u>**

INTENTIONALLY OMITTED

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**<u>APPENDIX B</u>**

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| | | |
|:---|:---|:---|
| **Initial Term of Sub-Advisory Agreement for each Series** | **Initial Term of Sub-Advisory Agreement for each Series** | **Initial Term of Sub-Advisory Agreement for each Series** |
| **Series** | **Initial Effective Date** | **Initial Term** |
| SmallCap Growth Fund I | November 13, 2019 | 2 Years |

---

## Ex-99.(D)(5)C

**<u>PRINCIPAL FUNDS, INC.</u>**

 **AMENDED AND RESTATED SUB-ADVISORY AGREEMENT**

**BROWN ADVISORY LLC SUB-ADVISED FUNDS**

AMENDED AND RESTATED SUB-ADVISORY AGREEMENT (the "Agreement") to be effective as of April 1, 2026, by and between PRINCIPAL GLOBAL INVESTORS, LLC, a Delaware limited liability company (the "Manager"), and BROWN ADVISORY LLC, a Maryland corporation (the "Sub-Advisor").

W I T N E S S E T H:

WHEREAS, the Manager is the manager and investment advisor to each series of Principal Funds, Inc., (the "Fund"), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Manager desires to retain the Sub-Advisor to render discretionary investment advisory services for all or a portion of the assets of each series of the Fund identified in <u>Appendix A</u> hereto, as may be amended from time to time (the "Series"), which the Manager has agreed to provide to the Fund, and the Sub-Advisor desires to furnish such services; and

WHEREAS, the Manager and the Sub-Advisor agree to amend and restate the Amended and Restated Sub-Advisory Agreement between the Manager and the Sub-Advisor dated January 1, 2020 with this Agreement; and

WHEREAS, the Manager has furnished the Sub-Advisor with copies properly certified or authenticated of each of the following and will promptly provide the Sub-Advisor with copies properly certified or authenticated of any amendment or supplement thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Management Agreement (the "Management Agreement") with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Fund's registration statement and financial statements as filed with the Securities and Exchange Commission (the "SEC");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Fund's Articles of Incorporation and By-laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Policies, procedures or instructions adopted or approved by the Board of Directors of the Fund relating to obligations and services to be provided by the Sub-Advisor.

NOW, THEREFORE, in consideration of the premises and the terms and conditions hereinafter set forth, the parties agree as follows:

1.<u>Appointment of Sub-Advisor</u>

In accordance with and subject to the Management Agreement, the Manager hereby appoints the Sub-Advisor to perform the services described in <u>Section 2</u> below for investment and reinvestment of such portion of the assets of each Series as may be allocated to the Sub-Advisor by the Manager, from time to time (the "Allocated Assets"), subject to the control and direction of the Manager and the Fund's Board of Directors, for the period and on the terms hereinafter set forth. The Sub-Advisor accepts such appointment and agrees to furnish the services hereinafter set forth for the compensation herein provided. The Sub-Advisor shall for all purposes herein be deemed to be an independent contractor and shall, except as expressly provided or authorized, have no authority to act for or represent the Fund or the Manager in any way or otherwise be deemed an agent of the Fund or the Manager.

2.<u>Obligations of and Services to be Provided by the Sub-Advisor</u>

The Sub-Advisor will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Provide investment advisory services, including but not limited to research, advice and supervision for the Allocated Assets of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Provide information and assistance to the Manager related to the recommended investment program for each Series, consistent with each Series' respective investment objective and policies and any specific criteria applicable to the Allocated Assets, so the Manager may furnish such information to the Board of Directors of the Fund (or any appropriate committee of such Board) for approval and/or review, and update such information from time to time as conditions require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Implement the approved investment program for the Allocated Assets by placing orders for the purchase and sale of securities without prior consultation with the Manager and without regard to the length of time the securities have been held, the resulting rate of portfolio turnover or any tax considerations, subject always to the provisions of the Fund's registration statement, Articles of Incorporation and Bylaws, and the requirements of the 1940 Act, as each of the same shall be from time to time in effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Advise and assist the officers of the Fund, as requested by the officers, in taking such steps as are reasonably necessary or appropriate to carry out the decisions of its Board of Directors, and any appropriate committees of such Board, regarding the general conduct of the investment business of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Maintain, in connection with the Sub-Advisor's investment advisory services provided to the Allocated Assets, compliance with the 1940 Act and the regulations adopted by the SEC thereunder and the Series' investment strategies and restrictions as stated in the Fund's prospectus and statement of additional information and any specific criteria applicable to the Allocated Assets delivered in writing and acknowledged by the Sub-Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Report to the Board of Directors of the Fund at such times and in such detail as the Board of Directors may reasonably deem appropriate in order to enable it to determine that the investment policies, procedures and approved investment program of each Series (and any specific criteria applicable to the Allocated Assets) are being observed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Upon request, provide assistance and recommendations for the determination of the fair value of certain securities when reliable market quotations are not readily available for purposes of calculating net asset value in accordance with procedures and methods established by the Fund's Board of Directors. Further, the Sub-Advisor will provide security and foreign exchange trade details to the Manager so that the effects of all securities trades entered into by or for a Series are included in the appropriate day's end of day net asset value. Sub-Advisor must also communicate all trade amendments, cancellations or re-books accurately and timely to be included in the daily net asset value of a Series. Rule 2a-4 of the 1940 Act permits registered investment companies to record security transactions as of one day after the trade date for purposes of determining net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Furnish, at its own expense, (i) all necessary investment and management facilities, including salaries of investment, clerical and other personnel required for it to execute its duties faithfully, and (ii) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the investment advisory affairs of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Open accounts with Foreign Account Tax Compliance Act compliant broker-dealers, financial counterparties including swap counterparties and futures commission merchants ("broker-dealers"); select broker-dealers to effect all transactions for each Series; place all necessary orders with broker-dealers or issuers (including affiliated broker-dealers); and negotiate commissions, if applicable. To the extent consistent with applicable law, purchase or sell orders for each Series may be aggregated with contemporaneous purchase or sell orders of other clients of the Sub-Advisor. In such event allocation of securities so sold or purchased, as well as the expenses incurred in the transaction, will be made by the Sub-Advisor in the manner the Sub-Advisor considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to other clients. The Sub-Advisor will report on such allocations at the request of the Manager, the Fund or the Fund's Board of Directors providing such information as the number of aggregated trades to which each Series was a party, the broker-dealers to whom such trades were directed and the basis for the allocation for the aggregated trades. The Sub-Advisor shall use its best efforts to obtain execution of transactions for the Series at prices which are advantageous to each Series and at commission rates that are reasonable in relation to the benefits received. However, the Sub-Advisor may select brokers or dealers on the basis that they provide brokerage, research or other services or products to the Sub-Advisor. To the extent consistent with applicable law, the Sub-Advisor may pay a broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission or dealer spread another broker or dealer would have charged for effecting that transaction if the Sub-Advisor determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research products and/or services provided by such broker or dealer. This determination, with respect to brokerage and research products and/or services, may be viewed in terms of either that particular transaction or the overall responsibilities which the Sub-Advisor and its affiliates have with respect to each Series as well as to accounts over which they exercise investment discretion. Not all such services or products need be used by the Sub-Advisor in managing the Allocated Assets. In addition, joint repurchase or other accounts may not be utilized by the Series except to the extent permitted under any exemptive order obtained by the Sub-Advisor provided that all conditions of such order are complied with.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Section 871(m) Transactions: Sub-Advisor shall not on behalf of a Series enter into certain U.S. dividend equivalent payment transactions described in Section 871(m) of the U.S. Internal Revenue Code and the regulations thereunder ("871(m) Transaction") with a foreign counterparty unless: (i) Sub-Advisor adheres to the ISDA 2015 Section 871(m) Protocol on behalf of the Series, and (ii) the foreign counterparty to the 871(m) Transaction provides Sub-Advisor with a properly completed Form W-8IMY certifying to its status as a qualified derivatives dealer ("QDD").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)Maintain all accounts, books and records with respect to the Allocated Assets as are required of an investment advisor of a registered investment company pursuant to the 1940 Act and Investment Advisers Act of 1940, as amended (the "Advisers Act"), and the rules thereunder, and furnish the Fund and the Manager with such periodic and special reports as the Fund or the Manager may reasonably request. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Advisor hereby agrees that all records that it maintains for each Series are the property of the Fund, agrees to preserve for the periods described by Rule 31a-2 under the 1940 Act any records that it maintains for the Series and that are required to be maintained by Rule 31a-1 under the 1940 Act, and further agrees to surrender promptly to the Fund any records that it maintains for a Series upon request by the Fund or the Manager. The Sub-Advisor has no responsibility for the maintenance of Fund records except insofar as is directly related to the services the Sub-Advisor provides to a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)Observe and comply with Rule 17j-1 under the 1940 Act and the Sub-Advisor's Code of Ethics adopted pursuant to that Rule as the same may be amended from time to time. The Manager acknowledges receipt of a copy of the Sub-Advisor's current Code of Ethics. The Sub-Advisor shall promptly forward to the Manager a copy of any material amendment to the Sub-Advisor's Code of Ethics along with certification that the Sub-Advisor has implemented procedures for administering the Sub-Advisor's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)From time to time as the Manager or the Fund may request, furnish the requesting party reports on portfolio transactions and reports on investments held by a Series, all in such detail as the Manager or the Fund may reasonably request. The Sub-Advisor will make available its officers and employees to meet with the Fund's Board of Directors at the Fund's principal place of business on due notice to review the investments of a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)Provide such information as is customarily provided by a sub-advisor, or as may be required or reasonably requested by the Manager, for the Fund or the Manager to comply with their respective obligations under applicable laws, including, without limitation, the Internal Revenue Code of 1986, as amended (the "Code"), the 1940 Act, the Advisers Act, the Securities Act of 1933, as amended (the "Securities Act"), and any state securities laws, and any rule or regulation thereunder. Such information includes, but is not limited to: electronic copies of (i) the Sub-Advisor's compliance manual and policies and procedures adopted to comply with Rules 206(4)-6 and 206(4)-7 of the Advisers Act and (ii) the Sub-Advisor's most recent annual compliance report or a detailed summary of such report; timely, accurate and complete responses to all 15(c) questionnaires; timely, accurate and complete responses to all Quarterly Compliance Questionnaires (including the identification of any material compliance matters and an electronic copy of any material changes to the Sub-Advisor's Rules 206(4)-6 and 206(4)-7 policies and procedures, marked to show changes along with a written summary of the purpose of each such change); Annual Proxy Voting Questionnaires; Annual Best Execution and Soft Dollar Questionnaires, and responses to all other requests from the Manager. The Sub-Advisor agrees to make available for the Manager's review all deficiency letters issued by the SEC together with all responses given by Sub-Advisor to such letters. The Sub-Advisor will advise the Manager of any material changes in the Sub-Advisor's ownership within a reasonable time after any such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)Vote proxies received on behalf of each Series (with respect to the Allocated Assets) in a manner consistent with the Sub-Advisor's proxy voting policies and procedures and provide a record of votes cast containing all of the voting information required by Form N-PX in an electronic format to enable the Series to file Form N-PX as required by SEC rule.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)Respond to tender offers, rights offerings and other voluntary corporate action requests affecting securities held by each Series (with respect to the Allocated Assets).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)Cooperate with the Manager in its performance of quarterly and annual tax compliance tests to monitor the Series' compliance with Subchapter M of the Code and Section 817(h) of the Code. If it is determined by the Manager or its tax advisors that the Series is not in compliance with the requirements imposed by the Code, the Sub-Advisor, in consultation with the Manager and its tax advisors, will take prompt action to bring the Series back into compliance within the time permitted under the Code.

3.<u>Prohibited Conduct</u>

In providing the services described in this Agreement, the Sub-Advisor will not consult with any other investment advisory firm that provides investment advisory services to any investment company sponsored by Principal Financial Group, Inc. regarding transactions for the Fund in securities or other assets.

4.<u>Compensation</u>

As full compensation for all services rendered and obligations assumed by the Sub-Advisor hereunder with respect to the Allocated Assets, the Manager shall pay the compensation specified in <u>Appendix A</u> to this Agreement.

5.<u>Liability of Sub-Advisor</u>

Neither the Sub-Advisor nor any of its directors, officers, employees, agents or affiliates shall be liable to the Manager, the Fund or its shareholders for any loss suffered by the Manager or the Fund resulting from any error of judgment made in the good faith exercise of the Sub-Advisor's investment discretion in connection with selecting investments for a Series or as a result of the failure by the Manager or any of its affiliates to comply with the terms of this Agreement, except for losses resulting from willful misfeasance, bad faith or gross negligence of, or from reckless disregard of, the duties of the Sub-Advisor or any of its directors, officers, employees, agents (excluding any broker-dealer selected by the Sub-Advisor), or affiliates.

6.<u>Trade Errors</u>

The Sub-Advisor will notify the Manager of any Trade Error(s), regardless of materiality, promptly upon the discovery of such Trade Error(s) by the Sub-Advisor. Notwithstanding <u>Section 5</u>, the Sub-Advisor shall be liable to the Manager, the Fund or its shareholders for any loss suffered by the Manager or the Fund resulting from Trade Errors due to negligence, misfeasance, or disregard of duties of the Sub Advisor or any of its directors, officers, employees, agents (excluding any broker-dealer selected by the Sub-Advisor), or affiliates. Any gains that occur due to a Trade Error shall be retained by the Fund. For purposes under this <u>Section 6</u>, a "Trade Error" occurs when a transaction results in an unintended, including an impermissible, result. Examples include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• orders by the Sub-Advisor that result in the purchase or sale of securities or other assets that were not intended to be purchased or sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• orders by the Sub-Advisor that result in the purchase or sale of securities or other assets in an unintended amount, which includes price or commission rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases or sales of securities or other assets that violate the investment limitations or restrictions disclosed in the Fund's registration statement and/or imposed by applicable law, regulation, contract or written understanding between Manager and Sub-Advisor (calculated at the Sub-Advisor's portfolio level), unless otherwise agreed to in writing.

7.<u>Supplemental Arrangements</u>

The Sub-Advisor may enter into arrangements with other persons affiliated with the Sub-Advisor or with unaffiliated third parties to better enable the Sub-Advisor to fulfill its obligations under this Agreement for the provision of certain personnel and facilities to the Sub- Advisor, subject to written notification to and approval of the Manager and, where required by applicable law, the Board of Directors of the Fund; provided, however, that entry into any such arrangements shall not relieve the Sub-Advisor of any of its obligations under this Agreement.

8.<u>Regulation</u>

The Sub-Advisor shall submit to all regulatory and administrative bodies having jurisdiction over the services provided pursuant to this Agreement any information, reports or other material which any such body may request or require pursuant to applicable laws and regulations.

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9.<u>Duration and Termination of This Agreement</u>

This Agreement shall become effective with respect to a Series as of the corresponding date set forth on <u>Appendix B</u> to this Agreement, as may be amended from time to time, and unless otherwise terminated with respect to such Series, shall continue in effect thereafter for the initial term set forth on <u>Appendix B</u> to this Agreement, and thereafter from year to year, provided that in each case the continuance is specifically approved within the period required by the 1940 Act either by the Board of Directors of the Fund or by a vote of a majority of the outstanding voting securities of the Series and in either event by a vote of a majority of the Board of Directors of the Fund who are not interested persons of the Manager, Principal Financial Group, Inc., the Sub-Advisor or the Fund cast in accordance with the requirements of the 1940 Act after taking into effect any exemptive order, no-action assurances or other relief, rule or regulation upon which the Fund may rely.

If the shareholders of a Series fail to approve the Agreement or any continuance of the Agreement in accordance with the requirements of the 1940 Act, the Sub-Advisor will continue to act as Sub-Advisor with respect to the Allocated Assets of such Series pending the required approval of the Agreement or its continuance or of any contract with the Sub-Advisor or a different manager or sub-advisor or other definitive action; provided, that the compensation received by the Sub-Advisor in respect to the Allocated Assets of such Series during such period is in compliance with Rule 15a-4 under the 1940 Act.

This Agreement may be terminated with respect to a Series at any time without the payment of any penalty by the Board of Directors of the Fund or by the Sub-Advisor, the Manager or by vote of a majority of the outstanding voting securities of the Series on sixty days' written notice. This Agreement shall automatically terminate in the event of its assignment. In interpreting the provisions of this <u>Section 9</u>, the definitions contained in Section 2(a) of the 1940 Act (particularly the definitions of "interested person," "assignment", "voting security" and "majority of the outstanding voting securities") shall be applied.

10.<u>Amendment of this Agreement</u>

No amendment of this Agreement shall be effective unless in writing and signed by both parties. No material amendment of this Agreement shall be effective until approved, if required by the 1940 Act or the rules, regulations, interpretations or orders issued thereunder, by vote of the holders of a majority of the outstanding voting securities of the Series (as defined in the 1940 Act) and by vote of a majority of the Board of Directors of the Fund who are not interested persons (as defined in the 1940 Act) of the Manager, the Sub-Advisor, Principal Financial Group, Inc. or the Fund cast in accordance with the requirements of the 1940 Act after taking into effect any exemptive order, no-action assurances or other relief, rule or regulation upon which the Fund may rely.

11.<u>Additional Series</u>

In the event the Manager wishes to appoint the Sub-Advisor to perform the services described in this Agreement with respect to one or more additional Series of the Fund after the effective date of this Agreement, such Series will become a Series under this Agreement upon approval of this Agreement in the manner required by the 1940 Act and the amendment of <u>Appendices A</u> and <u>B</u> hereto.

12.<u>General Provisions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each party agrees to perform such further acts and execute such further documents as are necessary to effectuate the purposes hereof. This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Iowa. The captions in this Agreement are included for convenience only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any notice under this Agreement shall be in writing, addressed and delivered or mailed postage pre-paid to the other party at such address as such other party may designate for the receipt of such notices. Until further notice to the other party, it is agreed that the address of the Manager for this purpose shall be Principal Financial Group, Des Moines, Iowa 50392-0200, and the address of the Sub-Advisor shall be Brown Advisory, 901 S. Bond Street, Suite 400, Baltimore, Maryland 21231.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Sub-Advisor will promptly notify the Manager in writing of the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.the Sub-Advisor fails to be registered as an investment advisor under the Advisers Act or under the laws of any jurisdiction in which the Sub-Advisor is required to be registered as an investment advisor in order to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.the Sub-Advisor is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, involving the affairs of a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.the Sub-Advisor becomes aware of any pending or threatened action, suit, proceeding, inquiry or investigation that is reasonably likely to result in a conviction, order, judgment or decree issued with respect to it or any affiliate that could reasonably be expected to result in the Sub-Advisor becoming ineligible to serve as an investment advisor of a registered investment company under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.the Sub-Advisor becomes aware of a transaction or series of transactions that is reasonably likely to result in a change in the management or control of the Sub-Advisor or a controlling person thereof or otherwise in the assignment (as defined in the 1940 Act) of this Agreement by the Sub-Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Manager shall provide (or cause the Series custodian to provide) timely information to the Sub-Advisor regarding such matters as the composition of the assets of a Series, cash requirements and cash available for investment in a Series, and all other reasonable information as may be necessary for the Sub-Advisor to perform its duties and responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Sub-Advisor agrees that neither it nor any of its affiliates will in any way refer directly or indirectly to its relationship with the Fund, a Series, or the Manager or any of their respective affiliates in offering, marketing or other promotional materials without the express written consent of the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Sub-Advisor represents that it will not enter into any agreement, oral or written, or other understanding under which the Fund directs or is expected to direct portfolio securities transactions, or any remuneration, to a broker or dealer in consideration for the promotion or sale of Fund shares or shares issued by any other registered investment company. The Sub-Advisor further represents that it is contrary to the Sub-Advisor's policies to permit those who select brokers or dealers for execution of Fund portfolio securities transactions to take into account the broker or dealer's promotion or sale of Fund shares or shares issued by any other registered investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)This Agreement contains the entire understanding and agreement of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Each party agrees that electronic signatures of the parties included in this Agreement are intended to authenticate this writing and to have the same force and effect as manual signatures. Electronic signature means any electronic sound, symbol, or process attached to or logically associated with a record and executed and adopted by a party with the intent to sign such record, including facsimile or email electronic signatures.

*Remainder of Page Intentionally Blank*

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IN WITNESS WHEREOF, the parties have duly executed this Agreement on the date first above written.

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| | |
|:---|:---|
| **PRINCIPAL GLOBAL INVESTORS, LLC** | **PRINCIPAL GLOBAL INVESTORS, LLC** |
| By: | /s/ Adam U. Shaikh |
| Name: | Adam U. Shaikh |
| Title: | Associate General Counsel |
| By: | /s/ Laura B. Latham |
| Name: | Laura B. Latham |
| Title: | Assistant General Counsel |
| **BROWN ADVISORY LLC** | **BROWN ADVISORY LLC** |
| By: | /s/ Carey Buxton |
| Name: | Carey Buxton |
| Title: | Global COO, Institutional Business |

---

------

**<u>APPENDIX A</u>**

INTENTIONALLY OMITTED

------

**<u>APPENDIX B</u>**

---

| | | |
|:---|:---|:---|
| **Effective Date and Initial Term of Sub-Advisory Agreement for each Series** | **Effective Date and Initial Term of Sub-Advisory Agreement for each Series** | **Effective Date and Initial Term of Sub-Advisory Agreement for each Series** |
| **Series** | **Effective Date** | **Initial Term** |
| SmallCap Growth Fund I | September 14, 2010 | 2 Years |
| LargeCap Growth Fund I | September 14, 2010 | 2 Years |

---

## Ex-99.(D)(5)J

**<u>PRINCIPAL FUNDS, INC.</u>**

**SUB-ADVISORY AGREEMENT**

**FRED ALGER MANAGEMENT, LLC SUB-ADVISED FUND**

SUB-ADVISORY AGREEMENT (the "Agreement") to be effective as of June 25, 2026 by and between PRINCIPAL GLOBAL INVESTORS, LLC, a Delaware limited liability company (the "Manager"), and FRED ALGER MANAGEMENT, LLC, a Delaware limited liability company (the "Sub-Advisor").

W I T N E S S E T H:

WHEREAS, the Manager is the manager and investment advisor to each series of Principal Funds, Inc. (the "Fund"), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Manager desires to retain the Sub-Advisor to render discretionary investment advisory services for all or a portion of the assets of each series of the Fund identified in <u>Appendix A</u> hereto, as may be amended from time to time (the "Series"), which the Manager has agreed to provide to the Fund, and the Sub-Advisor desires to furnish such services; and

WHEREAS, the Manager has furnished the Sub-Advisor with copies properly certified or authenticated of each of the following and will promptly provide the Sub-Advisor with copies properly certified or authenticated of any amendment or supplement thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Management Agreement (the "Management Agreement") with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Fund's registration statement and financial statements as filed with the Securities and Exchange Commission (the "SEC");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Fund's Articles of Incorporation and By-laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Policies, procedures or instructions adopted or approved by the Board of Directors of the Fund relating to obligations and services to be provided by the Sub-Advisor.

NOW, THEREFORE, in consideration of the premises and the terms and conditions hereinafter set forth, the parties agree as follows:

1.<u>Appointment of Sub-Advisor</u>

In accordance with and subject to the Management Agreement, the Manager hereby appoints the Sub-Advisor to perform the services described in <u>Section 2</u> below for investment and reinvestment of such portion of the assets of each Series as may be allocated to the Sub-Advisor by the Manager, from time to time (the "Allocated Assets"), subject to the control and direction of the Manager and the Fund's Board of Directors, for the period and on the terms hereinafter set forth. The Sub-Advisor accepts such appointment and agrees to furnish the services hereinafter set forth for the compensation herein provided. The Sub-Advisor shall for all purposes herein be deemed to be an independent contractor and shall, except as expressly provided or authorized, have no authority to act for or represent the Fund or the Manager in any way or otherwise be deemed an agent of the Fund or the Manager.

Sub-Advisor is hereby appointed as the Series' agent and attorney-in-fact and is granted a limited power-of-attorney (coupled with an interest) with discretionary trading authority over the Allocated Assets to: (a) buy, sell, hold, exchange, convert and otherwise trade in any and all securities and other financial instruments as Sub-Advisor may select as investments; (b) establish and deal through with one or more securities brokerage firms as Sub-Advisor may select; (c) sign and enter into on behalf of a Series all documentation necessary for the trading operations as contemplated in this Agreement; (d) exercise all rights with respect to shares of securities held on behalf of a Series; and (e) give instructions in furtherance of such trading authority to brokerage firms and the Series' custodian.

2.<u>Obligations of and Services to be Provided by the Sub-Advisor</u>

The Sub-Advisor will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Provide investment advisory services, including but not limited to research, advice and supervision for the Allocated Assets of each Series. The responsibilities of Sub-Advisor do not extend to any assets of a Series other than those Allocated Assets. Sub-Advisor shall have no responsibility for the custody and safekeeping of the Series assets, for which Series and custodian (and not Sub-Advisor) shall be fully responsible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Provide information and assistance to the Manager related to the recommended investment program for each Series, consistent with each Series' respective investment objective and policies and any specific criteria applicable to the Allocated Assets, so the Manager may furnish such information to the Board of Directors of the Fund (or any appropriate committee of such Board) for approval and/or review, and update such information from time to time as conditions require.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Implement the approved investment program for the Allocated Assets by placing orders for the purchase and sale of securities without prior consultation with the Manager and without regard to the length of time the securities have been held, the resulting rate of portfolio turnover or any tax considerations, subject always to the provisions of the Fund's registration statement, Articles of Incorporation and Bylaws and the requirements of the 1940 Act, as each of the same shall be from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Advise and assist the officers of the Fund, as requested by the officers, in taking such steps as are necessary or appropriate to carry out the decisions of its Board of Directors, and any appropriate committees of such Board, regarding the general conduct of the investment business of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Maintain, in connection with the Sub-Advisor's investment advisory services provided to the Allocated Assets, compliance with the 1940 Act and the regulations adopted by the SEC thereunder and the Series' investment strategies and restrictions as stated in the Fund's prospectus and statement of additional information and any specific criteria applicable to the Allocated Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Report to the Board of Directors of the Fund at such times and in such detail as the Board of Directors may reasonably deem appropriate in order to enable it to determine that the investment policies, procedures and approved investment program of each Series (and any specific criteria applicable to the Allocated Assets) are being observed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Upon request, provide assistance and recommendations for the determination of the fair value of certain securities when reliable market quotations are not readily available for purposes of calculating net asset value in accordance with procedures and methods established by the Fund's Board of Directors. Further, the Sub-Advisor will provide security and foreign exchange trade details to the Manager so that the effects of all securities trades entered into by or for a Series are included in the appropriate day's end of day net asset value. Sub-Advisor must also communicate all trade amendments, cancellations or re-books accurately and timely to be included in the daily net asset value of a Series. Rule 2a-4 of the 1940 Act permits registered investment companies to record security transactions as of one day after the trade date for purposes of determining net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Furnish, at its own expense, (i) all necessary investment and management facilities, including salaries of clerical and other personnel required for it to execute its duties faithfully, and (ii) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the investment advisory affairs of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Open accounts with Foreign Account Tax Compliance Act compliant broker-dealers, financial counterparties including swap counterparties and futures commission merchants ("broker-dealers"); select broker-dealers to effect all transactions for each Series; place all necessary orders with broker-dealers or issuers (including affiliated broker-dealers); and negotiate commissions, if applicable. To the extent consistent with applicable law, purchase or sell orders for each Series may be aggregated with contemporaneous purchase or sell orders of other clients of the Sub-Advisor. In such event allocation of securities so sold or purchased, as well as the expenses incurred in the transaction, will be made by the Sub-Advisor in the manner the Sub-Advisor considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to other clients. The Sub-Advisor will report on such allocations at the request of the Manager, the Fund or the Fund's Board of Directors providing such information as the number of aggregated trades to which each Series was a party, the broker-dealers to whom such trades were directed and the basis for the allocation for the aggregated trades. The Sub-Advisor shall use its best efforts to obtain execution of transactions for each Series at prices which are advantageous to the Series and at commission rates that are reasonable in relation to the benefits received. However, the Sub-Advisor may select brokers or dealers on the basis that they provide brokerage, research or other services or products to the Sub-Advisor. To the extent consistent with applicable law, the Sub-Advisor may pay a broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission or dealer spread another broker or dealer would have charged for effecting that transaction if the Sub-Advisor determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research products and/or services provided by such broker or dealer. This determination, with respect to brokerage and research products and/or services, may be viewed in terms of either that particular transaction or the overall responsibilities which the Sub-Advisor and its affiliates have with respect to each Series as well as to accounts over which they exercise investment discretion. Not all such services or products need be used by the Sub-Advisor in managing the Allocated Assets. In addition, joint repurchase or other accounts may not be utilized by the Series except to the extent permitted under any exemptive order obtained by the Sub-Advisor provided that all conditions of such order are complied with.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Section 871(m) Transactions: Sub-Advisor shall not on behalf of a Series enter into certain U.S. dividend equivalent payment transactions described in Section 871(m) of the U.S. Internal Revenue Code and the regulations thereunder ("871(m) Transaction") with a foreign counterparty unless: (i) Sub-Advisor adheres to the ISDA 2015 Section 871(m) Protocol on behalf of the Series, and (ii) the foreign counterparty to the 871(m) Transaction provides Sub-Advisor with a properly completed Form W-8IMY certifying to its status as a qualified derivatives dealer ("QDD").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)Maintain all accounts, books and records with respect to the Allocated Assets as are required of an investment advisor of a registered investment company pursuant to the 1940 Act and Investment Advisers Act of 1940, as amended (the "Advisers Act"), and the rules thereunder, and furnish the Fund and the Manager with such periodic and special reports as the Fund or the Manager may reasonably request. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Advisor hereby agrees that all records that it maintains for each Series are the property of the Fund, agrees to preserve for the periods described by Rule 31a-2 under the 1940 Act any records that it maintains for the Series and that are required to be maintained by Rule 31a-1 under the 1940 Act, and further agrees to surrender promptly to the Fund any records that it maintains for a Series upon request by the Fund or the Manager. The Sub-Advisor has no responsibility for the maintenance of Fund records except insofar as is directly related to the services the Sub-Advisor provides to a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)Observe and comply with Rule 17j-1 under the 1940 Act and the Sub-Advisor's Code of Ethics adopted pursuant to that Rule as the same may be amended from time to time. The Manager acknowledges receipt of a copy of the Sub-Advisor's current Code of Ethics. The Sub-Advisor shall promptly forward to the Manager a copy of any material amendment to the Sub-Advisor's Code of Ethics along with certification that the Sub-Advisor has implemented procedures for administering the Sub-Advisor's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)From time to time as the Manager or the Fund may request, furnish the requesting party reports on portfolio transactions and reports on investments held by a Series, all in such detail as the Manager or the Fund may reasonably request. The Sub-Advisor will make available its officers and employees to meet with the Fund's Board of Directors at the Fund's principal place of business on due notice to review the investments of a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)Provide such information as is customarily provided by a sub-advisor, or as may be required or reasonably requested by the Manager, for the Fund or the Manager to comply with their respective obligations under applicable laws, including, without limitation, the Internal Revenue Code of 1986, as amended (the "Code"), the 1940 Act, the Advisers Act, the Securities Act of 1933, as amended (the "Securities Act"), and any state securities laws, and any rule or regulation thereunder. Such information includes, but is not limited to: electronic copies of (i) the Sub-Advisor's compliance manual and policies and procedures adopted to comply with Rules 206(4)-6 and 206(4)-7 of the Advisers Act and (ii) the Sub-Advisor's most recent annual compliance report or a detailed summary of such report; timely, accurate and complete responses to all 15(c) questionnaires; timely, accurate and complete responses to all Quarterly Compliance Questionnaires (including the identification of any material compliance matters and an electronic copy of any material changes to the Sub-Advisor's Rules 206(4)-6 and 206(4)-7 policies and procedures, marked to show changes along with a written summary of the purpose of each such change); Annual Proxy Voting Questionnaires; Annual Best Execution and Soft Dollar Questionnaires, and responses to all other requests from the Manager. The Sub-Advisor agrees to make available for the Manager's review all deficiency letters issued by the SEC together with all responses given by Sub-Advisor to such letters. The Sub-Advisor will advise the Manager of any material changes in the Sub-Advisor's ownership within a reasonable time after any such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)Vote proxies received on behalf of each Series (with respect to the Allocated Assets) in a manner consistent with the Sub-Advisor's proxy voting policies and procedures and provide a record of votes cast containing all of the voting information required by Form N-PX in an electronic format to enable the Series to file Form N-PX as required by SEC rule.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)Respond to tender offers, rights offerings and other voluntary corporate action requests affecting securities held by each Series (with respect to the Allocated Assets).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)Cooperate with the Manager in its performance of quarterly and annual tax compliance tests to monitor the Series' compliance with Subchapter M and Section 817(h) of the Code. If it is determined by the Manager or its tax advisors that the Series is not in compliance with the requirements imposed by the Code, the Sub-Advisor, in consultation with the Manager and its tax advisors, will take prompt action to bring the Series back into compliance within the time permitted under the Code.

3.<u>Prohibited Conduct</u>

In providing the services described in this Agreement, the Sub-Advisor will not consult with any other investment advisory firm that provides investment advisory services to any investment company sponsored by Principal Financial Group, Inc. regarding transactions for the Fund in securities or other assets.

4.<u>Compensation</u>

As full compensation for all services rendered and obligations assumed by the Sub-Advisor hereunder with respect to the Allocated Assets, the Manager shall pay the compensation specified in <u>Appendix A</u> to this Agreement.

5.<u>Liability of Sub-Advisor</u>

Neither the Sub-Advisor nor any of its directors, officers, employees, agents or affiliates shall be liable to the Manager, the Fund or its shareholders for any loss suffered by the Manager or the Fund resulting from any error of judgment made in the good faith exercise of the Sub-Advisor's investment discretion in connection with selecting investments for a Series or as a result of the failure by the Manager or any of its affiliates to comply with the terms of this Agreement, except for losses resulting from willful misfeasance, bad faith or gross negligence of, or from reckless disregard of, the duties of the Sub-Advisor or any of its directors, officers, employees, agents, or affiliates relating to the Sub-Advisor's investment discretion in connection with selecting investments for a Series.

6.<u>Trade Errors</u>

The Sub-Advisor will notify the Manager of any Trade Error(s), regardless of materiality, promptly upon the discovery of such Trade Error(s) by the Sub-Advisor. Notwithstanding <u>Section 5</u>, the Sub-Advisor shall be liable to the Manager, the Fund or its shareholders for any loss suffered by the Manager or the Fund resulting from Trade Errors due to negligence, misfeasance, or disregard of duties of the Sub Advisor or any of its directors, officers, employees, agents (excluding any broker-dealer selected by the Sub-Advisor), or affiliates. Any gains that occur due to a Trade Error shall be retained by the Fund. For purposes under this <u>Section 6</u>, a "Trade Error" occurs when a transaction results in an unintended, including an impermissible, result. Examples include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• orders by the Sub-Advisor that result in the purchase or sale of securities or other assets that were not intended to be purchased or sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• orders by the Sub-Advisor that result in the purchase or sale of securities or other assets in an unintended amount, which includes price or commission rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases or sales of securities or other assets that violate the investment limitations or restrictions disclosed in the Fund's registration statement and/or imposed by applicable law, regulation, contract or understanding (calculated at the Sub-Advisor's portfolio level), unless otherwise agreed to in writing.

7.<u>Supplemental Arrangements</u>

The Sub-Advisor may enter into arrangements with other persons affiliated with the Sub-Advisor or with unaffiliated third parties to better enable the Sub-Advisor to fulfill its obligations under this Agreement for the provision of certain personnel and facilities to the Sub-Advisor, subject to written notification to and approval of the Manager and, where required by applicable law, the Board of Directors of the Fund; provided, however, that entry into any such arrangements shall not relieve the Sub-Advisor of any of its obligations under this Agreement.

8.<u>Regulation</u>

The Sub-Advisor shall submit to all regulatory and administrative bodies having jurisdiction over the services provided pursuant to this Agreement any information, reports or other material which any such body may request or require pursuant to applicable laws and regulations.

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9.<u>Duration and Termination of This Agreement</u>

This Agreement shall become effective with respect to a Series as of the corresponding date set forth on <u>Appendix B</u> to this Agreement, as may be amended from time to time, and, unless otherwise terminated with respect to such Series, shall continue in effect thereafter for the initial term set forth on <u>Appendix B</u> to this Agreement, and thereafter from year to year, provided that in each case the continuance is specifically approved within the period required by the 1940 Act either by the Board of Directors of the Fund or by a vote of a majority of the outstanding voting securities of the Series and in either event by a vote of a majority of the Board of Directors of the Fund who are not interested persons of the Manager, Principal Financial Group, Inc., the Sub-Advisor or the Fund cast in accordance with the requirements of the 1940 Act after taking into effect any exemptive order, no-action assurances or other relief, rule or regulation upon which the Fund may rely.

If the shareholders of a Series fail to approve the Agreement or any continuance of the Agreement in accordance with the requirements of the 1940 Act, the Sub-Advisor will continue to act as Sub-Advisor with respect to the Allocated Assets of such Series pending the required approval of the Agreement or its continuance or of any contract with the Sub-Advisor or a different manager or sub-advisor or other definitive action; provided, that the compensation received by the Sub-Advisor in respect to the Allocated Assets of such Series during such period is in compliance with Rule 15a-4 under the 1940 Act.

This Agreement may be terminated with respect to a Series at any time without the payment of any penalty by the Board of Directors of the Fund or by the Sub-Advisor, the Manager or by vote of a majority of the outstanding voting securities of the Series on sixty days' written notice. This Agreement shall automatically terminate in the event of its assignment. In interpreting the provisions of this <u>Section 9</u>, the definitions contained in Section 2(a) of the 1940 Act (particularly the definitions of "interested person," "assignment," "voting security" and "majority of the outstanding voting securities") shall be applied.

10.<u>Amendment of this Agreement</u>

No amendment of this Agreement shall be effective unless in writing and signed by both parties. No material amendment of this Agreement shall be effective until approved, if required by the 1940 Act or the rules, regulations, interpretations or orders issued thereunder, by vote of the holders of a majority of the outstanding voting securities of the Series (as defined in the 1940 Act) and by vote of a majority of the Board of Directors of the Fund who are not interested persons (as defined in the 1940 Act) of the Manager, the Sub-Advisor, Principal Financial Group, Inc. or the Fund cast in accordance with the requirements of the 1940 Act after taking into effect any exemptive order, no-action assurances or other relief, rule or regulation upon which the Fund may rely.

11.<u>Additional Series</u>

In the event the Manager wishes to appoint the Sub-Advisor to perform the services described in this Agreement with respect to one or more additional Series of the Fund after the effective date of this Agreement, such Series will become a Series under this Agreement upon approval of this Agreement in the manner required by the 1940 Act and the amendment of <u>Appendices A</u> and <u>B</u> hereto.

12.<u>General Provisions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each party agrees to perform such further acts and execute such further documents as are necessary to effectuate the purposes hereof. This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Iowa. The captions in this Agreement are included for convenience only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any notice under this Agreement shall be in writing, addressed and delivered or mailed postage pre-paid to the other party at such address as such other party may designate for the receipt of such notices. Until further notice to the other party, it is agreed that the address of the Manager for this purpose shall be Principal Financial Group, Des Moines, Iowa 50392-0200. The address of the Sub-Advisor for this purpose shall be 100 Pearl Street, 27<sup>th</sup> Floor, New York, NY 10004 or via email to legal@alger.com.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Sub-Advisor will promptly notify the Manager in writing of the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.the Sub-Advisor fails to be registered as an investment advisor under the Advisers Act or under the laws of any jurisdiction in which the Sub-Advisor is required to be registered as an investment advisor in order to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.the Sub-Advisor is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, involving the affairs of a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.the Sub-Advisor becomes aware of any pending or threatened action, suit, proceeding, inquiry or investigation that is reasonably likely to result in a conviction, order, judgment or decree issued with respect to it or any affiliate that could reasonably be expected to result in the Sub-Advisor becoming ineligible to serve as an investment advisor of a registered investment company under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.the Sub-Advisor becomes aware of a transaction or series of transactions that is reasonably likely to result in a change in the management or control of the Sub-Advisor or a controlling person thereof or otherwise in the assignment (as defined in the 1940 Act) of this Agreement by the Sub-Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.the Sub-Advisor becomes aware of the occurrence of any event requiring the Sub-Advisor to implement any procedures under Sub-Advisor's disaster recovery/business continuity plan(s) that materially affect the Sub-Advisor's operations relating to its provisions of services under this Agreement. This notification shall be by any method of prompt communication available under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.the Sub-Advisor becomes aware of any actual or suspected network, information 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 non-public 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, any Series, or the Manager. This notification shall be by any method of prompt communication available under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Manager shall provide (or cause the Series custodian to provide) timely information to the Sub-Advisor regarding such matters as the composition of the assets of a Series, cash requirements and cash available for investment in a Series, and all other reasonable information as may be necessary for the Sub-Advisor to perform its duties and responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Manager represents, and the Sub-Advisor acknowledges, that with respect to the Series, the Manager is relying on the exclusion from the definition of "commodity pool operator" under Section 4.5 of the General Regulations under the Commodity Exchange Act, as amended ("Rule 4.5"). The Sub-Advisor will not exceed the de minimis trading limits set forth in Rule 4.5(c)(2)(iii)(B) unless otherwise agreed to in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Manager represents and warrants that Sub-Advisor did not recommend, request, or require that the Series use the services of the custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Sub-Advisor represents that it will not enter into any agreement, oral or written, or other understanding under which the Fund directs or is expected to direct portfolio securities transactions, or any remuneration, to a broker or dealer in consideration for the promotion or sale of Fund shares or shares issued by any other registered investment company. The Sub-Advisor further represents that it is contrary to the Sub-Advisor's policies to permit those who select brokers or dealers for execution of Fund portfolio securities transactions to take into account the broker's or dealer's promotion or sale of Fund shares or shares issued by any other registered investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The Sub-Advisor agrees that neither it nor any of its affiliates will in any way refer to its relationship with the Fund, the Series, or the Manager or any of their respective affiliates in offering, marketing or other promotional materials without the express written consent of the Manager, which consent will not be unreasonably withheld.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Manager hereby agrees and provides its consent to have Sub-Advisor electronically deliver communications including, but not limited to, all current and future account statements; privacy statements; audited financial information, if applicable; Sub-Advisor's ADV, privacy policy and updates thereto; notices and other information, documents, data and records regarding the Allocated Assets. Electronic communications include e-mail delivery and making communications electronically available to the Manager on Sub-Advisor's Internet site, if applicable. By executing this Agreement, Manager consents to electronic delivery as described in this section. It is Manager's affirmative obligation to notify the Sub-Advisor in writing if Manager's email address changes. The Manager may revoke or restrict its consent to electronic delivery of communications at any time by notifying the Sub-Advisor, in writing, of Manager's intention to do so. Neither Sub-Adviser nor its affiliates will be liable for any interception of communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Manager will promptly provide Sub-Advisor updates to its affiliated broker list and restricted securities list and, in any event, on a quarterly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)This Agreement contains the entire understanding and agreement of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Each party agrees that electronic signatures of the parties included in this Agreement are intended to authenticate this writing and to have the same force and effect as manual signatures. Electronic signature means any electronic sound, symbol, or process attached to or logically associated with a record and executed and adopted by a party with the intent to sign such record, including facsimile or email electronic signatures.

*Remainder of Page Intentionally Blank*

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IN WITNESS WHEREOF, the parties have duly executed this Agreement on the date first above written.

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| | |
|:---|:---|
| **PRINCIPAL GLOBAL INVESTORS, LLC** | **PRINCIPAL GLOBAL INVESTORS, LLC** |
| By: | /s/ Adam U. Shaikh |
| Name: | Adam U. Shaikh |
| Title: | Associate General Counsel |
| By: | /s/ Laura B. Latham |
| Name: | Laura B. Latham |
| Title: | Assistant General Counsel |
| **FRED ALGER MANAGEMENT, LLC** | **FRED ALGER MANAGEMENT, LLC** |
| By: | /s/ Tina Payne |
| Name: | Tina Payne |
| Title: | Senior Vice President, General Counsel |

---

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**<u>APPENDIX A</u>**

INTENTIONALLY OMITTED

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**<u>APPENDIX B</u>**

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| | | |
|:---|:---|:---|
| **Effective Date and Initial Term of Sub-Advisory Agreement for each Series** | **Effective Date and Initial Term of Sub-Advisory Agreement for each Series** | **Effective Date and Initial Term of Sub-Advisory Agreement for each Series** |
| **Series** | **Effective Date** | **Initial Term** |
| LargeCap Growth Fund I | June 25, 2026 | 2 Years |

---

## Ex-99.(D)(5)L

**<u>PRINCIPAL FUNDS, INC.</u>**

**AMENDED AND RESTATED SUB-ADVISORY AGREEMENT**

**HOTCHKIS & WILEY CAPITAL MANAGEMENT, LLC SUB-ADVISED FUND**

AMENDED AND RESTATED SUB-ADVISORY AGREEMENT (the "Agreement") to be effective as of April 1, 2026 by and between PRINCIPAL GLOBAL INVESTORS, LLC, a Delaware limited liability company (the "Manager"), and HOTCHKIS & WILEY CAPITAL MANAGEMENT, LLC, a Delaware limited liability company (the "Sub-Advisor").

W I T N E S S E T H:

WHEREAS, the Manager is the manager and investment advisor to each series of Principal Funds, Inc. (the "Fund"), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Manager desires to retain the Sub-Advisor to render discretionary investment advisory services for all or a portion of the assets of each series of the Fund identified in <u>Appendix A</u> hereto, as may be amended from time to time (the "Series"), which the Manager has agreed to provide to the Fund, and the Sub-Advisor desires to furnish such services; and

WHEREAS, the Manager and the Sub-Advisor agree to amend and restate the Sub-Advisory Agreement between the Manager and the Sub-Advisor dated June 28, 2018 with this Agreement; and

WHEREAS, the Manager has furnished the Sub-Advisor with copies properly certified or authenticated of each of the following and will promptly provide the Sub-Advisor with copies properly certified or authenticated of any amendment or supplement thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Management Agreement (the "Management Agreement") with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Fund's registration statement and financial statements as filed with the Securities and Exchange Commission (the "SEC");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Fund's Articles of Incorporation and By-laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Policies, procedures or instructions adopted or approved by the Board of Directors of the Fund relating to obligations and services to be provided by the Sub-Advisor.

NOW, THEREFORE, in consideration of the premises and the terms and conditions hereinafter set forth, the parties agree as follows:

1.<u>Appointment of Sub-Advisor</u>

In accordance with and subject to the Management Agreement, the Manager hereby appoints the Sub-Advisor to perform the services described in <u>Section 2</u> below for investment and reinvestment of such portion of the assets of each Series as may be allocated to the Sub-Advisor by the Manager, from time to time (the "Allocated Assets"), subject to the control and direction of the Manager and the Fund's Board of Directors, for the period and on the terms hereinafter set forth. The Sub-Advisor accepts such appointment and agrees to furnish the services hereinafter set forth for the compensation herein provided. The Sub-Advisor shall for all purposes herein be deemed to be an independent contractor and shall, except as expressly provided or authorized, have no authority to act for or represent the Fund or the Manager in any way or otherwise be deemed an agent of the Fund or the Manager.

2.<u>Obligations of and Services to be Provided by the Sub-Advisor</u>

The Sub-Advisor will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Provide investment advisory services, including but not limited to research, advice and supervision for the Allocated Assets of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Provide information and assistance to the Manager related to the recommended investment program for each Series, consistent with each Series' respective investment objective and policies and any specific criteria applicable to the Allocated Assets, so the Manager may furnish such information to the Board of Directors of the Fund (or any appropriate committee of such Board) for approval and/or review, and update such information from time to time as conditions require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Implement the approved investment program for the Allocated Assets by placing orders for the purchase and sale of securities without prior consultation with the Manager and without regard to the length of time the securities have been held, the resulting rate of portfolio turnover or any tax considerations, subject always to the provisions of the Fund's registration statement, Articles of Incorporation and Bylaws and the requirements of the 1940 Act, as each of the same shall be from time to time in effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Advise and assist the officers of the Fund, as requested by the officers, in taking such steps as are necessary or appropriate to carry out the decisions of its Board of Directors, and any appropriate committees of such Board, regarding the general conduct of the investment business of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Maintain, in connection with the Sub-Advisor's investment advisory services provided to the Allocated Assets, compliance with the 1940 Act and the regulations adopted by the SEC thereunder and the Series' investment strategies and restrictions as stated in the Fund's prospectus and statement of additional information and any specific criteria applicable to the Allocated Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Report to the Board of Directors of the Fund at such times and in such detail as the Board of Directors may reasonably deem appropriate in order to enable it to determine that the investment policies, procedures and approved investment program of each Series (and any specific criteria applicable to the Allocated Assets) are being observed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Upon request, provide assistance and recommendations for the determination of the fair value of certain securities when reliable market quotations are not readily available for purposes of calculating net asset value in accordance with procedures and methods established by the Fund's Board of Directors. Further, the Sub-Advisor will provide security and foreign exchange trade details to the Manager so that the effects of all securities trades entered into by or for a Series are included in the appropriate day's end of day net asset value. Sub-Advisor must also communicate all trade amendments, cancellations or re-books accurately and timely to be included in the daily net asset value of a Series. Rule 2a-4 of the 1940 Act permits registered investment companies to record security transactions as of one day after the trade date for purposes of determining net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Furnish, at its own expense, (i) all necessary investment and management facilities, including salaries of clerical and other personnel required for it to execute its duties faithfully, and (ii) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the investment advisory affairs of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Open accounts with Foreign Account Tax Compliance Act compliant broker-dealers, financial counterparties including swap counterparties and futures commission merchants ("broker-dealers"); select broker-dealers to effect all transactions for each Series; place all necessary orders with broker-dealers or issuers (including affiliated broker-dealers); and negotiate commissions, if applicable. To the extent consistent with applicable law, purchase or sell orders for each Series may be aggregated with contemporaneous purchase or sell orders of other clients of the Sub-Advisor. In such event allocation of securities so sold or purchased, as well as the expenses incurred in the transaction, will be made by the Sub-Advisor in the manner the Sub-Advisor considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to other clients. The Sub-Advisor will report on such allocations at the request of the Manager, the Fund or the Fund's Board of Directors providing such information as the number of aggregated trades to which each Series was a party, the broker-dealers to whom such trades were directed and the basis for the allocation for the aggregated trades. The Sub-Advisor shall use its best efforts to obtain execution of transactions for each Series at prices which are advantageous to the Series and at commission rates that are reasonable in relation to the benefits received. However, the Sub-Advisor may select brokers or dealers on the basis that they provide brokerage, research or other services or products to the Sub-Advisor. To the extent consistent with applicable law, the Sub-Advisor may pay a broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission or dealer spread another broker or dealer would have charged for effecting that transaction if the Sub-Advisor determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research products and/or services provided by such broker or dealer. This determination, with respect to brokerage and research products and/or services, may be viewed in terms of either that particular transaction or the overall responsibilities which the Sub-Advisor and its affiliates have with respect to each Series as well as to accounts over which they exercise investment discretion. Not all such services or products need be used by the Sub-Advisor in managing the Allocated Assets. In addition, joint repurchase or other accounts may not be utilized by the Series except to the extent permitted under any exemptive order obtained by the Sub-Advisor provided that all conditions of such order are complied with.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;Section 871(m) Transactions: Sub-Advisor shall not on behalf of a Series enter into certain U.S. dividend equivalent payment transactions described in Section 871(m) of the U.S. Internal Revenue Code and the regulations thereunder ("871(m) Transaction") with a foreign counterparty unless: (i) Sub-Advisor adheres to the ISDA 2015 Section 871(m) Protocol on behalf of the Series, and (ii) the foreign counterparty to the 871(m) Transaction provides Sub-Advisor with a properly completed Form W-8IMY certifying to its status as a qualified derivatives dealer ("QDD").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) &nbsp;&nbsp;&nbsp;&nbsp;Maintain all accounts, books and records with respect to the Allocated Assets as are required of an investment advisor of a registered investment company pursuant to the 1940 Act and Investment Advisers Act of 1940, as amended (the "Advisers Act"), and the rules thereunder, and furnish the Fund and the Manager with such periodic and special reports as the Fund or the Manager may reasonably request. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Advisor hereby agrees that all records that it maintains for each Series are the property of the Fund, agrees to preserve for the periods described by Rule 31a-2 under the 1940 Act any records that it maintains for the Series and that are required to be maintained by Rule 31a-1 under the 1940 Act, and further agrees to surrender promptly to the Fund any records that it maintains for a Series upon request by the Fund or the Manager. The Sub-Advisor has no responsibility for the maintenance of Fund records except insofar as is directly related to the services the Sub-Advisor provides to a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;Observe and comply with Rule 17j-1 under the 1940 Act and the Sub-Advisor's Code of Ethics adopted pursuant to that Rule as the same may be amended from time to time. The Manager acknowledges receipt of a copy of the Sub-Advisor's current Code of Ethics. The Sub-Advisor shall promptly forward to the Manager a copy of any material amendment to the Sub-Advisor's Code of Ethics along with certification that the Sub-Advisor has implemented procedures for administering the Sub-Advisor's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;From time to time as the Manager or the Fund may request, furnish the requesting party reports on portfolio transactions and reports on investments held by a Series, all in such detail as the Manager or the Fund may reasonably request. The Sub-Advisor will make available its officers and employees to meet with the Fund's Board of Directors at the Fund's principal place of business on due notice to review the investments of a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;Provide such information as is customarily provided by a sub-advisor, or as may be required or reasonably requested by the Manager, for the Fund or the Manager to comply with their respective obligations under applicable laws, including, without limitation, the Internal Revenue Code of 1986, as amended (the "Code"), the 1940 Act, the Advisers Act, the Securities Act of 1933, as amended (the "Securities Act"), and any state securities laws, and any rule or regulation thereunder. Such information includes, but is not limited to: electronic copies of (i) the Sub-Advisor's compliance manual and policies and procedures adopted to comply with Rules 206(4)-6 and 206(4)-7 of the Advisers Act and (ii) the Sub-Advisor's most recent annual compliance report or a detailed summary of such report; timely, accurate and complete responses to all 15(c) questionnaires; timely, accurate and complete responses to all Quarterly Compliance Questionnaires (including the identification of any material compliance matters and an electronic copy of any material changes to the Sub-Advisor's Rules 206(4)-6 and 206(4)-7 policies and procedures, marked to show changes along with a written summary of the purpose of each such change); Annual Proxy Voting Questionnaires; Annual Best Execution and Soft Dollar Questionnaires, and responses to all other requests from the Manager. The Sub-Advisor agrees to make available for the Manager's review all deficiency letters issued by the SEC together with all responses given by Sub-Advisor to such letters as they are related to the services provided by the Sub-Advisor to the Manager. The Sub-Advisor will advise the Manager of any material changes in the Sub-Advisor's ownership within a reasonable time after any such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;Vote proxies received on behalf of each Series (with respect to the portion thereof allocated to the Sub-Advisor) in a manner consistent with the Sub-Advisor's proxy voting policies and procedures and provide a record of votes cast containing all of the voting information required by Form N-PX in an electronic format to enable the Series to file Form N-PX as required by SEC rule.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;Respond to tender offers, rights offerings and other voluntary corporate action requests affecting securities held by each Series (with respect to the portion thereof allocated to the Sub-Advisor). If the Series has a claim or potential claim in any bankruptcy proceeding, class action securities litigation, or other litigation or proceeding affecting securities held in the portfolio, the Sub-Advisor will not be obligated to pursue such claim on behalf of the Series, but will provide the Series or its custodian with reasonable assistance in support of the Series' pursuit of such claim while the portfolio is managed by the Sub-Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;Cooperate with the Manager in its performance of quarterly and annual tax compliance tests to monitor the Series' compliance with Subchapter M of the Code and Section 817(h) of the Code. If it is determined by the Manager or its tax advisors that the Series is not in compliance with the requirements imposed by the Code, the Sub-Advisor, in consultation with the Manager and its tax advisors, will take prompt action to bring the Series back into compliance within the time permitted under the Code.

3.<u>Prohibited Conduct</u>

In providing the services described in this Agreement, the Sub-Advisor will not consult with any other investment advisory firm that provides investment advisory services to any investment company sponsored by Principal Financial Group, Inc. regarding transactions for the Fund in securities or other assets.

4.<u>Compensation</u>

As full compensation for all services rendered and obligations assumed by the Sub-Advisor hereunder with respect to the Allocated Assets, the Manager shall pay the compensation specified in <u>Appendix A</u> to this Agreement.

5.<u>Liability of Sub-Advisor</u>

Neither the Sub-Advisor nor any of its directors, officers, employees, agents or affiliates shall be liable to the Manager, the Fund or its shareholders for any loss suffered by the Manager or the Fund resulting from any error of judgment made in the good faith exercise of the Sub-Advisor's investment discretion in connection with selecting investments for a Series or as a result of the failure by the Manager or any of its affiliates to comply with the terms of this Agreement, except for losses resulting from willful misfeasance, bad faith or gross negligence of, or from reckless disregard of, the duties of the Sub-Advisor or any of its directors, officers, employees, agents, or affiliates.

6.<u>Trade Errors</u>

The Sub-Advisor will notify the Manager of any Trade Error(s), regardless of materiality, promptly upon the discovery of such Trade Error(s) by the Sub-Advisor. Notwithstanding <u>Section 5</u>, the Sub-Advisor shall be liable to the Manager, the Fund or its shareholders for any loss suffered by the Manager or the Fund resulting from Trade Errors due to negligence, misfeasance, or disregard of duties of the Sub Advisor or any of its directors, officers, employees, agents (excluding any broker-dealer selected by the Sub-Advisor), or affiliates. Any gains that occur due to a Trade Error shall be retained by the Fund. For purposes under this <u>Section 6</u>, a "Trade Error" occurs when a transaction results in an unintended, including an impermissible, result. Examples include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• orders by the Sub-Advisor that result in the purchase or sale of securities or other assets that were not intended to be purchased or sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• orders by the Sub-Advisor that result in the purchase or sale of securities or other assets in an unintended amount, which includes price or commission rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases or sales of securities or other assets that violate the investment limitations or restrictions disclosed in the Fund's registration statement and/or imposed by applicable law, regulation, contract or understanding (calculated at the Sub-Advisor's portfolio level), unless otherwise agreed to in writing.

7.<u>Supplemental Arrangements</u>

The Sub-Advisor may enter into arrangements with other persons affiliated with the Sub-Advisor or with unaffiliated third parties to better enable the Sub-Advisor to fulfill its obligations under this Agreement for the provision of certain personnel and facilities to the Sub-Advisor, subject to written notification to and approval of the Manager and, where required by applicable law, the Board of Directors of the Fund; provided, however, that entry into any such arrangements shall not relieve the Sub-Advisor of any of its obligations under this Agreement. Manager acknowledges that Sub-Advisor currently outsources its middle and back office operations to an unaffiliated third party and approves this arrangement.

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8.<u>Regulation</u>

The Sub-Advisor shall submit to all regulatory and administrative bodies having jurisdiction over the services provided pursuant to this Agreement any information, reports or other material which any such body may request or require pursuant to applicable laws and regulations.

9.<u>Duration and Termination of This Agreement</u>

This Agreement shall become effective with respect to a Series as of the corresponding date set forth on <u>Appendix B</u> to this Agreement, as may be amended from time to time, and, unless otherwise terminated with respect to such Series, shall continue in effect thereafter for the initial term set forth on <u>Appendix B</u> to this Agreement, and thereafter from year to year, provided that in each case the continuance is specifically approved within the period required by the 1940 Act either by the Board of Directors of the Fund or by a vote of a majority of the outstanding voting securities of the Series and in either event by a vote of a majority of the Board of Directors of the Fund who are not interested persons of the Manager, Principal Financial Group, Inc., the Sub-Advisor or the Fund cast in accordance with the requirements of the 1940 Act after taking into effect any exemptive order, no-action assurances or other relief, rule or regulation upon which the Fund may rely.

If the shareholders of a Series fail to approve the Agreement or any continuance of the Agreement in accordance with the requirements of the 1940 Act, the Sub-Advisor will continue to act as Sub-Advisor with respect to the Allocated Assets of such Series pending the required approval of the Agreement or its continuance or of any contract with the Sub-Advisor or a different manager or sub-advisor or other definitive action; provided, that the compensation received by the Sub-Advisor in respect to the Allocated Assets of such Series during such period is in compliance with Rule 15a-4 under the 1940 Act.

This Agreement may be terminated with respect to a Series at any time without the payment of any penalty by the Board of Directors of the Fund or by the Sub-Advisor, the Manager or by vote of a majority of the outstanding voting securities of the Series on sixty days' written notice. This Agreement shall automatically terminate in the event of its assignment. In interpreting the provisions of this Section 9, the definitions contained in Section 2(a) of the 1940 Act (particularly the definitions of "interested person," "assignment," "voting security" and "majority of the outstanding voting securities") shall be applied.

10.<u>Amendment of this Agreement</u>

No amendment of this Agreement shall be effective unless in writing and signed by both parties. No material amendment of this Agreement shall be effective until approved, if required by the 1940 Act or the rules, regulations, interpretations or orders issued thereunder, by vote of the holders of a majority of the outstanding voting securities of the Series (as defined in the 1940 Act) and by vote of a majority of the Board of Directors of the Fund who are not interested persons (as defined in the 1940 Act) of the Manager, the Sub-Advisor, Principal Financial Group, Inc. or the Fund cast in accordance with the requirements of the 1940 Act after taking into effect any exemptive order, no-action assurances or other relief, rule or regulation upon which the Fund may rely.

11.<u>Additional Series</u>

In the event the Manager wishes to appoint the Sub-Advisor to perform the services described in this Agreement with respect to one or more additional Series of the Fund after the effective date of this Agreement, such Series will become a Series under this Agreement upon approval of this Agreement in the manner required by the 1940 Act and the amendment of <u>Appendices A</u> and <u>B</u> hereto.

12.<u>General Provisions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each party agrees to perform such further acts and execute such further documents as are necessary to effectuate the purposes hereof. This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Iowa. The captions in this Agreement are included for convenience only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any notice under this Agreement shall be in writing, addressed and delivered or mailed postage pre-paid to the other party at such address as such other party may designate for the receipt of such notices. Until further notice to the other party, it is agreed that the address of the Manager for this purpose shall be Principal Financial Group, Des Moines, Iowa 50392-0200. The address of the Sub-Advisor for this purpose shall be 601 South Figueroa Street, 39<sup>th</sup> Floor, Los Angeles, California 90017-5439.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding the notice delivery method mentioned in the preceding section, Manager authorizes Sub-Advisor to deliver notices or other communications by email at the electronic address listed below, provided that any notice will not be deemed received unless a return email is received by the sender that confirms receipt of notices. Manager retains the right to request information in hardcopy and such request would not be a revocation of the authorization to receive information electronically.

Manager's email address: <u>DLPGIINVESTMENTPLATFORMOVERSIGHTTEAM@exchange.principal.com</u>

Sub-Advisor's email address: <u>hwclient@hwcm.com</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Advisor will promptly notify the Manager in writing of the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;the Sub-Advisor fails to be registered as an investment advisor under the Advisers Act or under the laws of any jurisdiction in which the Sub-Advisor is required to be registered as an investment advisor in order to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;the Sub-Advisor is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, involving the affairs of a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;the Sub-Advisor becomes aware of any action, suit, proceeding, inquiry, or investigation that is reasonably likely to result in a conviction, order, judgment or decree issued with respect to it or any affiliate that could reasonably be expected to result in the Sub-Advisor becoming ineligible to serve as an investment advisor of a registered investment company under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;the Sub-Advisor becomes aware of a transaction or series of transactions that is reasonably likely to result in a change in the management or control of the Sub-Advisor or a controlling person thereof or otherwise in the assignment (as defined in the 1940 Act) of this Agreement by the Sub-Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Manager shall provide (or cause the Series custodian to provide) timely information to the Sub-Advisor regarding such matters as the composition of the assets of a Series, cash requirements and cash available for investment in a Series, and all other reasonable information as may be necessary for the Sub-Advisor to perform its duties and responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Advisor represents that it will not enter into any agreement, oral or written, or other understanding under which the Fund directs or is expected to direct portfolio securities transactions, or any remuneration, to a broker or dealer in consideration for the promotion or sale of Fund shares or shares issued by any other registered investment company. The Sub-Advisor further represents that it is contrary to the Sub-Advisor's policies to permit those who select brokers or dealers for execution of Fund portfolio securities transactions to take into account the broker's or dealer's promotion or sale of Fund shares or shares issued by any other registered investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Advisor agrees that neither it nor any of its affiliates will in any way refer to its relationship with the Fund, the Series, or the Manager or any of their respective affiliates in offering, marketing or other promotional materials without the express written consent of the Manager. Notwithstanding the foregoing, Sub-Advisor may use the Manager's and Fund's names on its list of clients used in marketing materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Each party agrees that it will treat confidentially all information provided by the other party regarding such other party's business and operations, including without limitation the investment activities or holdings of the Fund. All confidential information provided by a party hereto shall not be disclosed to any unaffiliated third party without the prior consent of the providing party except as necessary or appropriate to perform services under this Agreement, or during a regular examination or audit of the Sub-Advisor. The foregoing shall not apply to any information that is public when provided or thereafter becomes public or which is required or requested to be disclosed by any regulatory authority with jurisdiction, by judicial or administrative process or otherwise by applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement contains the entire understanding and agreement of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Each party agrees that electronic signatures of the parties included in this Agreement are intended to authenticate this writing and to have the same force and effect as manual signatures. Electronic signature means any electronic sound, symbol, or process attached to or logically associated with a record and executed and adopted by a party with the intent to sign such record, including facsimile or email electronic signatures.

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IN WITNESS WHEREOF, the parties have duly executed this Agreement on the date first above written.

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| | |
|:---|:---|
| **PRINCIPAL GLOBAL INVESTORS, LLC** | **PRINCIPAL GLOBAL INVESTORS, LLC** |
| By: | /s/ Adam U. Shaikh |
| Name: | Adam U. Shaikh |
| Title: | Associate General Counsel |
| By: | /s/ Laura B. Latham |
| Name: | Laura B. Latham |
| Title: | Assistant General Counsel |
| **HOTCHKIS & WILEY CAPITAL MANAGEMENT, LLC** | **HOTCHKIS & WILEY CAPITAL MANAGEMENT, LLC** |
| By: | /s/. Anna Marie Lopez |
| Name: | Anna Marie Lopez |
| Title: | Chief Operating Officer |

---

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**<u>APPENDIX A</u>**

INTENTIONALLY OMITTED

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**<u>APPENDIX B</u>**

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| | | |
|:---|:---|:---|
| **Effective Date and Initial Term of Sub-Advisory Agreement for each Series** | **Effective Date and Initial Term of Sub-Advisory Agreement for each Series** | **Effective Date and Initial Term of Sub-Advisory Agreement for each Series** |
| **Series** | **Effective Date** | **Initial Term** |
| SmallCap Value Fund II | June 28, 2018 | 2 Years |

---

## Ex-99.(D)(5)N

**<u>PRINCIPAL FUNDS, INC.</u>**

**AMENDED AND RESTATED SUB-ADVISORY AGREEMENT**

**LOS ANGELES CAPITAL MANAGEMENT LLC SUB-ADVISED FUNDS**

AMENDED AND RESTATED SUB-ADVISORY AGREEMENT (the "Agreement") to be effective as of April 14, 2026 by and between PRINCIPAL GLOBAL INVESTORS, LLC, a Delaware limited liability company (the "Manager"), and LOS ANGELES CAPITAL MANAGEMENT LLC (the "Sub-Advisor").

W I T N E S S E T H:

WHEREAS, the Manager is the manager and investment advisor to each series of Principal Funds, Inc. (the "Fund"), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Manager desires to retain the Sub-Advisor to render discretionary investment advisory services for all or a portion of the assets of each series of the Fund identified in <u>Appendix A</u> hereto, as may be amended from time to time (the "Series"), which the Manager has agreed to provide to the Fund, and the Sub-Advisor desires to furnish such services; and

WHEREAS, the Manager and the Sub-Advisor agree to amend and restate the Amended and Restated Sub-Advisory Agreement between the Manager and the Sub-Advisor dated October 1, 2024 with this Agreement; and

WHEREAS, the Manager has furnished the Sub-Advisor with copies properly certified or authenticated of each of the following and will promptly provide the Sub-Advisor with copies properly certified or authenticated of any amendment or supplement thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Management Agreement (the "Management Agreement") with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Fund's registration statement and financial statements as filed with the Securities and Exchange Commission (the "SEC");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Fund's Articles of Incorporation and By-laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Policies, procedures or instructions adopted or approved by the Board of Directors of the Fund relating to obligations and services to be provided by the Sub-Advisor.

NOW, THEREFORE, in consideration of the premises and the terms and conditions hereinafter set forth, the parties agree as follows:

1.<u>Appointment of Sub-Advisor</u>

In accordance with and subject to the Management Agreement, the Manager hereby appoints the Sub-Advisor to perform the services described in <u>Section 2</u> below for investment and reinvestment of such portion of the assets of each Series as may be allocated to the Sub-Advisor by the Manager, from time to time (the "Allocated Assets"), subject to the control and direction of the Manager and the Fund's Board of Directors, for the period and on the terms hereinafter set forth. The Sub-Advisor accepts such appointment and agrees to furnish the services hereinafter set forth for the compensation herein provided. The Sub-Advisor shall for all purposes herein be deemed to be an independent contractor and shall, except as expressly provided or authorized, have no authority to act for or represent the Fund or the Manager in any way or otherwise be deemed an agent of the Fund or the Manager.

2.<u>Obligations of and Services to be Provided by the Sub-Advisor</u>

The Sub-Advisor will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Provide investment advisory services, including but not limited to research, advice and supervision for the Allocated Assets of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Provide information and assistance to the Manager related to the recommended investment program for each Series, consistent with each Series' respective investment objective and policies and any specific criteria applicable to the Allocated Assets, so the Manager may furnish such information to the Board of Directors of the Fund (or any appropriate committee of such Board) for approval and/or review, and update such information from time to time as conditions require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Implement the approved investment program for the Allocated Assets by placing orders for the purchase and sale of securities without prior consultation with the Manager and without regard to the length of time the securities have been held, the resulting rate of portfolio turnover or any tax considerations, subject always to the provisions of the Fund's registration statement, Articles of Incorporation and Bylaws and the requirements of the 1940 Act, as each of the same shall be from time to time in effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Advise and assist the officers of the Fund, as requested by the officers, in taking such steps as are necessary or appropriate to carry out the decisions of its Board of Directors, and any appropriate committees of such Board, regarding the general conduct of the investment business of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Maintain, in connection with the Sub-Advisor's investment advisory services provided to the Allocated Assets, compliance with the 1940 Act and the regulations adopted by the SEC thereunder and the Series' investment strategies and restrictions as stated in the Fund's prospectus and statement of additional information and any specific criteria applicable to the Allocated Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Report to the Board of Directors of the Fund at such times and in such detail as the Board of Directors may reasonably deem appropriate in order to enable it to determine that the investment policies, procedures and approved investment program of each Series (and any specific criteria applicable to the Allocated Assets) are being observed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Upon request, provide assistance and recommendations for the determination of the fair value of certain securities when reliable market quotations are not readily available for purposes of calculating net asset value in accordance with procedures and methods established by the Fund's Board of Directors. Further, the Sub-Advisor will provide security and foreign exchange trade details to the Manager so that the effects of all securities trades entered into by or for a Series are included in the appropriate day's end of day net asset value. Sub-Advisor must also communicate all trade amendments, cancellations or re-books accurately and timely to be included in the daily net asset value of a Series. Rule 2a-4 of the 1940 Act permits registered investment companies to record security transactions as of one day after the trade date for purposes of determining net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Furnish, at its own expense, (i) all necessary investment and management facilities, including salaries of clerical and other personnel required for it to execute its duties faithfully, and (ii) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the investment advisory affairs of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Open accounts with Foreign Account Tax Compliance Act compliant broker-dealers, financial counterparties including swap counterparties and futures commission merchants ("broker-dealers"); select broker-dealers to effect all transactions for each Series; place all necessary orders with broker-dealers or issuers (including affiliated broker-dealers); and negotiate commissions, if applicable. To the extent consistent with applicable law, purchase or sell orders for each Series may be aggregated with contemporaneous purchase or sell orders of other clients of the Sub-Advisor. In such event allocation of securities so sold or purchased, as well as the expenses incurred in the transaction, will be made by the Sub-Advisor in the manner the Sub-Advisor considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to other clients. The Sub-Advisor will report on such allocations at the request of the Manager, the Fund or the Fund's Board of Directors providing such information as the number of aggregated trades to which each Series was a party, the broker-dealers to whom such trades were directed and the basis for the allocation for the aggregated trades. The Sub-Advisor shall use its best efforts to obtain execution of transactions for each Series at prices which are advantageous to the Series and at commission rates that are reasonable in relation to the benefits received. However, the Sub-Advisor may select brokers or dealers on the basis that they provide brokerage, research or other services or products to the Sub-Advisor. To the extent consistent with applicable law, the Sub-Advisor may pay a broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission or dealer spread another broker or dealer would have charged for effecting that transaction if the Sub-Advisor determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research products and/or services provided by such broker or dealer. This determination, with respect to brokerage and research products and/or services, may be viewed in terms of either that particular transaction or the overall responsibilities which the Sub-Advisor and its affiliates have with respect to each Series as well as to accounts over which they exercise investment discretion. Not all such services or products need be used by the Sub-Advisor in managing the Allocated Assets. In addition, joint repurchase or other accounts may not be utilized by the Series except to the extent permitted under any exemptive order obtained by the Sub-Advisor provided that all conditions of such order are complied with.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Section 871(m) Transactions: Sub-Advisor shall not on behalf of a Series enter into certain U.S. dividend equivalent payment transactions described in Section 871(m) of the U.S. Internal Revenue Code and the regulations thereunder ("871(m) Transaction") with a foreign counterparty unless: (i) Sub-Advisor adheres to the ISDA 2015 Section 871(m) Protocol on behalf of the Series, and (ii) the foreign counterparty to the 871(m) Transaction provides Sub-Advisor with a properly completed Form W-8IMY certifying to its status as a qualified derivatives dealer ("QDD").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)Maintain all accounts, books and records with respect to the Allocated Assets as are required of an investment advisor of a registered investment company pursuant to the 1940 Act and Investment Advisers Act of 1940, as amended (the "Advisers Act"), and the rules thereunder, and furnish the Fund and the Manager with such periodic and special reports as the Fund or the Manager may reasonably request. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Advisor hereby agrees that all records that it maintains for each Series are the property of the Fund, agrees to preserve for the periods described by Rule 31a-2 under the 1940 Act any records that it maintains for the Series and that are required to be maintained by Rule 31a-1 under the 1940 Act, and further agrees to surrender promptly to the Fund any records that it maintains for a Series upon request by the Fund or the Manager. The Sub-Advisor has no responsibility for the maintenance of Fund records except insofar as is directly related to the services the Sub-Advisor provides to a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)Observe and comply with Rule 17j-1 under the 1940 Act and the Sub-Advisor's Code of Ethics adopted pursuant to that Rule as the same may be amended from time to time. The Manager acknowledges receipt of a copy of the Sub-Advisor's current Code of Ethics. The Sub-Advisor shall promptly forward to the Manager a copy of any material amendment to the Sub-Advisor's Code of Ethics along with certification that the Sub-Advisor has implemented procedures for administering the Sub-Advisor's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)From time to time as the Manager or the Fund may request, furnish the requesting party reports on portfolio transactions and reports on investments held by a Series, all in such detail as the Manager or the Fund may reasonably request. The Sub-Advisor will make available its officers and employees to meet with the Fund's Board of Directors at the Fund's principal place of business on due notice to review the investments of a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)Provide such information as is customarily provided by a sub-advisor, or as may be required or reasonably requested by the Manager, for the Fund or the Manager to comply with their respective obligations under applicable laws, including, without limitation, the Internal Revenue Code of 1986, as amended (the "Code"), the 1940 Act, the Advisers Act, the Securities Act of 1933, as amended (the "Securities Act"), and any state securities laws, and any rule or regulation thereunder. Such information includes, but is not limited to: electronic copies of (i) the Sub-Advisor's compliance manual and policies and procedures adopted to comply with Rules 206(4)-6 and 206(4)-7 of the Advisers Act and (ii) the Sub-Advisor's most recent annual compliance report or a detailed summary of such report; timely, accurate and complete responses to all 15(c) questionnaires; timely, accurate and complete responses to all Quarterly Compliance Questionnaires (including the identification of any material compliance matters and an electronic copy of any material changes to the Sub-Advisor's Rules 206(4)-6 and 206(4)-7 policies and procedures, marked to show changes along with a written summary of the purpose of each such change); Annual Proxy Voting Questionnaires; Annual Best Execution and Soft Dollar Questionnaires, and responses to all other requests from the Manager.

The Sub-Advisor agrees to make available for the Manager's review at the Sub-Advisor's office all deficiency letters issued by the SEC together with all responses given by Sub-Advisor to such letters, provided, however, such review may be done virtually if in-person review is not feasible. The Sub-Advisor will advise the Manager of any material changes in the Sub-Advisor's ownership within a reasonable time after any such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)Vote proxies received on behalf of each Series (with respect to the portion thereof allocated to the Sub-Advisor) in a manner consistent with the Sub-Advisor's proxy voting policies and procedures and provide a record of votes cast containing all of the voting information required by Form N-PX in an electronic format to enable the Series to file Form N-PX as required by SEC rule.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)Respond to tender offers, rights offerings and other voluntary corporate action requests affecting securities held by each Series (with respect to the portion thereof allocated to the Sub-Advisor).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)Cooperate with the Manager in its performance of quarterly and annual tax compliance tests to monitor the Series' compliance with Subchapter M and Section 817(h) of the Code. If it is determined by the Manager or its tax advisors that the Series is not in compliance with the requirements imposed by the Code, the Sub-Advisor, in consultation with the Manager and its tax advisors, will take prompt action to bring the Series back into compliance within the time permitted under the Code.

3.<u>Prohibited Conduct</u>

In providing the services described in this Agreement, the Sub-Advisor will not consult with any other investment advisory firm that provides investment advisory services to any investment company sponsored by Principal Financial Group, Inc. regarding transactions for the Fund in securities or other assets.

4.<u>Compensation</u>

As full compensation for all services rendered and obligations assumed by the Sub-Advisor hereunder with respect to the Allocated Assets, the Manager shall pay the compensation specified in <u>Appendix A</u> to this Agreement.

5.<u>Liability of Sub-Advisor</u>

Neither the Sub-Advisor nor any of its directors, officers, employees, agents or affiliates shall be liable to the Manager, the Fund or its shareholders for any loss suffered by the Manager or the Fund resulting from any error of judgment made in the good faith exercise of the Sub-Advisor's investment discretion in connection with selecting investments for a Series or as a result of the failure by the Manager or any of its affiliates to comply with the terms of this Agreement, except for losses resulting from willful misfeasance, bad faith or gross negligence of, or from reckless disregard of, the duties of the Sub-Advisor or any of its directors, officers, employees, agents, or affiliates.

6.<u>Trade Errors</u>

The Sub-Advisor will notify the Manager of any Trade Error(s), regardless of materiality, promptly upon the discovery of such Trade Error(s) by the Sub-Advisor. Notwithstanding <u>Section 5</u>, the Sub-Advisor shall be liable to the Manager, the Fund or its shareholders for any loss suffered by the Manager or the Fund resulting from Trade Errors due to negligence, misfeasance, or disregard of duties of the Sub Advisor or any of its directors, officers, employees, agents (excluding any broker-dealer selected by the Sub-Advisor), or affiliates. Any gains that occur due to a Trade Error shall be retained by the Fund. For purposes under this <u>Section 6</u>, a "Trade Error" occurs when a transaction results in an unintended, including an impermissible, result. Examples include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• orders by the Sub-Advisor that result in the purchase or sale of securities or other assets that were not intended to be purchased or sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• orders by the Sub-Advisor that result in the purchase or sale of securities or other assets in an unintended amount, which includes price or commission rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases or sales of securities or other assets that violate the investment limitations or restrictions disclosed in the Fund's registration statement and/or imposed by applicable law, regulation, contract or understanding (calculated at the Sub-Advisor's portfolio level), unless otherwise agreed to in writing.

7.<u>Supplemental Arrangements</u>

The Sub-Advisor may enter into arrangements with other persons affiliated with the Sub-Advisor or with unaffiliated third parties to better enable the Sub-Advisor to fulfill its obligations under this Agreement for the provision of certain personnel and facilities to the Sub-Advisor, subject to written notification to and approval of the Manager and, where required by applicable law, the Board of Directors of the Fund; provided, however, that entry into any such arrangements shall not relieve the Sub-Advisor of any of its obligations under this Agreement.

8.<u>Regulation</u>

The Sub-Advisor shall submit to all regulatory and administrative bodies having jurisdiction over the services provided pursuant to this Agreement any information, reports or other material which any such body may request or require pursuant to applicable laws and regulations.

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9.<u>Duration and Termination of This Agreement</u>

This Agreement shall become effective with respect to a Series as of the corresponding date set forth on <u>Appendix B</u> to this Agreement, as may be amended from time to time, and, unless otherwise terminated with respect to such Series, shall continue in effect thereafter for the initial term set forth on <u>Appendix B</u> to this Agreement, and thereafter from year to year, provided that in each case the continuance is specifically approved within the period required by the 1940 Act either by the Board of Directors of the Fund or by a vote of a majority of the outstanding voting securities of the Series and in either event by a vote of a majority of the Board of Directors of the Fund who are not interested persons of the Manager, Principal Financial Group, Inc., the Sub-Advisor or the Fund cast in accordance with the requirements of the 1940 Act after taking into effect any exemptive order, no-action assurances or other relief, rule or regulation upon which the Fund may rely.

If the shareholders of a Series fail to approve the Agreement or any continuance of the Agreement in accordance with the requirements of the 1940 Act, the Sub-Advisor will continue to act as Sub-Advisor with respect to the Allocated Assets of such Series pending the required approval of the Agreement or its continuance or of any contract with the Sub-Advisor or a different manager or sub-advisor or other definitive action; provided, that the compensation received by the Sub-Advisor in respect to the Allocated Assets of such Series during such period is in compliance with Rule 15a-4 under the 1940 Act.

This Agreement may be terminated with respect to a Series at any time without the payment of any penalty by the Board of Directors of the Fund or by the Sub-Advisor, the Manager or by vote of a majority of the outstanding voting securities of the Series on sixty days' written notice. This Agreement shall automatically terminate in the event of its assignment. In interpreting the provisions of this <u>Section 9</u>, the definitions contained in Section 2(a) of the 1940 Act (particularly the definitions of "interested person," "assignment," "voting security" and "majority of the outstanding voting securities") shall be applied.

10.<u>Amendment of this Agreement</u>

No amendment of this Agreement shall be effective unless in writing and signed by both parties. No material amendment of this Agreement shall be effective until approved, if required by the 1940 Act or the rules, regulations, interpretations or orders issued thereunder, by vote of the holders of a majority of the outstanding voting securities of the Series (as defined in the 1940 Act) and by vote of a majority of the Board of Directors of the Fund who are not interested persons (as defined in the 1940 Act) of the Manager, the Sub-Advisor, Principal Financial Group, Inc. or the Fund cast in accordance with the requirements of the 1940 Act after taking into effect any exemptive order, no-action assurances or other relief, rule or regulation upon which the Fund may rely.

11.<u>Additional Series</u>

In the event the Manager wishes to appoint the Sub-Advisor to perform the services described in this Agreement with respect to one or more additional Series of the Fund after the effective date of this Agreement, such Series will become a Series under this Agreement upon approval of this Agreement in the manner required by the 1940 Act and the amendment of <u>Appendices A</u> and <u>B</u> hereto.

12.<u>General Provisions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each party agrees to perform such further acts and execute such further documents as are necessary to effectuate the purposes hereof. This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Iowa. The captions in this Agreement are included for convenience only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any notice under this Agreement shall be in writing, addressed and delivered or mailed postage pre-paid to the other party at such address as such other party may designate for the receipt of such notices. Until further notice to the other party, it is agreed that the address of the Manager for this purpose shall be Principal Financial Group, Des Moines, Iowa 50392-0200, and the address of the Sub-Advisor shall be 11150 Santa Monica Blvd, Ste 200, Los Angeles, CA 90025.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Sub-Advisor will promptly notify the Manager in writing of the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.the Sub-Advisor fails to be registered as an investment advisor under the Advisers Act or under the laws of any jurisdiction in which the Sub-Advisor is required to be registered as an investment advisor in order to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.the Sub-Advisor is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, involving the affairs of a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.the Sub-Advisor becomes aware of any pending or threatened action, suit, proceeding, inquiry or investigation that is reasonably likely to result in a conviction, order, judgment or decree issued with respect to it or any affiliate that could reasonably be expected to result in the Sub-Advisor becoming ineligible to serve as an investment advisor of a registered investment company under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.the Sub-Advisor becomes aware of a transaction or series of transactions that is reasonably likely to result in a change in the management or control of the Sub-Advisor or a controlling person thereof or otherwise in the assignment (as defined in the 1940 Act) of this Agreement by the Sub-Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Manager shall provide (or cause the Series custodian to provide) timely information to the Sub-Advisor regarding such matters as the composition of the assets of a Series, cash requirements and cash available for investment in a Series, and all other reasonable information as may be necessary for the Sub-Advisor to perform its duties and responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Sub-Advisor acknowledges Manager's representation that the Global Multi-Strategy Fund series does not rely on the exclusion from the definition of "commodity pool operator" under Section 4.5 of the General Regulations under the Commodity Exchange Act, as amended (the "CEA").

The Sub-Advisor represents that it (i) is a commodity trading advisor duly registered with the Commodity Futures Trading Commission (the "CFTC") and is a member in good standing of the National Futures Association (the "NFA") or (ii) is relying on an exemption from registration as a commodity trading advisor or (iii) is not trading commodity instruments that would subject the Sub-Advisor to register as a commodity trading advisor with the CFTC. As applicable, the Sub-Advisor shall either (i) maintain such registration and membership in good standing or (ii) continue to qualify for an exemption from registration as a commodity trading advisor or (iii) not trade commodity instruments that would subject the Sub-Advisor to so register during the term of this Agreement. Further, the Sub-Advisor agrees to notify the Manager, if applicable, within a commercially reasonable time upon (i) a statutory disqualification of the SubAdvisor under Sections 8a(2) or 8a(3) of the CEA, (ii) a suspension, revocation or limitation of the Sub-Advisor's commodity trading advisor registration or NFA membership, or (iii) the institution of an action or proceeding that would reasonably be expected to lead to a statutory disqualification under the CEA or an investigation by any governmental agency or selfregulatory organization relating to Sub-Advisor's registration as a commodity trading advisor, in each case, subject to applicable law, attorney-client privilege and confidentiality restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Manager represents, and the Sub-Advisor acknowledges, that with respect to the Series other than the Global Multi-Strategy Fund, the Manager is relying on the exclusion from the definition of "commodity pool operator" under Section 4.5 of the General Regulations under the CEA ("Rule 4.5"). The Sub-Advisor will not exceed the de minimis trading limits set forth in Rule 4.5(c)(2)(iii)(B) unless otherwise agreed to in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Sub-Advisor represents that it will not enter into any agreement, oral or written, or other understanding under which the Fund directs or is expected to direct portfolio securities transactions, or any remuneration, to a broker or dealer in consideration for the promotion or sale of Fund shares or shares issued by any other registered investment company. The Sub-Advisor further represents that it is contrary to the Sub-Advisor's policies to permit those who select brokers or dealers for execution of Fund portfolio securities transactions to take into account the broker's or dealer's promotion or sale of Fund shares or shares issued by any other registered investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The Sub-Advisor agrees that neither it nor any of its affiliates will in any way refer to its relationship with the Fund, the Series, or the Manager or any of their respective affiliates in offering, marketing or other promotional materials without the express written consent of the Manager.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)This Agreement contains the entire understanding and agreement of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Each party agrees that electronic signatures of the parties included in this Agreement are intended to authenticate this writing and to have the same force and effect as manual signatures. Electronic signature means any electronic sound, symbol, or process attached to or logically associated with a record and executed and adopted by a party with the intent to sign such record, including facsimile or email electronic signatures.

***PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS AGREEMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN ANY TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED ANY TRADING PROGRAM OF THE ADVISOR OR THIS AGREEMENT.***

*Remainder of Page Intentionally Blank* 

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IN WITNESS WHEREOF, the parties have duly executed this Agreement on the date first above written.

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| | |
|:---|:---|
| **PRINCIPAL GLOBAL INVESTORS, LLC** | **PRINCIPAL GLOBAL INVESTORS, LLC** |
| By: | /s/ Adam U. Shaikh |
| Name: | Adam U. Shaikh |
| Title: | Associate General Counsel |
| By: | /s/ Laura B. Latham |
| Name: | Laura B. Latham |
| Title: | Assistant General Counsel |
| **LOS ANGELES CAPITAL MANAGEMENT LLC** | **LOS ANGELES CAPITAL MANAGEMENT LLC** |
| By: | /s/ Dan Allen |
| Name: | Dan Allen |
| Title: | Chief Executive Officer |

---

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**<u>APPENDIX A</u>**

INTENTIONALLY OMITTED

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**<u>APPENDIX B</u>**

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| | | |
|:---|:---|:---|
| **Effective Date and Initial Term of Sub-Advisory Agreement for each Series** | **Effective Date and Initial Term of Sub-Advisory Agreement for each Series** | **Effective Date and Initial Term of Sub-Advisory Agreement for each Series** |
| **Series** | **Effective Date** | **Initial Term** |
| Global Multi-Strategy Fund | Oct 25, 2011 | 2 Years |
| LargeCap Growth Fund I | April 14, 2026 | 2 Years |
| MidCap Value Fund I | Oct 3, 2005 | 2 Years |

---

## Ex-99.(D)(5)P

**<u>PRINCIPAL FUNDS, INC.</u>**

**FOURTH AMENDED AND RESTATED SUB-ADVISORY AGREEMENT**

**NUVEEN ASSET MANAGEMENT, LLC**

FOURTH AMENDED AND RESTATED SUB-ADVISORY AGREEMENT (the "Agreement") to be effective as of April 30, 2026, by and between PRINCIPAL GLOBAL INVESTORS, LLC, a Delaware limited liability company (the "Manager"), and NUVEEN ASSET MANAGEMENT, LLC (as successor in interest to SYMPHONY ASSET MANAGEMENT LLC), a Delaware limited liability company (the "Sub-Advisor").

W I T N E S S E T H:

WHEREAS, the Manager is the manager and investment advisor to each series of Principal Funds, Inc. (the "Fund"), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and&nbsp;&nbsp;&nbsp;&nbsp;

WHEREAS, the Manager desires to retain the Sub-Advisor to render discretionary investment advisory services for all or a portion of the assets of each series of the Fund identified in <u>Appendix A</u> hereto, as may be amended from time to time (the "Series"), which the Manager has agreed to provide to the Fund, and the Sub-Advisor desires to furnish such services; and

WHEREAS, the Manager and the Sub-Advisor agree to amend and restate the Third Amended and Restated Sub-Advisory Agreement between the Manager and the Sub-Advisor dated January 13, 2022 with this Agreement; and

WHEREAS, the Manager has furnished the Sub-Advisor with copies properly certified or authenticated of each of the following and will promptly provide the Sub-Advisor with copies properly certified or authenticated of any amendment or supplement thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Management Agreement (the "Management Agreement") with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Fund's registration statement and financial statements as filed with the Securities and Exchange Commission (the "SEC");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Fund's Articles of Incorporation and By-laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Policies, procedures or instructions adopted or approved by the Board of Directors of the Fund relating to obligations and services to be provided by the Sub-Advisor.

NOW, THEREFORE, in consideration of the premises and the terms and conditions hereinafter set forth, the parties agree as follows:

1.<u>Appointment of Sub-Advisor</u>

In accordance with and subject to the Management Agreement, the Manager hereby appoints the Sub-Advisor to perform the services described in Section 2 below for investment and reinvestment of such portion of the assets of each Series as may be allocated to the Sub-Advisor by the Manager, from time to time (the "Allocated Assets"), subject to the control and direction of the Manager and the Fund's Board of Directors, for the period and on the terms hereinafter set forth. The Sub-Advisor accepts such appointment and agrees to furnish the services hereinafter set forth for the compensation herein provided. The Sub-Advisor shall for all purposes herein be deemed to be an independent contractor and shall, except as expressly provided or authorized, have no authority to act for or represent the Fund or the Manager in any way or otherwise be deemed an agent of the Fund or the Manager.

2.<u>Obligations of and Services to be Provided by the Sub-Advisor</u>

The Sub-Advisor will, with respect to the Allocated Assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Provide investment advisory services, including but not limited to research, advice and supervision for the Allocated Assets of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Provide information and assistance as requested to the Manager related to the recommended investment program for each Series, consistent with each Series' respective investment objective and policies and any specific criteria applicable to the Allocated Assets, so the Manager may furnish such information to the Board of Directors of the Fund (or any appropriate committee of such Board) for approval and/or review, and update such information from time to time as conditions require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Implement the approved investment program for the Allocated Assets by placing orders for the purchase and sale of securities without prior consultation with the Manager and without regard to the length of time the securities have been held, the resulting rate of portfolio turnover or any tax considerations, subject always to the provisions of the Fund's registration statement, Articles of Incorporation and Bylaws and the requirements of the 1940 Act, as each of the same shall be from time to time in effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Advise and assist the officers of the Fund, as requested by the officers, in taking such steps as are necessary or appropriate to carry out the decisions of its Board of Directors, and any appropriate committees of such Board, regarding the general conduct of the investment business of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Maintain, in connection with the Sub-Advisor's investment advisory services provided to the Allocated Assets, compliance with the 1940 Act and the regulations adopted by the SEC thereunder and the Series' investment strategies and restrictions as stated in the Fund's prospectus and statement of additional information and any specific criteria applicable to the Allocated Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Report to the Board of Directors of the Fund at such times and in such detail as the Board of Directors may reasonably deem appropriate in order to enable it to determine that the investment policies, procedures and approved investment program of each Series (and any specific criteria applicable to the Allocated Assets) are being observed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Upon request, provide assistance and recommendations for the determination of the fair value of certain securities when reliable market quotations are not readily available for purposes of calculating net asset value in accordance with procedures and methods established by the Fund's Board of Directors. Further, the Sub-Advisor will provide security and foreign exchange trade details to the Manager so that the effects of all securities trades entered into by or for a Series are included in the appropriate day's end of day net asset value. Sub-Advisor must also communicate all trade amendments, cancellations or re-books accurately and timely to be included in the daily net asset value of a Series. Rule 2a-4 of the 1940 Act permits registered investment companies to record security transactions as of one day after the trade date for purposes of determining net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Furnish, at its own expense, (i) all necessary investment and management facilities, including salaries of clerical and other personnel required for it to execute its duties faithfully, and (ii) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the investment advisory affairs of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Open accounts with Foreign Account Tax Compliance Act compliant broker-dealers, financial counterparties including swap counterparties and futures commission merchants ("broker-dealers"); select broker-dealers to effect all transactions for each Series; place all necessary orders with broker-dealers or issuers (including affiliated broker-dealers); and negotiate commissions, if applicable. To the extent consistent with applicable law, purchase or sell orders for each Series may be aggregated with contemporaneous purchase or sell orders of other clients of the Sub-Advisor. In such event allocation of securities so sold or purchased, as well as the expenses incurred in the transaction, will be made by the Sub-Advisor in the manner the Sub-Advisor considers to be fair and equitable over time and consistent with its fiduciary obligations to the Fund and to other clients. The Sub-Advisor will report on such allocations at the request of the Manager, the Fund or the Fund's Board of Directors providing such information as the number of aggregated trades to which each Series was a party, the broker-dealers to whom such trades were directed and the basis for the allocation for the aggregated trades. The Sub-Advisor shall use its best efforts to obtain execution of transactions for each Series at prices which are advantageous to the Series and at commission rates that are reasonable in relation to the benefits received. However, the Sub-Advisor may select brokers or dealers on the basis that they provide brokerage, research or other services or products to the Sub-Advisor. To the extent consistent with applicable law, the Sub-Advisor may pay a broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission or dealer spread another broker or dealer would have charged for effecting that transaction if the Sub-Advisor determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research products and/or services provided by such broker or dealer. This determination, with respect to brokerage and research products and/or services, may be viewed in terms of either that particular transaction or the overall responsibilities which the Sub-Advisor and its affiliates have with respect to each Series as well as to accounts over which they exercise investment discretion. Not all such services or products need be used by the Sub-Advisor in managing the Allocated Assets. In addition, joint repurchase or other accounts may not be utilized by the Series except to the extent permitted under any exemptive order obtained by the Sub-Advisor provided that all conditions of such order are complied with.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Section 871(m) Transactions: Sub-Advisor shall not on behalf of a Series enter into certain U.S. dividend equivalent payment transactions described in Section 871(m) of the U.S. Internal Revenue Code and the regulations thereunder ("871(m) Transaction") with a foreign counterparty unless: (i) Sub-Advisor adheres to the ISDA 2015 Section 871(m) Protocol on behalf of the Series, and (ii) the foreign counterparty to the 871(m) Transaction provides Sub-Advisor with a properly completed Form W-8IMY certifying to its status as a qualified derivatives dealer ("QDD"). The parties agree that this <u>Section 2(j)</u> only applies in cases where the Sub-Advisor engages in derivatives, securities lending, and/or sale repurchase transactions for the Allocated Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)Maintain all accounts, books and records with respect to the Allocated Assets as are required of an investment advisor of a registered investment company pursuant to the 1940 Act and Investment Advisers Act of 1940, as amended (the "Advisers Act"), and the rules thereunder, and furnish the Fund and the Manager with such periodic and special reports as the Fund or the Manager may reasonably request. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Advisor hereby agrees that all records that it maintains for each Series are the property of the Fund, agrees to preserve for the periods described by Rule 31a-2 under the 1940 Act any records that it maintains for the Series and that are required to be maintained by Rule 31a-1 under the 1940 Act, and further agrees to surrender promptly to the Fund any records that it maintains for a Series upon request by the Fund or the Manager, provided that the Sub-Advisor may retain a copy of such records in accordance with its regulatory recordkeeping policies and practices. The Sub-Advisor has no responsibility for the maintenance of Fund records except insofar as is directly related to the services the Sub-Advisor provides to a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)Observe and comply with Rule 17j-1 under the 1940 Act and the Sub-Advisor's Code of Ethics adopted pursuant to that Rule as the same may be amended from time to time. The Manager acknowledges receipt of a copy of the Sub-Advisor's current Code of Ethics. The Sub-Advisor shall promptly forward to the Manager a copy of any material amendment to the Sub-Advisor's Code of Ethics along with certification that the Sub-Advisor has implemented procedures for administering the Sub-Advisor's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)From time to time as the Manager or the Fund may request, furnish the requesting party reports on portfolio transactions and reports on investments held by a Series, all in such detail as the Manager or the Fund may reasonably request. The Sub-Advisor will make available its officers and employees to meet with the Fund's Board of Directors at the Fund's principal place of business on due notice to review the investments of a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)Provide such information as is customarily provided by a sub-advisor, or as may be required or reasonably requested by the Manager, for the Fund or the Manager to comply with their respective obligations under applicable laws, including, without limitation, the Internal Revenue Code of 1986, as amended (the "Code"), the 1940 Act, the Advisers Act, the Securities Act of 1933, as amended (the "Securities Act"), and any state securities laws, and any rule or regulation thereunder. Such information includes, but is not limited to: electronic copies of (i) the Sub-Advisor's compliance manual and policies and procedures adopted to comply with Rules 206(4)-6 and 206(4)-7 of the Advisers Act and (ii) the Sub-Advisor's most recent annual compliance report or a detailed summary of such report; timely, accurate and complete responses to all 15(c) questionnaires; timely, accurate and complete responses to all Quarterly Compliance Questionnaires (including the identification of any material compliance matters and an electronic copy of any material changes to the Sub-Advisor's Rules 206(4)-6 and 206(4)-7 policies and procedures, marked to show changes along with a written summary of the purpose of each such change); Annual Proxy Voting Questionnaires; Annual Best Execution and Soft Dollar Questionnaires, and responses to all other requests from the Manager. The Sub-Advisor agrees, to the extent legally permissible, to make available for the Manager's review all deficiency letters issued by the SEC together with all responses given by Sub-Advisor to such letters. The Sub-Advisor will advise the Manager of any material changes in the Sub-Advisor's ownership within a reasonable time after any such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)Vote proxies received on behalf of each Series (with respect to the portion thereof allocated to the Sub-Advisor) in a manner consistent with the Sub-Advisor's proxy voting policies and procedures and provide a record of votes cast containing all of the voting information required by Form N-PX in an electronic format to enable the Series to file Form N-PX as required by SEC rule.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)Respond to tender offers, rights offerings and other voluntary corporate action requests affecting securities held by each Series (with respect to the portion thereof allocated to the Sub-Advisor).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)Cooperate with the Manager in its performance of quarterly and annual tax compliance tests to monitor the Series' compliance with Subchapter M and Section 817(h) of the Code. If it is determined by the Manager or its tax advisors that the Allocated Assets do not comply with the requirements imposed by the Code, the Sub-Advisor, in consultation with the Manager and its tax advisors, will take prompt action to bring the Allocated Assets back into compliance within the time permitted under the Code.

3.<u>Prohibited Conduct</u>

In providing the services described in this Agreement, the Sub-Advisor will not consult with any other investment advisory firm that provides investment advisory services to any investment company sponsored by Principal Financial Group, Inc. regarding transactions for the Fund in securities or other assets.

4.<u>Compensation</u>

As full compensation for all services rendered and obligations assumed by the Sub-Advisor hereunder with respect to the Allocated Assets, the Manager shall pay the compensation specified in <u>Appendix A</u> to this Agreement.

5.<u>Liability of Sub-Advisor</u>

Neither the Sub-Advisor nor any of its directors, officers, employees, agents or affiliates shall be liable to the Manager, the Fund or its shareholders for any loss suffered by the Manager or the Fund resulting from any error of judgment made in the good faith exercise of the Sub-Advisor's investment discretion in connection with selecting investments for a Series or as a result of the failure by the Manager or any of its affiliates to comply with the terms of this Agreement, except for losses resulting from willful misfeasance, bad faith or gross negligence of, or from reckless disregard of, the duties of the Sub-Advisor or any of its directors, officers, employees, agents, or affiliates.

6.<u>Trade Errors</u>

The Sub-Advisor will notify the Manager of any Trade Error(s), regardless of materiality, promptly upon the discovery such Trade Error(s) by the Sub-Advisor. Notwithstanding Section 5, the Sub-Advisor shall be liable to the Manager, the Fund or its shareholders for any loss suffered by the Manager or the Fund resulting from Trade Errors due to negligence, misfeasance, or disregard of duties of the Sub Advisor or any of its directors, officers, employees, agents (excluding any broker-dealer selected by the Sub-Advisor), or affiliates. Any gains that occur due to a Trade Error shall be retained by the Fund.

For purposes under this Section 6, a "Trade Error" occurs when a transaction results in an unintended, including an impermissible, result. Examples include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• orders by the Sub-Advisor that result in the purchase or sale of securities or other assets that were not intended to be purchased or sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• orders by the Sub-Advisor that result in the purchase or sale of securities or other assets in an unintended amount, which includes price or commission rate; 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;• purchases or sales of securities or other assets that violate the investment limitations or restrictions disclosed in the Fund's registration statement and/or imposed by applicable law, regulation, contract or understanding (calculated at the Sub-Advisor's portfolio level), unless otherwise agreed to in writing.

7.<u>Supplemental Arrangements</u>

The Sub-Advisor may enter into arrangements with other persons affiliated with the Sub-Advisor or with unaffiliated third parties to better enable the Sub-Advisor to fulfill its obligations under this Agreement for the provision of certain personnel and facilities to the Sub-Advisor, subject to written notification to and approval of the Manager and, where required by applicable law, the Board of Directors of the Fund; provided, however, that entry into any such arrangements shall not relieve the Sub-Advisor of any of its obligations under this Agreement.

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8.<u>Services</u> <u>to</u> <u>Others</u>

The Sub-Advisor may act as a portfolio manager or sub-advisor to other funds and discretionary accounts in addition to the Series. If the availability of any particular investment security is limited and that asset is consistent with the Series investment objectives and policies and also the investment objectives, investment strategies and investment restrictions of one or more of the Sub-Advisor's other accounts, such asset will be allocated on a fair and equitable basis over time having regard to whether the assets are currently held in any of the relevant investment portfolios, the relevant size and of the Series and other accounts managed or sub-advised by the Sub-Advisor and any other factors which the Sub-Advisor considers reasonable. The Sub-Advisor shall not be obligated to present any particular investment opportunity to the Series even if such opportunity is of a character which, if presented to the Series, could be taken by the Series. The Sub-Advisor may also enter into transactions for the Series which are different than transactions for its other accounts.

9.<u>Regulation</u>

The Sub-Advisor shall submit to all regulatory and administrative bodies having jurisdiction over the services provided pursuant to this Agreement any information, reports or other material which any such body may request or require pursuant to applicable laws and regulations.

10.<u>Duration and Termination of This Agreement</u>

This Agreement shall become effective with respect to a Series as of the corresponding date set forth on <u>Appendix B</u> to this Agreement, as may be amended from time to time, and, unless otherwise terminated with respect to such Series, shall continue in effect thereafter for the initial term set forth on <u>Appendix B</u> to this Agreement, and thereafter from year to year, provided that in each case the continuance is specifically approved within the period required by the 1940 Act either by the Board of Directors of the Fund or by a vote of a majority of the outstanding voting securities of the Series and in either event by a vote of a majority of the Board of Directors of the Fund who are not interested persons of the Manager, Principal Financial Group, Inc., the Sub-Advisor or the Fund cast in accordance with the requirements of the 1940 Act after taking into effect any exemptive order, no-action assurances or other relief, rule or regulation upon which the Fund may rely.

If the shareholders of a Series fail to approve the Agreement or any continuance of the Agreement in accordance with the requirements of the 1940 Act, the Sub-Advisor will continue to act as Sub-Advisor with respect to the Allocated Assets of such Series pending the required approval of the Agreement or its continuance or of any contract with the Sub-Advisor or a different manager or sub-advisor or other definitive action; provided, that the compensation received by the Sub-Advisor in respect to the Allocated Assets of such Series during such period is in compliance with Rule 15a-4 under the 1940 Act.

This Agreement may be terminated with respect to a Series at any time without the payment of any penalty by the Board of Directors of the Fund or by the Sub-Advisor, the Manager or by vote of a majority of the outstanding voting securities of the Series on sixty days' written notice. This Agreement shall automatically terminate in the event of its assignment. In interpreting the provisions of this Section 9, the definitions contained in Section 2(a) of the 1940 Act (particularly the definitions of "interested person," "assignment," "voting security" and "majority of the outstanding voting securities") shall be applied. In either case, any open trades which have not settled on the effective date of termination will settle for the account of the Fund.

11.<u>Amendment of this Agreement</u>

No amendment of this Agreement shall be effective unless in writing and signed by both parties. No material amendment of this Agreement shall be effective until approved, if required by the 1940 Act or the rules, regulations, interpretations or orders issued thereunder, by vote of the holders of a majority of the outstanding voting securities of the Series (as defined in the 1940 Act) and by vote of a majority of the Board of Directors of the Fund who are not interested persons (as defined in the 1940 Act) of the Manager, the Sub-Advisor, Principal Financial Group, Inc. or the Fund cast in accordance with the requirements of the 1940 Act after taking into effect any exemptive order, no-action assurances or other relief, rule or regulation upon which the Fund may rely.

12.<u>Additional Series</u>

In the event the Manager wishes to appoint the Sub-Advisor to perform the services described in this Agreement with respect to one or more additional Series of the Fund after the effective date of this Agreement, such Series will become a Series under this Agreement upon approval of this Agreement in the manner required by the 1940 Act and the amendment of <u>Appendices A</u> and <u>B</u> hereto.

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13.<u>General Provisions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each party agrees to perform such further acts and execute such further documents as are necessary to effectuate the purposes hereof. This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Iowa. The captions in this Agreement are included for convenience only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any notice under this Agreement shall be in writing, addressed and delivered or mailed postage pre-paid to the other party at such address as such other party may designate for the receipt of such notices. Until further notice to the other party, it is agreed that the address of the Manager for this purpose shall be Principal Financial Group, Des Moines, Iowa 50392-0200. The address of the Sub-Advisor shall be:

Nuveen Asset Management, LLC

Attn: Institutional Client Services (<u>dl_gcxamericasinstlclientservices@nuveen.com</u>)

333 West Wacker Drive

Chicago, IL 60606

<u>with a copy to</u>:

Stuart Cohen (<u>stuart.cohen@nuveen.com</u>)

Andrew Haas (<u>andrew.haas@nuveen.com</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Sub-Advisor will promptly notify the Manager in writing of the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.the Sub-Advisor fails to be registered as an investment advisor under the Advisers Act or under the laws of any jurisdiction in which the Sub-Advisor is required to be registered as an investment advisor in order to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.the Sub-Advisor is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, involving the affairs of a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.the Sub-Advisor becomes aware of any pending or threatened action, suit, proceeding, inquiry or investigation that is reasonably likely to result in a conviction, order, judgment or decree issued with respect to it or any affiliate that could reasonably be expected to result in the Sub-Advisor becoming ineligible to serve as an investment advisor of a registered investment company under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.the Sub-Advisor becomes aware of a transaction or series of transactions that is reasonably likely to result in a change in the management or control of the Sub-Advisor or a controlling person thereof or otherwise in the assignment (as defined in the 1940 Act) of this Agreement by the Sub-Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Manager shall provide (or cause the Series custodian to provide) timely information to the Sub-Advisor regarding such matters as the composition of the assets of a Series, cash requirements and cash available for investment in a Series, and all other reasonable information as may be necessary for the Sub-Advisor to perform its duties and responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Sub-Advisor acknowledges Manager's representation that the Diversified Real Asset Fund series does not rely on the exclusion from the definition of "commodity pool operator" under Section 4.5 of the General Regulations under the Commodity Exchange Act, as amended (the "CEA").

The Sub-Advisor represents that it (i) is a commodity trading advisor duly registered with the Commodity Futures Trading Commission (the "CFTC") and is a member in good standing of the National Futures Association (the "NFA") or (ii) is relying on an exemption from registration as a commodity trading advisor or (iii) is not trading commodity instruments that would subject the Sub-Advisor to register as a commodity trading advisor with the CFTC. As applicable, the Sub-Advisor shall either (i) maintain such registration and membership in good standing or (ii) continue to qualify for an exemption from registration as a commodity trading advisor or (iii) not trade commodity instruments that would subject the Sub-Advisor to so register during the term of this Agreement. Further, the Sub-Advisor agrees to notify the Manager, if applicable, within a commercially reasonable time upon (i) a statutory disqualification of the SubAdvisor under Sections 8a(2) or 8a(3) of the CEA, (ii) a suspension, revocation or limitation of the Sub-Advisor's commodity trading advisor registration or NFA membership, or (iii) the institution of an action or proceeding that would reasonably be expected to lead to a statutory disqualification under the CEA or an investigation by any governmental agency or selfregulatory organization relating to Sub-Advisor's registration as a commodity trading advisor, in each case, subject to applicable law, attorney-client privilege and confidentiality restrictions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Sub-Advisor represents that it will not enter into any agreement, oral or written, or other understanding under which the Fund directs or is expected to direct portfolio securities transactions, or any remuneration, to a broker or dealer in consideration for the promotion or sale of Fund shares or shares issued by any other registered investment company. The Sub-Advisor further represents that it is contrary to the Sub-Advisor's policies to permit those who select brokers or dealers for execution of Fund portfolio securities transactions to take into account the broker's or dealer's promotion or sale of Fund shares or shares issued by any other registered investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Sub-Advisor agrees that neither it nor any of its affiliates will in any way refer to its relationship with the Fund, the Series, or the Manager or any of their respective affiliates in offering, marketing or other promotional materials without the express written consent of the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)This Agreement contains the entire understanding and agreement of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Each party agrees that electronic signatures of the parties included in this Agreement are intended to authenticate this writing and to have the same force and effect as manual signatures. Electronic signature means any electronic sound, symbol, or process attached to or logically associated with a record and executed and adopted by a party with the intent to sign such record, including facsimile or email electronic signatures.

***PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS AGREEMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN ANY TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED ANY TRADING PROGRAM OF THE ADVISOR OR THIS AGREEMENT.***

*Remainder of Page Intentionally Blank*

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IN WITNESS WHEREOF, the parties have duly executed this Agreement on the date first above written.

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| | |
|:---|:---|
| **PRINCIPAL GLOBAL INVESTORS, LLC** | **PRINCIPAL GLOBAL INVESTORS, LLC** |
| By: | /s/ Adam U. Shaikh |
| Name: | Adam U. Shaikh |
| Title: | Associate General Counsel |
| By: | /s/ Laura B. Latham |
| Name: | Laura B. Latham |
| Title: | Assistant General Counsel |
| **NUVEEN ASSET MANAGEMENT, LLC** | **NUVEEN ASSET MANAGEMENT, LLC** |
| By: | /s/ Stuart Cohen |
| Name: | Stuart Cohen |
| Title: | Managing Director and Head of Legal |

---

------

**<u>APPENDIX A</u>**

INTENTIONALLY OMITTED

------

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| | | |
|:---|:---|:---|
| **<u>APPENDIX B</u>** | **<u>APPENDIX B</u>** | **<u>APPENDIX B</u>** |
| **Effective Date and Initial Term of Sub-Advisory Agreement for each Series** | **Effective Date and Initial Term of Sub-Advisory Agreement for each Series** | **Effective Date and Initial Term of Sub-Advisory Agreement for each Series** |
| **Series** | **Effective Date** | **Initial Term** |
| Diversified Income Fund (Senior Loan Sleeve) | January 13, 2022 | 2 Years |
| Diversified Real Asset Fund (Floating Rate Debt Sleeve) | May 22, 2017 | 2 Years |
| Diversified Real Asset Fund (Global Infrastructure Sleeve) | April 30, 2026 | 2 Years |

---

## Ex-99.(D)(5)Q

**<u>PRINCIPAL FUNDS, INC.</u>**

**SUB-ADVISORY AGREEMENT**

**PARAMETRIC PORTFOLIO ASSOCIATES LLC SUB-ADVISED FUND**

SUB-ADVISORY AGREEMENT (the "Agreement") to be effective as of May 15, 2026 by and between PRINCIPAL GLOBAL INVESTORS, LLC, a Delaware limited liability company (the "Manager"), and PARAMETRIC PORTFOLIO ASSOCIATES LLC, a Delaware limited liability company (the "Sub-Advisor").

W I T N E S S E T H:

WHEREAS, the Manager is the manager and investment advisor to each series of Principal Funds, Inc. (the "Fund"), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Manager desires to retain the Sub-Advisor to render discretionary investment advisory services for all or a portion of the assets of each series of the Fund identified in <u>Appendix A</u> hereto, as may be amended from time to time (the "Series"), which the Manager has agreed to provide to the Fund, and the Sub-Advisor desires to furnish such services; and

WHEREAS, the Manager has furnished the Sub-Advisor with copies properly certified or authenticated of each of the following and will promptly provide the Sub-Advisor with copies properly certified or authenticated of any amendment or supplement thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Management Agreement (the "Management Agreement") with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Fund's registration statement and financial statements as filed with the Securities and Exchange Commission (the "SEC");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Fund's Articles of Incorporation and By-laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Policies, procedures or instructions adopted or approved by the Board of Directors of the Fund relating to obligations and services to be provided by the Sub-Advisor.

NOW, THEREFORE, in consideration of the premises and the terms and conditions hereinafter set forth, the parties agree as follows:

1.<u>Appointment of Sub-Advisor</u>

In accordance with and subject to the Management Agreement, the Manager hereby appoints the Sub-Advisor to perform the services described in <u>Section 2</u> below for investment and reinvestment of such portion of the assets of each Series as may be allocated to the Sub-Advisor by the Manager, from time to time (the "Allocated Assets"), subject to the control and direction of the Manager and the Fund's Board of Directors, for the period and on the terms hereinafter set forth. The Sub-Advisor accepts such appointment and agrees to furnish the services hereinafter set forth for the compensation herein provided. The Sub-Advisor shall for all purposes herein be deemed to be an independent contractor and shall, except as expressly provided or authorized, have no authority to act for or represent the Fund or the Manager in any way or otherwise be deemed an agent of the Fund or the Manager.

2.<u>Obligations of and Services to be Provided by the Sub-Advisor</u>

The Sub-Advisor will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Provide investment advisory services pursuant to and in accordance with the objective, policies, and restrictions set forth in the registration statement, as amended or supplemented, for each Series, and the specific limitations, investment objectives, policies, and procedures set forth in the Investment Guidelines, which shall include but not be limited to research, advice and supervision for the Allocated Assets of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Provide information and assistance to the Manager related to the recommended investment program for each Series, consistent with each Series' respective investment objective and policies and any specific criteria applicable to the Allocated Assets, so the Manager may furnish such information to the Board of Directors of the Fund (or any appropriate committee of such Board) for approval and/or review, and update such information from time to time as conditions require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Implement the approved investment program for the Allocated Assets by placing orders for the purchase and sale of securities without prior consultation with the Manager and without regard to the length of time the securities have been held, the resulting rate of portfolio turnover or any tax considerations, subject always to the provisions of the Fund's registration statement, Articles of Incorporation and Bylaws and the requirements of the 1940 Act, as each of the same shall be from time to time in effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Advise and assist the officers of the Fund, as requested by the officers, in taking such steps as are necessary or appropriate to carry out the decisions of its Board of Directors, and any appropriate committees of such Board, regarding the general conduct of the investment business of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Maintain, in connection with the Sub-Advisor's investment advisory services provided to the Allocated Assets, compliance with the 1940 Act and the regulations adopted by the SEC thereunder and the Series' investment strategies and restrictions as stated in the Fund's prospectus and statement of additional information and any specific criteria applicable to the Allocated Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Report to the Board of Directors of the Fund at such times and in such detail as the Board of Directors may reasonably deem appropriate in order to enable it to determine that the investment policies, procedures and approved investment program of each Series (and any specific criteria applicable to the Allocated Assets) are being observed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Upon request, provide assistance and recommendations for the determination of the fair value of certain securities when reliable market quotations are not readily available for purposes of calculating net asset value in accordance with procedures and methods established by the Fund's Board of Directors. Further, the Sub-Advisor will provide security and foreign exchange trade details to the Manager so that the effects of all securities trades entered into by or for a Series are included in the appropriate day's end of day net asset value. Sub-Advisor must also communicate all trade amendments, cancellations or re-books accurately and timely to be included in the daily net asset value of a Series. Rule 2a-4 of the 1940 Act permits registered investment companies to record security transactions as of one day after the trade date for purposes of determining net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Furnish, at its own expense, (i) all necessary investment and management facilities, including salaries of clerical and other personnel required for it to execute its duties faithfully, and (ii) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the investment advisory affairs of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Execute contracts in order to open accounts with Foreign Account Tax Compliance Act compliant broker-dealers, financial counterparties including swap counterparties and futures commission merchants ("broker-dealers"); select broker-dealers to effect all transactions for each Series; place all necessary orders with broker-dealers or issuers (including affiliated broker-dealers); issue instructions to any broker, dealer, custodian, futures commission merchant, or similar party with respect to the execution, margining and settlement of transactions; and negotiate commissions, if applicable. To the extent consistent with applicable law, purchase or sell orders for each Series may be aggregated with contemporaneous purchase or sell orders of other clients of the Sub-Advisor. In such event allocation of securities so sold or purchased, as well as the expenses incurred in the transaction, will be made by the Sub-Advisor in the manner the Sub-Advisor considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to other clients. The Sub-Advisor will report on such allocations at the request of the Manager, the Fund or the Fund's Board of Directors providing such information as the number of aggregated trades to which each Series was a party, the broker-dealers to whom such trades were directed and the basis for the allocation for the aggregated trades. The Sub-Advisor shall use its best efforts to obtain execution of transactions for each Series at prices which are advantageous to the Series and at commission rates that are reasonable in relation to the benefits received. However, the Sub-Advisor may select brokers or dealers on the basis that they provide brokerage, research or other services or products to the Sub-Advisor. To the extent consistent with applicable law, the Sub-Advisor may pay a broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission or dealer spread another broker or dealer would have charged for effecting that transaction if the Sub-Advisor determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research products and/or services provided by such broker or dealer. This determination, with respect to brokerage and research products and/or services, may be viewed in terms of either that particular transaction or the overall responsibilities which the Sub-Advisor and its affiliates have with respect to each Series as well as to accounts over which they exercise investment discretion. Not all such services or products need be used by the Sub-Advisor in managing the Allocated Assets. In addition, joint repurchase or other accounts may not be utilized by the Series except to the extent permitted under any exemptive order obtained by the Sub-Advisor provided that all conditions of such order are complied with.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Section 871(m) Transactions: Sub-Advisor shall not on behalf of a Series enter into certain U.S. dividend equivalent payment transactions described in Section 871(m) of the U.S. Internal Revenue Code and the regulations thereunder ("871(m) Transaction") with a foreign counterparty unless: (i) Sub-Advisor adheres to the ISDA 2015 Section 871(m) Protocol on behalf of the Series, and (ii) the foreign counterparty to the 871(m) Transaction provides Sub-Advisor with a properly completed Form W-8IMY certifying to its status as a qualified derivatives dealer ("QDD").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)Maintain all accounts, books and records with respect to the Allocated Assets as are required of an investment advisor of a registered investment company pursuant to the 1940 Act and Investment Advisers Act of 1940, as amended (the "Advisers Act"), and the rules thereunder, and furnish the Fund and the Manager with such periodic and special reports as the Fund or the Manager may reasonably request. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Advisor hereby agrees that all records that it maintains for each Series are the property of the Fund, agrees to preserve for the periods described by Rule 31a-2 under the 1940 Act any records that it maintains for the Series and that are required to be maintained by Rule 31a-1 under the 1940 Act, and further agrees to surrender promptly to the Fund any records that it maintains for a Series upon request by the Fund or the Manager. The Sub-Advisor has no responsibility for the maintenance of Fund records except insofar as is directly related to the services the Sub-Advisor provides to a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)Observe and comply with Rule 17j-1 under the 1940 Act and the Sub-Advisor's Code of Ethics adopted pursuant to that Rule as the same may be amended from time to time. The Manager acknowledges receipt of a copy of the Sub-Advisor's current Code of Ethics. The Sub-Advisor shall provide quarterly reports to the Manager of any material amendment to the Sub-Advisor's Code of Ethics along with certification that the Sub-Advisor has implemented procedures for administering the Sub-Advisor's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)From time to time as the Manager or the Fund may request, furnish the requesting party reports on portfolio transactions and reports on investments held by a Series, all in such detail as the Manager or the Fund may reasonably request. The Sub-Advisor will make available its investment professionals and senior management to meet with the Fund's Board of Directors at the Fund's principal place of business on due notice to review the investments of a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)Provide such information as is customarily provided by a sub-advisor, or as may be required or reasonably requested by the Manager, for the Fund or the Manager to comply with their respective obligations under applicable laws, including, without limitation, the Internal Revenue Code of 1986, as amended (the "Code"), the 1940 Act, the Advisers Act, the Securities Act of 1933, as amended (the "Securities Act"), and any state securities laws, and any rule or regulation thereunder. Such information includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On-site access in Sub-Advisor's offices to the Sub-Advisor's compliance manual and policies and procedures adopted to comply with Rule 206(4)-7 of the Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Electronic copies of the Sub-Advisor's policies and procedures adopted to comply with Rule 206(4)-6 of the Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Electronic summaries of the Sub-Advisor's policies and procedures adopted to comply with Rule 206(4)-7 of the Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Electronic copies of the Sub-Advisor's most recent annual compliance report or a detailed summary of such report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Timely, accurate and complete responses to all 15(c) questionnaires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Timely, accurate and complete responses to all Quarterly Compliance Questionnaires (including (i) the identification of any material compliance matters, (ii) electronic summaries of any Rule 206(4)-7 policies and procedures for which there were material changes, and (iii) electronic copies of Rule 206(4)-6 policies and procedures for which there were material changes); 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;• Annual Proxy Voting Questionnaires; Annual Best Execution and Soft Dollar Questionnaires, and responses to all other requests from the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)Vote proxies received on behalf of each Series (with respect to the Allocated Assets) in a manner consistent with the Sub-Advisor's proxy voting policies and procedures and provide a record of votes cast containing all of the voting information required by Form N-PX in an electronic format to enable the Series to file Form N-PX as required by SEC rule.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)Respond to tender offers, rights offerings and other voluntary corporate action requests affecting securities held by each Series (with respect to the Allocated Assets).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)Cooperate with the Manager in its performance of quarterly and annual tax compliance tests to monitor the Series' compliance with Subchapter M and Section 817(h) of the Code. If it is determined by the Manager or its tax advisors that the Series is not in compliance with the requirements imposed by the Code, the Sub-Advisor, in consultation with the Manager and its tax advisors, will take prompt action to bring the Series back into compliance within the time permitted under the Code.

3.<u>Prohibited Conduct</u>

In providing the services described in this Agreement, the Sub-Advisor will not consult with any other investment advisory firm that provides investment advisory services to any investment company sponsored by Principal Financial Group, Inc. regarding transactions for the Fund in securities or other assets.

4.<u>Compensation</u>

As full compensation for all services rendered and obligations assumed by the Sub-Advisor hereunder with respect to the Allocated Assets, the Manager shall pay the compensation specified in <u>Appendix A</u> to this Agreement.

5.<u>Liability of Sub-Advisor</u>

Neither the Sub-Advisor nor any of its directors, officers, employees, agents or affiliates shall be liable to the Manager, the Fund or its shareholders for any loss suffered by the Manager or the Fund resulting from any error of judgment made in the good faith exercise of the Sub-Advisor's investment discretion in connection with selecting investments for a Series or as a result of the failure by the Manager or any of its affiliates to comply with the terms of this Agreement, except for losses resulting from willful misfeasance, bad faith or gross negligence of, or from reckless disregard of, the duties of the Sub-Advisor or any of its directors, officers, employees, agents, or affiliates.

6.<u>Trade Errors</u>

The Sub-Advisor will notify the Manager of any Trade Error(s), regardless of materiality, promptly upon the discovery of such Trade Error(s) by the Sub-Advisor. Notwithstanding <u>Section 5</u>, the Sub-Advisor shall be liable to the Manager, the Fund or its shareholders for any loss suffered by the Manager or the Fund resulting from Trade Errors due to negligence, misfeasance, or disregard of duties of the Sub Advisor or any of its directors, officers, employees, agents (excluding any broker-dealer selected by the Sub-Advisor), or affiliates. Any gains that occur due to a Trade Error shall be retained by the Fund. For purposes under this <u>Section 6</u>, a "Trade Error" occurs when a transaction results in an unintended, including an impermissible, result. Examples include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• orders by the Sub-Advisor that result in the purchase or sale of securities or other assets that were not intended to be purchased or sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• orders by the Sub-Advisor that result in the purchase or sale of securities or other assets in an unintended amount, which includes price or commission rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases or sales of securities or other assets that violate the investment limitations or restrictions disclosed in the Fund's registration statement and/or imposed by applicable law, regulation, contract or understanding (calculated at the Sub-Advisor's portfolio level), unless otherwise agreed to in writing.

7.<u>Supplemental Arrangements</u>

The Sub-Advisor may enter into arrangements with other persons affiliated with the Sub-Advisor or with unaffiliated third parties to better enable the Sub-Advisor to fulfill its obligations under this Agreement for the provision of certain personnel and facilities to the Sub-Advisor, subject to written notification to and approval of the Manager and, where required by applicable law, the Board of Directors of the Fund; provided, however, that entry into any such arrangements shall not relieve the Sub-Advisor of any of its obligations under this Agreement.

8.<u>Regulation</u>

The Sub-Advisor shall submit to all regulatory and administrative bodies having jurisdiction over the services provided pursuant to this Agreement any information, reports or other material which any such body may request or require pursuant to applicable laws and regulations.

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9.<u>Duration and Termination of This Agreement</u>

This Agreement shall become effective with respect to a Series as of the corresponding date set forth on <u>Appendix B</u> to this Agreement, as may be amended from time to time, and, unless otherwise terminated with respect to such Series, shall continue in effect thereafter for the initial term set forth on <u>Appendix B</u> to this Agreement, and thereafter from year to year, provided that in each case the continuance is specifically approved within the period required by the 1940 Act either by the Board of Directors of the Fund or by a vote of a majority of the outstanding voting securities of the Series and in either event by a vote of a majority of the Board of Directors of the Fund who are not interested persons of the Manager, Principal Financial Group, Inc., the Sub-Advisor or the Fund cast in accordance with the requirements of the 1940 Act after taking into effect any exemptive order, no-action assurances or other relief, rule or regulation upon which the Fund may rely.

If the shareholders of a Series fail to approve the Agreement or any continuance of the Agreement in accordance with the requirements of the 1940 Act, the Sub-Advisor will continue to act as Sub-Advisor with respect to the Allocated Assets of such Series pending the required approval of the Agreement or its continuance or of any contract with the Sub-Advisor or a different manager or sub-advisor or other definitive action; provided, that the compensation received by the Sub-Advisor in respect to the Allocated Assets of such Series during such period is in compliance with Rule 15a-4 under the 1940 Act.

This Agreement may be terminated with respect to a Series at any time without the payment of any penalty by the Board of Directors of the Fund or by the Sub-Advisor, the Manager or by vote of a majority of the outstanding voting securities of the Series on sixty days' written notice. This Agreement shall automatically terminate in the event of its assignment. In interpreting the provisions of this <u>Section 9</u>, the definitions contained in Section 2(a) of the 1940 Act (particularly the definitions of "interested person," "assignment," "voting security" and "majority of the outstanding voting securities") shall be applied.

10.<u>Amendment of this Agreement</u>

No amendment of this Agreement shall be effective unless in writing and signed by both parties. No material amendment of this Agreement shall be effective until approved, if required by the 1940 Act or the rules, regulations, interpretations or orders issued thereunder, by vote of the holders of a majority of the outstanding voting securities of the Series (as defined in the 1940 Act) and by vote of a majority of the Board of Directors of the Fund who are not interested persons (as defined in the 1940 Act) of the Manager, the Sub-Advisor, Principal Financial Group, Inc. or the Fund cast in accordance with the requirements of the 1940 Act after taking into effect any exemptive order, no-action assurances or other relief, rule or regulation upon which the Fund may rely.

11.<u>Additional Series</u>

In the event the Manager wishes to appoint the Sub-Advisor to perform the services described in this Agreement with respect to one or more additional Series of the Fund after the effective date of this Agreement, such Series will become a Series under this Agreement upon approval of this Agreement in the manner required by the 1940 Act and the amendment of <u>Appendices A</u> and <u>B</u> hereto.

12.<u>General Provisions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each party agrees to perform such further acts and execute such further documents as are necessary to effectuate the purposes hereof. This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Iowa. The captions in this Agreement are included for convenience only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Manager acknowledges it has received and reviewed Sub-Advisor's From CRS, Form ADV, Parts 2A and 2B and Privacy Notice ("Disclosure Documents") prior to or at the time of execution of this Agreement. Manager hereby agrees that any subsequent deliveries of Sub-Advisor's Disclosure Documents or any amendments there to, as well as any other reports, financial statements, account statements, compliance certifications, privacy notices, confirmations and any other notices, documents or account information may be sent to Manager via electronic delivery, including, but not limited to, delivery via an electronic web portal. Manager further agrees to provide Sub-Advisor with prompt written notice in the event that it is unable to access electronic communication or does not receive an expected electronic communication. Delivery by such electronic method(s) shall constitute good and effective delivery of documents and any documents so delivered shall be deemed to be delivered, whether actually received by Manager or not.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Any notice under this Agreement shall be in writing, addressed and delivered or mailed postage pre-paid to the other party at such address as such other party may designate for the receipt of such notices. Until further notice to the other party, it is agreed that the address of the Manager for this purpose shall be Principal Financial Group, Des Moines, Iowa 50392-0200. The address of the Sub-Advisor for this purpose shall be Parametric Portfolio Associates LLC, 3600 Minnesota Drive, Suite 200, Edina, MN 55435.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Notwithstanding the provisions of <u>Section 12(b)</u>, the Sub-Advisor will promptly notify the Manager in writing of the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.the Sub-Advisor fails to be registered as an investment advisor under the Advisers Act or under the laws of any jurisdiction in which the Sub-Advisor is required to be registered as an investment advisor in order to perform its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.the Sub-Advisor is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, involving the affairs of a Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.the Sub-Advisor becomes aware of any pending or threatened action, suit, proceeding, inquiry or investigation that is reasonably likely to result in a conviction, order, judgment or decree issued with respect to it or any affiliate that could reasonably be expected to result in the Sub-Advisor becoming ineligible to serve as an investment advisor of a registered investment company under the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.the Sub-Advisor becomes aware of a transaction or series of transactions that is reasonably likely to result in a change in the management or control of the Sub-Advisor or a controlling person thereof or otherwise in the assignment (as defined in the 1940 Act) of this Agreement by the Sub-Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Manager hereby represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.each Series is a Qualified Institutional Buyer ("QIB") within the meaning of Rule 144A under the U.S. Securities Act of 1933, as amended, because it is an eligible entity type and it owns and invests on a discretionary basis at least US$100 million in securities of issuers that are not affiliated with Manager. Manager will notify Sub-Advisor at such time as a Series ceases to be a QIB and further agrees to provide such evidence of its status as a QIB as Sub-Advisor may reasonably request from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.each Series is a "qualified eligible person" as defined in 17 C.F.R. § 4.7(a) and an "eligible contract participant" as defined in 7 U.S.C. § 1a(18);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.each Series meets one of the following prongs: (i) it is not a "commodity pool" as such term is defined under the CEA and relevant CFTC guidance and has informed the Sub-Advisor; (ii) it is a commodity pool, the operator of the commodity pool is appropriately registered with the CFTC and is a member of the NFA, and Manager has provided the Sub-Advisor with the NFA identification numbers for both the Series and the pool operator; or (iii) it is exempt or excluded from registration as a commodity pool, has taken all required actions to claim and maintain its exempted or excluded status, and has provided the Sub-Advisor with its basis for such exemption or exclusion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.the Sub-Advisor does not provide legal, tax or accounting advice, and makes no representations as to the tax treatment of any Allocated Assets or any securities or other property held therein; the Manager should consult with and rely solely on its own legal, tax and or accounting advisors with respect to each Allocated Assets and the transactions executed by the Sub-Advisor therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.the Manager agrees that the Sub-Advisor is not responsible for the overall diversification of the Series' assets, but the Sub-Advisor acknowledges and agrees that it will cooperate with the Manager to ensure the Series remain in compliance with diversification requirements;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.the Manager and the Series has established and implemented policies, procedures, and internal controls that are reasonably designed to comply with applicable anti-corruption, sanctions, anti-tax evasion and anti-money laundering laws, rules and regulations and hereby represents as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Series shall not cause the Sub-Advisor, or any of its affiliates, to be in violation of applicable U.S. or non-U.S. anti-money laundering laws, regulations and orders, as or hereafter in force, including the United States Bank Secrecy Act, the United States Money Laundering Control Act of 1986 or the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism ("USA PATRIOT") Act of 2001;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Series shall not use this Agreement or any other services described herein, or permit any such services to be used, for the direct or indirect benefit of any government, individual or entity that is (A) the subject of any financial sanctions or other restrictive measures issued, administered or enforced by any of the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC"), the U.S. Department of State, the United Nations Security Council, the Council of the European Union, His Majesty's Treasury (United Kingdom), and the relevant sanctions authorities in the Series' home jurisdiction and each jurisdiction in which the services described herein shall be provided (collectively, "Sanctions"); or (B) located, resident or organized in any country, territory or region that is the subject of comprehensive territorial sanctions (each a "Sanctioned Jurisdiction");

&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)neither the Series nor any of its subsidiaries, affiliates, directors, officers, employees, agents or representatives is an individual or entity ("Person") that is, or is owned or controlled by one or more Persons that are (A) the target of any Sanctions; or (B) located, organized or resident in a Sanctioned Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)the Series (A) is and has acted in compliance with all applicable tax laws and tax reporting obligations, including laws in relation to tax evasion and tax fraud; (B) will not, through any act or omission, knowingly facilitate a third party in engaging in any form of tax evasion or tax fraud, or otherwise engage in any activity, practice or conduct that would constitute a tax evasion facilitation offense under anti-facilitation of tax evasion laws (including, without limitation, the Criminal Finances Act of 2017); and (C) has implemented and maintains policies and procedures reasonably designed to promote and achieve compliance with (A) and (B) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)without limiting the generality of the foregoing, in connection with the performance of the services hereunder, the Fund has not and will not engage in any act or practice that would, directly or indirectly, contravene any applicable anti-money laundering, sanctions, anti-tax evasion or anti-corruption laws, rules or regulations, or any similar statute applicable in any jurisdiction in which Manager engages in any activity, that prohibits tax evasion, bribery, money laundering or payments to public officials, including, without limitation, any policies of any governmental or quasi-governmental agency implementing or enforcing the foregoing; 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;(vi)if at any time it is discovered that the representations made in this <u>Section 12(e)(6)</u> are incorrect, or if otherwise required by applicable law, Sub-Advisor, in its sole discretion, shall be entitled to undertake appropriate and reasonable actions to ensure compliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Sub-Advisor represents, warrants and agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.neither the Sub-Advisor nor any of its subsidiaries, controlled affiliates, directors, officers, nor to Sub-Advisor's knowledge, any of its employees, agents or representatives is a Person that is, or is owned or controlled by one or more Persons that are (A) the target of any Sanctions; or (B) located, organized or resident in a Sanctioned Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.that it has established and implemented, or is subject to, policies, procedures, and internal controls that are reasonably designed to comply with applicable anti-corruption, sanctions, and anti-money laundering laws, rules and regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.in connection with this Agreement, the Sub-Advisor has and will comply with applicable anti-corruption, sanctions, anti-tax evasion and anti-money laundering laws, rules and regulations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Manager shall provide (or cause the Series custodian to provide) timely information to the Sub-Advisor regarding such matters as the composition of the assets of a Series, cash requirements and cash available for investment in a Series, and all other reasonable information as may be necessary for the Sub-Advisor to perform its duties and responsibilities hereunder. The Sub-Advisor will be entitled to reasonably rely upon information provided by the custodian in the performance of its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The Sub-Advisor represents that it (i) is a commodity trading advisor duly registered with the Commodity Futures Trading Commission (the "CFTC") and is a member in good standing of the National Futures Association (the "NFA") or (ii) is relying on an exemption from registration as a commodity trading advisor or (iii) is not trading commodity instruments that would subject the Sub-Advisor to register as a commodity trading advisor with the CFTC. As applicable, the Sub-Advisor shall either (i) maintain such registration and membership in good standing or (ii) continue to qualify for an exemption from registration as a commodity trading advisor or (iii) not trade commodity instruments that would subject the Sub-Advisor to so register during the term of this Agreement. Further, the Sub-Advisor agrees to notify the Manager, if applicable, within a commercially reasonable time upon (i) a statutory disqualification of the SubAdvisor under Sections 8a(2) or 8a(3) of the CEA, (ii) a suspension, revocation or limitation of the Sub-Advisor's commodity trading advisor registration or NFA membership, or (iii) the institution of an action or proceeding that would reasonably be expected to lead to a statutory disqualification under the CEA or an investigation by any governmental agency or selfregulatory organization relating to Sub-Advisor's registration as a commodity trading advisor, in each case, subject to applicable law, attorney-client privilege and confidentiality restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Sub-Advisor represents that it will not enter into any agreement, oral or written, or other understanding under which the Fund directs or is expected to direct portfolio securities transactions, or any remuneration, to a broker or dealer in consideration for the promotion or sale of Fund shares or shares issued by any other registered investment company. The Sub-Advisor further represents that it is contrary to the Sub-Advisor's policies to permit those who select brokers or dealers for execution of Fund portfolio securities transactions to take into account the broker's or dealer's promotion or sale of Fund shares or shares issued by any other registered investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)The Sub-Advisor agrees that neither it nor any of its affiliates will in any way refer to its relationship with the Fund, the Series, or the Manager or any of their respective affiliates in offering, marketing or other promotional materials without the express written consent of the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)The Manager will provide the Sub-Advisor with copies of (i) all documents reasonably relevant to the Sub-Advisor's management of the Allocated Assets (i.e. corporate resolution, articles of incorporation, by-laws, trust agreements, etc.), and (ii) any documents reasonably required as part of the Sub-Advisor's client on-boarding process or as required by third parties (e.g. counterparties) necessary for the services contemplated hereunder. The Manager further agrees to promptly deliver to the Sub-Advisor true and complete copies of all amendments or supplements to such documents. On an on-going basis, the Manager agrees to provide any additional documentation reasonably requested by the Sub-Advisor that Sub-Advisor (or a third party) deems is relevant for the management of the Allocated Assets, including know your client and anti-money laundering related documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)This Agreement contains the entire understanding and agreement of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Each party agrees that electronic signatures of the parties included in this Agreement are intended to authenticate this writing and to have the same force and effect as manual signatures. Electronic signature means any electronic sound, symbol, or process attached to or logically associated with a record and executed and adopted by a party with the intent to sign such record, including facsimile or email electronic signatures.

*Remainder of Page Intentionally Blank*

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IN WITNESS WHEREOF, the parties have duly executed this Agreement on the date first above written.

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| | |
|:---|:---|
| **PRINCIPAL GLOBAL INVESTORS, LLC** | **PRINCIPAL GLOBAL INVESTORS, LLC** |
| By: | /s/ Adam U. Shaikh |
| Name: | Adam U. Shaikh |
| Title: | Associate General Counsel |
| By: | /s/ Laura B. Latham |
| Name: | Laura B. Latham |
| Title: | Assistant General Counsel |
| **PARAMETRIC PORTFOLIO ASSOCIATES LLC** | **PARAMETRIC PORTFOLIO ASSOCIATES LLC** |
| By: | /s/ Thomas Lee |
| Name: | Thomas Lee |
| Title: | CIO |

---

------

**<u>APPENDIX A</u>**

INTENTIONALLY OMITTED

------

---

| | | |
|:---|:---|:---|
| **<u>APPENDIX B</u>** | **<u>APPENDIX B</u>** | **<u>APPENDIX B</u>** |
| **Effective Date and Initial Term of Sub-Advisory Agreement for each Series** | **Effective Date and Initial Term of Sub-Advisory Agreement for each Series** | **Effective Date and Initial Term of Sub-Advisory Agreement for each Series** |
| **Series** | **Effective Date** | **Initial Term** |
| Global Multi-Strategy Fund | May 15, 2026 | 2 Years |

---

## Ex-99.(D)(5)V

**<u>PRINCIPAL FUNDS, INC.</u>**

**AMENDED AND RESTATED SUB-ADVISORY AGREEMENT**

**T. ROWE PRICE ASSOCIATES, INC. SUB-ADVISED FUND**

AMENDED AND RESTATED SUB-ADVISORY AGREEMENT (the "Agreement") to be effective as of April 1, 2026, by and between PRINCIPAL GLOBAL INVESTORS, LLC, a Delaware limited liability company (the "Manager"), and T. ROWE PRICE ASSOCIATES, INC., a corporation organized and existing under the laws of the State of Maryland (the "Sub-Advisor").

W I T N E S S E T H:

WHEREAS, the Manager is the manager and investment advisor to each series of Principal Funds, Inc. (the "Fund"), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Manager desires to retain the Sub-Advisor to render discretionary investment advisory services for all or a portion of the assets of each series of the Fund identified in <u>Appendix A</u> hereto, as may be amended from time to time (the "Series"), which the Manager has agreed to provide to the Fund, and the Sub-Advisor desires to furnish such services; and

WHEREAS, the Manager and the Sub-Advisor agree to amend and restate the Amended and Restated Sub-Advisory Agreement between the Manager and the Sub-Advisor dated May 1, 2023 with this Agreement; and

WHEREAS, the Manager has furnished the Sub-Advisor with copies properly certified or authenticated of each of the following and will promptly provide the Sub-Advisor with copies properly certified or authenticated of any amendment or supplement thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Management Agreement (the "Management Agreement") with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Fund's registration statement and financial statements as filed with the Securities and Exchange Commission (the "SEC");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Fund's Articles of Incorporation and By-laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Policies, procedures or instructions adopted or approved by the Board of Directors of the Fund relating to obligations and services to be provided by the Sub-Advisor.

NOW, THEREFORE, in consideration of the premises and the terms and conditions hereinafter set forth, the parties agree as follows:

1.<u>Appointment of Sub-Advisor</u>

In accordance with and subject to the Management Agreement, the Manager hereby appoints the Sub-Advisor to perform the services described in Section 2 below for investment and reinvestment of such portion of the assets of each Series as may be allocated to the Sub-Advisor by the Manager, from time to time (the "Allocated Assets"), subject to the control and direction of the Manager and the Fund's Board of Directors, for the period and on the terms hereinafter set forth. The Sub-Advisor accepts such appointment and agrees to furnish the services hereinafter set forth for the compensation herein provided. The Sub-Advisor shall for all purposes herein be deemed to be an independent contractor and shall, except as expressly provided or authorized, have no authority to act for or represent the Fund or the Manager in any way or otherwise be deemed an agent of the Fund or the Manager.

2.<u>Obligations of and Services to be Provided by the Sub-Advisor</u>

The Sub-Advisor will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Provide investment advisory services, including but not limited to research, advice and supervision for the Allocated Assets of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Provide information and assistance to the Manager related to the recommended investment program for each Series, consistent with each Series' respective investment objective and policies and any specific investment guidelines provided by the Manager applicable to the Allocated Assets, so the Manager may furnish such information to the Board of Directors of the Fund (or any appropriate committee of such Board) for approval and/or review, and update such information from time to time as conditions require.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Implement the approved investment program for the Allocated Assets by placing orders for the purchase and sale of securities without prior consultation with the Manager and without regard to the length of time the securities have been held, the resulting rate of portfolio turnover or any tax considerations, subject always to the provisions of the Fund's registration statement, Articles of Incorporation and Bylaws and the requirements of the 1940 Act, as each of the same shall be from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Advise and assist the officers of the Fund, as requested by the officers, in taking such steps as are necessary or appropriate to carry out the decisions of its Board of Directors, and any appropriate committees of such Board, regarding the general conduct of the investment business of the Allocated Assets of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Maintain, in connection with the Sub-Advisor's investment advisory services provided to the Allocated Assets, compliance with the 1940 Act and the regulations adopted by the SEC thereunder and the Series' investment strategies and restrictions as stated in the Fund's prospectus and statement of additional information and any specific investment guidelines provided by the Manager applicable to the Allocated Assets. The Manager acknowledges that the Sub-Advisor is not the compliance agent for the Series, and does not have access to all of the Series' books and records necessary to perform certain compliance testing. The Sub-Advisor shall perform such services based upon its books and records with respect to the Allocated Assets of the Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Report to the Board of Directors of the Fund at such times and in such detail as the Board of Directors may reasonably deem appropriate in order to enable it to determine that the investment policies, procedures and approved investment program of the Allocated Assets of each Series (and any specific investment guidelines provided by the Manager applicable to the Allocated Assets) are being observed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Upon request, provide assistance and recommendations for the determination of the fair value of certain securities when reliable market quotations are not readily available for purposes of calculating net asset value in accordance with procedures and methods established by the Fund's Board of Directors. Further, the Sub-Advisor will provide security and foreign exchange trade details to the Manager so that the effects of all securities trades entered into by or for a Series are included in the appropriate day's end of day net asset value. Sub-Advisor must also communicate all trade amendments, cancellations or re-books accurately and timely to be included in the daily net asset value of a Series. Rule 2a-4 of the 1940 Act permits registered investment companies to record security transactions as of one day after the trade date for purposes of determining net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Furnish, at its own expense, (i) all necessary investment and management facilities, including salaries of clerical and other personnel required for it to execute its duties faithfully, and (ii) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the investment advisory affairs of the Allocated Assets of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Open accounts with Foreign Account Tax Compliance Act compliant broker-dealers, financial counterparties including swap counterparties and futures commission merchants ("broker-dealers"); select broker-dealers to effect all transactions for the Allocated Assets of each Series; place all necessary orders with broker-dealers or issuers (including affiliated broker-dealers); and negotiate commissions, if applicable. To the extent consistent with applicable law, purchase or sell orders for the Allocated Assets of each Series may be aggregated with contemporaneous purchase or sell orders of other clients of the Sub-Advisor. In such event allocation of securities so sold or purchased, as well as the expenses incurred in the transaction, will be made by the Sub-Advisor in the manner the Sub-Advisor considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to other clients. The Sub-Advisor will report on such allocations at the request of the Manager, the Fund or the Fund's Board of Directors providing such information as the number of aggregated trades to which the Allocated Assets of each Series was a party, the broker-dealers to whom such trades were directed and the basis for the allocation for the aggregated trades. The Sub-Advisor shall use its best efforts to obtain execution of transactions for the Allocated Assets of each Series at prices which are advantageous to the Series and at commission rates that are reasonable in relation to the benefits received. However, the Sub-Advisor may select brokers or dealers on the basis that they provide brokerage, research or other services or products to the Sub-Advisor. To the extent consistent with applicable law, the Sub-Advisor may pay a broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission or dealer spread another broker or dealer would have charged for effecting that transaction if the Sub-Advisor determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research products and/or services provided by such broker

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or dealer. This determination, with respect to brokerage and research products and/or services, may be viewed in terms of either that particular transaction or the overall responsibilities which the Sub-Advisor and its affiliates have with respect to each Series as well as to accounts over which they exercise investment discretion. Not all such services or products need be used by the Sub-Advisor in managing the Allocated Assets. In addition, joint repurchase or other accounts may not be utilized by the Series except to the extent permitted under any exemptive order obtained by the Sub-Advisor provided that all conditions of such order are complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Section 871(m) Transactions: Sub-Advisor shall not on behalf of a Series enter into certain U.S. dividend equivalent payment transactions described in Section 871(m) of the U.S. Internal Revenue Code and the regulations thereunder ("871(m) Transaction") with a foreign counterparty unless: (i) Sub-Advisor adheres to the ISDA 2015 Section 871(m) Protocol on behalf of the Series, and (ii) the foreign counterparty to the 871(m) Transaction provides Sub-Advisor with a properly completed Form W-8IMY certifying to its status as a qualified derivatives dealer ("QDD").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)Maintain all accounts, books and records with respect to the Allocated Assets as are required of an investment advisor of a registered investment company pursuant to the 1940 Act and Investment Advisers Act of 1940, as amended (the "Advisers Act"), and the rules thereunder, and furnish the Fund and the Manager with such periodic and special reports as the Fund or the Manager may reasonably request. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Advisor hereby agrees that all records that it maintains for each Series are the property of the Fund, agrees to preserve for the periods described by Rule 31a-2 under the 1940 Act any records that it maintains for the Series and that are required to be maintained by Rule 31a-1 under the 1940 Act, and further agrees to surrender promptly to the Fund any records that it maintains for a Series upon request by the Fund or the Manager, provided, however, the Sub-Advisor may retain copies of such records to the extent required for it to comply with applicable laws, rules and regulations. The Sub-Advisor has no responsibility for the maintenance of Fund records except insofar as is directly related to the services the Sub-Advisor provides to the Allocated Assets of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)Observe and comply with Rule 17j-1 under the 1940 Act and the Sub-Advisor's Code of Ethics adopted pursuant to that Rule as the same may be amended from time to time. The Manager acknowledges receipt of a copy of the Sub-Advisor's current Code of Ethics. The Sub-Advisor shall promptly forward to the Manager a copy of any material amendment to the Sub-Advisor's Code of Ethics along with certification that the Sub-Advisor has implemented procedures for administering the Sub-Advisor's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)From time to time as the Manager or the Fund may request, furnish the requesting party reports on portfolio transactions and reports on investments held by a Series, all in such detail as the Manager or the Fund may reasonably request. Upon due notice, the Sub-Advisor will make available its officers and employees to meet with the Fund's Board of Directors at the Fund's principal place of business on such times as mutually agreeable to the parties to review the investments of the Allocated Assets of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)Provide such information as is customarily provided by a sub-advisor, or as may be required or reasonably requested by the Manager, for the Fund or the Manager to comply with their respective obligations under applicable laws, including, without limitation, the Internal Revenue Code of 1986, as amended (the "Code"), the 1940 Act, the Advisers Act, the Securities Act of 1933, as amended (the "Securities Act"), and any state securities laws, and any rule or regulation thereunder. Such information includes, but is not limited to: electronic copies of (i) the Sub-Advisor's compliance manual and policies and procedures adopted to comply with Rules 206(4)-6 and 206(4)-7 of the Advisers Act and (ii) the Sub-Advisor's most recent annual compliance report or a detailed summary of such report; timely and complete responses to all 15(c) questionnaires; timely and complete responses to all Quarterly Compliance Questionnaires (including the identification of any material compliance matters and an electronic copy (marked to show changes) and summary of any material changes to the Sub-Advisor's Rules 206(4)-6 and 206(4)-7 policies and procedures; Annual Proxy Voting Questionnaires; Annual Best Execution and Soft Dollar Questionnaires, and responses to all other reasonable requests from the Manager. The Sub-Advisor agrees to make available for the Manager's review all deficiency letters issued by the SEC together with all responses given by Sub-Advisor to such letters, related to the sub-advisory services it provides. The Sub-Advisor will advise Manager of any material changes in the Sub-Advisor's ownership within a reasonable time after any such change.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)Vote proxies received on behalf of the Allocated Assets of each Series in a manner consistent with the Sub-Advisor's proxy voting policies and procedures and provide a record of votes cast containing all of the voting information required by Form N-PX in an electronic format to enable the Series to file Form N-PX as required by SEC rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)Respond to tender offers, rights offerings and other voluntary corporate action requests affecting securities held by the Allocated Assets of each Series,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)Cooperate with the Manager in its performance of quarterly and annual tax compliance tests to monitor the Series' compliance with Subchapter M and Section 817(h) of the Code. If it is determined by the Manager or its tax advisors that the Series is not in compliance with the requirements imposed by the Code, the Sub-Advisor, in consultation with the Manager and its tax advisors, will take prompt action to bring the Allocated Assets of each Series back into compliance within the time permitted under the Code.

3.<u>Prohibited Conduct</u>

In providing the services described in this Agreement, the Sub-Advisor will not consult with any other investment advisory firm that provides investment advisory services to any investment company sponsored by Principal Financial Group, Inc. regarding transactions for the Fund in securities or other assets.

4.<u>Compensation</u>

As full compensation for all services rendered and obligations assumed by the Sub-Advisor hereunder with respect to the Allocated Assets, the Manager shall pay the compensation specified in <u>Appendix A</u> to this Agreement.

5.<u>Liability of Sub-Advisor</u>

Neither the Sub-Advisor nor any of its directors, officers, employees, agents or affiliates shall be liable to the Manager, the Fund or its shareholders for any loss suffered by the Manager or the Fund resulting from any error of judgment made in the good faith exercise of the Sub-Advisor's investment discretion in connection with selecting investments for the Allocated Assets of each Series or as a result of the failure by the Manager or any of its affiliates to comply with the terms of this Agreement, except for losses resulting from willful misfeasance, bad faith or gross negligence of, or from reckless disregard of, the duties of the Sub-Advisor or any of its directors, officers, employees, agents, or affiliates.

6.<u>Trade Errors</u>

The Sub-Advisor will notify the Manager of any Trade Error(s), regardless of materiality, promptly upon the discovery such Trade Error(s) by the Sub-Advisor. Notwithstanding Section 5, the Sub-Advisor shall be liable to the Manager, the Fund or its shareholders for any loss suffered by the Manager or the Fund resulting from Trade Errors due to negligence, misfeasance, or disregard of duties of the Sub Advisor or any of its directors, officers, employees, agents (excluding any broker-dealer selected by the Sub-Advisor), or affiliates. Any gains that occur due to a Trade Error shall be retained by the Fund.

For purposes under this Section 6, a "Trade Error" occurs when a transaction results in an unintended, including an impermissible, result. Examples include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• orders by the Sub-Advisor that result in the purchase or sale of securities or other assets that were not intended to be purchased or sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• orders by the Sub-Advisor that result in the purchase or sale of securities or other assets in an unintended amount, which includes price or commission rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases or sales of securities or other assets that violate the investment limitations or restrictions disclosed in the Fund's registration statement and/or imposed by applicable law, regulation, contract or understanding (calculated at the Sub-Advisor's portfolio level), unless otherwise agreed to in writing.

7.<u>Supplemental Arrangements</u>

The Sub-Advisor may enter into arrangements with other persons affiliated with the Sub-Advisor or with unaffiliated third parties to better enable the Sub-Advisor to fulfill its obligations under this Agreement for the provision of certain personnel and facilities to the Sub-Advisor, subject to written notification to and approval of the Manager and, where required by applicable law, the Board of Directors of the Fund; provided, however, that entry into any such arrangements shall not relieve the Sub-Advisor of any of its obligations under this Agreement.

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8.<u>Regulation</u>

All information and advice furnished by one party to the other party (including their respective agents, employees and representatives) (the "Discloser") hereunder shall be treated as confidential and shall not be disclosed to third parties without prior notification to the Discloser, except as may be necessary to comply with applicable laws, rules and regulations, subpoenas or court orders. The Sub-Advisor shall submit to all regulatory and administrative bodies having jurisdiction over the services provided pursuant to this Agreement any information, reports or other material which any such body may request or require pursuant to applicable laws and regulations.

9.<u>Duration and Termination of This Agreement</u>

This Agreement shall become effective with respect to a Series as of the corresponding date set forth on <u>Appendix B</u> to this Agreement, as may be amended from time to time, and, unless otherwise terminated with respect to such Series, shall continue in effect thereafter for the initial term set forth on <u>Appendix B</u> to this Agreement, and thereafter from year to year, provided that in each case the continuance is specifically approved within the period required by the 1940 Act either by the Board of Directors of the Fund or by a vote of a majority of the outstanding voting securities of the Series and in either event by a vote of a majority of the Board of Directors of the Fund who are not interested persons of the Manager, Principal Financial Group, Inc., the Sub-Advisor or the Fund cast in accordance with the requirements of the 1940 Act after taking into effect any exemptive order, no-action assurances or other relief, rule or regulation upon which the Fund may rely.

If the shareholders of a Series fail to approve the Agreement or any continuance of the Agreement in accordance with the requirements of the 1940 Act, the Sub-Advisor will continue to act as Sub-Advisor with respect to the Allocated Assets of such Series pending the required approval of the Agreement or its continuance or of any contract with the Sub-Advisor or a different manager or sub-advisor or other definitive action; provided, that the compensation received by the Sub-Advisor in respect to the Allocated Assets of such Series during such period is in compliance with Rule 15a-4 under the 1940 Act.

This Agreement may be terminated with respect to a Series at any time without the payment of any penalty by the Board of Directors of the Fund or by the Sub-Advisor, the Manager or by vote of a majority of the outstanding voting securities of the Series on sixty days' written notice. This Agreement shall automatically terminate in the event of its assignment. In interpreting the provisions of this Section 9, the definitions contained in Section 2(a) of the 1940 Act (particularly the definitions of "interested person," "assignment," "voting security" and "majority of the outstanding voting securities") shall be applied.

10.<u>Amendment of this Agreement</u>

No amendment of this Agreement shall be effective unless in writing and signed by both parties. No material amendment of this Agreement shall be effective until approved, if required by the 1940 Act or the rules, regulations, interpretations or orders issued thereunder, by vote of the holders of a majority of the outstanding voting securities of the Series (as defined in the 1940 Act) and by vote of a majority of the Board of Directors of the Fund who are not interested persons (as defined in the 1940 Act) of the Manager, the Sub-Advisor, Principal Financial Group, Inc. or the Fund cast in accordance with the requirements of the 1940 Act after taking into effect any exemptive order, no-action assurances or other relief, rule or regulation upon which the Fund may rely.

11.<u>Additional Series</u>

In the event the Manager wishes to appoint the Sub-Advisor to perform the services described in this Agreement with respect to one or more additional Series of the Fund after the effective date of this Agreement, such Series will become a Series under this Agreement upon approval of this Agreement in the manner required by the 1940 Act and the amendment of <u>Appendices A</u> and <u>B</u> hereto.

12.<u>General Provisions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each party agrees to perform such further acts and execute such further documents as are necessary to effectuate the purposes hereof. This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Iowa. The captions in this Agreement are included for convenience only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any notice under this Agreement shall be in writing, addressed and delivered or mailed postage pre-paid to the other party at such address as such other party may designate for the receipt of such notices. Until further notice to the other party, it is agreed that the address of the Manager for this purpose shall be Principal Financial Group, Des Moines, Iowa 50392-0200, and the address of the Sub-Advisor shall be T. Rowe Price Associates, Inc., 4515 Painters Mill Road, Owings Mills, Maryland 21117, Attention: Senior Legal Counsel - Subadvised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Sub-Advisor will promptly notify the Manager in writing of the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.the Sub-Advisor fails to be registered as an investment advisor under the Advisers Act or under the laws of any jurisdiction in which the Sub-Advisor is required to be registered as an investment advisor in order to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.the Sub-Advisor is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, involving the affairs of a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.the Sub-Advisor becomes aware of any pending or threatened action, suit, proceeding, inquiry or investigation that is reasonably likely to result in a conviction, order, judgment or decree issued with respect to it or any affiliate that could reasonably be expected to result in the Sub-Advisor becoming ineligible to serve as an investment advisor of a registered investment company under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.the Sub-Advisor becomes aware of a transaction or series of transactions that is reasonably likely to result in a change in the management or control of the Sub-Advisor or a controlling person thereof or otherwise in the assignment (as defined in the 1940 Act) of this Agreement by the Sub-Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Manager shall provide (or cause the Series custodian to provide) timely information to the Sub-Advisor regarding such matters as the composition of the assets of a Series, cash requirements and cash available for investment in a Series, and all other reasonable information as may be necessary for the Sub-Advisor to perform its duties and responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Sub-Advisor represents that it will not enter into any agreement, oral or written, or other understanding under which the Fund directs or is expected to direct portfolio securities transactions, or any remuneration, to a broker or dealer in consideration for the promotion or sale of Fund shares or shares issued by any other registered investment company. The Sub-Advisor further represents that it is contrary to the Sub-Advisor's policies to permit those who select brokers or dealers for execution of Fund portfolio securities transactions to take into account the broker's or dealer's promotion or sale of Fund shares or shares issued by any other registered investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Sub-Advisor agrees that neither it nor any of its affiliates will in any way refer to its relationship with the Fund, the Series, or the Manager or any of their respective affiliates in offering, marketing or other promotional materials without the express written consent of the Manager. The Sub-Adviser hereby grants the Manager a royalty-free, non-exclusive, non-transferable (with no right to sublicense) limited license to display or otherwise use the name, trademark, service mark, logo, insignia or other identifying mark of the Sub-Advisor and/or its affiliate(s) ("Sub-Advisor Marks") during the term of this Agreement solely as incorporated within communications and materials relating to or about the Fund. The Manager shall use the Sub-Advisor Marks only in accordance with the Sub-Advisor's guidelines and applicable law. The Manager shall not use Sub-Advisor Marks or disclose information related to the business of the Sub-Advisor or any of its affiliates in any prospectus, sales literature or other material relating to the Fund in any manner not approved prior thereto by the Sub-Advisor; provided, however, that the Sub-Advisor hereby approves of all uses of its name which merely refer in accurate terms to the appointment of the Sub-Advisor hereunder or which are required by the SEC or a state securities commission. Materials which have been previously approved in writing by the Sub-Advisor or those that only refer to the Sub-Advisor's name or the Sub-Advisor Marks are not subject to such prior approval provided the Manager shall ensure that such materials are consistent with those which were previously approved by the Sub-Advisor and no changes have been made to the Sub-Advisor Marks previously approved by the Sub-Advisor.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Nothing in this Agreement shall limit or restrict the right of Sub-Advisor or its affiliates to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any business, whether of a similar or a dissimilar nature, or limit or restrict Sub-Advisor's right to engage in any other business or to render services of any kind to any other mutual fund, corporation, firm, individual, or association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)This Agreement contains the entire understanding and agreement of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Each party agrees that electronic signatures of the parties included in this Agreement are intended to authenticate this writing and to have the same force and effect as manual signatures. Electronic signature means any electronic sound, symbol, or process attached to or logically associated with a record and executed and adopted by a party with the intent to sign such record, including facsimile or email electronic signatures.

*Remainder of Page Intentionally Blank*

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IN WITNESS WHEREOF, the parties have duly executed this Agreement on the date first above written.

---

| | |
|:---|:---|
| **PRINCIPAL GLOBAL INVESTORS, LLC** | **PRINCIPAL GLOBAL INVESTORS, LLC** |
| By: | /s/ Adam U. Shaikh |
| Name: | Adam U. Shaikh |
| Title: | Associate General Counsel |
| By: | /s/ Laura B. Latham |
| Name: | Laura B. Latham |
| Title: | Assistant General Counsel |
| **T. ROWE PRICE ASSOCIATES, INC.** | **T. ROWE PRICE ASSOCIATES, INC.** |
| By: | /s/ Terence Baptiste |
| Name: | Terence Baptiste |
| Title: | Vice President |

---

------

**<u>APPENDIX A</u>**

INTENTIONALLY OMITTED

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**<u>APPENDIX B</u>**

---

| | | |
|:---|:---|:---|
| **Effective Date and Initial Term of Sub-Advisory Agreement for each Series** | **Effective Date and Initial Term of Sub-Advisory Agreement for each Series** | **Effective Date and Initial Term of Sub-Advisory Agreement for each Series** |
| **Series** | **Effective Date** | **Initial Term** |
| LargeCap Growth Fund I | August 2004 | 2 Years |

---

## Ex-99.(D)(5)W

**<u>PRINCIPAL FUNDS, INC.</u>**

**AMENDED AND RESTATED SUB-ADVISORY AGREEMENT**

**VAUGHAN NELSON INVESTMENT MANAGEMENT, LP SUB-ADVISED FUND**

AMENDED AND RESTATED SUB-ADVISORY AGREEMENT (the "Agreement") to be effective as of April 1, 2026, by and between PRINCIPAL GLOBAL INVESTORS, LLC, a Delaware limited liability company (the "Manager"), and VAUGHAN NELSON INVESTMENT MANAGEMENT, LP (the "Sub-Advisor").

W I T N E S S E T H:

WHEREAS, the Manager is the manager and investment advisor to each series of Principal Funds, Inc. (the "Fund"), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Manager desires to retain the Sub-Advisor to render discretionary investment advisory services for all or a portion of the assets of each series of the Fund identified in <u>Appendix A</u> hereto, as may be amended from time to time (the "Series"), which the Manager has agreed to provide to the Fund, and the Sub-Advisor desires to furnish such services; and

WHEREAS, the Manager and the Sub-Advisor agree to amend and restate the Amended and Restated Sub-Advisory Agreement between the Manager and the Sub-Advisor dated July 1, 2020 with this Agreement; and&nbsp;&nbsp;&nbsp;&nbsp;

WHEREAS, the Manager has furnished the Sub-Advisor with copies properly certified or authenticated of each of the following and will promptly provide the Sub-Advisor with copies properly certified or authenticated of any amendment or supplement thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Management Agreement (the "Management Agreement") with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Fund's registration statement and financial statements as filed with the Securities and Exchange Commission (the "SEC");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Fund's Articles of Incorporation and By-laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Policies, procedures or instructions adopted or approved by the Board of Directors of the Fund relating to obligations and services to be provided by the Sub-Advisor.

NOW, THEREFORE, in consideration of the premises and the terms and conditions hereinafter set forth, the parties agree as follows:

1.<u>Appointment of Sub-Advisor</u>

In accordance with and subject to the Management Agreement, the Manager hereby appoints the Sub-Advisor to perform the services described in Section 2 below for investment and reinvestment of such portion of the assets of each Series as may be allocated to the Sub-Advisor by the Manager, from time to time (the "Allocated Assets"), subject to the control and direction of the Manager and the Fund's Board of Directors, for the period and on the terms hereinafter set forth. The Sub-Advisor accepts such appointment and agrees to furnish the services hereinafter set forth for the compensation herein provided. The Sub-Advisor shall for all purposes herein be deemed to be an independent contractor and shall, except as expressly provided or authorized, have no authority to act for or represent the Fund or the Manager in any way or otherwise be deemed an agent of the Fund or the Manager.

2.<u>Obligations of and Services to be Provided by the Sub-Advisor</u>

The Sub-Advisor will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Provide investment advisory services, including but not limited to research, advice and supervision for the Allocated Assets of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Provide information and assistance to the Manager related to the recommended investment program for each Series, consistent with each Series' respective investment objective and policies and any specific criteria applicable to the Allocated Assets, so the Manager may furnish such information to the Board of Directors of the Fund (or any appropriate committee of such Board) for approval and/or review, and update such information from time to time as conditions require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Implement the approved investment program for the Allocated Assets by placing orders for the purchase and sale of securities without prior consultation with the Manager and without regard to the length of time the securities have been held, the resulting rate of portfolio turnover or any tax considerations, subject always to the provisions of the Fund's registration statement, Articles of Incorporation and Bylaws and the requirements of the 1940 Act, as each of the same shall be from time to time in effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Advise and assist the officers of the Fund, as requested by the officers, in taking such steps as are necessary or appropriate to carry out the decisions of its Board of Directors, and any appropriate committees of such Board, regarding the general conduct of the investment business of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Maintain, in connection with the Sub-Advisor's investment advisory services provided to the Allocated Assets, compliance with the 1940 Act and the regulations adopted by the SEC thereunder and the Series' investment strategies and restrictions as stated in the Fund's prospectus and statement of additional information and any specific criteria applicable to the Allocated Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Report to the Board of Directors of the Fund at such times and in such detail as the Board of Directors may reasonably deem appropriate in order to enable it to determine that the investment policies, procedures and approved investment program of each Series (and any specific criteria applicable to the Allocated Assets) are being observed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Upon request, provide assistance and recommendations for the determination of the fair value of certain securities when reliable market quotations are not readily available for purposes of calculating net asset value in accordance with procedures and methods established by the Fund's Board of Directors. Further, the Sub-Advisor will provide security and foreign exchange trade details to the Manager so that the effects of all securities trades entered into by or for a Series are included in the appropriate day's end of day net asset value. Sub-Advisor must also communicate all trade amendments, cancellations or re-books accurately and timely to be included in the daily net asset value of a Series. Rule 2a-4 of the 1940 Act permits registered investment companies to record security transactions as of one day after the trade date for purposes of determining net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Furnish, at its own expense, (i) all necessary investment and management facilities, including salaries of clerical and other personnel required for it to execute its duties faithfully, and (ii) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the investment advisory affairs of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Open accounts with Foreign Account Tax Compliance Act compliant broker-dealers, financial counterparties including swap counterparties and futures commission merchants ("broker-dealers"); select broker-dealers to effect all transactions for each Series; place all necessary orders with broker-dealers or issuers (including affiliated broker-dealers); and negotiate commissions, if applicable. To the extent consistent with applicable law, purchase or sell orders for each Series may be aggregated with contemporaneous purchase or sell orders of other clients of the Sub-Advisor. In such event allocation of securities so sold or purchased, as well as the expenses incurred in the transaction, will be made by the Sub-Advisor in the manner the Sub-Advisor considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to other clients. The Sub-Advisor will report on such allocations at the request of the Manager, the Fund or the Fund's Board of Directors providing such information as the number of aggregated trades to which each Series was a party, the broker-dealers to whom such trades were directed and the basis for the allocation for the aggregated trades. The Sub-Advisor shall use its best efforts to obtain execution of transactions for each Series at prices which are advantageous to the Series and at commission rates that are reasonable in relation to the benefits received. However, the Sub-Advisor may select brokers or dealers on the basis that they provide brokerage, research or other services or products to the Sub-Advisor. To the extent consistent with applicable law, the Sub-Advisor may pay a broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission or dealer spread another broker or dealer would have charged for effecting that transaction if the Sub-Advisor determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research products and/or services provided by such broker or dealer. This determination, with respect to brokerage and research products and/or services, may be viewed in terms of either that particular transaction or the overall responsibilities which the Sub-Advisor and its affiliates have with respect to each Series as well as to accounts over which they exercise investment discretion. Not all such services or products need be used by the Sub-Advisor in managing the Allocated Assets. In addition, joint repurchase or other accounts may not be utilized by the Series except to the extent permitted under any exemptive order obtained by the Sub-Advisor provided that all conditions of such order are complied with.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Section 871(m) Transactions: Sub-Advisor shall not on behalf of a Series enter into certain U.S. dividend equivalent payment transactions described in Section 871(m) of the U.S. Internal Revenue Code and the regulations thereunder ("871(m) Transaction") with a foreign counterparty unless: (i) Sub-Advisor adheres to the ISDA 2015 Section 871(m) Protocol on behalf of the Series, and (ii) the foreign counterparty to the 871(m) Transaction provides Sub-Advisor with a properly completed Form W-8IMY certifying to its status as a qualified derivatives dealer ("QDD").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)Maintain all accounts, books and records with respect to the Allocated Assets as are required of an investment advisor of a registered investment company pursuant to the 1940 Act and Investment Advisers Act of 1940, as amended (the "Advisers Act"), and the rules thereunder, and furnish the Fund and the Manager with such periodic and special reports as the Fund or the Manager may reasonably request. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Advisor hereby agrees that all records that it maintains for each Series are the property of the Fund, agrees to preserve for the periods described by Rule 31a-2 under the 1940 Act any records that it maintains for the Series and that are required to be maintained by Rule 31a-1 under the 1940 Act, and further agrees to surrender promptly to the Fund any records that it maintains for a Series upon request by the Fund or the Manager. The Sub-Advisor has no responsibility for the maintenance of Fund records except insofar as is directly related to the services the Sub-Advisor provides to a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)Observe and comply with Rule 17j-1 under the 1940 Act and the Sub-Advisor's Code of Ethics adopted pursuant to that Rule as the same may be amended from time to time. The Manager acknowledges receipt of a copy of the Sub-Advisor's current Code of Ethics. The Sub-Advisor shall promptly forward to the Manager a copy of any material amendment to the Sub-Advisor's Code of Ethics along with certification that the Sub-Advisor has implemented procedures for administering the Sub-Advisor's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)From time to time as the Manager or the Fund may request, furnish the requesting party reports on portfolio transactions and reports on investments held by a Series, all in such detail as the Manager or the Fund may reasonably request. The Sub-Advisor will make available its officers and employees to meet with the Fund's Board of Directors at the Fund's principal place of business on due notice to review the investments of a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)Provide such information as is customarily provided by a sub-advisor, or as may be required or reasonably requested by the Manager, for the Fund or the Manager to comply with their respective obligations under applicable laws, including, without limitation, the Internal Revenue Code of 1986, as amended (the "Code"), the 1940 Act, the Advisers Act, the Securities Act of 1933, as amended (the "Securities Act"), and any state securities laws, and any rule or regulation thereunder. Such information includes, but is not limited to: electronic copies of (i) the Sub-Advisor's compliance manual and policies and procedures adopted to comply with Rules 206(4)-6 and 206(4)-7 of the Advisers Act and (ii) the Sub-Advisor's most recent annual compliance report or a detailed summary of such report; timely, accurate and complete responses to all 15(c) questionnaires; timely, accurate and complete responses to all Quarterly Compliance Questionnaires (including the identification of any material compliance matters and an electronic copy of any material changes to the Sub-Advisor's Rules 206(4)-6 and 206(4)-7 policies and procedures, marked to show changes along with a written summary of the purpose of each such change); Annual Proxy Voting Questionnaires; Annual Best Execution and Soft Dollar Questionnaires, and responses to all other requests from the Manager. The Sub-Advisor agrees to make available for the Manager's review all deficiency letters issued by the SEC together with all responses given by Sub-Advisor to such letters. The Sub-Advisor will advise the Manager of any material changes in the Sub-Advisor's ownership within a reasonable time after any such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)Vote proxies received on behalf of each Series (with respect to the portion thereof allocated to the Sub-Advisor) in a manner consistent with the Sub-Advisor's proxy voting policies and procedures and provide a record of votes cast containing all of the voting information required by Form N-PX in an electronic format to enable the Series to file Form N-PX as required by SEC rule.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)Respond to tender offers, rights offerings and other voluntary corporate action requests affecting securities held by each Series (with respect to the portion thereof allocated to the Sub-Advisor).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)Cooperate with the Manager in its performance of quarterly and annual tax compliance tests to monitor the Series' compliance with Subchapter M of the Code and Section 817(h) of the Code. If it is determined by the Manager or its tax advisors that the Series is not in compliance with the requirements imposed by the Code, the Sub-Advisor, in consultation with the Manager and its tax advisors, will take prompt action to bring the Series back into compliance within the time permitted under the Code.

3.<u>Prohibited Conduct</u>

In providing the services described in this Agreement, the Sub-Advisor will not consult with any other investment advisory firm that provides investment advisory services to any investment company sponsored by Principal Financial Group, Inc. regarding transactions for the Fund in securities or other assets.

4.<u>Compensation</u>

As full compensation for all services rendered and obligations assumed by the Sub-Advisor hereunder with respect to the Allocated Assets, the Manager shall pay the compensation specified in <u>Appendix A</u> to this Agreement.

5.<u>Liability of Sub-Advisor</u>

Neither the Sub-Advisor nor any of its directors, officers, employees, agents or affiliates shall be liable to the Manager, the Fund or its shareholders for any loss suffered by the Manager or the Fund resulting from any error of judgment made in the good faith exercise of the Sub-Advisor's investment discretion in connection with selecting investments for a Series or as a result of the failure by the Manager or any of its affiliates to comply with the terms of this Agreement, except for losses resulting from willful misfeasance, bad faith or gross negligence of, or from reckless disregard of, the duties of the Sub-Advisor or any of its directors, officers, employees, agents, or affiliates.

6.<u>Trade Errors</u>

The Sub-Advisor will notify the Manager of any Trade Error(s), regardless of materiality, promptly upon the discovery of such Trade Error(s) by the Sub-Advisor. Notwithstanding Section 5, the Sub-Advisor shall be liable to the Manager, the Fund or its shareholders for any loss suffered by the Manager or the Fund resulting from Trade Errors due to negligence, misfeasance, or disregard of duties of the Sub Advisor or any of its directors, officers, employees, agents (excluding any broker-dealer selected by the Sub-Advisor), or affiliates. Any gains that occur due to a Trade Error shall be retained by the Fund.

For purposes under this Section 6, a "Trade Error" occurs when a transaction results in an unintended, including an impermissible, result. Examples include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• orders by the Sub-Advisor that result in the purchase or sale of securities or other assets that were not intended to be purchased or sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• orders by the Sub-Advisor that result in the purchase or sale of securities or other assets in an unintended amount, which includes price or commission rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases or sales of securities or other assets that violate the investment limitations or restrictions disclosed in the Fund's registration statement and/or imposed by applicable law, regulation, contract or understanding (calculated at the Sub-Advisor's portfolio level), unless otherwise agreed to in writing.

7.<u>Supplemental Arrangements</u>

The Sub-Advisor may enter into arrangements with other persons affiliated with the Sub-Advisor or with unaffiliated third parties to better enable the Sub-Advisor to fulfill its obligations under this Agreement for the provision of certain personnel and facilities to the Sub-Advisor, subject to written notification to and approval of the Manager and, where required by applicable law, the Board of Directors of the Fund; provided, however, that entry into any such arrangements shall not relieve the Sub-Advisor of any of its obligations under this Agreement.

8.<u>Regulation</u>

The Sub-Advisor shall submit to all regulatory and administrative bodies having jurisdiction over the services provided pursuant to this Agreement any information, reports or other material which any such body may request or require pursuant to applicable laws and regulations.

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9.<u>Duration and Termination of This Agreement</u>

This Agreement shall become effective with respect to a Series as of the corresponding date set forth on <u>Appendix B</u> to this Agreement, as may be amended from time to time, and, unless otherwise terminated with respect to such Series, shall continue in effect thereafter for the initial term set forth on <u>Appendix B</u> to this Agreement, and thereafter from year to year, provided that in each case the continuance is specifically approved within the period required by the 1940 Act either by the Board of Directors of the Fund or by a vote of a majority of the outstanding voting securities of the Series and in either event by a vote of a majority of the Board of Directors of the Fund who are not interested persons of the Manager, Principal Financial Group, Inc., the Sub-Advisor or the Fund cast in accordance with the requirements of the 1940 Act after taking into effect any exemptive order, no-action assurances or other relief, rule or regulation upon which the Fund may rely.

If the shareholders of a Series fail to approve the Agreement or any continuance of the Agreement in accordance with the requirements of the 1940 Act, the Sub-Advisor will continue to act as Sub-Advisor with respect to the Allocated Assets of such Series pending the required approval of the Agreement or its continuance or of any contract with the Sub-Advisor or a different manager or sub-advisor or other definitive action; provided, that the compensation received by the Sub-Advisor in respect to the Allocated Assets of such Series during such period is in compliance with Rule 15a-4 under the 1940 Act.

This Agreement may be terminated with respect to a Series at any time without the payment of any penalty by the Board of Directors of the Fund or by the Sub-Advisor, the Manager or by vote of a majority of the outstanding voting securities of the Series on sixty days' written notice. This Agreement shall automatically terminate in the event of its assignment. In interpreting the provisions of this Section 9, the definitions contained in Section 2(a) of the 1940 Act (particularly the definitions of "interested person," "assignment," "voting security" and "majority of the outstanding voting securities") shall be applied.

10.<u>Amendment of this Agreement</u>

No amendment of this Agreement shall be effective unless in writing and signed by both parties. No material amendment of this Agreement shall be effective until approved, if required by the 1940 Act or the rules, regulations, interpretations or orders issued thereunder, by vote of the holders of a majority of the outstanding voting securities of the Series (as defined in the 1940 Act) and by vote of a majority of the Board of Directors of the Fund who are not interested persons (as defined in the 1940 Act) of the Manager, the Sub-Advisor, Principal Financial Group, Inc. or the Fund cast in accordance with the requirements of the 1940 Act after taking into effect any exemptive order, no-action assurances or other relief, rule or regulation upon which the Fund may rely.

11.<u>Additional Series</u>

In the event the Manager wishes to appoint the Sub-Advisor to perform the services described in this Agreement with respect to one or more additional Series of the Fund after the effective date of this Agreement, such Series will become a Series under this Agreement upon approval of this Agreement in the manner required by the 1940 Act and the amendment of <u>Appendices A</u> and <u>B</u> hereto.

12.<u>General Provisions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each party agrees to perform such further acts and execute such further documents as are necessary to effectuate the purposes hereof. This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Iowa. The captions in this Agreement are included for convenience only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any notice under this Agreement shall be in writing, addressed and delivered or mailed postage pre-paid to the other party at such address as such other party may designate for the receipt of such notices. Until further notice to the other party, it is agreed that the address of the Manager for this purpose shall be Principal Financial Group, Des Moines, Iowa 50392-0200, and the address of the Sub-Advisor shall be Vaughan Nelson Investment Management, LP, 600 Travis Street, Suite 3800, Houston, Texas 77002.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Sub-Advisor will promptly notify the Manager in writing of the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.the Sub-Advisor fails to be registered as an investment advisor under the Advisers Act or under the laws of any jurisdiction in which the Sub-Advisor is required to be registered as an investment advisor in order to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.the Sub-Advisor is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, involving the affairs of a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.the Sub-Advisor becomes aware of any pending or threatened action, suit, proceeding, inquiry or investigation that is reasonably likely to result in a conviction, order, judgment or decree issued with respect to it or any affiliate that could reasonably be expected to result in the Sub-Advisor becoming ineligible to serve as an investment advisor of a registered investment company under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.the Sub-Advisor becomes aware of a transaction or series of transactions that is reasonably likely to result in a change in the management or control of the Sub-Advisor or a controlling person thereof or otherwise in the assignment (as defined in the 1940 Act) of this Agreement by the Sub-Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Manager shall provide (or cause the Series custodian to provide) timely information to the Sub-Advisor regarding such matters as the composition of the assets of a Series, cash requirements and cash available for investment in a Series, and all other reasonable information as may be necessary for the Sub-Advisor to perform its duties and responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Sub-Advisor represents that it will not enter into any agreement, oral or written, or other understanding under which the Fund directs or is expected to direct portfolio securities transactions, or any remuneration, to a broker or dealer in consideration for the promotion or sale of Fund shares or shares issued by any other registered investment company. The Sub-Advisor further represents that it is contrary to the Sub-Advisor's policies to permit those who select brokers or dealers for execution of Fund portfolio securities transactions to take into account the broker's or dealer's promotion or sale of Fund shares or shares issued by any other registered investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Sub-Advisor agrees that neither it nor any of its affiliates will in any way refer to its relationship with the Fund, the Series, or the Manager or any of their respective affiliates in offering, marketing or other promotional materials without the express written consent of the Manager. Notwithstanding the above, Sub-Advisor may use the name of Manager in a representative listing of Sub-Advisor's clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)This Agreement contains the entire understanding and agreement of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Each party agrees that electronic signatures of the parties included in this Agreement are intended to authenticate this writing and to have the same force and effect as manual signatures. Electronic signature means any electronic sound, symbol, or process attached to or logically associated with a record and executed and adopted by a party with the intent to sign such record, including facsimile or email electronic signatures.

*Remainder of Page Intentionally Blank*

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IN WITNESS WHEREOF, the parties have duly executed this Agreement on the date first above written.

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| | |
|:---|:---|
| **PRINCIPAL GLOBAL INVESTORS, LLC** | **PRINCIPAL GLOBAL INVESTORS, LLC** |
| By: | /s/ Adam U. Shaikh |
| Name: | Adam U. Shaikh |
| Title: | Associate General Counsel |
| By: | /s/ Laura B. Latham |
| Name: | Laura B. Latham |
| Title: | Assistant General Counsel |
| <br>**VAUGHAN NELSON INVESTMENT MANAGEMENT, LP** | <br>**VAUGHAN NELSON INVESTMENT MANAGEMENT, LP** |
| By: | /s/ Christopher D. Wallis |
| Name: | Christopher D. Wallis |
| Title: | CEO and CIO |

---

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**<u>APPENDIX A</u>**

INTENTIONALLY OMITTED

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**<u>APPENDIX B</u>**

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| | | |
|:---|:---|:---|
| **Effective Date and Initial Term of Sub-Advisory Agreement for each Series** | **Effective Date and Initial Term of Sub-Advisory Agreement for each Series** | **Effective Date and Initial Term of Sub-Advisory Agreement for each Series** |
| **Series** | **Effective Date** | **Initial Term** |
| SmallCap Value Fund II | October 2005 | 2 Years |

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## Ex-99.(D)(5)Aa

**<u>PRINCIPAL FUNDS, INC.</u>**

**SUB-ADVISORY AGREEMENT**

**WESTFIELD CAPITAL MANAGEMENT COMPANY, L.P. SUB-ADVISED FUND**

SUB-ADVISORY AGREEMENT (the "Agreement") to be effective as of April 15, 2026 by and between PRINCIPAL GLOBAL INVESTORS, LLC, a Delaware limited liability company (the "Manager"), and WESTFIELD CAPITAL MANAGEMENT COMPANY, L.P., a Delaware limited partnership (the "Sub-Advisor").

W I T N E S S E T H:

WHEREAS, the Manager is the manager and investment advisor to each series of Principal Funds, Inc. (the "Fund"), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Manager desires to retain the Sub-Advisor to render discretionary investment advisory services for all or a portion of the assets of each series of the Fund identified in <u>Appendix A</u> hereto, as may be amended from time to time (the "Series"), which the Manager has agreed to provide to the Fund, and the Sub-Advisor desires to furnish such services; and

WHEREAS, the Manager has furnished the Sub-Advisor with copies properly certified or authenticated of each of the following and will promptly provide the Sub-Advisor with copies properly certified or authenticated of any amendment or supplement thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Management Agreement (the "Management Agreement") with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Fund's registration statement and financial statements as filed with the Securities and Exchange Commission (the "SEC");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Fund's Articles of Incorporation and By-laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Policies, procedures or instructions adopted or approved by the Board of Directors of the Fund relating to obligations and services to be provided by the Sub-Advisor.

NOW, THEREFORE, in consideration of the premises and the terms and conditions hereinafter set forth, the parties agree as follows:

1.<u>Appointment of Sub-Advisor</u>

In accordance with and subject to the Management Agreement, the Manager hereby appoints the Sub-Advisor to perform the services described in <u>Section 2</u> below for investment and reinvestment of such portion of the assets of each Series as may be allocated to the Sub-Advisor by the Manager, from time to time (the "Allocated Assets"), subject to the control and direction of the Manager and the Fund's Board of Directors, for the period and on the terms hereinafter set forth. The Sub-Advisor accepts such appointment and agrees to furnish the services hereinafter set forth for the compensation herein provided. The Sub-Advisor shall for all purposes herein be deemed to be an independent contractor and shall, except as expressly provided or authorized, have no authority to act for or represent the Fund or the Manager in any way or otherwise be deemed an agent of the Fund or the Manager.

2.<u>Obligations of and Services to be Provided by the Sub-Advisor</u>

The Sub-Advisor will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Provide investment advisory services, including but not limited to research, advice and supervision for the Allocated Assets of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Provide information and assistance to the Manager related to the recommended investment program for each Series, consistent with each Series' respective investment objective and policies and any specific criteria applicable to the Allocated Assets, so the Manager may furnish such information to the Board of Directors of the Fund (or any appropriate committee of such Board) for approval and/or review, and update such information from time to time as conditions require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Implement the approved investment program for the Allocated Assets by placing orders for the purchase and sale of securities without prior consultation with the Manager and without regard to the length of time the securities have been held, the resulting rate of portfolio turnover or any tax considerations, subject always to the provisions of the Fund's registration statement, Articles of Incorporation and Bylaws and the requirements of the 1940 Act, as each of the same shall be from time to time in effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Advise and assist the officers of the Fund, as requested by the officers, in taking such steps as are necessary or appropriate to carry out the decisions of its Board of Directors, and any appropriate committees of such Board, regarding the general conduct of the investment business of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Maintain, in connection with the Sub-Advisor's investment advisory services provided to the Allocated Assets, compliance with the 1940 Act and the regulations adopted by the SEC thereunder and the Series' investment strategies and restrictions as stated in the Fund's prospectus and statement of additional information and any specific criteria applicable to the Allocated Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Report to the Board of Directors of the Fund at such times and in such detail as the Board of Directors may reasonably deem appropriate in order to enable it to determine that the investment policies, procedures and approved investment program of each Series (and any specific criteria applicable to the Allocated Assets) are being observed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Upon request, provide assistance and recommendations for the determination of the fair value of certain securities when reliable market quotations are not readily available for purposes of calculating net asset value in accordance with procedures and methods established by the Fund's Board of Directors. Further, the Sub-Advisor will provide security and foreign exchange trade details to the Manager so that the effects of all securities trades entered into by or for a Series are included in the appropriate day's end of day net asset value. Sub-Advisor must also communicate all trade amendments, cancellations or re-books accurately and timely to be included in the daily net asset value of a Series. Rule 2a-4 of the 1940 Act permits registered investment companies to record security transactions as of one day after the trade date for purposes of determining net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Furnish, at its own expense, (i) all necessary investment and management facilities, including salaries of clerical and other personnel required for it to execute its duties faithfully, and (ii) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the investment advisory affairs of each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Open accounts with Foreign Account Tax Compliance Act compliant broker-dealers, financial counterparties including swap counterparties and futures commission merchants ("broker-dealers"); select broker-dealers to effect all transactions for each Series; place all necessary orders with broker-dealers or issuers (including affiliated broker-dealers); and negotiate commissions, if applicable. To the extent consistent with applicable law, purchase or sell orders for each Series may be aggregated with contemporaneous purchase or sell orders of other clients of the Sub-Advisor. In such event allocation of securities so sold or purchased, as well as the expenses incurred in the transaction, will be made by the Sub-Advisor in the manner the Sub-Advisor considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to other clients. The Sub-Advisor will report on such allocations at the request of the Manager, the Fund or the Fund's Board of Directors providing such information as the number of aggregated trades to which each Series was a party, the broker-dealers to whom such trades were directed and the basis for the allocation for the aggregated trades. The Sub-Advisor shall use its best efforts to obtain execution of transactions for each Series at prices which are advantageous to the Series and at commission rates that are reasonable in relation to the benefits received. However, the Sub-Advisor may select brokers or dealers on the basis that they provide brokerage, research or other services or products to the Sub-Advisor. To the extent consistent with applicable law, the Sub-Advisor may pay a broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission or dealer spread another broker or dealer would have charged for effecting that transaction if the Sub-Advisor determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research products and/or services provided by such broker or dealer. This determination, with respect to brokerage and research products and/or services, may be viewed in terms of either that particular transaction or the overall responsibilities which the Sub-Advisor and its affiliates have with respect to each Series as well as to accounts over which they exercise investment discretion. Not all such services or products need be used by the Sub-Advisor in managing the Allocated Assets. In addition, joint repurchase or other accounts may not be utilized by the Series except to the extent permitted under any exemptive order obtained by the Sub-Advisor provided that all conditions of such order are complied with.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Section 871(m) Transactions: Sub-Advisor shall not on behalf of a Series enter into certain U.S. dividend equivalent payment transactions described in Section 871(m) of the U.S. Internal Revenue Code and the regulations thereunder ("871(m) Transaction") with a foreign counterparty unless: (i) Sub-Advisor adheres to the ISDA 2015 Section 871(m) Protocol on behalf of the Series, and (ii) the foreign counterparty to the 871(m) Transaction provides Sub-Advisor with a properly completed Form W-8IMY certifying to its status as a qualified derivatives dealer ("QDD").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)Maintain all accounts, books and records with respect to the Allocated Assets as are required of an investment advisor of a registered investment company pursuant to the 1940 Act and Investment Advisers Act of 1940, as amended (the "Advisers Act"), and the rules thereunder, and furnish the Fund and the Manager with such periodic and special reports as the Fund or the Manager may reasonably request. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Advisor hereby agrees that all records that it maintains for each Series are the property of the Fund, agrees to preserve for the periods described by Rule 31a-2 under the 1940 Act any records that it maintains for the Series and that are required to be maintained by Rule 31a-1 under the 1940 Act, and further agrees to surrender promptly to the Fund any records that it maintains for a Series upon request by the Fund or the Manager. The Sub-Advisor has no responsibility for the maintenance of Fund records except insofar as is directly related to the services the Sub-Advisor provides to a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)Observe and comply with Rule 17j-1 under the 1940 Act and the Sub-Advisor's Code of Ethics adopted pursuant to that Rule as the same may be amended from time to time. The Manager acknowledges receipt of a copy of the Sub-Advisor's current Code of Ethics. The Sub-Advisor shall promptly forward to the Manager a copy of any material amendment to the Sub-Advisor's Code of Ethics along with certification that the Sub-Advisor has implemented procedures for administering the Sub-Advisor's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)From time to time as the Manager or the Fund may request, furnish the requesting party reports on portfolio transactions and reports on investments held by a Series, all in such detail as the Manager or the Fund may reasonably request. The Sub-Advisor will make available its officers and employees to meet with the Fund's Board of Directors at the Fund's principal place of business on due notice to review the investments of a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)Provide such information as is customarily provided by a sub-advisor, or as may be required or reasonably requested by the Manager, for the Fund or the Manager to comply with their respective obligations under applicable laws, including, without limitation, the Internal Revenue Code of 1986, as amended (the "Code"), the 1940 Act, the Advisers Act, the Securities Act of 1933, as amended (the "Securities Act"), and any state securities laws, and any rule or regulation thereunder. Such information includes, but is not limited to: electronic copies of (i) the Sub-Advisor's compliance manual and policies and procedures adopted to comply with Rules 206(4)-6 and 206(4)-7 of the Advisers Act and (ii) the Sub-Advisor's most recent annual compliance report or a detailed summary of such report; timely, accurate and complete responses to all 15(c) questionnaires; timely, accurate and complete responses to all Quarterly Compliance Questionnaires (including the identification of any material compliance matters and an electronic copy of any material changes to the Sub-Advisor's Rules 206(4)-6 and 206(4)-7 policies and procedures, marked to show changes along with a written summary of the purpose of each such change); Annual Proxy Voting Questionnaires; Annual Best Execution and Soft Dollar Questionnaires, and responses to all other requests from the Manager. The Sub-Advisor agrees to make available for the Manager's review all deficiency letters issued by the SEC together with all responses given by Sub-Advisor to such letters. The Sub-Advisor will advise the Manager of any material changes in the Sub-Advisor's ownership within a reasonable time after any such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)Vote proxies received on behalf of each Series (with respect to the Allocated Assets) in a manner consistent with the Sub-Advisor's proxy voting policies and procedures and provide a record of votes cast containing all of the voting information required by Form N-PX in an electronic format to enable the Series to file Form N-PX as required by SEC rule.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)Respond to tender offers, rights offerings and other voluntary corporate action requests affecting securities held by each Series (with respect to the Allocated Assets).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)Cooperate with the Manager in its performance of quarterly and annual tax compliance tests to monitor the Series' compliance with Subchapter M and Section 817(h) of the Code. If it is determined by the Manager or its tax advisors that the Series is not in compliance with the requirements imposed by the Code, the Sub-Advisor, in consultation with the Manager and its tax advisors, will take prompt action to bring the Series back into compliance within the time permitted under the Code.

3.<u>Prohibited Conduct</u>

In providing the services described in this Agreement, the Sub-Advisor will not consult with any other investment advisory firm that provides investment advisory services to any investment company sponsored by Principal Financial Group, Inc. regarding transactions for the Fund in securities or other assets.

4.<u>Compensation</u>

As full compensation for all services rendered and obligations assumed by the Sub-Advisor hereunder with respect to the Allocated Assets, the Manager shall pay the compensation specified in <u>Appendix A</u> to this Agreement.

5.<u>Liability of Sub-Advisor</u>

Neither the Sub-Advisor nor any of its directors, officers, employees, agents or affiliates shall be liable to the Manager, the Fund or its shareholders for any loss suffered by the Manager or the Fund resulting from any error of judgment made in the good faith exercise of the Sub-Advisor's investment discretion in connection with selecting investments for a Series or as a result of the failure by the Manager or any of its affiliates to comply with the terms of this Agreement, except for losses resulting from willful misfeasance, bad faith or gross negligence of, or from reckless disregard of, the duties of the Sub-Advisor or any of its directors, officers, employees, agents, or affiliates.

6.<u>Trade Errors</u>

The Sub-Advisor will notify the Manager of any Trade Error(s), regardless of materiality, promptly upon the discovery of such Trade Error(s) by the Sub-Advisor. Notwithstanding <u>Section 5</u>, the Sub-Advisor shall be liable to the Manager, the Fund or its shareholders for any loss suffered by the Manager or the Fund resulting from Trade Errors due to negligence, misfeasance, or disregard of duties of the Sub Advisor or any of its directors, officers, employees, agents (excluding any broker-dealer selected by the Sub-Advisor), or affiliates. Any gains that occur due to a Trade Error shall be retained by the Fund. For purposes under this <u>Section 6</u>, a "Trade Error" occurs when a transaction results in an unintended, including an impermissible, result. Examples include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• orders by the Sub-Advisor that result in the purchase or sale of securities or other assets that were not intended to be purchased or sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• orders by the Sub-Advisor that result in the purchase or sale of securities or other assets in an unintended amount, which includes price or commission rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases or sales of securities or other assets that violate the investment limitations or restrictions disclosed in the Fund's registration statement and/or imposed by applicable law, regulation, contract or understanding (calculated at the Sub-Advisor's portfolio level), unless otherwise agreed to in writing.

7.<u>Supplemental Arrangements</u>

The Sub-Advisor may enter into arrangements with other persons affiliated with the Sub-Advisor or with unaffiliated third parties to better enable the Sub-Advisor to fulfill its obligations under this Agreement for the provision of certain personnel and facilities to the Sub-Advisor, subject to written notification to and approval of the Manager and, where required by applicable law, the Board of Directors of the Fund; provided, however, that entry into any such arrangements shall not relieve the Sub-Advisor of any of its obligations under this Agreement.

8.<u>Regulation</u>

The Sub-Advisor shall submit to all regulatory and administrative bodies having jurisdiction over the services provided pursuant to this Agreement any information, reports or other material which any such body may request or require pursuant to applicable laws and regulations.

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9.<u>Duration and Termination of This Agreement</u>

This Agreement shall become effective with respect to a Series as of the corresponding date set forth on <u>Appendix B</u> to this Agreement, as may be amended from time to time, and, unless otherwise terminated with respect to such Series, shall continue in effect thereafter for the initial term set forth on <u>Appendix B</u> to this Agreement, and thereafter from year to year, provided that in each case the continuance is specifically approved within the period required by the 1940 Act either by the Board of Directors of the Fund or by a vote of a majority of the outstanding voting securities of the Series and in either event by a vote of a majority of the Board of Directors of the Fund who are not interested persons of the Manager, Principal Financial Group, Inc., the Sub-Advisor or the Fund cast in accordance with the requirements of the 1940 Act after taking into effect any exemptive order, no-action assurances or other relief, rule or regulation upon which the Fund may rely.

If the shareholders of a Series fail to approve the Agreement or any continuance of the Agreement in accordance with the requirements of the 1940 Act, the Sub-Advisor will continue to act as Sub-Advisor with respect to the Allocated Assets of such Series pending the required approval of the Agreement or its continuance or of any contract with the Sub-Advisor or a different manager or sub-advisor or other definitive action; provided, that the compensation received by the Sub-Advisor in respect to the Allocated Assets of such Series during such period is in compliance with Rule 15a-4 under the 1940 Act.

This Agreement may be terminated with respect to a Series at any time without the payment of any penalty by the Board of Directors of the Fund or by the Sub-Advisor, the Manager or by vote of a majority of the outstanding voting securities of the Series on sixty days' written notice. This Agreement shall automatically terminate in the event of its assignment. In interpreting the provisions of this <u>Section 9</u>, the definitions contained in Section 2(a) of the 1940 Act (particularly the definitions of "interested person," "assignment," "voting security" and "majority of the outstanding voting securities") shall be applied.

10.<u>Amendment of this Agreement</u>

No amendment of this Agreement shall be effective unless in writing and signed by both parties. No material amendment of this Agreement shall be effective until approved, if required by the 1940 Act or the rules, regulations, interpretations or orders issued thereunder, by vote of the holders of a majority of the outstanding voting securities of the Series (as defined in the 1940 Act) and by vote of a majority of the Board of Directors of the Fund who are not interested persons (as defined in the 1940 Act) of the Manager, the Sub-Advisor, Principal Financial Group, Inc. or the Fund cast in accordance with the requirements of the 1940 Act after taking into effect any exemptive order, no-action assurances or other relief, rule or regulation upon which the Fund may rely.

11.<u>Additional Series</u>

In the event the Manager wishes to appoint the Sub-Advisor to perform the services described in this Agreement with respect to one or more additional Series of the Fund after the effective date of this Agreement, such Series will become a Series under this Agreement upon approval of this Agreement in the manner required by the 1940 Act and the amendment of <u>Appendices A</u> and <u>B</u> hereto.

12.<u>General Provisions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each party agrees to perform such further acts and execute such further documents as are necessary to effectuate the purposes hereof. This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Iowa. The captions in this Agreement are included for convenience only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any notice under this Agreement shall be in writing, addressed and delivered or mailed postage pre-paid to the other party at such address as such other party may designate for the receipt of such notices. Until further notice to the other party, it is agreed that the address of the Manager for this purpose shall be Principal Financial Group, Des Moines, Iowa 50392-0200. The address of the Sub-Advisor for this purpose shall be One Financial Center, 23<sup>rd</sup> Floor, Boston, MA 02111.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Sub-Advisor will promptly notify the Manager in writing of the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.the Sub-Advisor fails to be registered as an investment advisor under the Advisers Act or under the laws of any jurisdiction in which the Sub-Advisor is required to be registered as an investment advisor in order to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.the Sub-Advisor is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, involving the affairs of a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.the Sub-Advisor becomes aware of any pending or threatened action, suit, proceeding, inquiry or investigation that is reasonably likely to result in a conviction, order, judgment or decree issued with respect to it or any affiliate that could reasonably be expected to result in the Sub-Advisor becoming ineligible to serve as an investment advisor of a registered investment company under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.the Sub-Advisor becomes aware of a transaction or series of transactions that is reasonably likely to result in a change in the management or control of the Sub-Advisor or a controlling person thereof or otherwise in the assignment (as defined in the 1940 Act) of this Agreement by the Sub-Advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Manager shall provide (or cause the Series custodian to provide) timely information to the Sub-Advisor regarding such matters as the composition of the assets of a Series, cash requirements and cash available for investment in a Series, and all other reasonable information as may be necessary for the Sub-Advisor to perform its duties and responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Manager represents, and the Sub-Advisor acknowledges, that with respect to the Series, the Manager is relying on the exclusion from the definition of "commodity pool operator" under Section 4.5 of the General Regulations under the Commodity Exchange Act, as amended ("Rule 4.5"). The Sub-Advisor will not exceed the de minimis trading limits set forth in Rule 4.5(c)(2)(iii)(B) unless otherwise agreed to in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Sub-Advisor represents that it will not enter into any agreement, oral or written, or other understanding under which the Fund directs or is expected to direct portfolio securities transactions, or any remuneration, to a broker or dealer in consideration for the promotion or sale of Fund shares or shares issued by any other registered investment company. The Sub-Advisor further represents that it is contrary to the Sub-Advisor's policies to permit those who select brokers or dealers for execution of Fund portfolio securities transactions to take into account the broker's or dealer's promotion or sale of Fund shares or shares issued by any other registered investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Sub-Advisor agrees that neither it nor any of its affiliates will in any way refer to its relationship with the Fund, the Series, or the Manager or any of their respective affiliates in offering, marketing or other promotional materials without the express written consent of the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)This Agreement contains the entire understanding and agreement of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Each party agrees that electronic signatures of the parties included in this Agreement are intended to authenticate this writing and to have the same force and effect as manual signatures. Electronic signature means any electronic sound, symbol, or process attached to or logically associated with a record and executed and adopted by a party with the intent to sign such record, including facsimile or email electronic signatures.

*Remainder of Page Intentionally Blank*

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IN WITNESS WHEREOF, the parties have duly executed this Agreement on the date first above written.

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| | |
|:---|:---|
| **PRINCIPAL GLOBAL INVESTORS, LLC** | **PRINCIPAL GLOBAL INVESTORS, LLC** |
| By: | /s/ Laura B. Latham |
| Name: | Laura B. Latham |
| Title: | Assistant General Counsel |
| By: | /s/ John L. Sullivan |
| Name: | John L. Sullivan |
| Title: | Assistant General Counsel |
| **WESTFIELD CAPITAL MANAGEMENT COMPANY, L.P.** | **WESTFIELD CAPITAL MANAGEMENT COMPANY, L.P.** |
| By: | /s/ Kathryn Kearney |
| Name: | Kathryn Kearney |
| Title: | Partner, CFO/CCO |

---

------

**<u>APPENDIX A</u>**

INTENTIONALLY OMITTED

------

**<u>APPENDIX B</u>**

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| | | |
|:---|:---|:---|
| **Effective Date and Initial Term of Sub-Advisory Agreement for each Series** | **Effective Date and Initial Term of Sub-Advisory Agreement for each Series** | **Effective Date and Initial Term of Sub-Advisory Agreement for each Series** |
| **Series** | **Effective Date** | **Initial Term** |
| LargeCap Growth Fund I | April 15, 2026 | 2 Years |

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## Ex-99.(G)(1)H

EXECUTION

**AMENDMENT TO SCHEDULE II**

Schedule II to the Custody Agreement between Principal Funds, Inc. and The Bank of New York Mellon effective November 11, 2011, as amended (the "Agreement") is hereby amended effective February <u>13</u>, 2026, to (i) add Principal Funds, Inc – International Bond Fund, as a Series under the Agreement; (ii) to remove Principal Funds, Inc. – EDGE MidCap Fund, Principal Funds, Inc. – MidCap Growth Fund, and Principal Funds, Inc. – MidCap Growth Fund III as Series under the agreement; and (ii) delete Schedule II in its entirety and replace such Schedule with the attached Schedule II.

Except as specifically amended hereby, the Agreement shall remain in full force and effect in accordance with its terms.

Each party represents and warrants to the other party that it has full authority to enter into this Amendment to Schedule II of the Agreement upon the terms and conditions hereof and that the individual executing this Amendment to Schedule II on its behalf has the requisite authority to bind such party to this Amendment to Schedule II and the Agreement.

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| | | | |
|:---|:---|:---|:---|
| **PRINCIPAL FUNDS, INC.** | **PRINCIPAL FUNDS, INC.** | **THE BANK OF NEW YORK MELLON** | **THE BANK OF NEW YORK MELLON** |
| By: | /s/ Megan Hoffmann | By: | /s/ Robert M Stein Jr |
| Name: | Megan Hoffmann | Name: | Robert M Stein Jr |
| Title: | Vice President and Treasurer | Title: | Vice President |
| Date: | Feb 13, 2026 | Date: | Feb 13, 2026 |
| By: | /s/ Ann Meiners |  |  |
| Name: | Ann Meiners |  |  |
| Title: | Vice President and Assistant Treasurer |  |  |
| Date: | Feb 13, 2026 |  |  |

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**SCHEDULE II**

List of Series

(As of February <u>13</u> , 2026)

Principal Funds, Inc – Blue Chip Fund Principal Funds, Inc – Bond Market Index Fund

Principal Funds, Inc – California Municipal Fund Principal Funds, Inc – Capital Securities Fund

Principal Funds, Inc - Core Fixed Income Fund (formerly, Income Fund)

Principal Funds, Inc – Core Plus Bond Fund (formerly, Bond & Mortgage Securities Fund) Principal Funds, Inc – Diversified Income Fund (formerly, Global Diversified Income Fund) Principal Funds, Inc – Diversified International Fund

Principal Funds, Inc – Diversified Real Asset Fund Principal Funds, Inc – Equity Income Fund

Principal Funds, Inc – Finisterre Emerging Markets Total Return Bond Fund (formerly, Finisterre Unconstrained Emerging Markets Bond Fund)

Principal Funds, Inc – Global Emerging Markets Fund (formerly, International Emerging Markets Fund) Principal Funds, Inc – Global Macro Fund

Principal Funds, Inc – Global Multi-Strategy Fund Principal Funds, Inc – Global Real Estate Securities Fund Principal Funds, Inc. - Global Listed Infrastructure Fund<sup>1</sup>

Principal Funds, Inc – Government & High Quality Bond Fund Principal Funds, Inc - Government Money Market Fund

Principal Funds, Inc – High Income Fund (formerly, High Yield Fund I) Principal Funds, Inc – High Yield Fund

Principal Funds, Inc – Inflation Protection Fund Principal Funds, Inc – International Bond Fund Principal Funds, Inc – International Equity Index Fund Principal Funds, Inc – International Equity Fund

Principal Funds, Inc – International Small Company Fund Principal Funds, Inc – LargeCap Growth Fund I

Principal Funds, Inc – LargeCap S&P 500 Index Fund Principal Funds, Inc – LargeCap Value Fund III Principal Funds, Inc – MidCap Fund

Principal Funds, Inc – MidCap S&P 400 Index Fund Principal Funds, Inc – MidCap Value Fund I Principal Funds, Inc – Money Market Fund

Principal Funds, Inc – Opportunistic Municipal Fund Principal Funds, Inc – Origin Emerging Markets Fund Principal Funds, Inc – Overseas Fund

Principal Funds, Inc – Principal Capital Appreciation Fund Principal Funds, Inc – Principal LifeTime 2015 Fund Principal Funds, Inc – Principal LifeTime 2020 Fund Principal Funds, Inc – Principal LifeTime 2025 Fund Principal Funds, Inc – Principal LifeTime 2030 Fund

<sup>1</sup> Previously known as Principal Funds, Inc. - Global Sustainable Listed Infrastructure Fund.

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Principal Funds, Inc – Principal LifeTime 2035 Fund Principal Funds, Inc – Principal LifeTime 2040 Fund Principal Funds, Inc – Principal LifeTime 2045 Fund Principal Funds, Inc – Principal LifeTime 2050 Fund Principal Funds, Inc – Principal LifeTime 2055 Fund Principal Funds, Inc – Principal LifeTime 2060 Fund Principal Funds, Inc – Principal LifeTime 2065 Fund Principal Funds, Inc – Principal LifeTime 2070 Fund

Principal Funds, Inc – Principal LifeTime Hybrid Income Fund Principal Funds, Inc – Principal LifeTime Hybrid 2015 Fund Principal Funds, Inc – Principal LifeTime Hybrid 2020 Fund Principal Funds, Inc – Principal LifeTime Hybrid 2025 Fund Principal Funds, Inc – Principal LifeTime Hybrid 2030 Fund Principal Funds, Inc – Principal LifeTime Hybrid 2035 Fund Principal Funds, Inc – Principal LifeTime Hybrid 2040 Fund Principal Funds, Inc – Principal LifeTime Hybrid 2045 Fund Principal Funds, Inc – Principal LifeTime Hybrid 2050 Fund Principal Funds, Inc – Principal LifeTime Hybrid 2055 Fund Principal Funds, Inc – Principal LifeTime Hybrid 2060 Fund Principal Funds, Inc – Principal LifeTime Hybrid 2065 Fund Principal Funds, Inc – Principal LifeTime Hybrid 2070 Fund Principal Funds, Inc – Principal LifeTime Strategic Income Fund Principal Funds, Inc – Real Estate Securities Fund

Principal Funds, Inc – SAM Balanced Portfolio

Principal Funds, Inc – SAM Conservative Balanced Portfolio Principal Funds, Inc – SAM Conservative Growth Portfolio Principal Funds, Inc – SAM Flexible Income Portfolio Principal Funds, Inc – SAM Strategic Growth Portfolio Principal Funds, Inc – Short-Term Income Fund

Principal Funds, Inc – Small-MidCap Dividend Income Fund

Principal Funds, Inc – SmallCap Fund (formerly, SmallCap Blend Fund) Principal Funds, Inc – SmallCap Growth Fund I

Principal Funds, Inc – SmallCap S&P 600 Index Fund Principal Funds, Inc – SmallCap Value Fund II

Principal Funds, Inc – Spectrum Preferred & Capital Securities Income Fund (formerly, Preferred Securities Fund)

Principal Funds, Inc – Tax-Exempt Bond Fund

## Ex-99.(H)(7)

**PRINCIPAL FUNDS, INC.**

**PRINCIPAL VARIABLE CONTRACTS FUNDS, INC.** 

**INTERFUND LENDING AGREEMENT**

This Interfund Lending Agreement (as amended, restated, supplemented or otherwise modified from time to time, the "Agreement"), dated effective as of <u>March 2, 2026</u> (the "Effective Date"), is by and among the series listed for Principal Funds, Inc. and Principal Variable Contracts Funds, Inc. on Schedule A or Schedule B hereto (collectively, the "Funds," and each portfolio series of a Fund shall be referred to herein as a "Fund" and collectively as the "Funds") and Principal Global Investors, LLC (the "Adviser").

**WHEREAS,** the Funds and the Adviser have received an exemptive order (the "Order") dated October 25, 2011 from the U.S. Securities and Exchange Commission permitting the Funds to participate in a joint lending and borrowing facility (the "Lending Facility");

**WHEREAS,** the Funds listed on Schedule A hereto (as amended from time to time) are permitted to borrow cash in accordance with the terms and conditions of the Order to satisfy redemption requests, to cover unanticipated cash shortfalls such as a Sales Fail (defined below), or for other temporary purposes (each such borrowing Fund is hereinafter referred to as a "Borrower");

**WHEREAS,** the Funds listed on Schedule B hereto (as amended from time to time) are permitted to lend cash to one or more Borrowers from time to time on the terms set forth below and in accordance with the terms and conditions of the Order (each such lending Fund is hereinafter referred to as a "Lender");

**NOW THEREFORE**, the parties hereto agree as follows:

**1.<u>Definitions</u>**. As used herein, the following terms shall have meanings assigned to them below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "<u>1940 Act</u>" means the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "<u>Bank Loan Rate</u>" for any day means the rate calculated by the Credit Facility Team according to a formula established by the Board of Directors of each Fund intended to approximate the lowest interest rate at which bank short-term loans would be available to a Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "<u>Borrowing Instructions</u>" has the meaning specified in Section 3.1.1 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "<u>Business Day</u>" means a day on which the New York Stock Exchange is open for the purpose of transacting business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "<u>Credit Arrangements</u>" means the credit arrangements that a Fund may have for borrowing for temporary or emergency purposes, including borrowings from banks and other institutional lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "<u>Credit Facility Team</u>" means one or more investment, administrative, and fund accounting personnel from the Advisor, a Money Market fund portfolio manager from Principal Global Investors, LLC, and a representative of corporate treasury of Principal Life Insurance Company who are responsible for administering the Interfund Lending Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "<u>Interest Rate</u>" means, for each date on which interest accrues hereunder, the average of (i) the Repo Rate and (ii) the Bank Loan Rate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>"Joint Trade Account"</u> means, the account administered by the Adviser (pursuant to an exemptive order issued by the SEC) by which the Adviser administers an account in which Funds may deposit uninvested cash balances for the purpose of investing such balances in short-term instruments to the extent consistent with each participating Fund's investment objectives, policies and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "<u>Lending Instructions</u>" has the meaning specified in Section 3.1.1 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "<u>Loan</u>" has the meaning specified in Section 2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "<u>Loan Account</u>" has the meaning specified in Section 3.5 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "<u>Maximum Amount</u>" has the meaning specified in Section 2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "<u>Obligations</u>" means all of the obligations (whether direct or indirect, absolute or contingent, primary or secondary, due or to become due, now existing or hereafter arising) of a Borrower to a Lender hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "<u>Outstanding Secured Borrowing</u>" means any loan made to a Fund either under this Agreement or under any other agreement that is secured by assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "<u>Prospectus</u>" means with respect to each Borrower the prospectus required to be delivered by the Borrower to offerees of its securities pursuant to the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "<u>Repo Rate</u>" on any day means the highest rate available to a Lender, directly or through the Funds' Joint Trade Account, from investment in overnight repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "<u>Sales Fail</u>" in connection with the attempted sale of a security means the cash shortfall resulting from circumstances beyond the seller's control, such as the delay in the delivery of cash to the seller's custodian or improper delivery instructions by the broker effecting the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "<u>SEC</u>" means the United States Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "<u>Secured Loan</u>" has the meaning specified in Section 2(e) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "<u>Security Agreement</u>" has the meaning specified in Section 3.11(d) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "<u>Statement of Additional Information</u>" means with respect to each Borrower the Statement of Additional Information which must be provided by the Borrower to recipients of its Prospectus upon request pursuant to rules and regulations adopted by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "<u>Unsecured Loan</u>" means any Loan other than a Secured Loan.

**2.<u>Lending Facility</u>**. Subject to the terms and conditions of this Agreement, each Lender may from time to time in its discretion loan its available cash to any Borrower (a "<u>Loan</u>"). Each Loan shall be made for a term no longer than the least of (a) the maximum term on any outstanding loan or advance to the Borrower under its Credit Arrangements; (b) the number of days required for the Borrower to receive payment for securities sold at or prior to the time the Loan is made in an amount sufficient to repay the Loan; or (c) seven (7) days. The maximum principal amount of all Loans outstanding with respect to any Borrower at any time shall not exceed the Maximum Amount the Borrower is permitted to borrow at such time under:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)applicable laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the provisions of Section 5.2 hereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)agreements with federal, state, local or foreign governmental authorities or regulators applicable to the Borrower or limitations specified in the Order applicable to the Borrower's borrowing and pledging activities, all as amended and in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)limitations on borrowing adopted by the Borrower in its Prospectus, Statement of Additional Information or elsewhere, as amended and in effect from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)in the case of Loans for which the Borrower is required to provide collateral pursuant to Section 3.11 hereof ("<u>Secured Loans</u>"), any limitations specified in the Security Agreement (as defined below) and any limitations on the pledging of assets adopted by the Borrower in its Prospectus, Statement of Additional Information or elsewhere.

As used herein, the term "<u>Maximum Amount</u>" means the maximum amount that the Borrower is permitted to borrow in accordance with the provisions of the preceding sentence.

**3.<u>Loan Requirements</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Procedural Requirements</u>. All loans shall be requested and funded in accordance with the procedures set forth herein and such other procedures as may be approved and adopted from time to time by the Board of Directors of the applicable Fund (the "<u>Interfund Lending Procedures</u>"), including a majority of the directors who are not "interested persons" as that term is used in Section 2(a)(19) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Borrowing and Lending Instructions</u>. The portfolio managers for each participating Fund shall provide the Credit Facility Team with standing instructions as to their desire to have the Fund act as a Lender when such Fund has uninvested cash balances ("<u>Lending Instructions</u>"). The portfolio managers for each participating Fund shall provide the Credit Facility Team with standing instructions as their desire to participate as a Borrower should the borrowing need arise ("<u>Borrowing Instructions</u>"). The respective portfolio managers may revoke or change Lending Instructions and Borrowing Instructions with respect to a Fund by notifying the Credit Facility Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Allocation Procedures</u>. On each Business Day, the Credit Facility Team shall seek to collect data on the uninvested cash of Funds listed on <u>Schedule B.</u> The Credit Facility Team will seek to match the amount and term of the Fund's borrowing needs with the cash available from the Funds that have provided Lending Instructions in accordance with allocation and administrative procedures established by the Board of Directors. The Credit Facility Team shall allocate the borrowing demand and lending needs among the Funds on what the Credit Facility Team deems to be an equitable basis and in accordance with the Interfund Lending Procedures. The Credit Facility Team shall not solicit cash for Loans from any Funds or publish or disseminate the amount of any current borrowing demand to the Funds' portfolio managers.

No Loan may be made unless the Interest Rate is more favorable for the Lender than the Repo Rate and more favorable for the Borrower than the Bank Loan Rate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Funding the Loans</u>. If a Loan has been allocated to a Lender and Borrower pursuant to Section 3.1.2 hereof, and the Loan is otherwise in compliance with the requirements set forth in the Order, the Lender shall make such Loan to the Borrower. The proceeds of each Loan made by the Lender to the Borrower shall be wired (or transferred if Borrower and Lender have the same custodian) at the Borrower's expense in accordance with the wiring instructions for each Fund, as in effect from time to time, to an account maintained on the Borrower's behalf by its custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Obligations Arising from Loan</u>. Each Loan made by the Lender to Borrower shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)obligate the Borrower to borrow the principal amount of the Loan at the Interest Rate applicable thereto for the term thereof solely for use by the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)constitute a representation and warranty by the Borrower to the Lender that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Loan requested thereby

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)is permitted under the Borrower's most recent Prospectus and Statement of Additional Information,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)is in accordance with the requirements of the Order applicable to the Borrower,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)will not, when made, cause the aggregate indebtedness of the Borrower to exceed the Maximum Amount then in effect, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)will be used by the Borrower only in accordance with Section 3.7 hereof; 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;(ii)all of the representations and warranties of the Borrower contained in Section 4 hereof are true and correct as of the date of such Loan as though made on and as of such date; 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;(iii)all material facts about the Borrower's intended participation in the Lending Facility are fully disclosed in the Borrower's Prospectus or Statement of Additional Information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)constitute a representation and warranty by the Lender to the Borrower that the Loan thereby

&nbsp;&nbsp;&nbsp;&nbsp;&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)is permitted under the Lender's most recent Prospectus and Statement of Additional Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)is in accordance with the requirements of the Order applicable to the Lender; 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;(iii)all materials facts about the Lender's intended participation in the Lending Facility are fully disclosed in the Lender's Prospectus or Statement of Additional Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Repayment of Loans</u>. The principal amount of each Loan shall be repaid by the Borrower from the assets of the Borrower on the earlier of one (1) Business Day after demand by the Lender or the expiration of the term of the Loan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest</u>. The outstanding principal amount of each Loan shall bear interest until maturity at the Interest Rate. If a Borrowing Fund has other outstanding bank borrowings, the Interest Rate will be at an interest rate equal to or lower than the interest rate of any outstanding bank loans. Interest accrued on each Loan shall be paid by the Borrower upon the earlier of (a) mutually agreed times, or (b) the maturity of such Loan. Amounts overdue hereunder (including, without limitation, overdue principal, and, to the extent permitted by law, overdue interest, fees, charges and expenses) shall bear interest until paid at an annual rate equal to the sum of (i) the Interest Rate applicable to such Loan prior to its maturity and (ii) one and a half percent (1.5%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Prepayments</u>. Loans may be prepaid in whole or in part prior to the date on which such Loan is due and payable without premium or penalty. The Borrower will not make or permit any payment or prepayment of any Loans owing by Borrower unless Borrower concurrently makes a pro-rata payment or prepayment of all loans owing by Borrower through the Lending Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Loan Records Accounts</u>. Promptly after a Loan has been made, the Credit Facility Team shall note on its records for the Borrower and Lender, confirming (a) the principal amount of such Loan, (b) the Interest Rate applicable thereto and (c) the maturity thereof. The Credit Facility Team will maintain a separate account on its books for each Lender and Borrower (a "<u>Loan Account</u>") on which will be recorded, in accordance with the Adviser's customary accounting practice, (a) all Loans made by a Lender to a Borrower, (b) all payments of such Loans made to a Lender, and (c) all other charges and expenses properly chargeable to the Borrower. The debit balance of each Fund's Loan Account shall reflect the amount of the Borrower's indebtedness from time to time to the Lenders hereunder. Any written statement maintained by the Credit Facility Team regarding the Loan shall, in the absence of manifest error, constitute conclusive evidence of the indebtedness of the Borrower to the Lender as of the date of such statement, provided, however, that the failure of the Credit Facility Team to make such statement shall not impair the validity or binding nature of the Borrower's Obligations with respect to such Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Computations</u>. All computations hereunder shall be computed on the basis of the actual number of days elapsed and a 360-day year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Use of Proceeds</u>. The proceeds of each Loan made hereunder with respect to any Fund shall be used only by such Fund in accordance with its Prospectus and Statement of Additional Information for temporary purposes to satisfy redemption requests, to cover unanticipated cash shortfalls such as a Sales Fail, or for other temporary purposes as permitted by the Interfund Lending Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Discretionary Facility</u>. It is acknowledged and agreed by each Borrower that each Lender has no obligation to make any Loan hereunder unless it has issued Lending Instructions, and that the decision whether or not to issue Lending Instructions under this Agreement is within the sole and exclusive discretion of each Lender. It is acknowledged and agreed by each Lender that no Borrower is obligated to borrow money hereunder unless it has issued Borrowing Instructions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Participation in the Lending Facility</u>. Each Lender and each Borrower may terminate its participation in this Agreement at any time by written notice to the Credit Facility Team; provided that on or before the date of any termination the relevant Lender or Borrower has no Loans outstanding. The Adviser may at any time by delivery of a revised <u>Schedule A</u> or <u>Schedule B</u>, as applicable, to the Credit Facility Team add additional Funds that are eligible to rely on the Order as parties to this Agreement, whereupon those additional Funds shall be treated for all purposes as a Borrower and as a Lender, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Recourse to Assets</u>. Loans made to any Borrower shall be repaid solely from the assets of such Borrower, and a Lender shall have no right of recourse or offset against the assets of any other Fund with respect to such Loans or any default in respect thereto. Each Lender's liability under this Agreement with respect to a Loan shall be solely limited to the Lender's assets and each Borrower hereby waives any and all rights it may have against any other Funds with respect to such Loan or any default by Lender with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral Security for Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)As a condition precedent to making any Loan to any Borrower or continuing any Loan made to any Borrower, the Borrower covenants and agrees that in the event that (i) the Borrower's outstanding borrowings from all sources immediately after the Loan would exceed 10% of its total assets, (ii) the Borrower's outstanding borrowings from all sources exceed 10% of the Borrower's total assets for any reason (such as a decline in net asset value or because of shareholder redemptions), or (iii) the Borrower has Outstanding Secured Borrowings, within one (1) Business Day (except as required by Section 3.11(b) below), the Borrower will

&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)repay all its outstanding Loans;

&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)reduce its outstanding indebtedness to 10% or less of its total assets; 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;(iii)secure each outstanding Loan by the pledge of segregated collateral for such Loan and by transfer of such collateral into a segregated account in the name of the Lender or the entering into, by the Borrower, the Lender and the Borrower's custodian, of a control agreement satisfactory to the Lender. The minimum market value of the stock and other portfolio securities of the Borrower required to be pledged as collateral to the Lender hereunder with respect to any Secured Loan shall be determined by the Lender in its discretion but, in all cases, will have a market value at least equal to 102% of the outstanding principal value of the loan.

Until each Loan that is outstanding at any time that a Borrower's outstanding borrowings exceed 10% of its assets is repaid or the Borrower's outstanding borrowings cease to exceed 10% of its total assets, the Borrower shall mark the value of the collateral to market each day and will pledge and transfer to a segregated account in the name of the Lender such additional collateral as is necessary to maintain the market value of the collateral that secures each outstanding Loan at least equal to 102% of the outstanding principal value of the Loan. Subject to Sections 3.11(b) and (c) hereof, once a Borrower's outstanding borrowings cease to exceed 10% of its total assets, segregated collateral will no longer be required.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any Loan to a Borrower with Outstanding Secured Borrowings (i) will be at an interest rate equal to or lower than that of any outstanding bank loan, (ii) will be secured at least on an equal priority basis with at least an equivalent percentage of collateral to loan value as any outstanding bank loan that requires collateral, and (iii) will have a maturity no longer than any outstanding bank loan (and in any event not more than seven (7) days).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding Sections 3.11(a) and (b), if any other lender to a Borrower imposes conditions with respect to the quality of or access to collateral securing a borrowing, the Borrower's collateral for any Loan will be subject to the same conditions (if the other lender is another Fund) or the same or better conditions (in any other circumstance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Each pledge of collateral required pursuant to this Section 3.11 shall be made in accordance with and subject to the terms and conditions set forth in the collateral security agreement dated as of the Effective Date and signed by each Fund, substantially in the form set forth in Schedule C hereto (the "<u>Security Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)If requested by the Lender, the Borrower agrees to enter into, and use reasonable efforts to cause its custodian to enter into, a control agreement with the Lender on terms satisfactory to the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Records and Reports</u>. Each Fund will maintain and preserve for a period of not less than six years from the end of the fiscal year in which any transaction under this Agreement has occurred, the first two years in an easily accessible place, written records of all Loans to which it was a party setting forth: (i) a description of the terms of the transaction, including the amount, the maturity, and the rate of interest on the Loan, (ii) the rate of interest available at the time on short-term repurchase agreements and commercial bank borrowings, and (iii) a quarterly report of the Credit Facility Team to the applicable Board of Directors and the other information presented to the applicable Board of Directors related to their review of the Lending Facility. On a quarterly basis, the Credit Facility Team will prepare a report for the applicable Board of Directors (i) concerning the participation of the Funds in the Lending Facility and the terms and other conditions of any extensions of credit under the Lending Facility and (ii) reporting on the operations of the Lending Facility.

**4.<u>Representations and Warranties</u>**.

Each Borrower represents and warrants to each Lender and each Lender represents and warrants to each Borrower that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)it is a series of the applicable Corporation that is duly organized and validly existing under the laws of its jurisdiction of organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the applicable Corporation is registered as an open-end management investment company under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the execution, delivery and performance by the applicable Corporation of this Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)are within its power,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)have been duly authorized by all necessary action, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)will not

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)contribute to or result in a breach of or default under or conflict with any existing law, order, regulation or ruling of any governmental or regulatory agency or authority, any order, writ, injunction or ruling of any court or other tribunal, or any indenture, lease agreement, instrument or other undertaking to which the Fund is a party or by which it is or its property or assets may be bound or affected, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)result in the imposition of any liens or encumbrances on any property or assets of the Fund (except as contemplated hereby), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)require any additional approval or consent of, or filing with, shareholders of such Fund or any governmental or regulatory agency or authority bearing on the validity of any borrowing pursuant to this Agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)violate any provision of the Fund's Articles of Incorporation or any amendment thereof, any of its investment policies and limitations, or any provision of its most recent Prospectus or Statement of Additional Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)this Agreement is a legally valid and binding obligation of the applicable Fund, enforceable against the Fund in accordance with its terms except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws or equitable principles relating to or limiting the rights of creditors generally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)it is not in material violation of any material term of its most recent Prospectus or Statement of Additional Information, or of its organizational documents, or of any investment, borrowing or other similar type of policy or restriction to which it is subject, or of any material term of any material agreement or instrument to which it is a party, or, to the best of its knowledge, of any judgment, decree, order, statute, rule or governmental regulation applicable to it.

**5.<u>Covenants</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Covenants in Effect Until Termination of Agreement</u>. Until all of the obligations have been performed in full and its participation in the Lending Facility has been terminated as provided herein, each Borrower covenants that it will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)maintain its legal existence and business; provided, however, that nothing contained in this Section 5.1(a) shall prohibit the merger or consolidation of any Borrower with or into another person upon written notice thereof to the Lenders under any Loans then outstanding, subject to the requirement that the surviving entity (if not previously a Borrower) be admitted as such in accordance with this Agreement, and subject to the further requirement that the surviving entity assumes all of the obligations of such Borrower under this Agreement, including, without limitation, the obligations of such Borrower with respect to any Loans outstanding to such Borrower at the time of such merger or consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)at any time and from time to time, at its own expense, promptly execute and deliver or file all further instruments and documents, and take all further action, that may be necessary or desirable, or that the Lender may request, in order to perfect, protect, validate or preserve any security interest granted or pledged to the Lender pursuant to Section 3.11 hereof or to enable the Lender to exercise and enforce its rights and remedies thereunder with respect thereto;

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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)file all federal and other tax returns, reports and declarations required by all relevant jurisdictions on or before the due dates for such returns, reports and declarations and will pay all taxes and other governmental assessments and charges as and when they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)comply in all material respects with all of its investment policies and restrictions and all applicable statutes, rules, regulations and orders of, and all applicable restrictions imposed by, all governmental authorities in respect of the conduct of its business and the ownership of its properties; provided that such Borrower shall not be required by reason of this section to comply therewith at any time while such Borrower shall be contesting its obligations to do so in good faith by appropriate proceedings promptly initiated and diligently conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)promptly notify the Lender of any material change in its agreements with governmental authorities or regulators or its investment policies or restrictions or of any Credit Arrangements or modifications thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)upon request from the Lender from time to time, furnish to the Lender at reasonable times and intervals any information with respect to its financial standing and history or its property or business or prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Covenants in Effect While Loans Are Outstanding</u>.

The Borrower covenants that, so long as any principal of or interest on any Loan made to it is outstanding, it will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)not, as long as any Unsecured Loan is outstanding hereunder, create or permit to exist any encumbrance in favor of any person or entity other than the Lender upon any of the assets of the Borrower other than (a) encumbrances created in connection with portfolio investments of the Borrower and (b) to secure the Borrower's obligations under any Credit Arrangement by any assets not then pledged as collateral hereunder, in each case to the extent permitted by the provisions of its Prospectus and Statement of Additional Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)not take out any Loan that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)immediately after such Loan would cause the total of such loans to exceed 33 1/3% of the Borrower's total assets, 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;(ii)would cause such Borrower's total loans to exceed 10% of such Borrower's total assets unless any Loan hereunder is secured in accordance with Section 3.11 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)not, as long as any Loan made with respect to the Borrower is outstanding, allow the total amount of such Borrower's Loans, as measured on the day when the most recent Loan was made, to exceed the greater of 125% of such Borrower's total net cash redemptions for the preceding seven (7) calendar days or 102% of Sales Fails for the preceding seven (7) calendar days;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)notify the Lender if it draws on its Credit Arrangements, borrows from other Lenders under the Agreement, or borrows from other parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)notify the Lender promptly of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any material changes in its method of business, Prospectus, Statement of Additional Information, 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;(ii)the occurrence of any event which would make any of the representations and warranties contained herein, or in any document, instrument or certificate delivered in connection herewith, untrue or inaccurate in any material respect.

The Lender covenants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)its Loans to a single Borrower will not exceed 5% of the Lender's net assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)its aggregate Loans to all Borrowers constitute 15% or less of the Lender's net assets at the time of any Loan.

**6.<u>Documents to be Delivered Prior to Initial Loan</u>**. The Borrower shall deliver to the Lender prior to the first Loan between the parties any documents as the Lender shall have requested in order to comply with applicable rules and regulations promulgated by governmental and regulatory authorities.

**7.<u>Default</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Events of Default</u>. The occurrence of any one or more of the following events ("<u>Events of Default</u>") shall constitute an immediate Event of Default with respect to the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Borrower shall fail to pay principal of, or interest on, any Loan as and when due, or the Borrower shall fail to perform any of its other Obligations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)There shall be a default by the Borrower under any Credit Arrangement, whether such Credit Arrangement now exists or shall hereafter be created, which default extends beyond any period of grace provided with respect thereto and which default relates to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the obligations to pay the principal of or interest on any such indebtedness under the Credit Arrangement, 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;(ii)an obligation other than the obligation to pay the principal of or interest on any such indebtedness and the effect of such default is to cause, or to permit the lender under the Credit Arrangement to cause, with the giving of notice if required, such indebtedness to become due prior to its stated maturity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Any representation or warranty made by the Borrower in Section 4 of this Agreement, or in connection with any Loan made to or pledge of pledged collateral made by the Borrower, shall prove to have been incorrect in any material respect when made; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Borrower shall generally not pay its debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any governmental or public authority shall take over possession or control of a substantial part of the Borrower's business; or any of the Borrower's property shall become subject to attachment or other involuntary lien or levy; or any action or proceeding shall be commenced by the Borrower seeking to adjudicate it as bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief or debtors, seeking the entry of an order for relief of the appointment of a receiver, trustee, or similar official for it or for any substantial part of its property, or any such proceeding is commenced against it which results in the entry of an order for such relief or such proceeding is not dismissed or stayed for a period of sixty (60) days following such commencement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)An event of default occurs under any agreement evidencing an outstanding bank loan to the Borrower; provided that, in such circumstance, that event of default will automatically (without need for action or notice by the Lender) constitute an immediate event of default entitling the Lender to call the Loan (and exercise all rights with respect to any collateral) and that such a call will be deemed made if the lending bank exercises its right to call its loan under its agreement with the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Arbitration</u>. In the event an Event of Default under Section 7.1(a) has occurred and not been cured within two Business Days from the Loan's maturity or from the time the Lender makes a demand for payment (and none of the Events of Default specified in Section 7.1(d) has occurred), the Lender and the Borrower agree that such matter shall be submitted for binding arbitration to an independent arbitrator selected by the Board of Directors of the Lender and Borrower. If the dispute involves a Lender and Borrower with different Boards of Directors, the respective Boards of Directors of the Lender and Borrower will select an independent arbitrator that is satisfactory to each party. Such independent arbitrator's decision shall be binding and conclusive between the Lender and the Borrower. Such Arbitrator shall submit at least annually a written report of any dispute to the Boards of Directors of the Funds describing the nature of any dispute and the actions taken by the Lender and Borrower to resolve the dispute.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Rights and Remedies</u>. If an Event of Default has occurred and has not been resolved pursuant to Section 7.2.1, or any other Event of Default has occurred, then the Lender shall be entitled to exercise any and all rights and remedies available to it at law or in equity, including without limitation any rights and remedies that may be available to it under the Security Agreement referred to in Section 3.11 to the Agreement and, with respect to an Event of Default specified in Section 7.1(e), any rights and remedies available to it under Section 7.1(e), and the Borrower shall pay to the Lender all reasonable expenses and disbursements incurred by the Lender in connection with the enforcement of its rights and remedies under this Agreement including the reasonable fees and out-of-pocket expenses of counsel for the Lender with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Multiple Lenders</u>. If an Event of Default occurs with regards to a Borrower with multiple Lenders, the Borrower will not make or permit any payment or prepayment of any Loans owing by Borrower unless Borrower concurrently makes a pro-rata payment or prepayment of all loans owing by Borrower.

**8.<u>Notice</u>**. Except as otherwise expressly provided herein, all notices hereunder to any party shall be in writing and shall be delivered in hand, mailed by United States registered or certified first-class mail, postage prepaid or sent by fax, addressed to such party to the attention of the person specified in the following sentence at the address set forth for such party below, or to such other person or address as such party may designate to the other party hereto by notice delivered in accordance with this Section 8. All notices to the Borrower shall be addressed to the Treasurer of the Borrower and all notices from the Borrower to the Lender shall be addressed to the Treasurer of the Lender. Written notice to the Credit Facility Team shall be sent to the following address: Principal Global Investors, LLC, 650 8<sup>th</sup> Street, Des Moines, Iowa 50392. The address for all Funds listed in this Agreement is: 650 8<sup>th</sup> Street, Des Moines, Iowa 50392.

**9.<u>Amendments</u>**. Neither this Agreement nor any provision hereof may be amended in any respect except by a statement in writing executed by the parties hereto.

**10.<u>Assignment</u>**. All of the terms of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors and assigns; provided, that the Borrower shall not assign or transfer any of its rights or obligations hereunder without the prior written consent of the Lender.

**11.<u>Survival of Covenants, Representations and Warranties</u>**. All covenants, agreements, representations and warranties made herein or in any documents or other papers delivered by or on behalf of the Borrowers, or any of them, pursuant hereto shall be deemed to have been relied upon by the Lenders, regardless of any investigation made by or on behalf of the Lenders and shall survive the execution and delivery of this Agreement and the making by the Lenders of the Loans as herein contemplated and shall continue in full force and effect so long as any Loan, Obligation or any other amount due under this Agreement remains outstanding and unpaid or unsatisfied.

**12.<u>Section Headings</u>**. The descriptive section headings in this Agreement have been inserted for convenience of reference only and shall not be deemed to limit or otherwise affect the construction of any provision thereof or hereof.

**13.<u>Counterparts</u>**. This Agreement and the documents contemplated hereby may be executed simultaneously in any number of counterparts each of which when so executed and delivered shall be an original, but all of which shall together constitute but one and the same document.

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**14.<u>Severability</u>**. If any of the provisions of this Agreement or any instrument delivered hereunder or the application thereof to any party hereto or to any person or circumstances is held invalid, the remainder of this Agreement or such instrument and the application thereof to any party hereto or to any other person or circumstances shall not be affected thereby.

**15.<u>Governing Law</u>**. This Agreement shall be governed by, and construed in accordance with, the laws of Iowa, without giving effect to principles of conflicts of law.

**16.<u>Entire Agreement</u>**. This Agreement and the other documents contemplated hereby and executed in connection herewith express the entire understanding of the parties with respect to the transactions contemplated hereby.

**17.<u>Limitation of Liability of the Board of Directors</u>**. A copy of the Articles of Incorporation of each Fund is on file with the Maryland Department of Assessments & Taxation, and notice is hereby given that this instrument is executed on behalf of the Board of Directors of each Fund as Directors of such Fund and not individually and that the obligations of or arising out of this instrument are not binding upon any of the directors, officers or shareholders individually but are binding only upon the assets and property of the applicable Fund.

**18.<u>Electronic Signatures</u>**. Each party agrees that electronic signatures of the parties, if any, included in this Agreement are intended to authenticate this writing and to have the same force and effect as manual signatures. Electronic signature means any electronic sound, symbol, or process attached to or logically associated with a record and executed and adopted by a party with the intent to sign such record, including facsimile or email electronic signatures.

*Remainder of Page Intentionally Blank; Signature Page Follows*

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**IN WITNESS WHEREOF**, each of the parties hereto has caused this Agreement to be duly executed as an instrument under seal by its duly authorized officer as of the date first written above.

---

| | |
|:---|:---|
| **PRINCIPAL FUNDS, INC.** <br>**ON BEHALF OF EACH OF ITS FUNDS LISTED IN SCHEDULES A AND B** | **PRINCIPAL FUNDS, INC.** <br>**ON BEHALF OF EACH OF ITS FUNDS LISTED IN SCHEDULES A AND B** |
| By: | /s/ Adam U. Shaikh |
|  | Adam U. Shaikh |
|  | Vice President, Assistant General Counsel, and  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Assistant Secretary |
| **PRINCIPAL VARIABLE CONTRACTS FUNDS, INC. <br>ON BEHALF OF EACH OF ITS FUNDS LISTED IN SCHEDULES A AND B** | **PRINCIPAL VARIABLE CONTRACTS FUNDS, INC. <br>ON BEHALF OF EACH OF ITS FUNDS LISTED IN SCHEDULES A AND B** |
| By: | /s/ Adam U. Shaikh |
|  | Adam U. Shaikh |
|  | Vice President, Assistant General Counsel, and  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Assistant Secretary |
| **PRINCIPAL GLOBAL INVESTORS, LLC** | **PRINCIPAL GLOBAL INVESTORS, LLC** |
| By: | /s/ Adam U. Shaikh |
|  | Adam U. Shaikh |
|  | Associate General Counsel  |
| By: | /s/ John L. Sullivan |
|  | John L. Sullivan |
|  | Assistant General Counsel |

---

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**SCHEDULE A**

**BORROWING FUNDS**

**Except as otherwise indicated below, for each Fund, the Agreement was effective as of the Effective Date.**

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| | |
|:---|:---|
| **<u>PFI</u>:** | |
| Blue Chip Fund | International Equity Index Fund |
| Bond Market Index Fund | International Small Company Fund |
| Capital Securities Fund | LargeCap Growth Fund I |
| Core Fixed Income Fund | LargeCap S&P 500 Index Fund |
| Core Plus Bond Fund | LargeCap Value Fund III |
| Diversified Income Fund | MidCap Fund |
| Diversified International Fund | MidCap S&P 400 Index Fund |
| Diversified Real Asset Fund | MidCap Value Fund I |
| Equity Income Fund | Overseas Fund |
| Finisterre Emerging Markets Total Return Bond Fund | Principal Capital Appreciation Fund |
| Global Emerging Markets Fund | Real Estate Securities Fund |
| Global Macro Fund | Short-Term Income Fund |
| Global Multi-Strategy Fund | Small-MidCap Dividend Income Fund |
| Global Real Estate Securities Fund | SmallCap Fund |
| Global Listed Infrastructure Fund | SmallCap Growth Fund I |
| Government & High Quality Bond Fund | SmallCap Value Fund II |
| High Yield Fund | SmallCap S&P 600 Index Fund |
| Inflation Protection Fund | Spectrum Preferred and Capital Securities Income Fund |
| International Equity Fund |  |
| **<u>PVC</u>:** |  |
| Blue Chip Account | LargeCap S&P 500 Managed Volatility Index Account |
| Bond Market Index Account | MidCap Account |
| Core Plus Bond Account | Principal Capital Appreciation Account |
| Diversified Balanced Adaptive Allocation Account | Real Estate Securities Account |
| Diversified Growth Adaptive Allocation Account | Short-Term Income Account |
| Diversified International Account | SmallCap Account |
| Equity Income Account | U.S. LargeCap S&P 500 Index Buffer July Account |
| Global Emerging Markets Account | U.S. LargeCap S&P 500 Index Buffer October Account |
| Government & High Quality Bond Account | U.S. LargeCap S&P 500 Index Buffer January Account |
| LargeCap Growth Account I | U.S. LargeCap S&P 500 Index Buffer April Account |
| LargeCap S&P 500 Index Account |  |

---

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**SCHEDULE B**

**LENDING FUNDS**

**Except as otherwise indicated below, for each Fund, the Agreement was effective as of the Effective Date.**

---

| | |
|:---|:---|
| **<u>PFI</u>:** | |
| Blue Chip Fund | International Equity Index Fund |
| Bond Market Index Fund | International Small Company Fund |
| Capital Securities Fund | LargeCap Growth Fund I |
| Core Fixed Income Fund | LargeCap S&P 500 Index Fund |
| Core Plus Bond Fund | LargeCap Value Fund III |
| Diversified Income Fund | MidCap Fund |
| Diversified International Fund | MidCap S&P 400 Index Fund |
| Diversified Real Asset Fund | MidCap Value Fund I |
| Equity Income Fund | Overseas Fund |
| Finisterre Emerging Markets Total Return Bond Fund | Principal Capital Appreciation Fund |
| Global Emerging Markets Fund | Real Estate Securities Fund |
| Global Multi-Strategy Fund | Short-Term Income Fund |
| Global Real Estate Securities Fund | Small-MidCap Dividend Income Fund |
| Global Listed Infrastructure Fund | SmallCap Fund |
| Government & High Quality Bond Fund | SmallCap Growth Fund I |
| High Yield Fund | SmallCap Value Fund II |
| Inflation Protection Fund | SmallCap S&P 600 Index Fund |
| International Equity Fund | Spectrum Preferred and Capital Securities Income Fund |
| **<u>PVC</u>:** |  |
| Blue Chip Account | LargeCap Growth Account I |
| Bond Market Index Account | LargeCap S&P 500 Index Account |
| Core Plus Bond Account | LargeCap S&P 500 Managed Volatility Index Account |
| Diversified Balanced Adaptive Allocation Account | MidCap Account |
| Diversified Growth Adaptive Allocation Account | Principal Capital Appreciation Account |
| Diversified International Account | Real Estate Securities Account |
| Equity Income Account | Short-Term Income Account |
| Global Emerging Markets Account | SmallCap Account |
| Government & High Quality Bond Account |  |

---

------

**SCHEDULE C**

**COLLATERAL SECURITY AGREEMENT**

This Collateral Security Agreement (this "<u>Collateral Agreement</u>") is made this _________ day of _______, 2012, by and among each investment company listed on the signature pages hereto (each, a "<u>Fund</u>" and collectively, the "<u>Funds</u>"), on behalf of each Borrower and Lender (as such terms are defined in the Agreement (defined below)).

**WHEREAS,** each Fund, on behalf of each Borrower and Lender, have entered into a Interfund Lending Agreement dated as of __________by and among each Fund and Principal Global Investors, LLC (the "<u>Agreement</u>") in accordance with the terms of (i) the exemptive order from the U.S. Securities and Exchange Commission dated October 25, 2011 exempting such Borrowers and Lenders and Principal Global Investors, LLC from certain provisions of the Investment Company Act of 1940, as amended; and (ii) the Interfund Lending Procedures, as in effect from time to time, for Loans by and among the Funds;

**NOW, THEREFORE**, each Borrower, in consideration of Loans heretofore, now or from time to time hereafter made, given or extended to the Borrower by a Lender, hereby agrees with the Lenders as follows:

1. Capitalized terms used herein which are not otherwise defined herein shall have the respective meanings ascribed thereto in the Agreement.

2. Effective upon the transfer of collateral, pursuant to Section 3.11 of the Agreement, or as provided herein, to an account owned or controlled by a Lender, as security for the payment of any and all loans heretofore, now or from time to time hereafter made, given or extended to a Borrower by the Lender under and pursuant to the Agreement (which loans shall hereinafter be referred to collectively as the *"<u>Secured Liabilitie</u>s"* and each individually as a "<u>Secured Liability</u>"), the Lender shall have, and the Borrower hereby grants to the Lender, a security interest in (i) any and all securities and other instruments owned by the Borrower which have been or at any time shall be delivered to the Lender or its custodian by or on behalf of the Borrower or have or at any time shall otherwise come into the possession, custody or control of the Lender or its custodian, including securities and other instruments held in depository trust companies and other institutions and clearing agencies in segregated accounts in the name of the Lender; (ii) all right, title, interest and power (including the power of hypothecation and disposition) of the Borrower in, or in respect of any and all securities and other instruments owned by the Borrower which have or at any time shall come into the possession, custody or control of the Lender or its custodian in any way for any purpose whatsoever, whether or not the Lender shall have accepted said property for the purpose or purposes for which said property was delivered to or otherwise caused to come into the possession, custody or control of the Lender or its custodian; and (iii) all proceeds of any of the foregoing. All property shall be deemed to be in the possession, custody or control of the Lender as soon as it is transferred to the Lender or its custodian or if the Lender and the Borrower enter into a control agreement satisfactory to the Lender with the Borrower's custodian. If the Lender shall at any time deem itself insecure in respect of any Secured Liability, the Borrower will deliver to the Lender or its custodian upon demand additional collateral owned by the Borrower satisfactory to the Lender. The term *"collateral"* as hereinafter used shall mean and include the securities and other instruments, together with proceeds of the securities and other instruments, and any and all property, rights, titles, powers, sums, receivables or claims which by virtue of the provisions of this Collateral Agreement are or shall be at the time in question subject to a security interest in favor of the Lender.

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3. Upon the occurrence and during the continuance of an Event of Default (as defined in the Agreement), or any time or times thereafter, (i) the Lender may exercise any and all rights and remedies (a) granted to the Lender by the Uniform Commercial Code as in effect in the State of Maryland or otherwise allowed at law, and/or (b) otherwise provided by this Collateral Agreement or the Agreement, and (ii) any and all Secured Liabilities of the Borrower shall, at the option of the Lender, become due and payable without notice or demand, notwithstanding any credit or time allowed to the Borrower by any instrument or other document evidencing the same or otherwise.

4. Upon the occurrence and during the continuance of an Event of Default, the Lender shall have full power and authority to sell any or all of the collateral of the Borrower. Except as required by law, such sale or other disposition may be made without advertisement or any notice to the Borrower or to any other person. Where reasonable notification of the time or place of such sale or other disposition is so required, such requirement shall be met if such notice is given in the manner prescribed in Paragraph 10 hereof at least five days before the time of such sale or other disposition to each person entitled to such notice, addressed, if to the Borrower, in the manner specified in said Paragraph 10, or, if to any person, to such person at such person's last address known to the Lender. After deducting all costs and expenses of collection, storage, custody, sale or other disposition and delivery (including legal costs and reasonable attorneys' fees) and all other charges against the collateral, the residue of the proceeds of any such sale or other disposition shall be applied to the payment of any and all of the Secured Liabilities, due or to become due, in such order of preference as the Lender may determine, proper allowance for interest on liabilities not then due being made, and, unless otherwise provided by law, any surplus shall be returned to the Borrower.

5. The Borrower will pay when due all taxes, assessments, liens, premiums or other charges against the collateral and, if the Borrower and the Lender agree it is appropriate, the Borrower will fully insure the same in favor and to the satisfaction of the Lender against loss by any risk to which the collateral or any part thereof may be subject and will on demand deposit with the Lender the policies covering any such insurance. Although under no obligation to do so, the Lender may at any time and from time to time pay any taxes, assessments, liens, premiums or other charges against the collateral, and may insure the same or otherwise protect the value thereof and the property represented thereby, and in such event all expenditures so incurred shall be chargeable to the Borrower and secured by the collateral of the Borrower. The Lender shall be under no obligation to take any steps necessary to preserve rights in any collateral against prior parties but may do so at its option. Upon the occurrence and during the continuance of an Event of Default, the Lender may at any time and from time to time transfer into its own name or that of its nominee any securities constituting part of the collateral of the Borrower and receive the income thereon and hold the same as additional collateral or apply it to the payment of any or all of the Secured Liabilities and may at any time notify the obligor(s) on any collateral to make payment of the Lender of any amounts due or to become due thereon.

6. Upon the occurrence and during the continuance of an Event of Default, the Lender may, at any time and from time to time, transfer or assign the whole or any part of any Secured Liability and may transfer therewith, or assign to and set apart for the account of the transferee or assignee thereof, in either event as security therefor, the whole or any part of the collateral of the Borrower. If the Lender does so transfer or assign and set apart the whole or any part of the collateral, the transferee or assignee thereof, without notice to the Borrower, shall thereupon become vested with, and may thereafter exercise, every right and power hereby given to the Lender in respect thereof, and the Lender shall thereafter be forever relieved and fully discharged from any liability or responsibility in respect thereof, except that the Lender shall continue to use reasonable care in the custody and preservation of any collateral so assigned and set apart while such collateral remains in the possession of the Lender. Such transferee or assignee shall have no right or power in respect of any part of the collateral not so transferred or assigned and set apart, in respect whereof the Lender shall retain all rights and powers hereby given in respect thereof.

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7. Except as provided in Paragraphs 4, 5 and 6 hereof, the Lender shall at no time transfer or assign the whole or any part of any Secured Liability or assign, transfer or set aside the whole or any part of the collateral held in security therefor except to an assignee of the Loans secured thereby.

9. Except as is otherwise expressly provided herein or by law, the Borrower waives all demands and notices in connection with this Collateral Agreement or the enforcement of the Lender's rights hereunder and also waives presentment, demand, notice, protest and all other demands and notices in connection with any Secured Liability or the enforcement of the Lender's rights with respect thereto and hereby consents that the time of payment of any Secured Liability may be extended from time to time and that no such extension or other indulgence granted to any other party primarily or secondarily liable on any Secured Liability, no discharge or release of any such party and no substitution, release or surrender of collateral of the Borrower shall discharge or otherwise affect the liability of the Borrower on or in respect of any Secured Liability. No delay or omission on the part of the Lender in exercising any right hereunder shall operate as a waiver of such right on any one occasion and shall not be construed as a bar to or waiver of any such right on any future occasion.

10. Any demand upon or notice to the Borrower permitted or required hereunder shall be sufficient if, and effective when, deposited in the mails, postage prepaid, addressed to the Borrower at _______________ or at such other address of the Borrower appearing on the first page of this Collateral Agreement or at such other address as the Borrower may furnish to the Lender as the address to which such demands, notices or other communications addressed to the Borrower shall be mailed or forwarded.

11. This Collateral Agreement may be terminated by the Borrower giving written notice of such termination to the Lender, provided, however, that such termination shall not be effective unless and until all loans and Secured Liabilities (including those contingent or not yet due) existing as of the time of receipt of such notice by the Lender have been paid in full.

12. The Borrower will pay on demand all costs and expenses (including legal costs and reasonable attorneys' fees) incurred or paid by the Lender in collecting any loan or Secured Liability upon any default in respect thereof, and all costs and expenses so incurred shall be secured by the collateral.

13. This Collateral Agreement shall inure to the benefit of the Lender, its successors and assigns, and shall be binding upon the Borrower, its successors and assigns.

14. This Collateral Agreement shall be governed by, and construed in accordance with, the laws of the State of Iowa.

15. A copy of the Articles of Incorporation each Fund is on file with the Maryland Department of Assessments & Taxation, and notice is hereby given that this instrument is executed on behalf of the Board of Directors of each Fund as Directors of such Fund and not individually and that the obligations of or arising out of this instrument are not binding upon any of the directors, officers or shareholders individually but are binding only upon the assets and property of the applicable Fund.

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16. Each party agrees that electronic signatures of the parties, if any, included in this Collateral Agreement are intended to authenticate this writing and to have the same force and effect as manual signatures. Electronic signature means any electronic sound, symbol, or process attached to or logically associated with a record and executed and adopted by a party with the intent to sign such record, including facsimile or email electronic signatures.

*Remainder of Page Intentionally Blank; Signature Page Follows*

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**IN WITNESS WHEREOF**, the parties have executed this Collateral Agreement as of the day and year first written above.

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| |
|:---|
| By: |
| By: |

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ALL FUNDS LISTED ON SCHEDULE A OR SCHEDULE B TO THE AGREEMENT, AS SUCH SCHEDULES ARE AMENDED FROM TIME TO TIME

## Ex-99.(H)(10)

**PRINCIPAL FUNDS, INC.**

**<u>Power of Attorney</u>**

Each member of the Board of Directors of Principal Funds, Inc. (the "Fund"), whose signature appears below, hereby constitutes and appoints Kamal Bhatia, Laura B. Latham, David P. Michalik, Deanna Y. Pellack, Adam U. Shaikh, and John L. Sullivan, and each of them, his/her true and lawful attorneys and agents, with full power and authority of substitution and resubstitution, to do any and all acts and things and to execute any and all instruments which said attorneys and agents, or any of them, may deem necessary or advisable or which may be required to enable the Fund to comply with the Investment Company Act of 1940, as amended, and the Securities Act of 1933, as amended (collectively, the "Acts"), and any rules, regulations or requirements of the Securities and Exchange Commission (the "SEC") in respect thereof, in connection with the filing and effectiveness of the Fund's registration statements and any amendments thereto including specifically, but without limiting the generality of the foregoing, the power and authority to sign in the name and on behalf of the undersigned as a director and/or officer of the Fund any and all such registration statements and amendments filed with the SEC under the Acts, and any other instruments or documents related thereto, and each undersigned does hereby ratify and confirm all that said attorneys and agents, or any of them, shall do or cause to be done by virtue hereof.

Dated effective: <u>June 9, 2026</u>

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| | |
|:---|:---|
| /s/ Daniel J. Beckman <br>__________________________________<br>Daniel J. Beckman | /s/ Sharmila Chatterjee<br>___________________________________<br>Sharmila Chatterjee |
| /s/ Kamal Bhatia<br>___________________________________<br>Kamal Bhatia | /s/ Padelford L. Lattimer<br>___________________________________<br>Padelford L. Lattimer |
| /s/ Craig Damos<br>___________________________________<br>Craig Damos | /s/ Kenneth A. McCullum<br>___________________________________<br>Kenneth A. McCullum |
| /s/ Katharin S. Dyer<br>___________________________________<br>Katharin S. Dyer | /s/ Karen McMillan<br>___________________________________<br>Karen McMillan |
| /s/ Frances P. Grieb<br>___________________________________<br>Frances P. Grieb | /s/ Thomas A. Swank<br>___________________________________<br>Thomas A. Swank |
| /s/ Victor L. Hymes<br>___________________________________<br>Victor L. Hymes | |

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## Ex-99.(P)(1)

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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;&nbsp;&nbsp;&nbsp;&nbsp;Code of Business Conduct and Ethics Personal Trading Policies and Procedures (Appendix A) February 2026 501 Commerce Street, Nashville, TN 37203 A Message from Seth Bernstein, Chief Executive Officer of AllianceBernstein Client trust is the foundation of a financial services company. As we have seen, trust takes years to establish and constant vigilance to maintain but can be destroyed in a matter of days. Honesty, integrity, and high ethical standards must therefore be practiced on a daily basis in order to protect this most critical asset. Enhancing our sensitivity to our ethical obligations – putting the interests of our clients first and foremost -- and ensuring that we meet those obligations is an imperative for all. AllianceBernstein has long been committed to maintaining and promoting high ethical standards and business practices. We have prepared this Code of Business Conduct and Ethics (the "Code") in order to establish a common vision of our ethical standards and practices. While not an exhaustive guide to the rules and regulations governing our businesses, the Code is intended to establish certain guiding principles for all of us. Separately, the firm has in place a series of ethics, fiduciary and business-related policies and procedures, which set forth detailed requirements to which employees are subject. We also have prepared various Compliance Manuals, which provide in summary form, an overview of the concepts described in more detail both in this Code and in our other policies and procedures. You should take the time to familiarize yourself with the policies in this Code and use common sense in applying them to your daily work environment and circumstances. Your own personal integrity and good judgment are the best guides to ethical and responsible conduct. If you have questions, you should discuss them with your supervisor, the General Counsel, the Chief Compliance Officer, or a representative of the Legal and Compliance Department or Human Capital. If the normal channels for reporting are not appropriate, or if you feel uncomfortable utilizing them, issues may be brought to the attention of the Company Ombudsman, who is an independent, informal and confidential resource for concerns about AllianceBernstein business matters that may raise issues of ethics or questionable practices. Our continued success depends on each of us maintaining high ethical standards and business practices. I count on each of you to place our clients' interests first – and to do so always by applying good ethics and sound judgment in your daily responsibilities. Seth Bernstein AllianceBernstein L.P. CODE OF BUSINESS CONDUCT AND ETHICS 1. Introduction .................................................................................................................................................. 1 2. The AB Fiduciary Culture ............................................................................................................................ 1 3. Compliance with Laws, Rules and Regulations .......................................................................................... 2 4. Policy Against Discrimination and Sexual and Unlawful Harassment ......................................................... 2 5. Conflicts of Interest / Unlawful Actions ........................................................................................................ 3 6. Insider Trading ............................................................................................................................................ 4 7. Personal Trading: Summary of Restrictions ................................................................................................ 5 8. Outside Directorships and Other Outside Activities and Interests ............................................................... 6 a. Board Member or Trustee ....................................................................................................................... 6 b. Other Affiliations ...................................................................................................................................... 7 c. Outside Financial or Business Interests .................................................................................................. 8 9. Gifts, Entertainment, and Inducements ........................................................................................................ 8 10. Compliance with Anti-Corruption Laws ...................................................................................................... 9 11. Political Contributions/Activities ................................................................................................................. 9 a. By or on behalf of AB .............................................................................................................................. 9 b. By Employees / Directors ...................................................................................................................... 10 12. "Ethical Wall" Policy ................................................................................................................................. 10 13. Use of Client Relationships ..................................................................................................................... 11 14. Corporate Opportunities and Resources ................................................................................................. 11 15. Antitrust and Fair Dealing ........................................................................................................................ 12 16. Recordkeeping and Retention ................................................................................................................. 12 17. Improper Influence on Conduct of Audits ................................................................................................ 12 18. Accuracy of Disclosure ............................................................................................................................ 13 19. Confidentiality .......................................................................................................................................... 13 20. Protection and Proper Use of AB Assets ................................................................................................ 14 21. Policy on Intellectual Property .................................................................................................................. 14 a. Overview ............................................................................................................................................... 14 b. Employee Responsibilities .................................................................................................................... 15 c. Company Policies and Practices ........................................................................................................... 15 22. Exceptions from the Code ....................................................................................................................... 15 a. Written Statement and Supporting Documentation ............................................................................... 15 b. Compliance Interview ............................................................................................................................ 16 23. Regulatory Inquiries, Investigations and Litigation .................................................................................. 16 a. Requests for Information ....................................................................................................................... 16 b. Types of Inquiries .................................................................................................................................. 16 c. Responding to Information Requests .................................................................................................... 16 d. Use of Outside Counsel ........................................................................................................................ 16 e. Regulatory Investigation ........................................................................................................................ 17 f. Litigation ................................................................................................................................................. 17 24. Compliance and Reporting of Misconduct / "Whistleblower" Protection .................................................. 17 25. Company Ombudsman ............................................................................................................................ 17 26. Sanctions ................................................................................................................................................. 18 27. Annual Certifications ............................................................................................................................... 18

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5 1. Introduction This Code of Business Conduct and Ethics (the "Code") summarizes the values, principles and business practices that guide our business conduct and establishes a set of basic principles and expectations to guide all AllianceBernstein employees, officers and directors, and consultants where applicable. The Code applies to all of our offices globally; however, it is not intended to provide an exhaustive list of all the detailed internal policies and procedures, regulations and legal requirements that may apply to you as an AllianceBernstein employee, officer, director, consultant, and/or a representative of one of our regulated subsidiaries. AllianceBernstein maintains more detailed policies and procedures addressing many of the topics covered by this Code, including the Compliance Manual, available on the Legal and Compliance Department intranet site. All AllianceBernstein employees, including covered consultants, officers, and directors are responsible for knowing and abiding by the relevant policies. All individuals subject to the provisions of this Code must conduct themselves in a manner consistent with the requirements and procedures set forth herein. Adherence to the Code is a fundamental condition of service and employment with AllianceBernstein, any of our subsidiaries or joint venture entities, or our general partner (the "AB Group"). AllianceBernstein L.P. ("AB," "we" or "us") is a registered investment adviser and acts as investment manager or adviser to registered investment companies, institutional investment clients, employee benefit trusts, high net worth individuals and other types of investment advisory clients. In this capacity, we serve as fiduciaries. The fiduciary relationship mandates adherence to the highest standards of conduct and integrity. Employees must carry out their duties for the exclusive benefit of our clients. Consistent with this fiduciary duty, the interests of clients take priority over the personal investment objectives and other personal interests of AB personnel. Accordingly: • Employees must work to mitigate or eliminate any conflict, or appearance of a conflict, between the self-interest of any individual covered under the Code and his or her responsibility to our clients, or to AB and its unitholders. • Employees must never improperly use their position with AB for personal gain to themselves, their family, or any other person. The Code is intended to comply with the following regulations that apply to AB: • Rule 17j-1 under the (U.S.) Investment Company Act of 1940 (the "1940 Act") which applies to AB because we serve as an investment adviser to registered investment companies. Rule 17j-1 specifically requires us to adopt a code of ethics that contains provisions reasonably necessary to prevent our "access persons" (as defined herein) from engaging in fraudulent conduct, including insider trading. • Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act"), which requires registered investment advisers to adopt and enforce codes of ethics applicable to their supervised persons. • Section 303A.10 of the New York Stock Exchange ("NYSE") Listed Company Manual, which applies to us because the units of AllianceBernstein Holding L.P. ("AllianceBernstein Holding") are traded on the NYSE. Given the rapid modernization of technology, we reaffirm our unwavering commitment to the highest ethical standards within our organization. As prediction markets continue to proliferate and become increasingly accessible, it is essential to uphold the integrity of our firm and to avoid any actions that may raise even the appearance of impropriety. Employees are reminded that the use of AB proprietary information, including client investment strategies, research acquired or developed for the benefit of clients or any other confidential firm information, for personal gain is strictly prohibited. All employees must manage these risks in their personal lives by maintaining compliance with applicable laws and regulations and ensuring that no non-public or proprietary information obtained through their professional roles is used for personal gain. 6 2. The AB Fiduciary Culture The primary objective of AB's business is to provide value, through investment advisory and other financial services, to a wide range of clients, including governments, corporations, financial institutions, high net worth individuals and pension funds. AB requires that all dealings with, and on behalf of existing and prospective clients be handled with honesty, integrity, and high ethical standards, and that such dealings adhere to the letter and the spirit of applicable laws, regulations, and contractual guidelines. As a general matter, AB is a fiduciary that owes its clients a duty of undivided loyalty, and each employee has a responsibility to act in a manner consistent with this duty. When dealing with or on behalf of a client, every employee must act solely in the best interests of that client. In addition, various comprehensive statutory and regulatory structures such as the 1940 Act, the Advisers Act, and the Employee Retirement Income Security Act ("ERISA") impose specific responsibilities governing the behavior of personnel in fulfilling their responsibilities. AB and its employees must comply fully with these rules and regulations. Legal and Compliance Department personnel are available to assist employees in meeting these requirements. All employees are expected to adhere to the high standards associated with our fiduciary duty, including care and loyalty to clients, competency, diligence and thoroughness, and trust and accountability. Further, all employees must actively work to avoid the possibility that the advice or services we provide to clients is, or gives the appearance of being, based on the self-interests of AB or its employees and not the clients' best interests. Our fiduciary responsibilities apply to a broad range of investment and related activities, including sales and marketing, portfolio management, securities trading, allocation of investment opportunities, client service, operations support, performance measurement and reporting, new product development as well as your personal investing activities. These obligations include the duty to avoid material conflicts of interest (and, if this is not possible, to provide full and fair disclosure to clients in communications), to keep accurate books and records, and to supervise personnel appropriately. These concepts are further described in the Sections that follow. 3. Compliance with Laws, Rules, and Regulations AB has a long-standing commitment to conduct its business in compliance with applicable laws and regulations and in accordance with the highest ethical principles. This commitment helps ensure our reputation for honesty, quality, and integrity. All individuals subject to the Code are required to comply with all such laws and regulations. All U.S. employees, as well as non-U.S. employees who act on behalf of U.S. clients or funds, are required to comply with the U.S. federal securities laws. These laws include, but are not limited to, the 1940 Act, the Advisers Act, ERISA, the Securities Act of 1933 ("Securities Act"), the Securities Exchange Act of 1934 ("Exchange Act"), the Sarbanes- Oxley Act of 2002, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to our activities, and any rules adopted thereunder by the Securities and Exchange Commission ("SEC"), Department of the Treasury or the Department of Justice. As mentioned above, as a listed company, we are also subject to specific rules promulgated by the NYSE. Similarly, our non-US affiliates are subject to additional laws and regulatory mandates in their respective jurisdictions, which must be fully complied with. Our obligation to comply with all applicable laws, regulations, and rules, and to act in an honest and ethical manner, trumps all other considerations, including the interests of our clients. Policies referenced in this Code provide additional details and requirements to ensure compliance. A violation under any of these policies may be deemed a violation of the Code. 4. Policy Against Discrimination and Sexual and Unlawful Harassment AB is committed to providing a working environment free from all forms of discrimination and harassment on the basis of race, color, religion, creed, ancestry, national origin, sex, age, disability, 7 marital status, citizenship status, sexual orientation, gender identity expression, military or veteran status, or any other basis that is by applicable law. Harassment or discrimination by any AB employee, officer, or director will not be tolerated. AB's policies on nondiscrimination and sexual or unlawful harassment and how to report instances of such conduct can be found in the Employee Handbook. All employees, officers, and directors are responsible for knowing and abiding by these policies. Anyone who reports in good faith an incident of discrimination or harassment will not be subject to reprisals. Anyone who is found to have engaged in conduct inconsistent with these policies will be subject to appropriate disciplinary action, up to and including termination of employment or dismissal from the Board. 5. Conflicts of Interest / Unlawful Actions A "conflict of interest" may exist when a person's private interests are contrary to, or inconsistent with, the interests of AB's clients or to the interests of AB or its unitholders. A conflict situation can arise when an AB employee, consultant, officer, or director takes actions or has interests (business, financial or otherwise) that may make it difficult to perform his or her work objectively and effectively. Conflicts of interest may arise, for example, when an AB employee, or a member of his or her family,1 receives improper personal benefits (including personal loans, services, or payment for services that the AB employee performs in the course of AB business) as a result of his or her position at AB or gains personal enrichment or benefits through access to confidential information. Conflicts may also arise when an AB employee, or a member of his or her family, holds a significant financial interest in a company that does an important amount of business with AB or has outside business interests that may result in divided loyalties or compromise independent judgment. Moreover, conflicts may arise when making securities investments for personal accounts or when determining how to allocate trading opportunities. Conflicts of interest can also arise because of personal relationships with others within or outside AB (such as family relationships, romantic relationships, or close friendships) that may compromise objectivity and independent judgment. AB has adopted policies, procedures, and controls designed to manage conflicts of interest, including the Compliance Manual, Policy and Procedures for Giving and Receiving Gifts and Entertainment, copies of which can be found on the Legal and Compliance Department intranet site. These policies highlight additional potential conflicts of interest. Conflicts of interest can arise in many common situations; despite one's best efforts to avoid them. This Code does not attempt to identify all possible conflicts of interest. Literal compliance with each of the specific procedures will not shield you from liability for personal trading or other conduct that violates your fiduciary duties to our clients. All AB employees, consultants, officers, and directors are encouraged to seek clarification of, and discuss questions about, potential conflicts of interest. If you have questions about a particular situation or become aware of a conflict or potential conflict, you should bring it to the attention of your supervisor, the General Counsel, the Conflicts Officer, the Chief Compliance Officer or a representative of the Legal and Compliance Department or Human Capital. In addition to the specific prohibitions contained in the Code, you are, of course, subject to a general requirement not to engage in any act or practice that would defraud our clients. This general prohibition (which also applies specifically in connection with the purchase and sale of a Security held or to be acquired or sold, as this phrase is defined in the Appendix) includes: 1 For purposes of this section of the Code, unless otherwise specifically provided, (i) "family" means your spouse/domestic partner, parents, children, siblings, in-laws by marriage (i.e., mother-in-law, father-in- law, son-in-law, and/or daughter-in-law) and anyone who shares your home; and (ii) "relative" means members of your family (as defined), your aunts and uncles, and your first cousins. 8 • Making any untrue statement of a material fact or employing any device, scheme, or artifice to defraud a client; • Omitting to state (or failing to provide any information necessary to properly clarify any statements made, considering the circumstances) a material fact, thereby creating a materially misleading impression; • Accepting any compensation for the purchase or sale of any property to or for a fund or other client account; • Making investment decisions, changes in research ratings and trading decisions other than exclusively for the benefit of, and in the best interest of, our clients; • Using information about investment or trading decisions or changes in research ratings (whether considered, proposed, or made) to benefit or avoid economic injury to you or anyone other than our clients; • Taking, delaying, or omitting to take any action with respect to any research recommendation, report or rating or any investment or trading decision for a client to avoid economic injury to you or anyone other than our clients; • Purchasing or selling a security on the basis of knowledge of a possible trade by or for a client with the intent of personally profiting from personal holdings in the same or related securities ("front-running" or "scalping"); • Revealing to any other person (except in the normal course of your duties on behalf of a client) any information regarding securities transactions by any client or the consideration by any client of any such securities transactions; or • Engaging in any act, practice or course of business that operates or would operate as a fraud or deceit on a client or engaging in any manipulative practice with respect to any client. AB requires all employees, covered consultants and directors to disclose any Conflicts of Interests that any person may become aware of upon joining AB or during their course of employment or board service. These disclosures must be made to the Compliance Department through StarCompliance. 6. Insider Trading There are instances where AB employees or directors may have confidential "inside" information about AB or its affiliates, or about a company with which we do business, or about a company in which we may invest on behalf of clients that is not known to the investing public. AB employees must maintain the confidentiality of such information. If a reasonable investor would consider this information important in reaching an investment decision, the AB employee or director with this information must not buy or sell securities of any of the companies in question or give this information to another person who trades in such securities. This rule is very important, and AB has adopted the following three specific policies that address it: Policy and Procedures Concerning Purchases and Sales of AB Units, Policy and Procedures Concerning Purchases and Sales of AB Closed-End Mutual Funds, and Policy and Procedures Regarding Insider Trading and Control of Material Nonpublic Information2 (collectively, the "AB Insider Trading Policies"). A copy of the AB Insider Trading Policies may be found on the Legal and Compliance Department intranet site. All AB employees and directors are required to be familiar with these policies2 and to abide by them. ________________________ 2 The subject of insider trading will be covered in various Compliance training programs and materials.

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9 7. Personal Trading: Summary of Restrictions AB recognizes the importance to its employees and directors of being able to manage and develop their own and their dependents' financial resources through long-term investments and strategies. However, because of the potential conflicts of interest inherent in our business, our industry and AB have implemented certain standards and limitations designed to minimize these conflicts and help ensure that we focus on meeting our duties as a fiduciary for our clients. As a general matter, AB discourages personal investments by employees in individual securities and encourages personal investments in managed collective vehicles, such as mutual funds. AB senior management believes it is important for employees to align their own personal interests with the interests of our clients. Consequently, employees are encouraged to invest in the mutual fund products and services offered by AB, where available and appropriate. The policies and procedures for personal trading are set forth in full detail in the AB Personal Trading Policies and Procedures, included in the Code as Appendix A. The following is a summary of the major requirements and restrictions that apply to personal trading by employees, their immediate family members, and other financial dependents. • Employees must disclose all of their brokerage accounts to the Legal and Compliance Department; • Employees may maintain brokerage accounts only at specified designated broker-dealers (exceptions may apply outside of the U.S.); • Employees must pre-clear all securities trades with the Legal and Compliance Department (via the StarCompliance Code of Ethics application) prior to placing trades with their broker-dealer (prior supervisory approval is required for portfolio managers, research analysts, traders, persons with access to AB research, and others designated by the Legal and Compliance Department); • Employees may only make twenty trades in individual securities during any rolling thirty calendar-day period; • Employee purchases of individual securities, ETFs, ETNs, closed-end funds and AB managed or sub-advised open-end mutual funds) are subject to a 60-day holding period and 30-day buy- back period (6 months for AB Japan Ltd.); • Employees may not engage in short-term trading of a mutual fund in violation of that fund's short-term trading policies; • Employees may not participate in initial public offerings of equity securities; • Employees must get written approval, and make certain representations, in order to participate in limited or private investments, including hedge funds; • Employees must submit initial and annual holding reports, disclosing all securities and holdings in mutual funds managed by AB held in personal accounts; • Employees must, on a quarterly basis, submit or confirm reports identifying all transactions in securities and mutual funds managed by AB in personal accounts; • The Legal and Compliance Department has the authority to deny: a. Any personal trade by an employee if the security is being considered for purchase or sale in a client account; there are open orders for the security on a trading desk; or the security appears on any AB restricted list; 10 b. Any short sale by an employee for a personal account if the security is being held long in AB - managed portfolios; and c. Any personal trade by a portfolio manager or research analyst in a security that is subject to a blackout period as a result of client portfolio trading or recommendations to clients. • Separate requirements and restrictions apply to Directors who are not employees of AB, as explained in further detail in the AB Personal Trading Policies and Procedures, Appendix A of this document. This summary should not be considered a substitute for reading, understanding, and complying with the detailed restrictions and requirements that appear in the AB Personal Trading Policies and Procedures, included as Appendix A to the Code. 8. Outside Directorships and Other Outside Activities and Interests Although activities outside of AB are not necessarily a conflict of interest, a conflict may exist depending upon your position within AB and AB's relationship with the particular activity in question. Outside Activities may also create a potential conflict of interest if they cause an AB employee to choose between that interest and the interests of AB or any client of AB. AB recognizes that the guidelines in this Section are not applicable to directors of AB who do not also serve in management positions within AB. a. Board Member or Trustee i. AB employees are prohibited from serving on any board of directors or trustees or in any other management capacity of any unaffiliated public company. However, under certain limited circumstances, Compliance will consider exceptions to this prohibition where the employee has received prior written approval from both AB's Chief Executive Officer and their supervisor. Once the necessary business approvals have been obtained, the employee must submit an Outside Business Activities Approval Form for review and approval by Compliance. ii. No AB employee shall serve on any board of directors or trustees or in any other management capacity of any private company (other than not-for-profit organizations, see below) without prior written approval from the employee's supervisor and Compliance Department via an Outside Business Activities Approval Form. This approval is also subject to review by, and may require the approval of, AB's Chief Executive Officer. The decision as to whether to grant such authorization will be based on a determination that such service would not be inconsistent with the interests of any client, as well as an analysis of the time commitment and potential personal liabilities and responsibilities associated with the outside affiliation.3 Any AB employee who serves as a director, trustee or in any other management capacity of any private company must resign that position prior to the company becoming a publicly traded company. 3 Such authorization requires an agreement on the part of the employee to not hold him or herself out as acting on behalf of AB (or any affiliate) and to use best efforts to ensure that AB's name (or that of any AB affiliated company) is not used in connection with the proposed affiliation (other than in a "bio" section), and in particular, activities relating to fundraising or to the advancement of a specific entity mission or agenda. Important Note for Research Analysts: Notwithstanding the standards and prohibitions that follow in this section, any employee who acts in the capacity of a research analyst is prohibited from serving on any board of directors or trustees or in any other capacity with respect to any company, public or private, whose business is directly or indirectly related to the industry covered by that research analyst. 11 iii. Not-for-Profit Organizations: Generally, no approval is required to serve as a trustee/board member of not-for-profit organizations such as religious organizations, foundations, educational institutions, co-ops, private clubs etc., provided that (a) the organization has not issued, and does not have future plans to issue, publicly held securities, including debt obligations; and/or (b) the employee does not act in any investment-related advisory capacity (i.e., any direct or indirect role relating to investment advice or choosing investment advisers; serving on investment committee).4 If the employee does act in such a capacity, or the organization has issued or plans to issue, public securities, the Not-For-Profit Activities Disclosure Form must be submitted and approved. iv. This approval requirement applies regardless of whether an AB employee plans to serve as a director of an outside business organization (1) in a personal capacity or (2) as a representative of AB or of an entity within the AB Group holding a corporate board seat on the outside organization (e.g., where AB or its clients may have a significant but non- controlling equity interest in the outside company). v. New employees with pre-existing relationships are required to resign from the boards of public companies and seek and obtain the required approvals to continue to serve on the boards of private companies. b. Other Affiliations AB discourages employees from committing to secondary employment, particularly if it poses any conflict in meeting the employee's ability to satisfactorily meet all job requirements and business needs. Before an AB employee accepts a second job, that employee must: • Complete and submit an Outside Business Activities Approval Form; • Ensure that AB's business takes priority over the secondary employment; • Ensure that no conflict of interest exists between AB's business and the secondary employment (see also footnote 3); and • Require no special accommodation for late arrivals, early departures, or other special requests associated with the secondary employment. For employees associated with any of AB's registered broker-dealer subsidiaries, written approval of the Chief Compliance Officer for the subsidiary is also required.5 New employees with pre-existing relationships are required to ensure that their affiliations conform to these restrictions and must obtain the requisite approvals. On a periodic basis, such employees will be required to confirm that the circumstances of the approved activities have not changed. 4 Indeed, AB recognizes that its employees often engage in community service in their local communities and engage in a variety of charitable activities, and it commends such service. However, it is the duty of every AB employee to ensure that all outside activities, even charitable or pro bono activities, do not constitute a conflict of interest or are not otherwise inconsistent with employment by AB. Accordingly, although no approval is required, each employee must use his/her best efforts to ensure that the organization does not use the employee's affiliation with AllianceBernstein, including his/her corporate title, in any promotional (other than a "bio" section) or fundraising activities, or to advance a specific mission or agenda of the entity. Such positions also must be reported to the firm pursuant to other periodic requests for information (e.g., the AB 10-K questionnaire). 5 In the case of AB subsidiaries that are holding companies for consolidated subgroups, unless otherwise specified by the holding company's Chief Executive Officer, this approval may be granted by the Chief Executive Officer or Chief Financial Officer of each subsidiary or business unit within such a consolidated subgroup. 12 c. Outside Financial or Business Interests AB employees should be cautious with respect to personal investments that may lead to conflicts of interest or raise the appearance of a conflict. Conflicts of interest in this context may arise in cases where an AB employee, a member of his or her family, or a close personal acquaintance, holds a substantial interest in a company that has significant dealings with AB or any of its subsidiaries either on a recurring or "one-off" basis. For example, holding a substantial interest in a family- controlled or other privately held company that does business with, or competes against, AB or any of its subsidiaries may give rise to a conflict of interest or the appearance of a conflict. In contrast, holding shares in a widely held public company that does business with AB from time to time may not raise the same types of concerns. Prior to making any such personal investments, AB employees must pre-clear the transaction, in accordance with the Personal Trading Policies and Procedures, attached as Appendix A of this Code, and should consult as appropriate with their supervisor, the Conflicts Officer, General Counsel, Chief Compliance Officer or other representative of the Legal and Compliance Department. AB employees should also be cautious with respect to outside business interests that may create divided loyalties, divert substantial amounts of their time, and/or compromise their independent judgment. If a conflict of interest situation arises, you should report it to your supervisor, the Conflicts Officer, General Counsel, Chief Compliance Officer, and/or other representative of AB's People Team or Legal and Compliance Department. Business transactions that benefit relatives or close personal friends, such as awarding a service contract to them or a company in which they have a controlling or other significant interest, may also create a conflict of interest or the appearance of a conflict. AB employees must consult their supervisor and/or the Conflicts Officer, General Counsel, Chief Compliance Officer, or other representative of AB's People Team or Legal and Compliance Department before entering into any such transaction. New employees that have outside financial, or business interests (as described herein) should report them as required and bring them to the attention of their supervisor immediately. 9. Gifts, Entertainment, and Inducements Business gifts and entertainment are designed to build goodwill and sound working relationships among business partners. However, under certain circumstances, gifts, entertainment, favors, benefits, and/or job offers may be or appear to be attempts to "purchase" favorable treatment. Accepting or offering such inducements could raise doubts about an AB employee's ability to make independent business judgments in our clients' or AB's best interests. For example, a problem would arise if (i) the receipt by an AB employee of a gift, entertainment or other inducement would compromise, or could be reasonably viewed as compromising, that individual's ability to make objective and fair business decisions on behalf of AB or its clients, or (ii) the offering by an AB employee of a gift, entertainment or other inducement appears to be an attempt to obtain business through improper means or to gain any special advantage in our business relationships through improper means. These situations can arise in many different circumstances (including with current or prospective suppliers and clients) and AB employees should keep in mind that certain types of inducements may constitute illegal bribes, pay-offs, or kickbacks. In particular, the rules of various securities regulators place specific constraints on the activities of persons involved in the sales and marketing of securities. AB has adopted the Policy and Procedures for Giving and Receiving Gifts and Entertainment to address these and other matters. AB employees must familiarize themselves with this policy and comply with its requirements, which include reporting the acceptance of most business meals, gifts, and entertainment to the Compliance Department. A copy of this policy can be found on the Legal and Compliance Department intranet site and will be supplied by the Compliance Department upon request. Each AB employee must use good judgment to ensure there is no violation of these principles. If you have any question or uncertainty about whether any gifts, entertainment or other types of inducements are appropriate, please contact your supervisor or a representative of AB's Legal and

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13 Compliance Department and/or the Conflicts Officer, as appropriate. If you feel uncomfortable utilizing the normal channels, issues may be brought to the attention of the Company Ombudsman, who is a neutral, independent, informal, and confidential resource to assist employees with concerns about AB business matters that may implicate issues of ethics or questionable practices. Please see Section 25 for additional information on the Company Ombudsman. 10. Compliance with Anti-Corruption Laws AB employees should be aware that AB strictly prohibits the acceptance, offer, payment or authorization, whether directly or via a third party of any bribe, and any other form of corruption, whether involving a government official or an employee of a public or private commercial entity. Therefore, it is the responsibility of all AB employees to adhere to all applicable anti-corruption laws and regulations in the jurisdictions in which they do business, including the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act, and similar international laws regulating payments to public and private sector individuals (collectively, the "Anti-Corruption Laws"). We expect all AB employees to refuse to make or accept questionable and/or improper payments. As a component of this commitment, no AB employee may give money, gifts, or anything else of value (which include providing jobs or internships) to any official or any employee of a governmental or commercial entity if doing so could reasonably be construed as an attempt to provide AB with an improper business advantage. In addition, any proposed payment or gift to a government official, including employees of government-owned or controlled enterprises (e.g., sovereign wealth and pension funds, public utilities, and national banks), must be reviewed in advance by a representative of the Legal and Compliance Department, even if such payment is common in the country of payment (see discussion of the Anti-Corruption Laws below and in the firm's Anti-Bribery and Corruption Policy). AB employees should be aware that they do not actually have to make the payment to violate AB's policy and the law — merely offering, promising, or authorizing it will be considered a violation. To ensure that AB fully complies with the requirements of the Anti-Corruption Laws, employees must be familiar with the firm's Anti-Bribery and Corruption Policy. Generally, the Anti- Corruption Laws make it illegal (with civil and criminal penalties) for AB, and its employees and agents, to provide anything of value to public or private sector employees, directly or indirectly, for the purpose of obtaining an improper business advantage (which can include improperly securing government licenses and permits). Accordingly, the use of AB funds or assets (or those of any third party) to make a payment directly or through another person or company for any illegal, improper, and/or corrupt purpose is strictly prohibited. It is often difficult to determine at what point a business courtesy extended to another person crosses the line into becoming excessive, and what ultimately could be considered a bribe. Therefore, no entertainment or gifts may be offered to, or travel or hotel expenses paid for, any public official, including employees of government-owned or controlled enterprises, under any circumstances, without the express prior written approval (e-mail correspondence is acceptable) of the General Counsel, Chief Compliance Officer, or their designees in the Legal and Compliance Department. 11. Political Contributions/Activities a. By or on behalf of AB Election laws in many jurisdictions generally prohibit political contributions by corporations to candidates. Many local laws also prohibit corporate contributions to local political campaigns. In accordance with these laws, AB does not make direct contributions to any candidates for national or local offices where applicable laws make such contributions illegal. In these cases, contributions to political campaigns must not be, nor appear to be, made with or reimbursed by AB assets or resources. AB assets and resources include (but are not limited to) AB facilities, personnel, office 14 supplies, letterhead, telephones, electronic communication systems and fax machines. This means that AB office facilities may not be used to host receptions or other events for political candidates or parties which include any fund-raising activities or solicitations. In limited circumstances, AB office facilities may be used to host events for public office holders as a public service, but only where steps have been taken (such as not providing to the office holder a list of attendees) to avoid the facilitation of fund-raising or solicitations either during or after the event, and where the event has been pre-approved in writing by the General Counsel or Deputy General Counsel. Please see the Policy and Procedures for Giving and Receiving Gifts and Entertainment, which can be found on the Legal and Compliance Department intranet site, for a discussion relating to political contributions suggested by clients. Election laws in many jurisdictions allow corporations to establish and maintain political action or similar committees, which may lawfully make campaign contributions. AB or companies affiliated with AB may establish such committees or other mechanisms through which AB employees may make political contributions, if permitted under the laws of the jurisdictions in which they operate. Any questions about this policy should be directed to the General Counsel or Chief Compliance Officer. b. By Employees / Directors AB employees who hold or seek to hold political office must do so on their own time, whether through vacation, after work hours or on weekends. Additionally, the employee must complete and submit an Outside Business Activities Approval Form for review and approval to ensure that there are no conflicts of interest with AB business. AB employees may make personal political contributions as they see fit in accordance with all applicable laws and the guidelines in the Policy and Procedures for Giving and Receiving Gifts and Entertainment, the Pay-to-Play: Political Contributions Policy, as well as the pre-clearance requirement as described below. Certain employees involved with the offering or distribution of municipal fund securities (e.g., a "529 Plan") or acting as a director for certain subsidiaries must also adhere to the restrictions and reporting requirements of the Municipal Securities Rulemaking Board. Several (U.S.) states and localities have enacted "pay-to-play" laws. Some of these laws could prohibit AB from entering into a government contract for a certain number of years if a covered employee makes or solicits a covered contribution. Other jurisdictions require AB to report contributions made by certain employees, without the accompanying ban on business. In certain jurisdictions, the laws also cover the activities of the spouse and dependent children of the covered person. In response to these laws, in addition to SEC Rule 206(4)-5, which also prohibits certain political contributions, AB has in place a pre-clearance requirement, under which all employees must pre-clear with the Compliance Department through StarCompliance, all personal political contributions (including those of their spouses and dependent children) made to, or solicited on behalf of, any (U.S.) federal, state or local candidate, political party, or political entity. Similarly, members of the AB Board of Directors are covered by the Policy Regarding Pre- Clearance of Personal Political Contributions by AllianceBernstein Directors, which also requires that they pre-clear with the Compliance Department all personal political contributions (including those of their spouses and dependent children) made to, or solicited on behalf of, any U.S. federal, state or local candidate or political party. 12. "Ethical Wall" Policy AB has established a policy entitled Insider Trading and Control of Material Non-Public Information ("Ethical Wall Policy"), a copy of which can be found on the Legal and Compliance Department intranet site. This policy was established to prevent the flow of material non-public information about a listed company or its securities from AB employees who receive such information in the 15 course of their employment to those AB employees performing investment management activities. If "Ethical Walls" are in place, AB's investment management activities may continue despite the knowledge of material non-public information by other AB employees involved in different parts of AB's business. "Investment management activities" involve making, participating in, or obtaining information regarding purchases or sales of securities of public companies or making, or obtaining information about, recommendations with respect to purchases or sales of such securities. Given AB's extensive investment management activities, it is very important for AB employees to familiarize themselves with AB's Ethical Wall Policy and abide by it. 13. Use of Client Relationships As discussed previously, AB owes fiduciary duties to each of our clients. These require that our actions with respect to client assets or vendor relationships be based solely on the clients' best interests and avoid any appearance of being based on our own self-interest. Therefore, we must avoid using client assets or relationships to inappropriately benefit AB. Briefly, AB regularly acquires services directly for itself, and indirectly on behalf of its clients (e.g., brokerage, investment research, custody, administration, auditing, accounting, printing, and legal services). Using the existence of these relationships to obtain discounts or favorable pricing on items purchased directly for AB or for clients other than those paying for the services may create conflicts of interest. Accordingly, business relationships maintained on behalf of our clients may not be used to leverage pricing for AB when acting for its own account unless all pricing discounts and arrangements are shared ratably with those clients whose existing relationships were used to negotiate the arrangement, and the arrangement is otherwise appropriate under relevant legal/regulatory guidelines. For example, when negotiating printing services to produce AB's Form 10-K and annual report, we may not ask the proposed vendor to consider the volume of printing business that they may get from AB on behalf of the investment funds we manage when proposing a price. On the other hand, vendor/service provider relationships with AB may be used to leverage pricing on behalf of AB's clients. In summary, while efforts made to leverage our buying power are good business, efforts to obtain a benefit for AB as a result of vendor relationships that we structure or maintain on behalf of clients may create conflicts of interest, which should be escalated to your line manager and Compliance so that they can be reviewed and addressed. 14. Corporate Opportunities and Resources AB employees owe a duty to AB to advance the firm's legitimate interests when the opportunity to do so arises and to use corporate resources exclusively for that purpose. Corporate opportunities and resources must not be taken or used for personal gain or promotion. AB employees are prohibited from: • Taking for themselves personally opportunities that are discovered using company property, information, or their position; • Using company property, information, resources, or their company position for personal gain or promotion; • Creating personal websites related to the financial services industry or which promote themselves and their skills based on their responsibilities at AB; • Using company property, information or their company position on personal websites or social media platforms (e.g., YouTube, Twitter, LinkedIn, Facebook, etc.) or other marketing channels in a way that is inconsistent with AB's Use of Social Media Policy; and • Competing with AB directly or indirectly. 16 Please also refer to the Policy and Procedures for Giving and Receiving Gifts and Entertainment, and its Appendix B, the Code of Conduct Regarding the Purchase of Products and Services on Behalf of AB and its Clients, which can be found on the Legal and Compliance Department intranet site. AB directors also owe AB a duty of loyalty, which requires, among other things, that they may not misappropriate company opportunities or misuse company assets for their personal benefit. 15. Antitrust and Fair Dealing AB believes that the welfare of consumers is best served by economic competition. Our policy is to compete vigorously, aggressively, and successfully in today's increasingly competitive business climate and to do so at all times in compliance with all applicable antitrust, competition and fair dealing laws in all the markets in which we operate. We seek to excel while operating honestly and ethically, never through taking unfair advantage of others. Each AB employee should endeavor to deal fairly with AB's customers, suppliers, competitors, and other AB employees. No one should take unfair advantage through manipulation, concealment, abuse of privileged information, misrepresentation of material facts or any other unfair dealing practices. The antitrust laws of many jurisdictions are designed to preserve a competitive economy and promote fair and vigorous competition. We are all required to comply with these laws and regulations. AB employees involved in marketing, sales and purchasing, contracts or in discussions with competitors have a particular responsibility to ensure that they understand our standards and are familiar with applicable competition laws. Because these laws are complex and can vary from one jurisdiction to another, AB employees are urged to seek advice from the General Counsel, Chief Compliance Officer, or Corporate Secretary if questions arise. Please also refer to the Policy and Procedures for Giving and Receiving Gifts and Entertainment, which can be found on the Legal and Compliance Department intranet site, for a discussion relating to some of these issues. 16. Recordkeeping and Retention Properly maintaining and retaining company records is of the utmost importance. AB employees are responsible for ensuring that AB's business records are properly maintained and retained in accordance with applicable laws and regulations in the jurisdictions where it operates. AB Employees should familiarize themselves with these laws and regulations. Please see the Record Retention Policy on the Legal and Compliance intranet site for more information. As AB onboards new electronic communications platforms, employees are required to comply with the Use of Electronic Communications policy. Additional information on AB's requirements around electronic communications can be found on the Electronic Communications section of the Compliance Manual. 17. Improper Influence on Conduct of Audits AB employees, and persons acting under their direction, are prohibited from taking any action to coerce, manipulate, mislead, hinder, obstruct, or fraudulently influence any external auditor, internal auditor or regulator engaged in the performance of an audit or review of AB's financial statements and/or procedures. AB employees are required to cooperate fully with any such audit or review. The following is a non-exhaustive list of actions that might constitute improper influence: • Offering or paying bribes or other financial incentives to an auditor, including offering future employment or contracts for audit or non-audit services;

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17 • Knowingly providing an internal or external auditor or regulator with inaccurate or misleading data or information; • Threatening to cancel or canceling existing non-audit or audit engagements if the auditor objects to the company's accounting; • Seeking to have a partner or other team member removed from the audit engagement because such person objects to the company's accounting; • Knowingly altering, tampering, or destroying company documents; • Knowingly withholding pertinent information; or • Knowingly providing incomplete information. Under the (U.S.) Sarbanes Oxley Law, any false statement -- that is, any lie or attempt to deceive an investigator -- may result in criminal prosecution. 18. Accuracy of Disclosure Securities and other laws impose public disclosure requirements on AB and require it to regularly file reports and financial information and make other submissions to various regulators and stock market authorities around the globe. Such reports and submissions must comply with all applicable legal requirements and may not contain misstatements or omit material facts. AB employees who are directly or indirectly involved in preparing such reports and submissions, or who regularly communicate with the press, investors and analysts concerning AB, must ensure within the scope of the employee's job activities that such reports, submissions and communications are (i) full, fair, timely, accurate and understandable, and (ii) meet applicable legal requirements. This applies to all public disclosures, oral statements, visual presentations, press conferences and media calls concerning AB, its financial performance, and similar matters. In addition, members of AB's Board, executive officers and AB employees who regularly communicate with analysts or actual or potential investors in AB securities are subject to the AB Regulation FD Compliance Policy copy of the policy can be found on the Legal and Compliance Department intranet site. 19. Confidentiality Subject to Section 23, AB employees must maintain the confidentiality of sensitive non-public and other confidential information entrusted to them by AB or its clients and vendors and must not disclose such information to any persons except when disclosure is authorized by AB or mandated by regulation or law. However, disclosure may be made to (1) other AB employees who have a bona fide "need to know" in connection with their duties, (2) persons outside AB (such as attorneys, accountants or other advisers) who need to know in connection with a specific mandate or engagement from AB or who otherwise have a valid business or legal reason for receiving it and have executed appropriate confidentiality agreements, or (3) regulators pursuant to an appropriate written request (see Section 23). Confidential information includes all non-public information that might be of use to competitors, or harmful to AB or our clients and vendors, if disclosed. The identity of certain clients may also be confidential. Intellectual property (such as confidential product information, trade secrets, patents, trademarks, and copyrights), business, marketing and service plans, databases, records, salary information, unpublished financial data and reports as well as information that joint venture partners, suppliers or customers have entrusted to us are also viewed as confidential information. Please note that the obligation to preserve confidential information continues even after employment with AB ends. 18 To safeguard confidential information, AB employees should observe at least the following procedures: • Special confidentiality arrangements may be required for certain parties, including outside business associates and governmental agencies and trade associations, seeking access to confidential information; • Papers relating to non-public matters should be appropriately safeguarded; • Appropriate controls for the reception and oversight of visitors to sensitive areas should be implemented and maintained; • Document control procedures, such as numbering counterparts and recording their distribution, should be used where appropriate; • If an AB employee is out of the office in connection with a material non-public transaction, staff members should use caution in disclosing the AB employee's location; • Sensitive business conversations, whether in person or on the telephone, should be avoided in public places and care should be taken when using portable computers and similar devices in public places; and • E-mail messages and attachments containing material non-public information should be treated with similar discretion (including encryption, if appropriate), and recipients should be made aware of the need to exercise similar discretion. Nothing herein, or in any contractual confidentiality provision to which any employee is subject, prohibits employees from reporting possible violations of law or regulation to any governmental agency or entity, or self-regulatory authority, or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation. Employees do not need AB's prior authorization to make any such reports or disclosures and are not required to notify AB that they have made such reports or disclosures. Please see the Privacy Policy on the Legal and Compliance intranet site for more information. 20. Protection and Proper Use of AB Assets AB employees have a responsibility to safeguard and make proper and efficient use of AB's property. Every AB employee also has an obligation to protect AB's property from loss, fraud, damage, misuse, theft, embezzlement, or destruction. Acts of fraud, theft, loss, misuse, carelessness, and waste of assets may have a direct impact on AB's profitability. Any situations or incidents that could lead to the theft, loss, fraudulent or other misuse or waste of AB property should be reported to your supervisor or a representative of AB's Human Capital or Legal and Compliance Department as soon as they come to an employee's attention. Should an employee feel uncomfortable utilizing the normal channels, issues may be brought to the attention of the Company Ombudsman, who is a neutral, independent, informal, and confidential resource to assist employees with concerns about AB business matters that may implicate issues of ethics or questionable practices. Please see Section 25 for additional information on the Company Ombudsman. 21. Policy on Intellectual Property a. Overview Ideas, inventions, discoveries, and other forms of so-called "intellectual property" are becoming increasingly important to all businesses, including ours. Recently, financial services companies have been applying for and obtaining patents on their financial product offerings and "business 19 methods" for both offensive and defensive purposes. For example, business method patents have been obtained for information processing systems, data gathering and processing systems, billing and collection systems, tax strategies, asset allocation strategies and various other financial systems and strategies. The primary goals of the AB policy on intellectual property are to preserve our ability to use our own proprietary business methods, protect our IP investments and reduce potential risks and liabilities. b. Employee Responsibilities • New Products and Methods. Employees must maintain detailed records and all work papers related to the development of new products and methods in a safe and secure location. • Trademarks. Clearance must be obtained from the Legal and Compliance Department before any new word, phrase, or slogan, which we consider proprietary and in need of trademark protection, is adopted or used in any written materials. To obtain clearance, the proposed word, phrase or slogan and a brief description of the products or services for which it is intended to be used should be communicated to the Legal and Compliance Department sufficiently well in advance of any actual use in order to permit any necessary clearance investigation. c. Company Policies and Practices • Ownership. Employees acknowledge that any discoveries, inventions, or improvements (collectively, "Inventions") made or conceived by them in connection with, and during the course of, their employment belong, and automatically are assigned, to AB. AB can keep any such Inventions as trade secrets or include them in patent applications, and Employees will assist AB in doing so. Employees agree to take any action requested by AB, including the execution of appropriate agreements and forms of assignment, to evidence the ownership by AB of any such Invention. • Use of Third-Party Materials. In performing one's work for, or on behalf of AB, Employees will not knowingly disclose or otherwise make available or incorporate anything that is proprietary to a third party without obtaining appropriate permission. • Potential Infringements. Any concern regarding copyright, trademark, or patent infringement should be immediately communicated to the Legal and Compliance Department. Questions of infringement by AB will be investigated and resolved as promptly as possible. By certifying in accordance with Section 27 of this Code, the individual subject to this Code agrees to comply with AB's policies and practices related to intellectual property as described in this Section 21. 22. Exceptions from the Code In addition to the exceptions contained within the specific provisions of the Code, the General Counsel, Chief Compliance Officer (or their designee) may, in very limited circumstances, grant other exceptions under any Section of this Code on a case-by-case basis. In these situations, the following may be required as deemed necessary considering the circumstances: a. Written Statement and Supporting Documentation The individual seeking the exception may need to furnish to the Chief Compliance Officer, or designee, as applicable: i. A written statement detailing the request or efforts made to comply with the requirement from which the individual seeks an exception; 20 ii. A written statement containing a representation and warranty that (i) compliance with the requirement would impose a severe undue hardship on the individual and (ii) the exception would not, in any manner or degree, harm or defraud a client, violate the general principles herein or compromise the individual's or AB's fiduciary duty to any client; and/or iii. Any supporting documentation that the Chief Compliance Officer may require. b. Compliance Interview The Chief Compliance Officer (or designee) may conduct an interview with the individual or take such other steps deemed appropriate in order to determine whether granting the exception will not, in any manner or degree, harm or defraud a client, violate the general principles herein or compromise the individual's or AB's fiduciary duty to any client; and shall maintain all written statements and supporting documentation, as well as documentation of the basis for granting the exception. PLEASE NOTE: To the extent required by law or NYSE rule, any waiver or amendment of this Code for AB's executive officers (including AB's Chief Executive Officer, Chief Financial Officer, and Principal Accounting Officer) or directors shall be made at the discretion of the Board of AllianceBernstein Corporation and promptly disclosed to the unitholders of AllianceBernstein Holding pursuant to Section 303A.10 of the NYSE Exchange Listed Company Manual. 23. Regulatory Inquiries, Investigations and Litigation a. Requests for Information Governmental agencies and regulatory organizations may from time to time conduct surveys or make inquiries that request information about AB, its customers or others that generally would be considered confidential or proprietary. All regulatory inquiries concerning AB are to be handled by the Chief Compliance Officer or General Counsel. Employees receiving such inquiries should refer such matters immediately to the Legal and Compliance Department. b. Types of Inquiries Regulatory inquiries may be received by mail, e-mail, telephone, or personal visit. In the case of a personal visit, demand may be made for the immediate production or inspection of documents. While any telephone or personal inquiry should be handled in a courteous manner, the caller or visitor should be informed that responses to such requests are the responsibility of AB's Legal and Compliance Department. Therefore, the visitor should be asked to wait briefly while a call is made to the Chief Compliance Officer or General Counsel for guidance on how to proceed. In the case of a telephone inquiry, the caller should be referred to the Chief Compliance Officer or General Counsel or informed that his/her call will be promptly returned. Letter or e-mail inquiries should be forwarded promptly to the Chief Compliance Officer or General Counsel, who will provide an appropriate response. c. Responding to Information Requests Subject to Section 23, under no circumstances should any documents or material be released to a regulator without prior approval of the Chief Compliance Officer or General Counsel. Likewise, no employee should have substantive discussions with any regulatory personnel without prior consultation with either of these individuals. d. Use of Outside Counsel

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21 It is the responsibility of the Chief Compliance Officer or General Counsel to retain and provide information to AB's outside counsel in those instances deemed appropriate and necessary. e. Regulatory Investigation Any employee that is notified that they are the subject of a regulatory investigation, whether in connection with his or her activities at AB or at a previous employer, must immediately notify the Chief Compliance Officer or General Counsel. f. Litigation Any receipt of service or other notification of a pending or threatened action against the firm should be brought to the immediate attention of the General Counsel or Chief Compliance Officer. These individuals also should be informed of any instance in which an employee is sued in a matter involving his/her activities on behalf of AB. Notice also should be given to either of these individuals upon receipt of a subpoena for information from AB relating to any matter in litigation or receipt of a garnishment lien or judgment against the firm or any of its clients or employees. The General Counsel or Chief Compliance Officer will determine the appropriate response. 24. Compliance and Reporting of Misconduct / "Whistleblower" Protection No Code can address all specific situations. Accordingly, each AB employee is responsible for applying the principles set forth in this Code in a responsible fashion and with the exercise of good judgment and common sense. Whenever uncertainty arises, an AB employee should seek guidance from an appropriate supervisor or a representative of Human Capital or the Legal and Compliance Department before proceeding. All AB employees should promptly report any practices or actions the employee believes to be inappropriate or inconsistent with any provisions of this Code. In addition, all employees must promptly report any actual violations of the Code to the General Counsel, the Chief Compliance Officer, or a designee. Any person reporting a violation in good faith, or asserting any right provided by law or in exercising their duties as set forth in our policies, will be protected against reprisals. If you have information about Code or other AB policy violations or potentially illegal or unethical activity, visit the Legal & Compliance Loop site for further information or visit https://secure.ethicspoint.com/domain/media/en/gui/44414/index.html. If you feel uncomfortable utilizing the formal channels, issues may be brought to the attention of the Company Ombudsman, who is a neutral, independent, informal, and confidential resource to assist employees with concerns about AB business matters that may implicate issues of ethics or questionable practices. Please see Section 25 for additional information on the Company Ombudsman. Nothing herein, or in any contractual confidentiality provision to which any employee is subject, prohibits employees from reporting possible violations of law or regulation to any governmental agency or entity, or self-regulatory authority, or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation. Employees do not need AB's prior authorization to make any such reports or disclosures and are not required to notify AB that they have made such reports or disclosures. 25. Company Ombudsman AB's Company Ombudsman provides a neutral, confidential, informal, and independent communications channel where any AB employee can obtain assistance in surfacing and resolving work-related issues. The primary purpose of the Ombudsman is to help AB: • Safeguard its reputation and financial, human, and other company assets; • Maintain an ethical and fiduciary culture; • Demonstrate and achieve its commitment to "doing the right thing;" and • Comply with relevant provisions of the Sarbanes-Oxley Act of 2002, the U.S. Sentencing Guidelines, as well as AB's 2003 SEC Order, New York Stock Exchange Rule 303A.10 and other laws, regulations, and policies. The Ombudsman seeks to provide early warnings and to identify changes that will prevent malfeasance and workplace issues from becoming significant or recurring. The Ombudsman has a reporting relationship to the AB CEO, the Audit Committee of the Board of Directors of AllianceBernstein Corporation, and independent directors of AB's U.S. mutual fund boards. Any type of work-related issue may be brought to the Ombudsman, including potential or actual financial malfeasance, security matters, inappropriate business practices, compliance issues, unethical behavior, violations of law, health and safety issues, and employee relations issues. The Ombudsman supplements but does not replace existing formal channels for reporting work-related issues, such as Human Capital, Legal and Compliance, Internal Audit, and line management. 26. Sanctions Upon learning of a violation of this Code, any member of the AB Group, with the advice of the General Counsel, the Chief Compliance Officer and/or the AB Code of Ethics Oversight Committee, may impose such sanctions as such member deems appropriate, including, among other things, restitution, censure, suspension or termination of service. Persons subject to this Code who fail to comply with it may also be violating the U.S. federal securities laws or other federal, state, or local laws within their particular jurisdictions. 27. Annual Certifications Each person subject to this Code must certify at least annually to the Chief Compliance Officer that he or she has read and understands the Code. As part of these certifications, the employee confirms that they are (1) subject to and have complied with the Code's provisions, (2) disclosed or reported all personal securities transactions, conflicts of interests and other items required, and (3) understand and complied with all related policies referenced within this Code (e.g., electronic communications). The Chief Compliance Officer may require interim certifications for significant changes to the Code. Personal Trading Policies and Procedures February 2026 Personal Trading Policies and Procedures Appendix A 1. Overview ......................................................................................................................................................... 1 a. Introduction ........................................................................................................................................... 1 b. Definitions ............................................................................................................................................. 1 4. "Client" .................................................................................................................................................. 1 2. Requirements and Restrictions – All Employees ............................................................................................ 4 a. General Standards ................................................................................................................................ 4 b. Disclosure of Personal Accounts .......................................................................................................... 5 c. Designated Brokerage Account............................................................................................................. 6 d. Pre-Clearance Requirement ................................................................................................................. 6 e. Limitation on the Number of Trades ..................................................................................................... 6 f. Short-Term Trading .............................................................................................................................. 7 g. Short Sales ........................................................................................................................................... 7 h. Trading in AB Units and AB Funds ....................................................................................................... 7 i. Securities Being Considered for Purchase or Sale .............................................................................. 8 j. Restricted List ....................................................................................................................................... 9 k. Dissemination of Research Information ................................................................................................ 9 l. Initial Public Offerings ......................................................................................................................... 10 m. Limited Offerings/Private Placements................................................................................................. 10 3. Additional Restrictions–Portfolio Managers .................................................................................................. 10 a. Blackout Periods ................................................................................................................................. 11 b. Actions During Blackout Periods ......................................................................................................... 11 c. Transactions Contrary to Client Positions .......................................................................................... 11 4. Additional Restrictions–Research Analysts ................................................................................................... 11 a. Blackout Periods ................................................................................................................................. 12 b. Actions During Blackout Periods ......................................................................................................... 12 c. Actions Contrary to Ratings ................................................................................................................ 12 5. Additional Restrictions–Buy-Side Equity Traders .......................................................................................... 12 6. Additional Restrictions–Alternate Investment Strategies Groups ................................................................. 13 7. Exceptions to the Personal Trading Policy .................................................................................................... 13

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Reporting Requirements ................................................................................................................................ 13 a. Duplicate Confirmations and Account Statements ............................................................................. 13 b. Initial Holdings Reports by Employees ............................................................................................... 13 c. Quarterly Reports by Employees–including Certain Funds and Limited Offerings ............................ 14 d. Annual Certification by Employees with Managed Accounts.............................................................. 14 e. Annual Holdings Reports by Employees ............................................................................................ 14 f. Report and Certification of Adequacy to the Board of Directors of Fund Clients ............................... 15 g. Report Representations ...................................................................................................................... 16 h. Maintenance of Reports ..................................................................................................................... 16 9. Reporting Requirements for Directors who are not Employees .................................................................... 17 a. Outside Directors / Affiliated Outside Directors ................................................................................... 17 APPENDIX A AllianceBernstein L.P. PERSONAL TRADING POLICIES AND PROCEDURES 1. Overview a. Introduction AB recognizes the importance to its employees of being able to manage and develop their own and their dependents' financial resources through long-term investments and strategies. However, because of the potential conflicts of interest inherent in our business and our industry, AB has implemented certain standards and limitations designed to minimize these conflicts and help ensure that we focus on meeting our duties as a fiduciary for our clients. Employees should be aware that their ability to liquidate positions may be severely restricted under these policies, including during times of market volatility. Therefore, as a general matter, AB discourages personal investments by employees in individual securities and encourages personal investments in managed collective vehicles, such as mutual funds. AB senior management believe it is important for employees to align their own personal interests with the interests of our clients. Consequently, employees are encouraged to invest in the mutual fund products and services offered by AB, where available and appropriate. Definitions. The following definitions apply for purposes of this Appendix A of the Code; however additional definitions are contained in the text itself.1 1. "AB Funds" means any AB-sponsored, managed, or sub-advised fund registered under the Investment Company Act of 1940 ("40 Act") or relevant regulations in other jurisdictions. For purposes of this policy, "AB Funds" are Reportable Securities. 2. "AB Private Alternative Funds" are those private funds managed by AB, or any of its subsidiary investment advisers, that are not registered under the 40 Act or relevant regulation in other jurisdictions. 3. "Automatic Investment Plan" (AIP) refers to a plan that makes automatic purchases for the plan owner based on an agreed schedule and allocation. Dividend Reinvestment Plans, or DRIPs, are one type of "automatic investment plan." Employees may be asked to submit additional documentation evidencing the automatic investment plan as part of AB's compliance monitoring. All AIPs should be established via the established pre- clearance process. 4. "Beneficial Ownership" refers to an Employee's or their Dependent's ability to directly or indirectly profit or share in the profits of a security transaction. In general, the definition of "beneficial ownership" is interpreted in the same manner as the provisions set forth under Section 16 of the Securities Exchange Act of 1934. 5. "Client" means any person or entity, including an investment company, for which AB serves as investment manager or adviser. _____________________________________________________ 6. 1Due to the importance that AB places on promoting responsible personal trading, we have applied the definition of "access person", as used in Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, and related requirements to all AB employees and officers. We have drafted special provisions for directors of AB who are not also employees of AB. 7. "Chief Compliance Officer" refers to AllianceBernstein LP's Chief Compliance Officer. 8. "Code of Ethics Oversight Committee" refers to the committee of AB's senior officers that is responsible for monitoring compliance with the Code. 9. "Control" has the meaning set forth in Section 2(a)(9) of the 1940 Act. 10. "Dependent" refers to any individual who resides within an Employee's household and relies on the Employee for financial support. While not exhaustive, examples include an Employee's spouse, domestic partner, parent, child, sibling, or in-laws who share the same household as the Employee. Note that a "dependent" may spend a portion of this time away from the household (for example a child in college) but will still be considered a "dependent" if they rely on the Employee for any financial support. 11. "Designated Broker" refers to brokerage firms where AB receives automated data feeds for transactions and positions for Personal Accounts.2, 3 The current list of "Designated Brokers" can be found here. 12. "Director" means any person who serves in the capacity of a director of AllianceBernstein Corporation. "Affiliated Outside Director" means any Director who is not an Employee (as defined below) but who is an employee of an entity affiliated with AB. "Outside Director" means any Director who is neither an Employee (as defined below) nor an employee of an entity affiliated with AB. 13. "Employee" refers to any person who is an employee or officer of AB, including part-time employees and consultants (acting in the capacity of a portfolio manager, trader or research analyst, or others at the discretion of the Compliance Department or their Business Unit) under the Control of AB. 14. "Exempt Security" refers to the following security types: • Securities issued by the Government of the United States, e.g., US Treasury bonds and US Savings bonds; • High quality money market or short-term debt instruments, including CDs, commercial paper, and repurchase agreements; • Shares of money market funds; • Open-end mutual funds, excluding AB Funds and ETFs • Cryptocurrency and digital assets4; and • Other security types as determined by AB's Code of Ethics Compliance team. 15. "Initial Public Offering" means an offering of equity Securities registered under the Securities Act of 1933 (the "1933 Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act, as well as similar offerings of Securities issued outside the United States. 2 Exceptions may apply in certain non-U.S. locations. Please consult with your local compliance officer. 3 Non-discretionary accounts at Sanford C. Bernstein & Co., LLC. may only be used for the following purposes: (a) Custody of securities and related activities (such as receiving and delivering positions, corporate actions, and subscribing to offerings commonly handled by operations such as State of Israel bonds, etc.); (b) Transacting in US Treasury securities; and (c) Transacting in AB products outside of a private client relationship (such as hedge funds and AB/SCB mutual funds). All equity and fixed income transactions (other than US Treasuries) are prohibited. 4 Note that while cryptocurrency and other digital assets are not considered a security under the current definition, this is listed as an "exempt security" to help clarify for employees that cryptocurrency and digital assets are out of scope for the requirements under this policy. 16. "Investment Personnel" refers to: • Any Employee who acts in the capacity of a portfolio manager, research analyst or trader or any other capacity (such as an assistant to one of the foregoing) and in connection with his or her regular duties makes or participates in making, or is in a position to be aware of, recommendations regarding the purchase or sale of securities by a Client; • Any Employee who receives or has access to sell-side research paid for by AB or AB client assets (e.g., Soft-Dollar Commissions). • Any other Employee designated as such by the Legal and Compliance Department or their Business Unit; or • Any natural person who Controls AB and who obtains information concerning recommendations made to a Client regarding the purchase or sale of securities by the Client. 17. "Limited Offering" means an offering that is exempt from registration under the 1933 Act pursuant to Sections 4(2) or 4(6) thereof or pursuant to Rules 504, 505 or 506 under the 1933 Act, as well as similarly exempted offerings of Securities issued outside the United States. Investments in hedge funds are typically sold in a limited offering setting. 18. "Managed Account" is an account where the Employee or their Dependent has authorized a third-party to exercise investment discretion and control over the transactions and holdings in the account. Since neither the Employee nor their Dependent directs or approves the investments themselves and/or the timing of the investment for "managed accounts," these accounts are exempt from most of the requirements and restrictions found in Section 2 of this Policy, including the pre-clearance requirement. Please see Section 2 below for more details. "Managed accounts" that meet the definition of a Personal Account must be reported in StarCompliance. When declaring a "managed account," Employees may be asked to provide additional account information so that Compliance can confirm that the account meets this definition. Note that managed accounts are not required to be held with Designated Brokers, but employees will be required to submit account statements and trade confirmations if and when requested by the Compliance Department. 19. "Non-volitional Transaction" is a transaction where the Employee or their Dependent does not have any influence or control over the trade and/or the timing of the trade. Examples of non- volitional trades are options being exercised or expiring on an Employee, sale of fractional shares when transferring assets from your current broker to a different one, and corporate actions where the employee does not have the ability to elect participation. As part of AB's compliance monitoring, Employees may be asked to submit additional documentation evidencing that a transaction was non-volitional. 20. "Personal Account" refers to any account that meets the following criteria: • The Employee or a Dependent of the Employee has Beneficial Ownership of the account or has investment authority over any transactions and/or timing of the transactions in the account, even if they are not the beneficial owner of the account; AND • The account can invest in Reportable Securities (defined below). Managed Accounts that meet the above definition of a "personal account" must be disclosed. Please note that most 401K accounts, HSA Investment accounts, and 529 Plans will not require reporting or pre-clearance of transactions since they typically only permit investments in a limited list of non-AB Funds; However, if they have the ability to invest in Reportable Securities, including AB Funds, then these accounts would be considered "personal accounts" and should be reported as required by this Policy.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. "Purchase or Sale of a Security" includes, among other transactions, the writing or purchase of an option to sell a Security and any short sale of a Security. 22. "Reportable Security" or "Security" means any security that does not meet the definition of an Exempt Security. IMPORTANT NOTES: • Exchange-Traded Funds ("ETFs") are "reportable securities," and are subject to the governing rules, including the pre-clearance requirement. All ETFs require pre- clearance but will be subject to expedited approval. • Direct investment in Bitcoin or other crypto currencies are currently not covered under this definition of Security. However, as global regulators move closer to regulating these securities, the lack of prohibition and AB's position on pre- clearance and/or reporting, is subject to change. • AB Private Alternative Funds are "reportable securities," and are subject to the governing rules. However, employees meet these requirements through the investment subscription process for these AB Private Alternative Funds. 23. A Security is "Being Considered for Purchase or Sale" when: • An AB research analyst issues research information regarding initial coverage of, or changing a rating with respect to, a company or issuer. This applies to research from both the buy-side and sell-side analysts; • A portfolio manager has indicated his or her intention to purchase or sell a Security; or • An open order5 in the Security exists on any buy-side trading desk. This is not an exhaustive list. At the discretion of the Legal and Compliance Department, a Security may be deemed "Being Considered for Purchase or Sale" even if none of the above events have occurred, particularly if a portfolio manager is contemplating the purchase or sale of that Security, as evidenced by written or digital communication or the manager's preparation of, or request for, research. 24. "Security held or to be acquired or sold" means: • Any Security which, within the most recent 15 days (i) is or has been held by a Client in an AB-managed account or (ii) is being or has been considered by AB for purchase or sale for the Client; and/or • Any option to purchase or sell, and any Security convertible into or exchangeable for, a Security. 25. "StarCompliance Code of Ethics application" means the web-based application used to electronically pre-clear personal securities transactions and file many of the reports required herein. The application can be accessed via the AB network at: https://alliance- ng.starcompliance.com. ______________________________________________________________ 5Defined as any client order on a buy-side trading desk which has not been completely executed. 6 Exceptions may apply in certain non-U.S. locations. Please consult with your local compliance officer. 5 2. Requirements and Restrictions – All Employees The following the standards which must be observed by Employees: a. General Standards Employees have an obligation to conduct their personal investing activities and related Securities transactions lawfully and in a manner that avoids actual or potential conflicts between their own interests and the interests of AB and its clients. Employees must carefully consider the nature of their AB responsibilities - and the type of information that they might be deemed to possess in light of any particular securities transaction - before engaging in any investment-related activity or transaction. • Material Nonpublic Information: Employees in possession of material nonpublic information about or affecting securities, or their issuer, are prohibited from buying or selling such Securities, or advising any other person to buy or sell such securities. Similarly, they may not disclose such information to anyone without the permission of the General Counsel or Chief Compliance Officer. Please see AB's Insider Trading Policies, which can be found on the Legal and Compliance Department's intranet site. • Short-Term Trading: Employees are encouraged to adopt long-term investment strategies (see Section 2(f) for applicable holding and buy-back periods for individual securities). Similarly, purchases of shares of most mutual funds should be made for investment purposes. Employees are therefore prohibited from engaging in transactions in a mutual fund that are in violation of the fund's prospectus, including any applicable short-term trading or market-timing prohibitions. • Personal Responsibility: It is the responsibility of each Employee to ensure that all securities transactions in Personal Accounts are made in strict compliance with the restrictions and procedures in the Code and this Appendix A and otherwise comply with all applicable legal and regulatory requirements. • Affiliated Directors and Outside Directors: The personal trading restrictions of Appendix A of the Code do not apply to any Affiliated Director or Outside Director, provided that at the time of the transaction, they have no actual knowledge that the Security involved is "Being Considered for Purchase or Sale." Affiliated Directors and Outside Directors, however, are subject to reporting requirements as described in Section 9 below. b. Disclosure of Personal Accounts Upon joining AB, all Employees must disclose their Personal Accounts to the Compliance Department within 10 business days of joining and take all necessary actions to close any accounts, other than Managed Accounts, held with Non-designated Brokers6 (see next section). It is each Employee's responsibility to ensure that their accounts are either linked to AB's broker feeds, if held at a Designated Broker, or to provide duplicate statements and trade confirmations upon request from Compliance. Do not assume that the broker-dealer will automatically arrange for this information to be set up and forwarded correctly. 31 New accounts opened by Employees after their initial disclosure should be disclosed immediately to Compliance. In general, pre-approval is not required to open the new account; however, Personal Accounts, except for Managed Accounts, should only be opened at a Designated Broker. c. Designated Brokerage Account Personal Accounts of an Employee, other than Managed Accounts, may only be held at a Designated Broker. Under limited circumstances, the Compliance Department may grant exceptions to this policy and approve the use of other broker-dealers or custodians (such as in the case of proprietary products that can only be held at specific firms). In addition, the Compliance Department may in the future modify this list. d. Pre-Clearance Requirement Employees and their Dependents may not purchase or sell, directly or indirectly, any Reportable Security in which they have (or after such transaction would have) Beneficial Ownership unless the Employee obtains the prior approval from the Compliance Department and, in the case of Investment Personnel, their manager or a designated approver. Pre-clearance requests and any approvals must be made prior to executing the transaction, through the use of the appropriate pre-clearance form, which can be accessed via the StarCompliance Code of Ethics application at http://starcompliance.acml.com//. These requests will document (a) the details of the proposed transaction and (b) representations as to compliance with the personal trading restrictions of this Code. Pre-Clearance requests are reviewed by team members in Nashville and may not be addressed until 8:00 a.m. Central time. Please note that trade requests submitted after 2:30 p.m. Central time will be placed on hold until the following day. The Legal and Compliance Department will maintain an electronic log of all pre-clearance requests and indicate the approval or denial of the request in the log. PLEASE NOTE: When a Security is Being Considered for Purchase or Sale for a Client (see Section 2(i) below) or is being purchased or sold for a Client following the approval on the same day of a personal trading request form for the same Security, the Legal and Compliance Department is authorized to cancel the personal order if (a) it has not been executed and the order exceeds a market value of $50,000 or (b) the Legal and Compliance Department determines, after consulting with the trading desk and the appropriate business unit head (if available), that the order, based on market conditions, liquidity and other relevant factors, could have an adverse impact on a Client or on a Client's ability to purchase or sell the Security or other Securities of the issuer involved. The following transactions are exempt from the pre-clearance requirement: • Transactions in a Managed Account, • Transactions made pursuant to an ongoing or established Automatic Investment Plan, • Non-volitional Transactions, and • Transactions in AB Funds if through the ABI Employee Desk or through an employee's Voya- sponsored 401K account (if not transacted via ABI or through Voya, pre-clearance is required). e. Limitation on the Number of Trades No more than an aggregate of twenty (20) transactions in Reportable Securities may occur in an Employee's Personal Accounts during any rolling thirty-day period. Transactions excluded from the trade limit are: • Transactions in a Managed Account, 32 • Transactions made pursuant to an Automatic Investment Plan, • Transactions in the AB Ultra Short Income ETF (YEAR), • Non-volitional Transactions, and • Transactions in AB Funds. f. Short-Term Trading Employees must always conduct their personal trading activities lawfully, properly, and responsibly, and are encouraged to adopt long-term investment strategies that are consistent with their financial resources and objectives. AB discourages short-term trading strategies, and Employees are cautioned that such strategies may inherently carry a higher risk of regulatory and other scrutiny. In any event, excessive or inappropriate trading that interferes with job performance, or compromises the duty that AB owes to its Clients will not be tolerated. Employees are subject to a mandatory holding period for all Reportable Securities of 60 days and a buy- back period of 30 days. By regulation, employees of AB Japan Ltd. are subject to a 6- month hold. Under Danish regulation, the CEO of CPH Capital, AB's Danish entity, must comply with a 6-month holding period for securities, excluding funds. A first-in-first-out accounting methodology will be applied to a series of Securities purchases for determining compliance with this holding rule. As noted in Section 2(a)(ii), the applicable holding period for AB open-end funds is also 60 days. Exceptions to the short-term trading rules (i.e., the 60-day hold, and 30-day buy-back): • Securities transactions in Personal Accounts of Dependents which are not directed by the Employee are subject to the mandatory holding and buy-back periods. However, after 30 calendar days, a sell transaction will be permitted for these Personal Accounts if necessary to minimize a loss; • Transactions in Managed Accounts: • Transactions made pursuant to an Automatic Investment Plan; • Non-volitional Transactions; • Sales of Securities held by the Employee or their Dependents prior to their employment with AB; • Shares in the publicly traded units of AB that were acquired in connection with a compensation plan may be sold within the 60-day holding period. However, units purchased on the open market must comply with the holding period requirements herein; and • Shares received through an employee stock plan or compensation program by a Dependent may be sold within the 60-day holding period. • Transactions and shares held in the AB Ultra Short Income ETF (YEAR) Trades made in violation of this section of the Code shall be unwound, or, if that is not practicable, all profits from the short- term trading will be disgorged. g. Short Sales The Legal and Compliance Department will prohibit an Employee from engaging in any short sale of a Security in a Personal Account if, at the time of the transaction, any Client has a long position in such Security in an AB-managed portfolio (except that an Employee may engage in short sales against the box and covered call writing provided that these personal Securities transactions do not violate the prohibition against short- term trading). h. Trading in AB Units and AB Funds During certain times of the year Employees may be prohibited from conducting transactions in the equity units of AB.

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33 Additional restricted periods may be required for certain individuals and events, and the Legal and Compliance Department will announce when such additional restricted periods are in effect. As AB Units and AB Funds are Reportable Securities, all are subject to the same pre-clearance process as other Reportable Securities, with certain additional Legal and Compliance Department approval required. See the Statement of Policy and Procedures Concerning Purchases and Sales of AB Units and the Statement of Policy and Procedures Concerning Purchases and Sales of AB Closed-End Mutual Funds. Employees are not permitted to transact in short sales of AB Units. Automatic Investment Plans (AIPs) are permitted on AB open end mutual funds and should be submitted via the established pre-clearance process prior to establishment. Once established any subsequent changes to the frequency, amount or processing date should be submitted through the pre-clearance process. Note that Employees are not permitted to establish automatic investment plans, including but not limited to dividend reinvestment plans (or DRIPs) for their AB units as it could result in purchases outside of the trading window. i. Securities Being Considered for Purchase or Sale Subject to the exceptions below, Employees and their Dependents are prohibited from purchasing or selling a Security (or a derivative product), or engaging in any short sale of a Security, in a Personal Account if, at the time of the transaction, the Security is Being Considered for Purchase or Sale for a Client or is being purchased or sold for a Client. This prohibition will not apply to the following: • Transactions in Managed Accounts; • Transactions made pursuant to an Automatic Investment Plan; • Non-volitional Transactions; • Securities received as part of the Employee's or their Dependent's employer stock or compensation plan; • De minimis transactions, defined as follows: Fixed Income Securities Any of the following Securities, if at the time of the transaction, the Employee has no actual knowledge that the Security is Being Considered for Purchase or Sale by a Client or that the Security is being purchased or sold by or for the Client: 1. Fixed income securities transactions having a principal amount not exceeding $25,000; or 2. Non-convertible debt securities and non-convertible preferred stocks which are rated by at least one nationally recognized statistical rating organization ("NRSRO") in one of the three highest investment grade rating categories. Equity Securities Any equity Security transaction, or series of related transactions, involving shares of common stock and excluding options, warrants, rights, and other derivatives, provided: 1. Any orders are entered after 10:00 a.m. and before 3:00 p.m. and are not designated as "market on open" or "market on close;" 2. The aggregate value of the transactions does not exceed (1) $250,000, and (2) 0.1% of the daily trade volume of the security; and 3. The Employee has no actual knowledge that the Security is Being Considered for Purchase or Sale 34 by a Client or that the Security is being purchased or sold by or for the Client. PLEASE NOTE: Even if a trade qualifies for a de minimis exception, it must be pre-cleared with the Legal and Compliance Department in advance of being placed. j. Restricted List A Security may not be purchased or sold in a Personal Account if, at the time of the transaction, the Security appears on the AB Daily Restricted List and is restricted for Employee transactions. The Daily Restricted List is made available each business day to all Employees via The Loop. k. Dissemination of Research Information An Employee may not buy or sell any Security for a Personal Account that is the subject of "significantly new" or "significantly changed" research during the period, commencing with the approval of the research and continuing for twenty-four hours subsequent to the first publication or release of the research. An Employee also may not buy or sell any Security based on research that AB has not yet made public or released. The terms "significantly new" and "significantly changed" include: a. The initiation of coverage by an AB research analyst; b. Any change in a research rating or position by an AB analyst; c. Any other rating, view, opinion, or advice from an AB analyst, the issuance (or re-issuance) of which in the opinion of such research analyst, or his or her director of research, would be reasonably likely to have a material effect on the price of the security. This prohibition will not apply to the following: • Transactions in Accounts; • Transactions made pursuant to an Automatic Investment Plan; • Non-volitional Transactions; • Securities received as part of the Employee's or their Dependent's employer stock or compensation plan; • De minimis transactions, defined as follows: Fixed Income Securities This exception does not apply to research issued by an affiliate of AB. Any of the following Securities, if at the time of the transaction, the Employee has no actual knowledge that the Security is Being Considered for Purchase or Sale by a Client or that the Security is being purchased or sold by or for the Client: 1. Fixed income securities transactions having a principal amount not exceeding $25,000; or 2. Non-convertible debt securities and non-convertible preferred stocks which are rated by at least one nationally recognized statistical rating organization ("NRSRO") in one of the three highest investment grade rating categories. Equity Securities This exception does not apply to research issued by an affiliate of AB. Any equity security transaction, or series of related transactions, involving shares of common stock and excluding options, warrants, rights, and other derivatives, provided: 1. Any orders are entered after 10:00 a.m. and before 3:00 p.m. and are not designated as "market on open" or "market on close"; 35 2. The aggregate value of the transactions does not exceed (1) $250,000, and (3) 1% of the daily trade volume of the security; and 3. The Employee has no actual knowledge that the Security is Being Considered for Purchase or Sale by a Client or that the Security is being purchased or sold by or for the Client. PLEASE NOTE: Even if a trade qualifies for a de minimis exception, it must be pre-cleared with the Legal and Compliance Department in advance of being placed. l. Initial Public Offerings Employees or their Dependent whose Personal Accounts are covered under this Code (see Section 1(b)(14)) are not permitted to acquire for a Personal Account any equity Security issued in an Initial Public Offering. m. Limited Offerings/Private Placements Employees and their Dependent whose Personal Accounts are covered under this Code (see Section 1(b)(14)), are not permitted to acquire any Security issued in any limited or private offering (please note that hedge funds are sold as limited or private offerings) without prior written approval and documentation for the basis for granting approval from the Chief Compliance Officer (or designee) and the Employee's manager or the manager's designee. The Chief Compliance Officer, in determining whether approval should be given, will take into account, among other factors, whether the investment opportunity should be reserved for a Client and whether the opportunity is being offered to the individual by virtue of his or her position with AB. Employees authorized to acquire Securities issued in a limited or private offering must disclose that investment when they play a part in any Client's subsequent consideration of an investment in the issuer. In such a case, the decision of AB to purchase Securities of that issuer for a Client will be subject to an independent review by Investment Personnel with no personal interest in such issuer.8 Additional restrictions or disclosures may be required if there is a business relationship between the Employee or AB and the issuer of the offering. See also "Additional restrictions that apply to employees of the Private Alternatives Group (Section 6)". 3. Additional Restrictions–Portfolio Managers In addition to the requirements and restrictions on Employee trading in Section 2 of this Appendix A of the Code, the following restrictions apply to all persons acting in the capacity of a Portfolio Manager of a Client account. For purposes of the restrictions in this section, a portfolio manager is defined as an Employee who has decision-making authority regarding specific securities to be traded for Client accounts, as well as such Employee's supervisor. Please see Section 6 for restrictions relating to the Alternative Investment Strategies Groups. General Prohibition: No person acting in the capacity of a portfolio manager will be permitted to trade for a Personal Account, a Security that is an eligible portfolio investment in that manager's strategy (e.g., Large Cap Growth). This prohibition does not apply to transactions directed by Dependents whose Personal Accounts are covered under this Code (see Section 1(b)(18)) provided that the Employee has no input into the investment decision. Nor does it apply to sales of securities held prior to the application of this restriction or employment with the firm. However, such transactions are subject to the following additional restrictions. a. Blackout Periods No person acting in the capacity of a portfolio manager will be permitted to trade a Security for a Personal Account within seven calendar days before and after any Client serviced in that manager's strategy (e.g., Large Cap Growth) trades in the same Security. If a portfolio manager engages in such a personal securities transaction during a blackout period, the Chief Compliance Officer may break the trade or, if the trade cannot be broken, the Chief Compliance Officer may direct that any profit realized on the trade be disgorged. _________________________________________________________________________________ 8 Any Employee who acquires (or any new Employee with a pre-existing position in) an interest in any private investment fund (including a "hedge fund") or any 36 other Security that cannot be purchased and held in an account at a Designated Broker shall be exempt from the Designated Broker requirement as described in this Appendix A of the Code. The Legal and Compliance Department may require an explanation as to why such Security cannot be purchased and held in such manner. Transactions in these Securities nevertheless remain subject to all other requirements of this Code, including applicable private placement procedures, pre-clearance requirements and blackout-period trading restrictions. b. Actions During Blackout Periods No person acting in the capacity of a portfolio manager shall delay or accelerate a Client trade due to a previous purchase or sale of a Security in a Personal Account. In the event that a portfolio manager determines that it is in the best interest of a Client to buy or sell a Security for the account of the Client within seven days of the purchase or sale of the same Security in a Personal Account, the portfolio manager must contact the Chief Compliance Officer or their designee immediately, who may direct that the trade in the Personal Account be canceled, grant an exception or take other appropriate action. c. Transactions Contrary to Client Positions No person acting in the capacity of a portfolio manager shall trade a Security in a Personal Account contrary to investment decisions made on behalf of a Client, unless the portfolio manager represents and warrants in the personal trading request form that (1) it is appropriate for the Client account to buy, sell or continue to hold that Security and (2) the decision to purchase or sell the Security for the Personal Account arises from the need to raise or invest cash or some other valid reason specified by the portfolio manager and approved by the Chief Compliance Officer or their designee and is not otherwise based on the portfolio manager's view of how the Security is likely to perform. 4. Additional Restrictions–Research Analysts In addition to the requirements and restrictions on Employee trading in Section 2 of this Appendix A of the Code, the following restrictions apply to all persons acting in the capacity of a research analyst. General Prohibition: No person acting in the capacity of research analyst will be permitted to trade for his or her Personal Account, any security of an issuer that is in the sector covered by such research analyst (i.e., an equity research analyst cannot trade in the fixed income securities of a covered issuer nor can a fixed income analyst trade in the equity securities of one). This prohibition does not apply to transactions directed by Dependents whose Personal Accounts are covered under this Code (see Section 1(b)(18)), provided that the employee has no input into the investment decision. Sales of securities held prior to the application of this restriction or employment with the firm are also considered exempt from this prohibition. However, such transactions are subject to the following additional restrictions. a. Blackout Periods No person acting as a research analyst shall trade a Security for a Personal Account within seven calendar days before and after making a change in a rating or other published view with respect to that Security. If a research analyst engages in such a personal securities transaction during a blackout period, the Chief Compliance Officer may break the trade or, if the trade cannot be broken, the Chief Compliance Officer may direct that any profit realized on the trade be disgorged. b. Actions During Blackout Periods No person acting as a research analyst shall delay or accelerate a rating or other published view with respect to any Security because of a previous purchase or sale of a Security in such person's Personal Account. In the event that a research analyst determines that it is appropriate to make a change in a rating or other published view within seven days of the purchase or sale of the same Security in a Personal Account, the research analyst must contact the Chief Compliance Officer or their designee immediately, who may direct that the trade in the Personal Account be canceled, grant an exception or take other appropriate action. c. Actions Contrary to Ratings No person acting as a research analyst shall trade a Security (to the extent such Security is included in the research analyst's research universe) contrary to an outstanding rating or a pending ratings change or traded by a research portfolio, unless (1) the research analyst represents and warrants in the personal trading request form that (as applicable) there is no reason to change the outstanding rating and (2) the research analyst's personal trade arises from the need to raise or invest cash, or some other valid reason specified by the research analyst and approved by the Chief Compliance Officer or their designee and is not otherwise based on the research analyst's view of how the security is likely to perform.

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![](codeofethics-allianceber010.jpg)

37 5. Additional Restrictions–Buy-Side Equity Traders In addition to the requirements and restrictions on Employee trading in Section 2 of this Appendix A of the Code, the following restrictions apply to all persons acting in the capacity of Trader on any buy-side equity trading desk. General Prohibition: Employees acting in the capacity of a buy-side equity trader are not permitted to trade for their personal account any security that is among the eligible portfolio investments traded on that Desk. This prohibition does not apply to transactions directed by Dependents whose Personal Accounts are covered under this Code (see Section 1(b)(18)) provided that the employee has no input into the investment decision. Nor does it apply to sales of securities held prior to the application of this restriction or employment with the firm. Such transactions are, of course, subject to all other Code provisions. 6. Additional Restrictions–Alternate Investment Strategies Groups In addition to the requirements and restrictions on Employee trading in Section 2 of this Appendix A of the Code, the following restrictions apply to all members of the firm's Alternative Investment Management Groups, including Private Alternatives and Private Credit Investors, as well as to the members of the Investment Policy Group and Board of Directors of Bernstein Alternative Investment Strategies, LLC. General Prohibition: No member of the groups listed above will be permitted to directly invest in a privately offered fund or other investment product that is managed by an adviser other than AB and is within the scope of the current or contemplated funds or other products in which the Alternative Investment Management Groups may invest. All such investments must be submitted to the StarCompliance team for review and approval by their manager and the Compliance team. 7. Exceptions to the Personal Trading Policy In addition to the exceptions contained within this policy, the Chief Compliance Officer or their designee may grant other exceptions on a case-by-case basis. Requests for exceptions will be reviewed for any potential conflicts and may require business review and approval before the request can be granted. 8. Reporting Requirements a. Duplicate Confirmations and Account Statements All Employees must direct their brokers to add their Personal Accounts to AllianceBernstein's automated data feeds, if the Account is held with a Designated Broker, on a timely basis. For accounts held at Non- Designated Brokers or not on an automated data feed, Employees are required to manually update transactions once executed and to provide trade confirmations and/or account statements to the Compliance Department upon request. The Compliance Department will review such documents for Personal Accounts to ensure that AB's policies and procedures are being complied with and make additional inquiries, as necessary. Access to duplicate confirmations and account statements will be restricted to those persons who are assigned to perform review functions, and all such materials will be kept confidential except as otherwise required by law. b. Initial Holdings Reports by Employees All Employee must, within 10 calendar days of beginning employment with AB, provide a signed and dated Initial Holdings Report to the Chief Compliance Officer. New employees will receive an electronic request to perform this task via the StarCompliance Code of Ethics application. Employees who cannot complete this via StarCompliance may provide an electronic version of this request. The report must contain the following information current as of a date not more than 45 days prior to the date of the report: 38 • Reportable Securities (including non-AB Private Alternative Funds private investments as well as any AB Funds) held in a Personal Account of the Employee or their Dependent, including the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares and/or principal amount of each Security/fund beneficially owned. Note that Reportable Securities held in Managed Accounts do not need to be reported; • The name of any broker-dealer or financial institution with which the Employee or their Dependent maintains a Personal Account in which any Reportable Securities are held for the Employee or Dependent; and • Details of any outside business affiliations. Employees must then take all necessary actions to bring their accounts into compliance with the Designated Broker guidelines detailed in Section 2(c) of this Appendix. c. Quarterly Reports by Employees–including Certain Funds and Limited Offerings Following each calendar quarter, the Legal and Compliance Department will issue to each Employee via the StarCompliance Code of Ethics application a Quarterly Transactions Certification containing all transactions in Reportable Securities in the Employee's Personal Accounts during the quarter based on information reported to AB by the Employees and their brokers. Non-volitional Transactions and transactions in Managed Accounts need not be included for purposes of this reporting requirement. Within thirty (30) days following the end of each calendar quarter, every Employee must review the form, certify its accuracy, and as necessary make any changes to the pre-populated information. For each such Security, the report must contain the following information: • The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and principal amount of each Security involved; (2) the nature of the transaction (i.e., purchase or sale or any other type of acquisition or disposition); (3) the price of the Security at which the transaction was effected; (4) the name of the broker or other financial institution through which the transaction was effected; and (5) the date the Employee submits the report. In addition, any new Personal Account established during the calendar quarter must be reported, in real time, including: • The name of the broker or other financial institution with which the account was established and (2) the date the account was established. d. Annual Certification by Employees with Managed Accounts On an annual basis, by a date to be specified by the Compliance Department (typically August 15th), each Employee who has reported managed accounts in the StarCompliance Code of Ethics application must provide to the Chief Compliance Officer via the Star Compliance system a signed and dated certification. This certification confirms: • All managed accounts have been disclosed by the Employee in the StarCompliance application; and • The Employee had no influence or investment discretion as to the transactions or holdings of such accounts during the year. 39 e. Annual Holdings Reports by Employees On an annual basis, by a date to be specified by the Compliance Department (typically February 15th), each Employee must provide to the Chief Compliance Officer via the Star Compliance system a signed and dated Annual Holdings Report containing data current as of a date not more than forty five (45)days prior to the date of the submission.9 The report must disclose: • All Securities (including shares of mutual funds managed by AB and limited offerings), held in a Personal Account of the Employee, including the title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares and/or principal amount of each Security beneficially owned); and • The name of any broker-dealer or financial institution with which the Employee maintains a Personal Account in which any Securities are held for the Employee. In the event that AB already maintains a record of the required information via duplicate copies of broker trade confirmations and account statements received from the Employee's broker-dealer, an Employee may satisfy this requirement by (i) confirming in writing (which may include e-mail) the accuracy of the record on at least an annual basis and (ii) recording the date of the confirmation. f. Report and Certification of Adequacy to the Board of Directors of Fund Clients On a periodic basis, but not less than annually, the Chief Compliance Officer shall prepare a written report to the management and the board of directors of each registered investment fund (other than a unit investment trust) in which AB acts as investment adviser setting forth the following: • A certification on behalf of AB that AB has adopted procedures reasonably necessary to prevent Employees and Directors from violating the Code; • A summary of existing procedures concerning personal investing and any changes in procedures made during the past year; and • A description of any issues arising under the Code or procedures since the last report to the Board including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to the material violations. AB shall also submit any material changes to this Code to each Fund's Board at the next regular board meeting during the quarter following the change. g. Report Representations Any Initial or Annual Holdings Report or Quarterly Transaction Report may contain a statement that the report is not to be construed as an admission by the person making the report that they have any direct or indirect Beneficial Ownership in the Security to which the report relates. h. Maintenance of Reports The Chief Compliance Officer shall maintain the information required by this Section and such other records, if any, and for such time periods required by Rule 17j-1 under the Investment Company Act and Rules 204-2 and 204A-1 under the Advisers Act. All reports furnished pursuant to this Section will be kept confidential, subject to the rights of inspection and review by the General Counsel, the Chief Compliance Officer and his or her designees, the Code of Ethics Oversight Committee (or subcommittee thereof), the Securities and Exchange Commission and by other third parties pursuant to applicable laws and regulations. _________________________________________________ 9 Employees who join the Firm after the annual process has commenced will submit their initial holdings report (see Section 7(b)) and complete their first Annual Holdings Report during the next annual cycle and thereafter. 40 9. Reporting Requirements for Directors who are not Employees All Affiliated Outside Directors (i.e., not Employees of AB, but employees of an AB affiliate) and Outside Directors (i.e., neither Employees of AB, nor of an AB affiliate) are subject to the specific reporting requirements of this Section 8 as described below. Directors who are Employees of AB, however, are subject to the full range of personal trading requirements, restrictions and reporting obligations outlined in Sections 1 through 7 of this Appendix A of the Code, as applicable. In addition, all Directors are expected to adhere to the fiduciary duties and high ethical standards described in the Code. a. Outside Directors / Affiliated Outside Directors i. In general, pursuant to various regulatory rule exceptions and interpretations, no reporting is required of Outside Directors and Affiliated Outside Directors. However, if an Outside or Affiliated Outside Director knew, or in the ordinary course of fulfilling his or her official duties as a Director should have known, that during the 15-day period immediately before or after the Outside or Affiliated Outside Director's transaction in a Security for a Personal Account, a Client bought or sold the Security, or the Client or AB considered buying or selling the Security, the following reporting would be required. Transaction Report In the event that a transaction report is required pursuant to the scenario in the preceding paragraph, other than for accounts over which the director had no influence or control, each outside director must within thirty (30) days following the end of each calendar quarter, provide to the Chief Compliance Officer, a signed and dated report disclosing all Securities transactions in any Personal Account. For each such Security, the report must contain the following information: • The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and principal amount of each Security involved; • The nature of the transaction (i.e., purchase or sale or any other type of acquisition or disposition); • The price of the Security at which the transaction was effected; and • The name of the broker or other financial institution through which the transaction was effected.

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## Ex-99.(P)(2)

**Code of Ethics and Conduct**

**Barrow, Hanley, Mewhinney & Strauss, LLC**

**and**

**BH Credit Management LLC**

**CODE OF ETHICS AND CONDUCT**

**Table of Contents**

---

| | |
|:---|:---|
| **Introduction** | **[1](#i86f087a3761846b88678e463786dc471_78)** |
| **Definitions** | **[2](#i86f087a3761846b88678e463786dc471_94)** |
| &nbsp;&nbsp;&nbsp;&nbsp;1. Policy for Possession of Material Non-Public Information | **[6](#i86f087a3761846b88678e463786dc471_110)** |
| &nbsp;&nbsp;&nbsp;&nbsp;2. Duty of Confidentiality | **[9](#i86f087a3761846b88678e463786dc471_125)** |
| &nbsp;&nbsp;&nbsp;3. Procedures for Access Persons | **[9](#i86f087a3761846b88678e463786dc471_146)** |
| &nbsp;&nbsp;&nbsp;4. Exempted Transactions | **[14](#i86f087a3761846b88678e463786dc471_162)** |
| &nbsp;&nbsp;&nbsp;5. Compliance Procedures | **[15](#i86f087a3761846b88678e463786dc471_179)** |
| &nbsp;&nbsp;&nbsp;6. CCO's Authority and Duties | **[19](#i86f087a3761846b88678e463786dc471_196)** |
| &nbsp;&nbsp;&nbsp;7. Reporting of Violations | **[19](#i86f087a3761846b88678e463786dc471_212)** |
| &nbsp;&nbsp;&nbsp;8. Reporting to the Board of Managers | **[20](#i86f087a3761846b88678e463786dc471_228)** |
| &nbsp;&nbsp;&nbsp;9. Sanctions | **[20](#i86f087a3761846b88678e463786dc471_244)** |
| &nbsp;&nbsp;&nbsp;10. Retention of Records | **[21](#i86f087a3761846b88678e463786dc471_260)** |
| **Exhibits** | **[21](#i86f087a3761846b88678e463786dc471_260)** |
| &nbsp;&nbsp;&nbsp;Initial Report of Access Persons | [A](#i86f087a3761846b88678e463786dc471_293) |
| &nbsp;&nbsp;&nbsp;Annual Report of Access Persons | [B](#i86f087a3761846b88678e463786dc471_319) |
| &nbsp;&nbsp;&nbsp;Quarterly Transactions Report of Access Persons | [C](#i86f087a3761846b88678e463786dc471_336) |
| &nbsp;&nbsp;&nbsp;Personal Reportable Securities Transaction Pre-Clearance Form of Access Persons | [D](#i86f087a3761846b88678e463786dc471_352) |
| &nbsp;&nbsp;&nbsp;Personal Political Contribution Pre-Clearance Form of Access Persons | [E](#i86f087a3761846b88678e463786dc471_368) |
| &nbsp;&nbsp;&nbsp;List of Reportable Funds of Access Persons | [F](#i86f087a3761846b88678e463786dc471_422) |

---

------

**Introduction**<br>

Barrow Hanley Global Investors ("Barrow Hanley" or "the Firm") has adopted this Code of Ethics and Conduct (the "Code") in its current form in compliance with the requirements of Section 204A-1 of the Investment Advisers Act of 1940 (the "Advisers Act") and Section 17(j) of the Investment Company Act of 1940. This Code was last amended on March 11, 2026. 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;&nbsp;&nbsp;&nbsp;&nbsp;1.Set standards for ethical conduct based on the fundamental principles of openness, integrity, honesty, and trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Protect the Firm's clients by deterring misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Educate employees regarding the Firm's expectations and the laws governing their conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Remind employees that they are in a position of trust and must act with complete propriety at all times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Protect the reputation of the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Guard against violations of the securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Establish procedures for employees to monitor the Firm's business and uphold its ethical principles, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Discourage excessive risk-taking in employees' personal investments and/or in a client's account.

B.This Code is based upon the principle that the directors, officers, and employees of the Firm owe a fiduciary duty to the Firm's clients to conduct their affairs, including their personal transactions, in such a manner as to avoid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Serving their own personal interests ahead of a client's interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Taking inappropriate advantage of their position with the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Actual or potential conflicts of interest, and/or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Abuse of their position of trust and responsibility.

C.As a fiduciary, employees should avoid conflicts of interest where possible. This Code requires disclosure and reporting of any unavoidable conflicts of interest.

D.This Code is designed to implement controls that discourage employees from taking excessive risk in a client's account and/or in the employee's personal investments and Reportable Account(s).

E.Barrow Hanley's fiduciary duty includes the duty of the Chief Compliance Officer ("CCO") of the Firm to maintain, monitor, and enforce the Code, periodically review and amend the Code, and to report material violations of the Code to the Firm's Board of Managers and clients.

F.This Code contains requirements necessary to prevent Access Persons from violating the Firm's standards and procedures designed to prevent violations of the Code. Each Access Person at the commencement of their employment must certify to their understanding of the Code's requirements and acknowledge to abide by all of the Code's provisions and prohibitions. Each Access Person must re-certify their understanding and acknowledgement of the Code annually, and any time the Code is amended.

**Definitions**<br>

The following terms are used throughout this Code and are defined here to describe and explain their use and purpose for the Code's provisions and prohibitions.

A.**"Access Person"** means supervised persons of the Firm including any director, officer, general partner, Advisory Person, Investment Personnel, Portfolio Manager, or employee of the Firm. The CCO may, in her discretion, designate other individuals (e.g., affiliates, consultants, interns and temporary employees) that have access to client information as Access Persons of the Firm. The CCO may exempt certain Access Person(s) and/or Members of its Board of Managers from certain provisions and prohibitions of this Code who are subject to another code of ethics that has been approved by the CCO.

B.**"Advisory Person"** means any person in a Control relationship to the Firm who obtains information concerning recommendations made to the Firm with regard to the purchase or sale of a security by the Firm.

C.**"Affiliate" or "Affiliated Company"** means a company which is an affiliate of the Firm through a corporate relationship, including the Firm's parent company, Perpetual Limited ("Perpetual Group") (ASX ticker: PPT), a global financial services firm operating a multi-boutique asset management business, as well as wealth management and trustee services businesses.

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D.**"Beneficial Ownership"** means any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, has or shares a direct or indirect beneficial interest in an account or security. Such relationships may include but are not limited to an employee's spouse, children, parents, guardians, or person for whom the employee has control or owes a duty of care.

E.**"Black-out Period"** means the time period designated by the CCO whereby an Access Person and/or Family Members must not trade a Reportable Security, see Trading Restriction for Access Persons, Section 3.D.

F.**"Business Entertainment"** means an Access Person's participation, whether as a guest or host, in lunches, dinners, cocktail parties, sporting activities or similar business gatherings conducted for business purposes. Business Entertainment is not a Gift.

G.**"Control"** means the power to exercise a controlling influence over the management or policies of a company or person unless such power is solely the result of an official position with such company. Any Person or entity who owns beneficially, either directly or through one or more controlled companies or relationships, more than 25% of the voting securities of a company shall generally be presumed to control such company. Any Person who does not own more than 25% of the voting securities of any company shall not be presumed to control such company.

H.**"Covered Associate"** means any general partner, managing member, executive officer, or other individual with a similar status or function, any employee who solicits a government entity for the investment adviser and any person who supervises, directly or indirectly, such employee.

I.**"Direct Beneficial Interest"** means a Person has a direct interest as an owner of something or receives a direct benefit from an investment in a Reportable Security. A direct benefit may derive from an indirect interest in, among other things, something owned by a Person's spouse, domestic partner, or Family Trust.

J.**"Exchange Traded Fund" or ("ETF")** means an investment fund that holds a collection of assets, such as stocks, bonds, or commodities, and trades on stock exchanges. ETFs may be organized as open-end investment companies, unit investment trusts, or other permitted structures.

K.**"Family Member"** means any person sharing the same household with an Access Person (including spouses, domestic partners, children (including those who may be temporarily living away for college/boarding school), grandchildren, siblings, parents, grandparents, relatives-in-law, step relatives, adoptive relatives, and legal guardians), or any other person for which an Access Person has "Beneficial Ownership" of their accounts or securities.

L.**"Firm"** means Barrow Hanley Global Investors, BH Credit Management, LLC, and their related general partner entities.

M.**"Gift"** means cash or any item of value.&nbsp;&nbsp;&nbsp;&nbsp;

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N.**"Government Entity"** means any state or local government agency, authority, or instrumentality of a state or local government, any pool of assets sponsored by a state or local government (i.e., defined benefit pension plan, separate account or general fund), and any participant-directed government plan.

O.**"Indirect Beneficial Interest"** means a Person, who is not an owner, receives an indirect benefit from an investment in a Reportable Security. An Indirect Beneficial Interest may be derived from any number of sources, as noted above.

P.**"Investment Personnel"** means: any Portfolio Manager of the Firm, Research Analysts, Traders, Client Portfolio Managers, and other personnel who provide information and advice to the Portfolio Manager, or who help execute the Portfolio Manager's investment selection. **&nbsp;&nbsp;&nbsp;&nbsp;**

Q.**"Managed Fund"** means any Reportable Fund for which the Firm serves as an Investment Adviser or Sub-Adviser.

R.**"Person"** means natural person or company.

S.**"Political Action Committee" ("PAC")** means an organization whose purpose is to solicit and make Political Contributions.

T. **"Political Contribution"** means any Gift, subscription, loan, advance, or deposit of money (such as gift certificates or merchandise), or anything of value given to a candidate or PAC for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The purpose of influencing any election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The payment of debt incurred in connection with any such election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Transition or inaugural expenses of the successful candidate for office, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Coordinating contributions through bundling or facilitating the contributions of other persons or PACs, including acting as a host to solicit contributions.

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).

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U.**"Political Fundraising Activities"** include, but are not limited to, the following activities on behalf of a state or local candidate or official:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Coordinating contributions (generally, bundling, pooling, or otherwise facilitating the contributions made by other persons, including hosting events),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Soliciting contributions (generally, communicating, directly or indirectly, for the purpose of obtaining or arranging a Political Contribution), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Directing fundraising efforts.

V.**"Portfolio Directional Trade"** means a trade directed by a Portfolio Manager intended to increase or decrease a security's investment weighting in a client(s) account. This is a separate type of trade from a trade required to satisfy a client's cash-flow request.

W.**"Portfolio Manager"** means an employee of the Firm entrusted with the direct responsibility and authority to make investment selection decisions for a client's account.

X.**"Prediction Market"** means any market, platform, or arrangement in which participants enter into contracts, agreements, or instruments that provide a payout, settlement value, or economic exposure based on the occurrence or non-occurrence of a specified future event or outcome.

Y.**"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. "Reportable Account" does not include accounts established solely to hold qualified tuition programs under Section 529 of the Internal Revenue Code, provided the Access Person does not exercise investment discretion beyond the selection of underlying program investment options.

Z.**"Reportable Fund"** means any Fund or Trust where the Firm or an Affiliate acts as the investment adviser, sub-adviser or principal underwriter for the fund. A list of Reportable Funds is attached as Exhibit F, and is available on StarCompliance, or from the Compliance Department.

AA.**"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

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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.

BB. &nbsp;&nbsp;&nbsp;&nbsp;**"Solicit a Government Entity for Investment Advisory Services"** means a direct or indirect communication with a state or local Government Entity for the purpose of obtaining or retaining investment advisory services business including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Leading, participating in, or attending a sales/solicitation meeting with a state or local Government Entity, such as a government pension plan or general fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Otherwise holding oneself out as part of the Barrow Hanley's representative or sales/solicitation effort with a state or local Government Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Signing a submission to an RFP in connection with Barrow Hanley's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Making introductions between government officials and Barrow Hanley.

CC.**&nbsp;&nbsp;&nbsp;&nbsp;"State or Local Official(s)"** means any person, including any election committee for such person, who was, at the time of a Political Contribution, an official, incumbent, candidate, or successful candidate for elective office of a state or local government, including, but not limited to, any state or local agency, authority, or instrumentality, limited exceptions may apply depending on the nature of the office, as identified by the Firm's CCO.

1.**&nbsp;&nbsp;&nbsp;&nbsp;Policy for Possession of Material Non-Public Information**<br>

The Firm's Policy for possession of material non-public information ("MNPI") applies to every Person subject to this Code, including Access Persons and their Family Members, and extends to each individual's activities within and outside of their duties at the Firm. Any questions regarding this policy and procedures should be referred to the Firm's CCO.

A.In compliance with Section 204A of the Advisers Act, the Firm forbids any officer, director, Access Person or Family Member, from acting on and/or trading, either personally, on behalf of clients, or others, including accounts managed by the Firm, on material non-public information, or communicating material non-public information to others in violation of the law, frequently referred to as "insider trading".

B.The term "material non-public information means information that is material to a company, a government policy, or other regulatory entity or policy that is not known to the public and is material to the value of such company, or related industry or entity, and if made public would affect the value of such company's shares, or impact the investment market(s), and investments of a Person, or client.

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C.The term "insider trading" is not defined in the federal securities laws, but generally is used to refer to the use of material non-public information to trade in Securities (whether or not one is an "insider"), or to communicate material non-public information to others. The term "insider information" includes non-public facts about a publicly traded company that may be used to a Person's financial advantage when trading shares of the Company and includes information about the firm's securities recommendation(s), and client holdings and transactions. While the law concerning insider trading is not static, it is generally understood that the law prohibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Trading by a Person while in possession of material non-public information MNPI, (i) whether the Person is an insider or not; (ii) whether the information was disclosed to the Person in violation of an insider's duty to keep it confidential; whether the information was misappropriated or received inadvertently; or whether the trade was profitable or not.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Communicating material non-public information to others in a breach of fiduciary duty, or for another's intent to trade on the information.

D.Information is material if or when there is a substantial likelihood that a reasonable investor would consider it important in making their investment decisions(s), or information that is reasonably certain to have a substantial effect on the price of a company's securities (shares or bonds) whether it is determined factual or a rumor. Information that a Person subject to this Code should consider material includes, but is not limited to: dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, debt service and liquidation problems, extraordinary management developments, write-downs or write-offs of assets, additions to reserves for bad debts, new product/services announcements, criminal, civil, and government investigations and indictments. Material information does not have to relate to a company's business. For example, material information about the contents of any upcoming press release, media column, or blog that may affect the price of a security, and therefore, may be considered material. Disclosure of a mutual fund client's trades or holdings, or any client's holdings that are not publicly available, may be considered material information and must be kept confidential. All employees of Barrow Hanley are subject to this Policy and to the Duty of Confidentiality of this Code.

E.Information is non-public until it has been effectively communicated to the marketplace. A Person must be able to point to some fact to show that the information is generally public. For example, information found in a report filed with the SEC, or appearing in the media, internet, or other publications of general circulation would be considered public. A Person should be particularly careful with information received from contacts at public companies or received through their position with Barrow Hanley. Under certain circumstances, the Firm may seek or agree to receive non-public information (some of which is likely to be material) with respect to borrowers under bank loans ("Bank Loan Issuer") on which the Firm has actively gone private. Generally, such nonpublic information regarding Bank Loan Issuers is made available through information services such as, but not limited to, Intralinks, Debt Domain or SyndTrak. In instances where such a Bank Loan Issuer is also an issuer of public securities, such public securities are placed on the Firm's Restricted List to the extent the Firm has accessed material

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non-public information that has not been otherwise disseminated to the market. As a general matter, the CCO shall be responsible for the determination to add or remove an issuer from the Restricted List and may consult with internal or external counsel as needed in making such determination.

F.Each Person must consider the following before trading for themselves or others in the Reportable Securities of a company about which that Person has potential inside information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Is the information material? Is this information that an investor would consider important in making their investment decisions? Is this information that would affect the market price of the Reportable Security if generally disclosed?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;1.Report the matter immediately to the Firm's CCO. After the CCO has reviewed the issue, a determination will be made as to trading or restricting the security, and the employee will be instructed to continue the prohibition against communication or will be allowed to trade and communicate the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Do not purchase or sell the securities on behalf of him/herself or others. The Firm may determine to restrict trading in the security for Access Persons, for the clients' portfolios or both.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Do not communicate the information to anyone inside or outside the Firm, other than to the Firm's CCO as required under this Policy.

H.The CCO may communicate potential insider information to outside counsel and compliance/legal personnel at Perpetual, for consultative purposes. In addition, care should be taken so that such information is secure. For example, files containing material non-public information should be sealed; access to computer files containing material non-public information should be restricted. The CCO will review and appropriately document each circumstance where the possibility of insider information has been reported. Further actions to restrict trading in the security, to release a restriction against trading, or to limit trading, are based on the facts and circumstances of the information.

I.The Firm's clients include (i) private funds sponsored by the Firm that invest in the equity and mezzanine tranches of collateralized loan obligations ("CLOs") and (ii) CLOs. Desktop procedures are maintained by the CLO portfolio managers and the Firm's Compliance

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Department, subject to oversight by the Firm's CLO Governance Committee with respect to MNPI considerations in the trading of CLO equity or debt tranches.

2.&nbsp;&nbsp;&nbsp;&nbsp;**Duty of Confidentiality**<br>

Any Person subject to this Code must keep confidential at all times any non-public information they may obtain. This information includes but is not limited to:

A.Information about a client's account, including account holdings, recent or pending securities transactions, investment recommendations, and/or activities of the Portfolio Managers and Research Analysts for clients' accounts.

B.Information about the Firm's clients and prospective clients' investments and account transactions.

C.Information about the Firm's personnel, including private personally identifiable information (PII), pay, salary, bonus, equity interest, benefits, position level, performance rating, discipline history, non-business information obtained in the course of the employee's job, and other things; and

D.Information about the Firm's financial information, business activities, including new investment strategies, services, products, technologies, business initiatives, client gains/losses, and negotiated fee details.

The Firm's personnel have the highest fiduciary obligation to keep confidential information relating to Perpetual Group to any party that does not have a clear and compelling need to know such information, and to safeguard all confidential information about the Firm and its clients. Barrow Hanley's Privacy Policy for safeguarding clients' personal information, account information, and transactions is provided in the Firm's Compliance Policies and Procedures (the "Compliance Manual"). The information for data security and systems are provided in the Firm's Employee Handbook.

Nothing in this Code precludes any Access Person from contacting, filing a complaint with, providing information to, or cooperating with an investigation conducted by the U.S. Securities and Exchange Commission or any other governmental agency.

**3.&nbsp;&nbsp;&nbsp;&nbsp;Procedures for Access Persons**<br>

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

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Procedures for Access Persons and Family Members, below.) In addition to employees, under certain circumstances, other individuals who work for or with Barrow Hanley may also be required to comply with this Code (e.g., affiliates, interns, temporary workers, and consultants). A member of Barrow Hanley's Compliance team will notify such individuals when, and if, they are required to comply.

A.**General Procedures for Access Persons.** As defined by this Code, all employees of the Firm are identified as Access Persons and are subject to the following restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Restriction on Accepting and Giving Gifts of More than de Minimis Value.** Without pre-approval of the CCO, Access Persons are restricted from accepting or giving any Gift(s) of more than de minimis value under this Code from/to any Person or entity/organization when the Gift(s) is related to conducting the Firm's business. Gifts must be reported monthly, or at the time a Gift is accepted or given. Reports should be made in StarCompliance or the Gift and Entertainment Form available on the Firm's shared file network at: S:\BHMS_Shared\Compliance\Forms

Questions about this Gift policy should be directed to the CCO. A Gift does not include Business Entertainment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The de minimis amount for accepting a Gift(s) is USD $100 (in total) per Person and is considered to be the annual receipt of Gift(s) from the same source valued at up to USD $100.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The de minimis amount for Gift(s) giving by the Firm or its employees is USD $250 (in total) per Person, and is considered to be the annual giving of Gift(s) to the same Person valued at up to USD $250.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;2.**Reporting Business Entertainment.** Access Persons, whether the employee is the provider or participant, must report Business Entertainment activity monthly, or at the time it occurs. Extravagant or excessive entertainment is prohibited. Questions about what may be considered extravagant or excessive should be directed to the CCO. Any exceptions to this policy must be approved by the CCO. Business Entertainment should be reported in StarCompliance or on the Gift and Entertainment Form available on the Firm's shared file network at: S:\BHMS_Shared\Compliance\Forms

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

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interests of the Firm's clients. Authorization of board service shall be subject to a review of such service and implementation of procedures to identify and isolate such a Person from making decisions about investments or trading in that company's securities, or advising about investing the company's assets, and adequate disclosure of any conflicts of interest must be provided to the CCO and may be disclosed in the Firm's Form ADV, and/or other documentation.

B.**Personal Trading Procedures for Access Persons and Family Members.** The policies of this Code apply to all employees of the Firm identified as Access Persons and the procedures extend to accounts of which the Access Person is the beneficial owner, or accounts in which the individual has any financial interest, or ability to exercise control or influence over its investments or trading. The procedures <u>also</u> extend to any account belonging to immediate Family Members (including any relative by blood or marriage) living in the Access Person's household or dependent on the Access Person for financial support. Thus, a Person subject to this Code is required to abide by the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Limitation on Excessive Personal Trading.** To limit excessive personal trading activity and reduce potential conflicts of interest, Compliance will monitor personal trading activity by Access Persons and their Family Members. Compliance may decline pre-clearance requests if an individual's personal trading volume or frequency is determined to be excessive. This limitation applies to all transactions requiring pre-clearance under this Code, including transactions in equities, options, and other Reportable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Prohibition on Initial Public Offerings ("IPO").** Persons subject to this Code are prohibited from acquiring securities in an initial public offering or secondary offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**Prohibition on Initial Coin Offerings .** Persons subject to this Code are prohibited from securities transactions involving an initial coin offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Restriction on Prediction Markets.** Persons subject to this Code are prohibited from directly or indirectly participating in any prediction market, event contract, or similar arrangement that is based on, references, or derives its value from:

&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.Any publicly traded security, including the equity or debt securities of a public company, exchange-traded funds, indices comprised primarily of publicly traded securities, or the price, performance, trading activity, corporate actions, or other attributes of such securities; 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;e.Any private issuer or private security where the prediction, contract, or outcome is based on, relates to, or implies the likelihood, timing, pricing, or success of an initial public offering, direct listing, merger, de-SPAC transaction, or other event that would result in the security becoming publicly traded.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**Restriction on Private Placements.** Persons subject to this Code are restricted from acquiring securities in a private placement without prior approval from the Firm's CCO. In the event that an Access Person receives approval to purchase securities in a private placement, the Access Person must disclose that investment if/when the company intends to offer shares to the public in an IPO and/or if the individual plays any part in the Firm's later consideration of an investment in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**Prohibition on purchasing Perpetual Group securities.** Persons subject to this Code are prohibited from acquiring securities issued by the Firm's parent company, Perpetual Group Limited (ASX: PPT), or any publicly traded securities of other related or Affiliated Company(s) in their own account or in a client's account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**Restriction on Options, Swaps, Futures, or Derivatives.** Persons subject to this Code may engage in transactions involving options, swaps, futures, or other derivatives only as expressly permitted under, and in accordance with, the requirements, limitations, and pre-clearance provisions of this Code.

All Options transactions remain subject to the Firm's same-day trading restrictions in Section 3.D, including restrictions related to Portfolio Directional Trades.

**Options on Exchange-Traded Funds ("ETF Options")**

<br> Transactions in exchange-listed options on exchange-traded funds ("ETF Options") do not require pre-clearance under this Code, provided that:

othe underlying ETF is not a single-stock ETF (including leveraged or inverse single-stock ETFs); and

othe ETF is not held in any client account at the time of the transaction.

ETF Options remain subject to all applicable reporting requirements under this Code and may be restricted or prohibited at the discretion of the Chief Compliance Officer based on facts and circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**Prohibition on Naked Options.** Persons subject to this Code are prohibited from trading Options, Swaps, Futures or Derivatives on any Security or instrument that the Access Person does not have previously set-aside shares, Securities, or cash to fulfill the obligation of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.**Prohibition on Short-term Trading Profits.** Persons subject to this Code are prohibited from profiting in the purchase and sale, or sale and purchase, of the same (or related) Reportable Securities within 60 calendar days. Profits realized on such short-term trades are generally subject to disgorgement, as determined by the Firm's CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.**Prohibition on Short-term Trading of Managed Funds.** Persons subject to this Code are prohibited from short-term trading of any Managed Fund shares. For the purpose of this Code, short-term trading is defined as a purchase and redemption/sell of a Managed Fund's shares within 30 calendar days. This prohibition does not cover purchases and redemptions/sales: (i) into or out of money market funds or short-term bond funds; (ii) purchases effected on a regular periodic basis by automated means, such as 401(k) purchases, or Voluntary Deferral Plan "VDP" contributions ("automated means" are pre-selected investment allocations; 401(k) or VDP trades that are not automated are subject to at least a 30-day holding period).

C.**Political Contribution and Charitable Contribution Procedures for Access Persons and Family Members.** The Firm is prohibited from making political contributions. Employees of Barrow Hanley are prohibited from making Political Contributions in the name of the Firm. As defined by this Code, all employees of the Firm are identified as Access Persons and are subject to the following restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Personal Political Contributions to Candidates.** All Access Persons and their Family Members are limited in the amount of any political contribution to any state or local office holder or candidate to the following: (i) if the Access Person or their Family Member is Eligible to Vote for such candidate, contributions are limited to the di minimis amount of USD $350; (ii) if the Access Person or their Family Member is not entitled to vote for such candidate, contributions are limited to the di minimis amount of USD $150. Certain exceptions to this policy based on the Pay-to-Play Rule may be permitted by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Pre-Clearance of Personal Political Contributions and Fundraising Activities.** All Access Persons and their Family Members must obtain approval in advance from the CCO before: (i) making any Political Contribution to any state, or local candidate, or official running for state or local office, or candidate for a federal office who is currently a State or Local Official, and (ii) participating in any Political Fundraising Activities. Political Contributions and Political Fundraising Activity will be approved on a case-by-case basis. Pre-clearance should be obtained prior to making a Political Contribution or participating in a Political Fundraising Activity by completing and submitting a Personal Political Contribution Pre-Clearance Form for fundraising activity in StarCompliance or Exhibit E. The CCO will review each request to determine whether the Political Contribution or Political Fundraising Activity is permitted under applicable law and is consistent with this policy.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**Prohibition on Certain Political Contributions.** Access Persons may not make personal Political Contributions for the purpose of obtaining or retaining advisory contracts with government entities, clients, or for any other business-related purpose. Access Persons also may not consider any of the Firm's current or anticipated business relationships as a factor in soliciting or making Political Contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Prohibition on Certain Charitable Contributions.** Access Persons may not consider any of the Firm's current or anticipated business relationships as a factor in soliciting or making charitable contributions and may not make charitable contributions for the purpose of obtaining or retaining advisory contracts with government entities or clients. The Firm may make charitable contributions as part of its formal charitable efforts and not for the purpose of obtaining or retaining advisory contracts with government entities or clients and must be made in the name of Barrow Hanley and payable directly to the tax-exempt charitable organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**Indirect Action by an Access Person.** Access Persons are prohibited from doing anything indirectly that, if done directly, would result in a violation of applicable law or this policy. For example, it is a violation of this policy for an Access Person to direct someone on their behalf to make a Political Contribution in excess of applicable limits.

D.**Trading Restriction for Access Persons and Family Members on the Same Day as a Portfolio Directional Trade.** Access Persons and Family Members are restricted from purchasing or selling any Reportable Security on the same day the Firm executes a Portfolio Directional Trade in that same security for a client(s) account. Reasonable exceptions may be granted by the CCO when the trade does not appear to affect or harm any client(s). For purposes of this restriction, the purchase or sale of Options, derivatives, or other instruments that provide economic exposure to the same Reportable Security shall be treated as a transaction in that Reportable Security.

**4.&nbsp;&nbsp;&nbsp;&nbsp;Exempted Transactions**<br>

Certain prohibitions and restrictions for Access Persons and Family Members in Section 3, B. and D. above, do not apply to:

A.Purchases or sales of a Reportable Security made on the same day that a cash flow trade is executed in that same security for a client account, as determined and authorized by the Firm's CCO or her representative.

B.Purchases which are part of an automatic dividend reinvestment plan, or an automatic investment plan, or automated means of 401(k) purchases, or VDP contributions.

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.

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D.Purchases and sales in shares of unaffiliated mutual funds, or ETFs, or ETF Options. Holdings in unaffiliated mutual funds, ETFs, and ETF Options must be reported annually, and transactions must be reported quarterly; however, generally trades in unaffiliated mutual funds, ETFs, and ETF Options do not require pre-clearance and are exempt from the 60-day holding for realizing a profit. Exceptions to this exemption may apply when an ETF is purchased for a client's account or for single-stock ETFs (including leveraged single-stock ETFs), the purchase and sale of which are not exempted transactions and require pre-clearance.

E.In addition to the above exemptions, the CCO may make exceptions to the restrictions imposed upon persons subject to the Code on a case-by-case basis, as deemed appropriate by the CCO, and which appear upon inquiry and investigation to present no reasonable likelihood of harm to any client.

**5.&nbsp;&nbsp;&nbsp;&nbsp;Compliance Procedures**<br>

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: S:\BHMS_Shared\Compliance\Policies<u>.</u>

B.**Records of Reportable Securities Transactions**. Access Persons must notify the Firm's CCO if they or a Family Member have opened a Reportable Account during the quarter. Access Persons must direct their brokers to report into StarCompliance via a data feed or provide the Firm's CCO with duplicate brokerage confirmations of their Reportable Securities transactions and duplicate statements of their Reportable Account(s).

C.**Pre-Clearance of Reportable Securities Transactions.** Access Persons and Family Members must receive prior approval from a designated member of compliance, before purchasing or selling Reportable Securities. For avoidance of doubt, transactions effected in accounts that are not Reportable Accounts under this Code are not subject to pre-clearance or reporting requirements. Exclusions to preclearance requirements are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Managed Funds in the Firm's 401K Plan or VDP Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Exchange Traded Funds (ETFs) (excluding single-stock ETFs, which require preclearance)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Purchases and sales over which a Person subject to the Code has no direct or indirect influence or control, such as automatic investments in 401K or VDP accounts, Family Trust Funds, or other accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Purchases or sales pursuant to an automatic action under an automated investment plan

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Purchases effected upon exercise of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuers, and sales of such rights so acquired or sales occurring simultaneously with the exercise of such rights, acquisition of securities through stock dividends, dividend reinvestments, stock splits, reverse stock splits, mergers, consolidations, spin-offs, and other similar corporate reorganizations, or distributions generally applicable to all holders of the same class of securities;

D.**Open-End Investment Company Shares Other Than Managed Funds.** This Code provides a limited exception on Reportable Securities from pre-clearance and short-term trading profit requirements; securities under this exception include ETFs. (Reportable Funds must be held 30 days).

E.**Pre-Clearance for Reportable Securities is Valid for That Trading Day.** Personal Reportable Securities transactions should be pre-cleared using the StarCompliance or Exhibit D, *Personal Reportable Securities Transaction(s) Pre-Clearance Form*. The CCO or another authorized member of the compliance team may approve transactions which appear upon inquiry and investigation to present no reasonable likelihood of harm to any client. Exceptions to this requirement may include the CCO's approval of a pre-clearance request(s) for a calendar week for trades in Reportable Securities that are not held in a client's account, do not fit the Firm's investment strategies, and are thinly traded such that a trade order will not likely be filled on the day of the pre-clearance.

F.**Pre-Clearance of Any Transaction in a Managed Fund.** All Access Persons and Family Members must receive prior written approval from a designated member of compliance before purchasing or selling any Managed Fund. Pre-clearance for Managed Funds is valid for that trading day. This pre-clearance requirement does not cover purchases and redemptions/sales: (i) into or out of money market funds or short-term bond funds; (ii) effected on a regular periodic basis by automated means, such as 401(k) purchases and VDP transactions, or (iii) 401(k) investment reallocation.

G.**Disclosure of Personal Holdings, and Certification of Compliance with the Code of Ethics and Conduct.** All Access Persons must disclose to the Firm's CCO all personal Reportable Securities holdings at commencement of employment, and annually thereafter as of December 31. Every Access Person must certify on Exhibit A, Initial Report of Access Persons, or Exhibit B, Annual Report of Access Persons, or through StarCompliance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The employee and their family member(s) recognize that they are subject to all provisions and prohibitions of this Code, and has read, understands, and will follow the Code's requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The employee and family member(s) have complied with the requirements of this Code, and have reported all personal Reportable Securities, Reportable Accounts, holdings in Managed Funds, and Personal Transactions*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Initial holdings report must be made within ten days of hire.

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H.**Reporting Requirements.** The CCO of the Firm will notify each Access Person that each individual is subject to these reporting requirements, will deliver a copy of this Code to each Access Person prior to, or upon, their date of employment, and at any time the Code is amended, and will train each Access Person on appropriate compliance matters. A member of the compliance team will train employees to use StarCompliance for personal reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Reportable Securities managed by a third-party in a discretionary advisory account are subject to the annual reporting requirements contained in this Section and are excluded from certain other provisions and prohibitions of the Code. (IPOs and private placements are not excluded.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Reports, personal trades and holdings, and other information submitted pursuant to this Code shall be reviewed periodically by the CCO, kept confidential, and when necessary, provided to the Chief Executive Officer ("CEO") of the Firm, Perpetual Group, the Firm's legal counsel, regulatory authorities, or auditors upon appropriate request. The designated backup to the CCO is responsible for reviewing and monitoring the personal securities transactions of the CCO, and for assuming the responsibilities of the CCO in her absence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Every Access Person must report to the CCO all Reportable Accounts currently open at the time of the individual's initial employment, and any new Reportable Account (this includes any account belonging to Family Members) opened, including the name of the bank or brokerage, the account number, and date the account was opened, and must disclose the new Reportable Account with the individual's quarterly transaction report. Information reported in StarCompliance or on Exhibit A must be current within at least 45 days of the date of their employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Every Access Person must report to the CCO of the Firm any/all Reportable Account(s) and any/all personal Securities holdings (this includes any account(s) or holdings belonging to Family Members) at the time of an individual's initial employment with the Firm. A report must be made through StarCompliance or the designated form, Exhibit A, Initial Report of Access Persons, with account statements attached containing the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Name and principal amount of the Reportable Security, ticker or CUSIP, share quantity, bond quantity, interest rate, and/or maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Name and account number of the Reportable Account where the Reportable Security is held.

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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;c.Name of any broker, dealer, or bank with which the Access Person maintains an account in which any Reportable Securities are held for the Access Person's direct or indirect benefit (account statements may be attached); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.The date the Access Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Every Access Person must report to the CCO of the Firm the information described in Paragraph 4 of this Section with respect to transactions in any Reportable Security in which such Access Person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Reportable Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The Reportable Security name, ticker and/or CUSIP, interest rate, maturity date, share quantity, bond quantity, and the principal amount of each Reportable Security transacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The nature of the transaction (i.e., purchase or sale).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.The price at which the transaction was executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.The name of the broker, dealer or bank with or through whom the transaction was executed. Trade confirmations of all personal transactions and copies of periodic Reportable Account statements may be attached to Exhibit C to fulfill the reporting requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.The name of the broker, dealer, or bank with whom the Access Person established a new Reportable Account during the period and the date the account was established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.The date of the transaction(s) and, if different, the date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Every Access Person must report to the CCO all Political Contributions (this includes contributions made by Family Members) described in Section 3.C. of this Code, Restrictions for Access Persons. made during the quarter. A report should be made using StarCompliance or Exhibit E, Political Contribution Pre-Clearance Form.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Every Access Person should report Gifts accepted or given, and/or Business Entertainment as a provider or participant, using StarCompliance or the Gift & Entertainment Report. Gifts and Entertainment must be reported monthly or upon each occurrence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.A member of the compliance team or the CCO shall periodically review the reports provided by the Firm's Access Persons. Review will include personal transactions and brokerage activity in StarCompliance, personal brokerage statements and holdings, and Political Contributions, among other things.

I.**Conflict of Interest.** Every Access Person must notify the CCO of any personal conflict of interest relationship which may involve the Firm's clients, such as the existence of any economic relationship between their transactions and Reportable Securities held or to be acquired by any client's account. Such notification shall occur in the pre-clearance process or immediately upon becoming aware of the conflict.

J.The CCO must implement and enforce this Code, maintain copies of the Code, keep records of Code violations, and maintain records of Access Persons' reports as required by the Code.

K.A designated member of the firm serves as the backup to the CCO. The designated member reviews and signs-off on the CCO's personal reports required under the Code and Compliance Manual. Other compliance personnel may be designated to perform certain functions of the CCO. In the absence of the CCO, the designated backup to the CCO may perform all duties of the CCO as defined in the Code and must report to the CCO any disclosed conflicts or violations that may have occurred in her absence.

**6.&nbsp;&nbsp;&nbsp;&nbsp;CCO's Authority and Duties**<br>

The Firm's CCO has a fiduciary duty to the Firm's clients and to Barrow Hanley and is responsible for enforcing and monitoring this Code. The CCO is authorized to grant reasonable exceptions to the provisions and prohibitions of this Code, as permitted by law, and when such exceptions do not conflict with a client's interests.

**7.&nbsp;&nbsp;&nbsp;&nbsp;Reporting of Violations**<br>

A.Any Access Person of the Firm who becomes aware of a violation of (i) this Code of Ethics and Conduct, (ii) the Compliance Policies and Procedures, (iii) the Employee Handbook, or (iv) any other internal policies or procedures, must promptly report such violation to the Firm's CCO or the CEO. This reporting requirement includes self-reporting when an employee discovers the individual has violated an internal policy.

------

B.The Firm's CCO must report to the Firm's Board of Managers all material violations of this Code, the Compliance Policies and Procedures, the Employee Handbook, or other internal controls. Material violations may be reported to the CCO of any Managed Fund client, as required.

C.The CCO and CEO will consider reports made to the Board and determine what sanctions, if any, should be imposed.

**8.&nbsp;&nbsp;&nbsp;&nbsp;Reporting to the Board of Managers**<br>

Upon request, the Firm's CCO will prepare an annual report relating to this Code to the Boards of Managed Funds. Such annual report will:

A.Summarize existing procedures concerning personal investing and any changes in the procedures made during the past year.

B.Identify any violations requiring significant remedial action during the past year; and

C.Identify any recommended changes in the existing restrictions or procedures based upon the Firm's experience under the Code, evolving industry practices, or developments in applicable laws or regulations.

**9.&nbsp;&nbsp;&nbsp;&nbsp;Sanctions**<br>

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;&nbsp;&nbsp;&nbsp;&nbsp;1.Disgorgement: The Firm generally requires that profits realized on transactions made in violation of the Code's procedures be disgorged. A charity shall be selected by the Firm to receive any disgorged or relinquished amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Extended Holding Period: Any security purchased during the black-out period may be prohibited from being sold for six months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Trading Restrictions and Time-Out Periods: the CCO may impose a temporary prohibition on personal trading for violations of this Code or related compliance policies. During any trading prohibition period, the Access Person may not submit pre-clearance requests or engage in personal securities transactions subject to this Code, except as expressly approved by the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Unwinding the transaction: Purchases or sales made during a blackout period may be required to be reversed and any profit may be disgorged.

------

B.All violations of this Code, the Compliance Policies and Procedures, or related internal policies will be considered as part of the employee's annual performance review.

Repeated violations, patterns of non-compliance, or violations demonstrating disregard for the Firm's fiduciary obligations may result in additional disciplinary action, up to and including termination of employment, as determined by the Firm in its sole discretion.

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.

C.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.

**10.&nbsp;&nbsp;&nbsp;&nbsp;Retention of Records**<br>

This Code and the Firm's *Compliance Policies and Procedures* require all books and records related to this Code to be retained, including:

A.**Code of Ethics and Conduct Records**. This Code (and prior versions in effect during the past seven years), a copy of the reports made by each Access Person, each memorandum made by the Firm's CCO, and a record of any violation and actions taken as a result of such violation, must be maintained by the Firm for a minimum of seven years.

B.**Political Contribution Records**. A list of: (i) all Access Persons; (ii) all government entities to which the Firm provides or has provided investment advisory services or which are or were investors in any covered investment pool to which the Firm has provided services in the past five years; (iii) all direct or indirect Political Contributions made by any Access Person to an official of a Government Entity, or direct or indirect payments to a political party of a state or political subdivision thereof, or to a PAC; and (iv) the name and business address of each regulated Person to whom the Firm provides or agrees to provide, directly or indirectly, payment to solicit a Government Entity for investment advisory services on its behalf. Records relating to Political Contributions must be listed in chronological order and must indicate: (i) the name and title of each contributor; (ii) the name and title of each recipient; (iii) the amount and date of each Political Contribution; and (iv) whether any such Political Contribution was the subject of the exception for returned Political Contributions.

------

**Exhibits**

***Exhibit A* – Initial Report of Access Persons**

***Exhibit B* – Annual Report of Access Persons**

***Exhibit C* – Quarterly Transactions Report of Access Persons**

***Exhibit D* – Personal Reportable Securities Transaction Pre-Clearance Form of Access Persons**

***Exhibit E* – Personal Political Contribution Pre-Clearance Form of Access Persons**

***Exhibit F* – List of Reportable Funds of Access Persons**

------

**BARROW HANLEY GLOBAL INVESTORS**

**CODE OF ETHICS AND CONDUCT**

**Initial Report of Access Persons**

To the Chief Compliance Officer of Barrow Hanley Global Investors ("Barrow Hanley"), I certify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 SHARES** | **PRINCIPAL VALUE** | **TYPE OF INTEREST (DIRECT OR INDIRECT)** |

---

A

------

**BARROW HANLEY GLOBAL INVESTORS**

**CODE OF ETHICS AND CONDUCT**

**Initial Report of Access Person**

*(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 CONTRIBUTION** | **TYPE OF POLITICAL ACTIVITY/**<br>**CONTRIBUTION** |

---

---

| | | |
|:---|:---|:---|
| Date: | Signature: |  |
|  | Print Name: |  |
|  | Title: |  |
|  | Employer: | **BARROW HANLEY GLOBAL INVESTORS** |
| Date: | Signature: |  |
|  |  | Firm's CCO |

---

A

------

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT**

**Annual Report of Access Persons**

To the Chief Compliance Officer of Barrow Hanley Global Investors, ("Barrow Hanley"), I certify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 SHARES** | **PRINCIPAL VALUE** | **TYPE OF INTEREST (DIRECT OR INDIRECT)** |

---

B

------

**BARROW HANLEY GLOBAL INVESTORS**

**CODE OF ETHICS AND CONDUCT**

**Annual Report of Access Persons**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(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 |

---

B

------

**BARROW HANLEY GLOBAL INVESTORS**

**CODE OF ETHICS AND CONDUCT**

**Quarterly Transactions Report of Access Persons**

**For the Calendar Quarter Ended: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**

To the Chief Compliance Officer of Barrow Hanley Global Investors, ("Barrow Hanley"), I certify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.During the quarter identified above, the following transactions were made in Reportable Securities and are required to be reported under the Barrow Hanley *Code of Ethics and Conduct (the "Code")*:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY NAME/TYPE/TICKER/CUSIP**<br>**INTEREST RATE & MATURITY DATE** | **DATE OF TRANS-ACTION** | **NUMBER OF SHARES** | **DOLLAR AMOUNT OF TRANSACTION** | **NATURE OF TRANSACTION**<br>(PURCHASE, SALE, OTHER) | **PRICE** | **BROKER/**<br>**DEALER OR BANK NAME** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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** |

---

C

------

**BARROW HANLEY GLOBAL INVESTORS**

**CODE OF ETHICS AND CONDUCT**

**Quarterly Transactions Report of Access Persons**

**For the Calendar Quarter Ended: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(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 CONTRIBUTION** | **TYPE OF POLITICAL 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 identified above, I have abided by the requirements of Barrow Hanley's Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.During the quarter identified above, all potential Conflicts of Interest were reported to Compliance.

---

| | | |
|:---|:---|:---|
| Date: | Signature: |  |
|  | Print Name: |  |
|  | Title: |  |
|  | Employer: | **BARROW HANLEY GLOBAL INVESTORS** |
| Date: | Signature: |  |
|  |  | Firm's CCO |

---

C

------

**BARROW HANLEY GLOBAL INVESTORS**

**CODE OF ETHICS AND CONDUCT**

**Personal Reportable Securities Transaction Pre-Clearance Form of Access Persons**

**(See Code of Ethics and Conduct, 5. Compliance Procedures, Section C.)**

To the Chief Compliance Officer of Barrow Hanley Global Investors, ("Barrow Hanley"), I certify:

Pre-clearance is requested for the following proposed transactions:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SECURITY NAME/TYPE/TICKER/CUSIP**<br>**INTEREST RATE & MATURITY DATE** | **NUMBER**<br>**OF**<br>**SHARES** | **DOLLAR AMOUNT**<br>**OF TRANSACTION** | **NATURE** <br>**OF**<br>**TRANSACTION**<br>(PURCHASE, SALE, OTHER) | **PRICE**<br>(OR PROPOSED PRICE) | **BROKER**<br>**/DEALER**<br>**OR BANK THROUGH**<br>**WHOM EFFECTED** | **AUTHORIZED**<br>**YES NO** |

---

---

| | | |
|:---|:---|:---|
| Date: | Signature: |  |
|  | Print Name: |  |
|  | Title: |  |
|  | Employer: | **BARROW HANLEY GLOBAL INVESTORS** |
| Date: | Signature: |  |
|  |  | Firm's CCO |

---

D

------

**BARROW HANLEY GLOBAL INVESTORS**

**CODE OF ETHICS AND CONDUCT**

**Personal Political Contribution Pre-Clearance Form of Access Persons**

**(See Code of Ethics and Conduct, 3. Procedures for Access Persons, Section C.2)**

To the Chief Compliance Officer of Barrow Hanley Global Investors, ("Barrow Hanley"), I certify:

Pre-clearance is requested for the following proposed Political Contribution(s):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NAME OF CANDIDATE** | **AMOUNT** | **STATE AND COUNTY OF ELECTION** | **WHAT OFFICE IS CANDIDATE SEEKING?** | **IS COVERED PERSON ELIGIBLE TO VOTE FOR CANDIDATE?** | **AUTHORIZED**<br>**YES NO** |

---

---

| | | |
|:---|:---|:---|
| Date: | Signature: |  |
|  | Print Name: |  |
|  | Title: |  |
|  | Employer: | **BARROW HANLEY GLOBAL INVESTORS** |
| Date: | Signature: |  |
|  |  | Firm's CCO |

---

E

------

**BARROW HANLEY GLOBAL INVESTORS**

**CODE OF ETHICS AND CONDUCT**

**List of Reportable Funds of Access Persons**

**(See Code of Ethics and Conduct, 5. Compliance Procedures, Section F.)**

---

| | |
|:---|:---|
| **U.S. Registered Funds – 23** | **Non-U.S. Registered Funds – 20** |
| American Beacon Balanced Fund | *Australia* |
| American Beacon Diversified Fund | Barrow Hanley Concentrated Global Share Fund |
| American Beacon Large Cap Value Fund | (unhedged) |
| American Beacon Small Cap Value Fund | Barrow Hanley Concentrated Global Share Fund |
| Barrow Hanley Concentrated Emerging Markets | (hedged) |
| ESG Opportunities Fund | Barrow Hanley Emerging Markets Fund |
| Barrow Hanley Credit Opportunities Fund | Barrow Hanley Global Equity Trust |
| Barrow Hanley Emerging Markets Value Fund | Colonial First State Investments Ltd - |
| Barrow Hanley Floating Rate Fund | Commonwealth Global Shares Fund 5 |
| Barrow Hanley International Value Fund |  |
| Barrow Hanley Total Return Bond Fund | Hostplus Pooled Superannuation Trust |
| Barrow Hanley US Value Opportunities Fund | Perpetual Global Share Fund |
| Brinker - Destinations International Equity Fund | Perpetual Private RI International Shares Fund |
| Edward D. Jones - Bridge Builder Large Value Fund | Perpetual Select International Share Fund |
| Equitable - 1290 VT Equity Income Portfolio |  |
| GuideStone Value Equity Fund | *Canada* |
| MML Income & Growth Fund | Leith Wheeler Emerging Markets Equity Fund |
| Principal LargeCap Value III Fund | Leith Wheeler International Equity Plus Fund |
| Principal Overseas Fund | Leith Wheeler International Equity Plus Fund |
| Timothy Plan Defensive Strategies Fund | Mackenzie Global Value Fund |
| Timothy Plan Fixed Income Fund | Mackenzie US Mid Cap Value Fund |
| Timothy Plan Growth & Income Fund |  |
| Timothy Plan High Yield Bond Fund | *Ireland* |
| Touchstone Value Fund | Barrow Hanley Concentrated Emerging Markets |
|  | ESG Fund |
| **Non-Registered Funds – 3** | Barrow Hanley Global ESG Value Equity Fund |
| Cayman Islands | Barrow Hanley US ESG Value Opportunities |
| EQ Offshore Aggressive Multimanager Fund | Fund |
| EQ Offshore Conservative Multimanager Fund | Barrow Hanley US Mid Cap Value Fund |
| EQ Offshore Moderate Multimanager Fund | Old Mutual Value Global Equity Fund |
|  | *United Kingdom* |
|  | F&C Investment Trust plc |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*As of January 1, 2026*

F

------

**BARROW HANLEY GLOBAL INVESTORS**

**CODE OF ETHICS AND CONDUCT**

**List of Reportable Funds of Access Persons**

**(See Code of Ethics and Conduct, 5. Compliance Procedures, Section F.)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Continued)*

**Trillium Advised and Sub-Advised Registered Funds**

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Share Class** | **Symbol** | **Role** |
| Trillium ESG Global Equity Fund | Investor | PORTX | Sub-Advisor |
| Trillium ESG Global Equity Fund | Institutional | PORIX | Sub-Advisor |
| Trillium ESG Small/Mid Cap Fund | Institutional | TSMDX | Sub-Advisor |

---

**TSW Advised and Sub-Advised Registered Funds**

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Share Class** | **Symbol** | **Role** |
| TSW High Yield Bond Fund | I | TSWHX | Sub-Adviser |
| TSW Large Cap Value Fund | I | TSWEX | Sub-Adviser |
| TSW Emerging Markets Fund | I | TSWMX | Sub-Adviser |
| MassMutual Mid Cap Value Fund | I | MLUZX | Sub-Adviser |
| Transamerica International Equity | I | TSWIX | Sub-Adviser |
| Transamerica International Equity | A | TRWAZ | Sub-Adviser |
| Transamerica International Equity | C | TRWCX | Sub-Adviser |
| Transamerica International Small Cap | I | TISVX | Sub-Adviser |
| Transamerica Mid Cap Value Opportunities | I | MVTIX | Sub-Adviser |
| Transamerica Mid Cap Value Opportunities | A | MCVAX | Sub-Adviser |

---

*As of January 1, 2026*

F

------

**BARROW HANLEY GLOBAL INVESTORS**

**CODE OF ETHICS AND CONDUCT**

**List of Reportable Funds of Access Persons**

**(See Code of Ethics and Conduct, 5. Compliance Procedures, Section F.)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Continued)*

**JOHCM (USA) Advised Registered Funds\***

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Share Class** | **Symbol** | **Role** |
| JOHCM Emerging Markets Opportunities Fund | Institutional; Advisor; Investor | JOEMX;<br>JOEIX;<br>JOEAX | Advisor |
| JOHCM Emerging Markets Discovery Fund | Institutional; Advisor | JOMMX;<br>JOMEX | Advisor |
| JOHCM International Opportunities Fund | Institutional | JOPSX | Advisor |
| JOHCM International Select Fund | Institutional; Investor | JOHIX;<br>JOHAX | Advisor |
| Regnan Sustainable Water & Waste Fund | Not currently offered | - | - |
| SEI Institutional International Trust – Emerging Markets Equity Fund | Class F; Class Y | SIEMX;<br>SEQFX | Sub-Advisor |

---

*As of January 1, 2026*

*\*Excludes funds on the Perpetual Americas Funds Trust that are advised by affiliated sub-advisers, which are included above.*

F

## Ex-99.(P)(6)

![](corecommoditycodeofethic001.jpg)

Code of Ethics October 2025 Issued January 2006 Revised June 2010 July 2011 June 2012 September 2012 November 2013 October 2014 October 2015 October 2016 October 2017 October 2018 October 2019 October 2020 October 2021 October 2022 October 2023 October 2024 CoreCommodity Management, LLC Code of Ethics Code of Ethics Supersedes all previous Compliance Policies regarding this subject matter Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act") requires that investment advisers adopt a code of ethics which sets forth standards of business conduct, which reflect CoreCommodity Management, LLC's ("CoreCommodity" or the "Adviser") fiduciary obligations as well as the fiduciary obligations of Associated Persons who are supervised persons as that term is defined below. Rule 17j-1 under the Investment Company Act of 1940 (the "1940 Act") prohibits any affiliated person of the Adviser, in connection with the purchase or sale, directly or indirectly, by the person of a Security Held or to be Acquired by a Reportable Fund (defined below): (1) to employ any device, scheme or artifice to defraud the Reportable Fund; (2) to make any untrue statement of a material fact to the Reportable Fund or omit to state a material fact necessary in order to make the statements made to the Reportable Fund, in light of the circumstances under which they are made, not misleading; (3) to engage in any act, practice or course of business that operates or would operate as a fraud or deceit on the Reportable Fund; or (4) to engage in any manipulative practice with respect to the Reportable Fund. Among other things, Rule 204A-1 under the Advisers Act and Rule 17j-1 under the 1940 Act require Access Persons to report their personal securities transactions, including transactions in any fund managed by the Adviser. Each Associated Person is required to provide a written certification annually that he or she has received, read, understands, and will comply with, this Code of Ethics. Capitalized terms used herein and not otherwise defined shall have the same meaning as in the Compliance Policies and Procedures Manual. CORECOMMODITY CODE OF ETHICS This Code of Ethics (the "Code") is distributed to all "Supervised Persons" (as defined below) of the Adviser and applies to all such persons. In addition, CoreCommodity may supplement this Code (but not contradict it) with other policies and procedures applicable to Associated Persons. The Adviser requires its Supervised Persons to observe high ethical standards and to comply with all applicable federal securities laws. Supervised Persons and the Adviser are fiduciaries to CoreCommodity's advisory clients. As fiduciaries, CoreCommodity and its Supervised Persons owe their clients the duties of care and loyalty. Supervised Persons who have questions or concerns about their responsibilities are encouraged to discuss these issues with their supervisor or the Compliance Officer. All references in this Code to the Compliance Officer include his or her designee. Two key definitions in this Code are "Supervised Person" and "Access Person." All Associated Persons, as well as certain consultants, are "Supervised Persons." A Supervised Person who is also an Access Person, because of his or her advisory activities, will have to provide initial and annual reports of his or her securities holdings to the Adviser. SUMMARY OF CODE PROVISIONS a. Supervised Persons must report any violations of this Code promptly to the Compliance Officer. b. Supervised Persons are required on an annual basis to review this Code and complete and sign an acknowledgment of receipt and understanding of and compliance with the Code, and any amendments thereto, in the format provided by the Adviser. 2 Code of Ethics c. Access Persons must provide a report of securities holdings to the Compliance Officer upon first becoming an Access Person, and annually thereafter. DEFINITIONS "Access Person" means any director, officer, employee or representative of CoreCommodity who: a. has access to non-public information regarding any advisory clients' purchase or sale of securities, or non-public information regarding the portfolio holdings of any Reportable Fund (as defined below); b. in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding, the purchase or sale of Reportable Securities (as defined below) by a Reportable Fund (which includes the writing of an option to purchase or sell a Reportable Security), or whose functions relate to the making of any recommendations with respect to such purchases or sales; or c. is involved in making securities recommendations to advisory clients, or who has access to recommendations that are non-public. All directors and officers of CoreCommodity and all CoreCommodity employees who are directors or officers of a Reportable Fund are presumed to be Access Persons. "Beneficial Ownership" of a security is to be interpreted in the same manner as it is for purposes of Section 16 of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 16a-1(a)(2) adopted thereunder. This means that a person will generally be considered to have "beneficial ownership" of any security in which he or she has direct or indirect pecuniary (monetary) interest. In addition, a person will be deemed to have "beneficial ownership" of securities held by his or her immediate family1 sharing the same household, or other persons by reason of any contract, arrangement, understanding or relationship that provides him or her with sole or shared investment power. "Initial Public Offering" means an offering of securities registered under the Securities Act of 1933 (the "Securities Act"), the issuer or which, immediately before the registration, was not subject to the reporting requirement of section 13 or 15(d) of the Exchange Act. "Limited Offering" means an offering that is exempt from registration under the Securities Act pursuant to section 4(2) or section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 of this chapter. "Reportable Fund" means any investment company registered under the 1940 Act for which CoreCommodity or an affiliate (any entity controlling, controlled by, or under common control with CoreCommodity) serves as investment adviser (as defined in Section 2(a)(20) of the 1940 Act) or as principal underwriter. "Reportable Security" has the same meaning as that set forth in Section 202(a)(18) of the Advisers Act, and includes 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 _____________________________________ 1 "Immediate Family" means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in law, brother-in-law, or sister-in-law, and includes adoptive relationships. 3 Code of Ethics 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 However, in the case of an interest in a limited partnership that invests in securities, the Reportable Security will be the interest in the limited partnership and not the underlying securities in which the partnership invests, provided that the partnership receives investment advice based on its investment objectives rather than on the individual investment objectives of its limited partners. Reportable Security does not include: a. direct obligations of the Government of the United States; b. bankers' acceptances, bank CDs, commercial paper and high quality short-term debt instruments, including repurchase agreements; c. shares issued by money market funds d. shares issued by registered open-end investment companies other than Reportable Funds; e. shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are Reportable Funds; and f. any instrument that is not a security as defined in Section 202(a)(18) of the Advisers Act or Section 2(a)(36) of the 1940 Act. These instruments include, but are not limited to: i. futures contracts; ii. options on futures contracts; iii. general partnership interests, provided generally that the general partnership interest entitles the owner to exercise management control over the partnership; and iv. direct interests in real estate. "Supervised Person" means any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee, and also means other persons who provide investment advice on behalf of the Adviser and are subject to the supervision and control of the Adviser. This definition covers any consultants or representatives that are subject to the supervision and control of the Adviser. "Security Held or to be Acquired by a Reportable Fund" means: (i) any Reportable Security which, within the most recent 15 days: (a) is or has been held by the Reportable Fund; or (b) is being or has been considered by the Reportable Fund or CoreCommodity for purchase by the Reportable Fund; and (ii) any option to purchase or sell, and any security convertible into or exchangeable for, a Reportable Security. 4

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Code of Ethics REPORTING OBLIGATIONS FOR ACCESS PERSONS INITIAL HOLDINGS REPORT Each Access Person must submit to the Compliance Officer a list of all Reportable Securities for which he or she had any direct or indirect Beneficial Ownership, as well as a list of all brokerage or bank accounts in which any securities are held for his or her direct or indirect benefit, as of the date he or she first becomes subject to this Code's reporting requirements. The Initial Holdings Report must be submitted to the Compliance Officer within 10 days of the date the Access Person becomes subject to this Code's reporting requirements. The information in the Initial Holding Report must be current as of a date not more than 45 days prior to the date the person becomes an Access Person. ANNUAL HOLDINGS REPORT On an annual basis, each Access Person must submit to the Compliance Officer a list of all Reportable Securities for which he or she has any direct or indirect Beneficial Ownership, as well as a list of any brokerage or bank account in which any securities are held for his or her direct or indirect benefit. The information in the Annual Holdings Report must be current as of a date no more than 45 days before the Report is submitted. QUARTERLY TRANSACTION REPORTS On a quarterly basis, no later than 30 days after the end of each calendar quarter, each Access Person must submit to the Compliance Officer a list containing, at a minimum, the following information about each Reportable Securities transaction during the quarter in which the Access Person had, or as a result of the transaction acquired, any direct or indirect beneficial ownership: a. The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and principal amount of each reportable security involved; b. The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition); c. The price of the security at which the transaction was effected; d. The name of the broker, dealer or bank with or through which the transaction was effected; and e. The date the Access Person submits the report. The Access Person may fulfill the Quarterly Transaction Reporting requirement by having duplicate statements of such Access Person's brokerage account statements (if these are produced quarterly) sent to the Compliance Officer so long as all Reportable Securities transactions are contained on such brokerage statements and such brokerage statements are received by the Compliance Officer no later than 30 days after the end of each calendar quarter. Any Reportable Securities transaction not contained on a brokerage statement will need to be reported to the Compliance Officer in a separate Quarterly Transaction Report. 5 Code of Ethics NOTICE OF ACCESS PERSONS STATUS The Compliance Officer will notify each person who becomes an Access Person of the Adviser of the reporting requirements applicable to Access Persons. REVIEW AND ENFORCEMENT In connection with Access Persons, the Compliance Officer or his or her designee will, on a quarterly basis, compare reported personal securities transactions with completed transactions of the Adviser's advisory clients during the period to determine whether a violation of this Code may have occurred. • In determining whether a violation occurred, the Compliance Officer will consult with appropriate Adviser personnel and they will consider the facts and circumstances surrounding the occurrence along with any explanation and discussion by interested and/or involved parties and their supervisors. • If a violation is found to have occurred, the Compliance Officer and appropriate Adviser personnel will impose corrective action as they deem appropriate under the circumstances. • The Adviser will impose sanctions that range from oral warnings for the first violation, to written warnings, consideration of Code violations in determining bonuses, suspension, and termination. PRE-APPROVAL OF CERTAIN INVESTMENTS Access Persons must obtain pre-approval from the Compliance Officer, or his or her designee, to directly or indirectly acquire beneficial ownership in any security in an Initial Public Offering or in a Limited Offering. RECORDS The Compliance Officer, or his or her designee, will maintain the following records, which will be available for examination by the Securities and Exchange Commission. a. A copy of this Code and any other code of ethics adopted by the Adviser that is, or at any time within the past five years has been, in effect (maintained in an easily accessible place). b. A record of any violation of this Code and of any action taken or sanction imposed as a result of any violation (maintained in an easily accessible place for at least five years following the end of the fiscal year in which the violation occurs). c. A copy of each report submitted under this Code, including any information provided in lieu of any reports made under the Code (maintained for at least five years from the end of the fiscal year in which the report is made, the first two years in an easily accessible place). d. A record of all persons, currently or within the past five years, who are or were required to submit reports under this Code, and those persons who are or were responsible for reviewing the reports (maintained in an easily accessible place). e. A copy of all written acknowledgments of this Code for each person who is currently, or within the past five years was, a Supervised Person. 6 Code of Ethics f. A record of any decision to preapprove securities transactions for Access Persons, if any (maintained for at least five years after the end of the fiscal year in which the approval is granted). MISCELLANEOUS CONFIDENTIALITY All reports of securities transactions and any other information filed with the Adviser pursuant to this Code will be treated as confidential. The Adviser or its affiliates may disclose copies of reports and information to the Securities and Exchange Commission or as otherwise required by applicable law, rule or regulation, or as directed or requested by an applicable regulatory or self-regulatory authority. INTERPRETATION OF PROVISIONS The Adviser may from time to time adopt interpretations of this Code as it deems appropriate. DISTRIBUTION OF CODE, ACKNOWLEDGMENT OF RECEIPT AND ANNUAL CERTIFICATION OF COMPLIANCE All Supervised Persons will receive a copy of this and any amendments. All Supervised Persons will be required to sign an acknowledgement of understanding of and compliance with the Code in the format provided by the Adviser for any initial or amended copy of this Code, and each year thereafter. REPORTING VIOLATIONS Supervised Persons must promptly report any violation of this Code to the Compliance Officer. 7

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## Ex-99.(P)(8)

**CODE OF ETHICS**

**EMERALD ADVISERS, LLC.**

**EMERALD MUTUAL FUND ADVISERS TRUST**

**EMERALD SEPARATE ACCOUNT MANAGEMENT**

**EMSTONE ADVISERS, LLC**

02/28/2026

<u>PREAMBLE</u>

This Code of Ethics is being adopted in compliance with the requirements of Rule 17j-1 under the Investment Company Act of 1940 (the "Act") and Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act") adopted by the United States Securities and Exchange Commission to effectuate the purposes and objectives of the rules.

Rule 17j-1 makes it unlawful for certain persons, in connection with purchase or sale by such person of a security held or to be acquired by any series funds advised or sub-advised by Emerald Mutual Fund Advisers Trust or any affiliated person of the investment adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;To employ a device, scheme or artifice to defraud the funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;To make to the funds any untrue statement of a material fact or omit to state to the funds a material fact necessary in order to make the statements made, in light of the circumstances in which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;To engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon the funds; 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;(4)&nbsp;&nbsp;&nbsp;&nbsp;To engage in a manipulative practice with respect to the funds.

Section 206 of the Advisers Act makes it unlawful for certain persons including Emerald Advisers, LLC. or Emerald Mutual Fund Advisers Trust (the "Advisers"):

&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)&nbsp;&nbsp;&nbsp;&nbsp;To employ any device, scheme or artifice to defraud any client or prospective client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;To engage in any transaction, practice or course of business which operates as a fraud or deceit upon any client or prospective client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;Acting as principal for his own account, knowingly to sell any security to or purchase any security from a client; or acting as broker for a person other than such client, knowingly to effect any sale or purchase of any security for the account of such client, without disclosing to such client in writing before the completion of such transaction, the capacity in which he is acting and obtaining the consent of the client to such transaction. The prohibitions of this paragraph (3) shall not apply to any transaction with a customer of a broker or dealer if such broker or dealer is not acting as an investment adviser in relation to such transaction; 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;(4)&nbsp;&nbsp;&nbsp;&nbsp;To engage in any act, practice, or course of business which is fraudulent, deceptive or manipulative.

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Rule 17j-1 and/or Rule 204A-1 require an investment adviser to adopt a written Code of Ethics containing provisions reasonably necessary to prevent persons from engaging in acts in violation of the above standard and to use reasonable diligence, and institute procedures reasonably necessary to prevent violations of the Code.

Set forth below is the Code of Ethics adopted by the Advisers in compliance with the Rule. This Code is based upon the principle that the Adviser owes a fiduciary duty to, among others, the clients of the Advisers to conduct their affairs, including their personal securities transactions, in such manner to avoid (i) serving their own personal interests ahead of clients; (ii) taking inappropriate advantage of their position with the Advisers ; and (iii) any actual or potential conflicts of interest or any abuse of their position of trust and responsibility.

**1.<u>DEFINITIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*"Access Person"* means any director, trustee, officer, general partner, Advisory Person or Investment Personnel of the Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *"Advisory Person"* means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any employee of the Advisers (or of any company in a control relationship to the Advisers) who, in connection with his regular functions or duties, makes, participates in, or obtains current information regarding the purchase or sale of a Covered Security by the Advisers, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)any natural person in a control relationship to the Adviser who obtains information concerning recommendations made to the Advisers with regard to the purchase or sale of a Covered Security by the Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)A security is "*being considered for purchase or sale"* or is "*being purchased or sold"* when a recommendation to purchase or sell the security has been made and communicated to the trading desk, which includes when the Advisers have a pending "buy" or "sell" order with respect to a security, 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;&nbsp;&nbsp;&nbsp;&nbsp;(d)*"Beneficial ownership"* shall be as defined in, and interpreted in the same manner as it would be in determining whether a person is subject to the provisions of, Section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder which, generally speaking, encompasses those situations where the beneficial owner has the right to enjoy some economic benefit from the ownership of the security regardless of who is the registered owner. This would include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)securities which a person holds for his or her own benefit either in bearer form, registered in his or her own name or otherwise regardless of whether the securities are owned individually or jointly;

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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;(ii)securities held in the name of a member of his or her immediate family (spouse or child) sharing the same household;

&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)securities held by a trustee, executor, administrator, custodian or broker;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)securities owned by a general partnership of which the person is a member or a limited partnership of which such person is a general partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)securities held by a corporation which can be regarded as a personal holding company of a person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)securities recently purchased by a person and awaiting transfer into his or her name; 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;(vii)securities with respect to which an investment adviser or other person is entitled to a performance related fee (other than an asset based fee), unless the performance related fee is based on a percentage of net capital gains and/or net capital appreciation over a period of one year or more and the equity securities do not account for more than 10% of the market value of the portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)*"Control"* shall have the same meaning as that set forth in Section 2(a)(9) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)*"Chief Compliance Officer"* means James Meehan or his successor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)*"Covered Security"* means a security, except that it shall not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; 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;(iii)shares issued by registered, open-end investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)ETF securities listed on Schedule B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)*"Initial Public Offering"* ("IPO") means an offering of securities registered under the Securities Act of 1933 ("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 of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)*"Investment Personnel"* means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Any Advisory Person who, in connection with his regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Advisers.

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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;(ii)Any natural person who controls the Advisers and who obtains current information concerning recommendations made by the Advisers regarding the purchase or sale of securities by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)*"Limited Offering"* means an offering that is exempt from registration under the Securities Act pursuant to Section 4(2) or Section 4(6) or pursuant to rule 504, rule 505 or rule 506 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)*"Purchase or Sale of a Covered Security"* includes the writing of an option to purchase or sell a Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)*"Security Held or to be Acquired"* by the Advisers means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any Covered Security which, within the most recent fifteen (15) days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)is or has been held by the Advisers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)is being or has been considered by the Advisers for purchase; 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;(ii)any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security described in paragraph (m)(i) of this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)*"security"* as defined in Section 2(a)(36) of the Act means any note, stock, treasury stock, 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 in 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.

**2.<u>PROHIBITED TRANSACTIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)No *Access Person* shall engage in any act, practice or course of conduct, which would violate the provisions of Rule 17j-1 set forth above in the Code's Preamble.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)No *Access Person* shall:

&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)Purchase or sell, directly or indirectly, any security in which he has or by reason of such transaction acquires, any direct or indirect beneficial ownership and which to his or her <u>actual knowledge</u> at the time of such purchase or sale:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)is being considered for purchase or sale by the Advisers, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)is being purchased or sold by the Advisers, or has been purchased or sold during the previous 7 calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)disclose to other persons the securities activities engaged in or contemplated for the Advisers;

&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)Purchase shares of mutual funds where the Advisers act as an adviser or sub-adviser, except for Emerald Mutual funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Receive a gift of more than $300 per calendar year from any person or organization that does business with or on behalf of the adviser. No access person may offer a gift of more than $300 per calendar year to clients, prospects or any organization that does business with or on behalf of the adviser. All access persons will report all gifts, given and received, regardless of value. No access person may provide or accept excessive entertainment to or from a client, prospect or organization that does business with or on behalf of the adviser. Access persons may provide or accept entertainment valued at $400 or less per year per person. Examples of reasonable entertainment would be a meal or ticket to a sporting event providing that both an access person from the adviser and the representative from the giving/receiving organization is present. All entertainment, given or received, will be reported. Exceptions may be granted by the CCO under certain circumstances provided the value of the gift or entertainment is appropriate and would not be viewed as overly generous or aimed at influencing the decision-making process of either the adviser or the client, prospect or organization that does business on behalf of the adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Acquire directly or indirectly any beneficial ownership in any securities in an IPO. An exception may be granted if a family member is issuing an IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Acquire directly or indirectly any beneficial ownership in any securities in a Limited Offering without prior approval of the *Chief Compliance Officer* or his designee. Any person authorized to purchase securities in a Limited Offering shall disclose such investment when they play a part in any subsequent consideration of an investment by the Adviser in the issuer. In such circumstances, the Advisers decision to purchase securities of the issuer shall be subject to independent review by the Advisers' officers with no personal interest in the issuer.

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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;(vii)Applicable only to portfolio managers identified on Schedule A from time to time, buy or sell a Covered Security within at least seven (7) calendar days before and after any account that he or she manages trades in that security. Any profits realized on trades within the proscribed period are required to be disgorged. Schedule A will be amended as necessary to reflect changes in Advisers personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)Profit in the purchase and sale, or sale and purchase, of the same (or equivalent) securities within 60 calendar days. Any profits realized on such short-term trades must be disgorged. This Section 2.(b)(viii) shall not apply to options on broad-based indexes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)Serve on the board of directors of any publicly traded company without prior authorization from the Advisers . Any such authorization shall be based upon a determination that the board service would be consistent with the interests of the Adviser and its clients. If an access person is authorized to serve on a board of directors of any publicly traded company, the Advisers will not invest in that company's securities for our clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)Make any political contributions. This includes personal contributions to a candidate for any office whether you can vote for that candidate or not. This includes personal contributions for a candidate by yourself, spouse, minor children, or anyone living in your house.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)Solicit contributions for a candidate by yourself, spouse, minor children or anyone living in your household. This includes the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Hosting or co-hosting an event for a candidate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Requesting that people make a contribution for a candidate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Asking a friend of family member to solicit contributions for a candidate

**3.<u>EXEMPTED TRANSACTIONS</u>**

The prohibitions of Sections 2(b) and 2(c) shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)purchases or sales effected in any account over which the Access Person has no direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)purchases or sales which are non-volitional on the part of either the Access Person or the Advisers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)purchases which are part of an automatic dividend reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)purchases effected upon the exercise of rights issued by an issuer <u>pro</u> <u>rata</u> 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; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)purchases or sales other than those exempted in (a) through (d) of this Section 3 that have been authorized in advance and in writing by the *Chief Compliance Officer* following a specific determination that the transaction is consistent with the provisions of the Preamble.

**4.<u>COMPLIANCE PROCEDURES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Pre-clearance</u>

All Access Persons shall receive prior approval from the *Chief Compliance Officer* or other officer designated by the Advisers before purchasing or selling securities. Any approval is valid only for the day authorization is received. If an Access Person is unable to effect the securities transaction during such period, he or she must re-obtain approval prior to effecting the securities transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Reporting Requirements</u>

**Initial & Annual Reports** All Access Persons shall disclose to the *Chief Compliance Officer* within 10 days of becoming an Access Person, and thereafter on an annual basis as of December 31(i) the name, number of shares and principal amount of each Covered Security in which the Access Person has any direct or indirect beneficial ownership and(ii) the name of any broker, dealer or bank with whom the Access Person maintains a securities account. The initial holdings report shall be made on the form attached as <u>Exhibit A</u>, and the annual holdings report shall be made on the form attached as <u>Exhibit B</u>. Holding report information must be current as of 45 days prior to becoming an Access Person.

**Quarterly Reports** Every Access Person shall report to the Chief Compliance Officer the information described below with respect to transactions in any Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect beneficial ownership in the security; provided, however, that an Access Person shall not be required to make a report with respect to transactions effected for any account over which such person has no direct or indirect influence or control.

&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)Reports required to be made under this Paragraph (b) shall be made not later than 30 days after the end of the calendar quarter. Every Access Person shall be required to submit a report for all periods, including those periods in which no securities transactions were effected. A report shall be made on the form attached hereto as <u>Exhibit C</u> or on any other form containing the following information:

With respect to any transaction during the quarter in a Covered Security in which the Access Person had any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)the date of the transaction, the name, the interest rate and maturity date (if applicable), the number of shares, and the principal amount of each Covered Security involved;

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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;&nbsp;&nbsp;&nbsp;&nbsp;(B)the nature of the transaction (*i.e.*, purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)the price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)the name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)the date that the report is submitted by the Access Person.

With respect to any securities account established at a broker, dealer, or bank during the quarter for the direct or indirect benefit of the Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)the name of the broker, dealer or bank with whom the Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)the date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)the date that the report is submitted by the Access Person.

Any report may contain a statement that the report shall not be construed as an admission by the person making such report that he or she has any direct or indirect beneficial ownership in the security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Provision of Brokers' Statements</u>

Every Access Person shall direct their brokers to supply to the Chief Compliance Officer, on a timely basis, duplicate copies of all periodic statements for all securities accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Notification of Reporting Obligations</u>

The Chief Compliance Officer shall notify each Access Person that he or she is subject to these reporting requirements, and shall deliver a copy of this Code of Ethics to each such person upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Certification of Compliance with Code of Ethics</u>

Every Access Person shall certify in an annual report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)they have read and understand the Code of Ethics and recognize that they are subject thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)they have complied with the requirements of the Code of Ethics; 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;(iii)they have reported all personal securities transactions required to be reported pursuant to the requirements of the Code of Ethics.

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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;(iv)Any person who, in good faith, observes, discovers or identifies an actual or potential violation of the code, must be free to report the incident to the Compliance Officer or General Counsel (Troutman Pepper Locke, 215-981-4009) without fear of retaliation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Conflict of Interest</u>

Every Access Person shall notify the Chief Compliance Officer of any personal conflict of interest relationship which may involve the Advisers, such as the existence of any economic relationship between their transactions and securities held or to be acquired by the Advisers. Such notification shall occur in the pre-clearance process.

All Access Persons shall annually complete the Compliance Information Statement. This disclosure document details outside business activity, relatives working at broker-dealers, relatives working as officers for publicly traded companies, and directorships in charitable and educational organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Review of Reports</u>

The Chief Compliance Officer or his designate immediately shall review all personal holdings reports, submitted by each Access Person, including confirmations of personal securities transactions, to ensure no trading has taken place in violation of Rule 17j-1 or the Code of Ethics. Any violations of the Code of Ethics shall be reported to the Board in accordance with Section 5 of the Code. The Chief Compliance Officer shall maintain a list of the personnel responsible for reviewing the transactions and personal holdings reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Annual Compliance Training

Emerald conducts an annual compliance meeting to review the code of ethics and compliance manual. This meeting is conducted by the chief compliance officer and general counsel. The training encompasses compliance with the code of ethics and compliance manual, changes to the code and manual and relevant new or pending regulatory action.

**5.<u>REPORTING OF VIOLATIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Chief Compliance Officer shall promptly report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)all apparent violations of this Code of Ethics and the reporting requirements thereunder.

**6.<u>SANCTIONS</u>**

Upon discovering a violation of this Code, the senior management of the Advisers may impose such sanctions as they deem appropriate, including, among other things, a letter of censure or suspension or termination of the employment of the violator.

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**7.<u>RETENTION OF RECORDS</u>**

This Code of Ethics, a list of all persons required to make reports hereunder from time to time, a copy of each report made by an *Access Person* hereunder, a list of all persons responsible for reviewing the reports required hereunder, a record of any decision and the reasons supporting the decision to approve the acquisition by *Investment Personnel* of securities in a Limited Offering, each memorandum made by the Chief Compliance Officer hereunder and a record of any violation hereof and any action taken as a result of such violation, shall be maintained by the Advisers as required under Rule 17j-1.

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**SCHEDULE A**

Kenneth G. Mertz II

Stacey L. Sears

Joseph W. Garner

David Volpe

Steven Russell

Stephen Amsterdam

Ori Elan

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Schedule B

ACWX&nbsp;&nbsp;&nbsp;&nbsp;iShares MSCI ACWI ex US ETF

GPIX&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs ETF Trust

IWP&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Russell Mid-Cap Growth ETF

QQQ&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco QQQ Trust Series I

QQQM&nbsp;&nbsp;&nbsp;&nbsp;Invesco NASDAQ 100 ETF

QQQT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defiance Nasdaq 100 Income Target ETF

QQQY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defiance Nasdaq 100 Enhanced Options Income ETF

RBIL&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F/m Ultrashort Treasury Inflation Protected

SPY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust

SPYM&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR Portfolio S&P 500 ETF

SPYT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defiance S&P 500 Target Income ETF

TBIL&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F/m US Treasury 3 month

VB&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard Small-Cap ETF

VBK&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard Small-Cap Growth ETF

VOO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard S&P 500 ETF

VOT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanguard Mid-Cap Growth ETF

WDTE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defiance S&P 500 Enhanced Options Income ETF

XBIL&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F/m US Treasury 6 month

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POLICY STATEMENT ON INSIDER TRADING

SECTION I.<u>POLICY STATEMENT ON INSIDER TRADING</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.<u>Policy Statement on Insider Trading</u>

The Emerald companies (the "Advisers") forbid any director, officer or employee from trading, either personally or on behalf of a Client Account, on material nonpublic information, or communicating material nonpublic information to other persons in violation of the law. This conduct is frequently referred to as "insider trading". The Advisers' policy applies to every director, officer and employee and extends to activities within and outside their duties for the Advisers. Every managing member and employee must read and retain a copy of this policy statement. Any questions regarding the policy and procedures should be referred to the Chief Compliance Officer.

The term "insider trading" is not defined in the federal securities laws, but generally is used to refer to the use of material nonpublic information to trade in securities (whether or not one is an "insider") or to communications of material nonpublic information to others.

While the law concerning insider trading is not static, it is generally understood that the law prohibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i)trading by an insider, while in possession of material nonpublic information, or

ii)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

iii)communicating material nonpublic information to others.

The elements of insider trading and the penalties for such unlawful conduct are discussed below. If, after reviewing this policy statement, you have any questions, you should consult the Chief Compliance Officer, James Meehan, or his successor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Who is an Insider</u>?

The concept of "insider" is broad. It includes partners 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 Advisers may become a temporary insider of a company it advises or for which it performs other services. According to the U.S. Supreme Court, the company must expect the outsider to keep the disclosed nonpublic information confidential and the relationship must at least imply such a duty before the outsider will be considered an insider.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>What is Material Information</u>?

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 company's securities. Information that managing members and 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.

Material information does not have to relate to a company's business. For example, in <u>Carpenter v. U.S.</u>, 108 U.S. 316 (1987), the Supreme Court considered material certain information about the contents of a forthcoming newspaper column that was expected to affect the market price of a security. In that case, a <u>Wall Street Journal</u> reporter was found criminally liable for disclosing to others the dates that reports on various companies would appear in the <u>Journal</u> and whether those reports would be favorable or not.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>What is Nonpublic Information</u>?

Information is nonpublic until it has been effectively communicated to the market place. One must be able to point to some fact to show that the information is generally public. For example, information found in a report filed with the SEC, or appearing in <u>Dow Jones</u>, <u>Reuters Economic Services</u>, <u>The Wall Street Journal</u> or other publications of general circulation would be considered public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Basis for Liability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i)fiduciary duty theory

In 1980, the Supreme Court found that there is no general duty to disclose before trading on material nonpublic information, but that such a duty arises only where there is a fiduciary relationship. That is, there must be a relationship between the parties to the transaction such that one party has a right to expect that the other party will disclose any material nonpublic information or refrain from trading. <u>Chiarella v. U.S.</u>, 445 U.S. 22 (1980).

In <u>Dirks v. SEC</u>, 463 U.S. 646 (1983), the Supreme Court stated alternate theories under which non-insiders can acquire the fiduciary duties of insiders: they can enter into a confidential relationship with the company through which they gain information (<u>i.e.</u>, attorneys, accountants), or they can acquire a fiduciary duty to the company's shareholders as "tippees" if they are aware or should have been aware that they have been given confidential information by an insider who has violated his fiduciary duty to the company's shareholders.

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However, in the "tippee" situation, a breach of duty occurs only if the insider personally benefits, directly or indirectly from the disclosure. The benefit does not have to be pecuniary, but can be a gift, a reputational benefit that will translate into future earnings, or even evidence of a relationship that suggests a <u>quid</u> <u>pro</u> <u>quo</u>.

ii)misappropriation theory

Another basis for insider trading liability is the "misappropriation" theory, where liability is established when trading occurs on material nonpublic information that was stolen or misappropriated from any other person. In <u>U.S. v. Carpenter</u>, <u>supra</u>, the Court found, in 1987, a columnist defrauded <u>The Wall Street Journal</u> when he stole information from the <u>Journal</u> and used it for trading in the securities markets. It should be noted that the misappropriation theory can be used to reach a variety of individuals not previously thought to be encompassed under the fiduciary duty theory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Penalties for Insider Trading</u>

Penalties for trading on or communicating material nonpublic information are severe, both for individuals involved in such unlawful conduct and their employers. A person can be subject to some or all of the penalties below even if he or she does not personally benefit from the violation. Penalties include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i)civil injunctions

ii)treble damages

iii)disgorgement of profits

iv)jail sentences

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v)fines for the person who committed the violation of up to three times the profit gained or loss avoided, whether or not the person actually benefited, and

vi)fines for the employer or other controlling person of up to the greater of $1,000.00 or three times the amount of the profit gained or loss avoided.

In addition, any violation of this policy statement can be expected to result in serious sanctions by the Advisers, including dismissal of the persons involved.

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SECTION II.<u>PROCEDURES TO IMPLEMENT INSIDER TRADING POLICY</u>

The following procedures have been established to aid the officers and employees of the Advisers to avoid insider trading, and to aid the Advisers in preventing, detecting and imposing sanctions against insider trading. **Every managing member and employee of the Advisers must follow these procedures or risk serious sanctions, including dismissal, substantial personal liability and criminal penalties.** If you have any questions about these procedures, you should consult the Adviser's chief compliance officer, James Meehan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Identifying Inside Information</u>

Before trading for yourself or others, including Client Accounts, in the securities of a company about which you may have potential inside information, ask yourself the following questions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i)Is the information material? Is this information that an investor would consider important in making his or her investment decisions? Is this information that would substantially effect the market price of the securities if generally disclosed?

ii)Is the information nonpublic? To whom has this information been provided? Has the information been effectively communicated to the marketplace by being published in <u>Reuters</u>, <u>The Wall Street Journal</u>, or other publications of general circulation?

If, after consideration of the above, you believe that the information is material and nonpublic, or if you have questions as to whether the information is material and nonpublic, you should take the following steps.

iii)Report the matter immediately to the chief compliance officer.

iv)Do not purchase or sell the securities on behalf of yourself or others, including Client Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v)Do not communicate the information inside or outside the Adviser, other than to the chief compliance officer

vi)After the chief compliance officer has reviewed the issue, you will be instructed to continue the prohibitions against trading and communication, or you will be allowed to trade and communicate the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Personal Security Trading</u>. All officers and employees of the Adviser (other than managing members and employees who are required to report their securities transactions to a registered investment company in accordance with a Code of Ethics) shall submit to the compliance officer, on a quarterly basis, a report of every securities transaction in which they, their families (including the spouse, minor children and adults living in the same household as the managing member or employee), and trusts of which they are trustees or in which they have a beneficial interest have

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participated, or at such lesser intervals as may be required from time to time. The report shall include the name of the security, date of the transaction, quantity, price, and broker-dealer through which the transaction was effected. All managing members and employees must also instruct their broker(s) to supply the Chief Compliance Officer, on a timely basis, with duplicate copies of confirmations of all personal securities transactions and copies of all periodic statements for all securities accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Restricting Access to Material Non-public Information</u>. Any information in your possession that you identify as material and non-public may not be communicated other than in the course of performing your duties to anyone, including persons within your company, except as provided in paragraph 1 above. In addition, care should be taken so that such information is secure. For example, files containing material non-public information should be sealed and access to computer files containing material non-public information should be restricted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Resolving Issues Concerning Insider Trading</u>. If, after consideration of the items set forth in paragraph 1, doubt remains as to whether information is material or non-public, or if there is any unresolved question as to the applicability or interpretation of the foregoing procedures, or as to the propriety of any action, it must be discussed with the chief compliance officer before trading or communicating the information to anyone.

<u>SECTION III.</u><u>SUPERVISION</u>

The role of the chief compliance officer is critical to the implementation and maintenance of this Statement on Insider Trading. These supervisory procedures can be divided into two classifications, (1) the prevention of insider trading, and (2) the detection of insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Prevention of Insider Trading</u>:

To prevent insider trading the chief compliance officer should:

&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)&nbsp;&nbsp;&nbsp;&nbsp;answer promptly any questions regarding the Statement on Insider Trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;resolve issues of whether information received by a managing member or employee is material and non-public;

&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)&nbsp;&nbsp;&nbsp;&nbsp;review and ensure that managing members and employees review, at least annually, and update as necessary, the Statement on Insider Trading; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;when it has been determined that a managing member or employee has material non-public information,<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;implement measures to prevent dissemination of such information, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;if necessary, restrict officers, directors, and employees from trading the 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;6.<u>Detection of Insider Trading</u>:

To detect insider trading, the chief compliance officer should:

&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)&nbsp;&nbsp;&nbsp;&nbsp;review the trading activity reports filed by each officer and employee, to ensure no trading took place in securities in which the Adviser has material non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;review the trading activity of the client base managed by the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;coordinate, if necessary, the review of such reports with other appropriate officers, members, trustees or employees of the Adviser and any mutual funds managed by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Special Reports to Management</u>:

Promptly, upon learning of a violation of the Statement on Insider Trading, the chief compliance officer must prepare a written report to management of the Adviser, and provide a copy of such report to the Board of Trustees/Directors of the mutual funds managed by the Adviser, providing full details and recommendations for further action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Annual Reports</u>:

On an annual basis, the Chief Compliance Officer of the Adviser will prepare a written report to the management of the Adviser, and provide a copy of such report to the Board of Trustees/Directors of the any mutual funds managed by the Adviser, setting forth the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;a summary of the existing procedures to detect and prevent insider trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;full details of any investigation, either internal or by a regulatory agency, of any suspected insider trading and the results of such investigation;

&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)&nbsp;&nbsp;&nbsp;&nbsp;an evaluation of the current procedures and any recommendations for improvement.

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The Undersigned has read, understands and agrees to abide by the foregoing Insider Trading Policy and has retained a copy of the said document.

Date: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

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**EXHIBIT A**

*CODE OF ETHICS*

*INITIAL HOLDINGS REPORT*

To the Chief Compliance Officer of Emerald Advisers, LLC. and Emerald Mutual Fund Advisers Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;I hereby acknowledge receipt of a copy of the Code of Ethics for Emerald Advisers, LLC**.** and Emerald Mutual Fund Advisers Trust (the "Advisers").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;I have read and understand the Code and recognize that I am subject thereto in the capacity of an "Access Person."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Except as noted below, I hereby certify that I have no knowledge of the existence of any personal conflict of interest relationship which may involve the Advisers , such as any economic relationship between my transactions and securities held or to be acquired by the Advisers .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;As of the date below I had a direct or indirect beneficial ownership interest in the following securities:

<u>Name of Securities</u> <u>Number of Shares</u> Type of Interest<u>(Direct or Indirect)</u> <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;As of the date below, the following is a list of all brokers, dealers or banks with whom I maintain an account in which securities are held for my direct or indirect benefit:

<u>Firm</u> <u>Account</u> Type of Interest<u>(Direct or Indirect)</u> <br>

---

| | |
|:---|:---|
| Date:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u> | Signature:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  | Print Name:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  | Title:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  | Employer's Name:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u> |

---

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**EXHIBIT B**

*CODE OF ETHICS*

*ANNUAL HOLDINGS REPORT*

To the Chief Compliance Officer of Emerald Advisers, LLC and Emerald Mutual Fund Advisers Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;I have read and understand the Code of Ethics and recognize that I am subject thereto in the capacity of an "Access Person."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;I hereby certify that, during the year ended December 31, ____, I have complied with the requirements of the Code and I have reported all securities transactions required to be reported pursuant to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Except as noted below, I hereby certify that I have no knowledge of the existence of any personal conflict of interest relationship which may involve the Advisers , such as any economic relationship between my transactions and securities held or to be acquired by the Advisers .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;As of December 31, ____, I had a direct or indirect beneficial ownership interest in the following securities:

<u>Name of Securities</u> <u>Number of Shares</u> Type of Interest<u>(Direct or Indirect)</u> <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;As of the December 31, ____ the following is a list of all brokers, dealers or banks with whom I maintain an account in which securities are held for my direct or indirect benefit:

<u>Firm</u> <u>Account</u> Type of Interest<u>(Direct or Indirect)</u> <br>

---

| | |
|:---|:---|
| Date:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u> | Signature:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  | Print Name:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  | Title:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  | Employer's Name:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u> |

---

------

**EXHIBIT C**

*SECURITIES TRANSACTIONS REPORT<br>FOR THE CALENDAR QUARTER ENDED: _____________*

To the Chief Compliance Officer of Emerald Advisers, LLC and Emerald Mutual Fund Advisers Trust:

During the quarter referred to above, the following transactions were effected in securities of which I had, or by reason of such transaction acquired, direct or indirect beneficial ownership, and which are required to be reported pursuant to the Code of Ethics adopted by the Adviser.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SECURITY (including interest rate and maturity date, if applicable) | DATE OF<br>TRANSACTION | NO. OF<br>SHARES | DOLLAR<br>AMOUNT OF<br>TRANSACTION | NATURE OF<br>TRANSACTION<br>(Purchase, Sale,<br>Other) | PRICE | BROKER/<br>DEALER<br>OR BANK THROUGH<br>WHOM EFFECTED |

---

During the quarter referred to above, the following accounts were established by me in which securities were held for my direct or indirect benefit:

---

| | | |
|:---|:---|:---|
| FIRM NAME<br>(of broker, dealer or bank) | DATE THE ACCOUNT WAS ESTABLISHED | ACCOUNT NUMBER |

---

------

This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) other transactions not required to be reported, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above.

Except as noted on the reverse side of this report, I hereby certify that I have no knowledge of the existence of any personal conflict of interest relationship which may involve the Adviser, such as the existence of any economic relationship between my transactions and securities held or to be acquired by the Adviser.

---

| | |
|:---|:---|
| Date:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u> | Signature:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  | Print Name:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  | Title:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  | Employer's Name:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u> |

---

## Ex-99.(P)(10)

**ALGER**

FRED ALGER MANAGEMENT, LLC ("FAM")

FRED ALGER & COMPANY, LLC ("FAC")

WEATHERBIE CAPITAL, LLC ("WC")

REDWOOD INVESTMENTS, LLC ("RI")

ALGER MANAGEMENT, LTD. ("AML")

THE ALGER FUNDS

THE ALGER FUNDS II

THE ALGER INSTITUTIONAL FUNDS

THE ALGER PORTFOLIOS

ALGER GLOBAL EQUITY FUND

THE ALGER ETF TRUST

ALGER NEXT GEN GROWTH FUND

**CODE OF ETHICS**

Effective as of December 2025

------

**Table of Contents**

---

| | |
|:---|:---|
| **[OVERVIEW AND SCOPE](#i83a75b5d409f43d58a013c6e173a25cd_4)** | **3** |
| Purpose | 3 |
| [Definitions](#i83a75b5d409f43d58a013c6e173a25cd_4) | 3 |
| General Principles of Conduct | 5 |
| **PERSONAL SECURITIES TRANSACTIONS** | **6** |
| Brokerage Accounts | 6 |
| Securities Not Held in a Brokerage Account | 7 |
| Pre-Clearance Transactions | 7 |
| Private Placements | 8 |
| Prohibited Personal Securities Transactions | 8 |
| Considerations for Approval of Personal Securities Transactions | 8 |
| Restrictions and Blackout Periods | 8 |
| Holding Period | 9 |
| Excessive Trading | 9 |
| **INITIAL AND ONGOING REPORTING REQUIREMENTS** | **9** |
| Brokerage Accounts | 9 |
| Discretionary Account | 10 |
| Securities Not Held in a Brokerage Account | 10 |
| Personal Securities Transactions | 10 |
| Private Placements | 10 |
| Current Directorships | 11 |
| Outside Activities | 11 |
| Confidentiality | 11 |
| **ADMINISTRATION OF THE CODE** | **12** |
| Responsibilities of the Chief Compliance Officer | 12 |
| Fund Board of Trustees Reporting and Approval | 12 |
| Use of Preferred Brokers | 13 |
| Exceptions to the Code | 13 |
| Violations and Sanctions | 13 |
| Maintenance of Records | 13 |

---

------

**OVERVIEW AND SCOPE**

**Purpose**

This Code of Ethics (the "Code") is adopted by Fred Alger Management, LLC ("FAM"), Fred Alger & Company, LLC ("FAC"), Weatherbie Capital, LLC ("WC"), Redwood Investments, LLC ("RI"), and Alger Management, Ltd. ("AML"), and The Alger Funds, The Alger Funds II, The Alger Institutional Funds, The Alger Portfolios, Alger Global Equity Fund, The Alger ETF Trust and the Alger Next Gen Growth Fund (each a "Fund" and collectively the "Alger Funds") in accordance with Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"), and Rule 204A-1 under the Investment Advisers Act of 1940 ("Advisers Act"), as amended. FAM, FAC, WC, RI, AML and the Alger Funds will collectively be referred to as "Alger" throughout this Code.

The purpose of the Code is to ensure that all activities comply with Federal securities laws as well as all other laws and regulations that apply to Alger. For the purposes of this Code, the Federal securities laws include (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act, the Advisers Act and Title V of the Gramm-Leach-Bliley Act and any rules adopted by the Securities and Exchange Commission ("SEC") under any of the foregoing statutes, and (ii) the Bank Secrecy Act (as it applies to Alger and any investment companies (public or private) advised by it) and any rules adopted thereunder by the SEC or the Department of the Treasury. AML is governed by personal dealings regulations set forth under the Financial Services and Markets Act 2000, as amended by the Financial Services Act of 2012.

If you have reason to believe that certain acts, actions, or practices engaged in by an Alger employee would constitute a violation of Federal or state securities laws to which Alger is subject or would violate Alger's policies or procedures inclusive of the Code, you must report it to a member of the Compliance or Legal Departments.

All Access Persons are responsible for, and have agreed as a requirement of their employment, to review, be familiar with, and comply with the Code. Any questions with respect to the Code should be directed to the Chief Compliance Officer ("CCO") or a member of the Compliance Department of Alger.

A list of terms and related definitions can be found below.

**Definitions**

<u>Access Person</u> - An employee of any Alger entity, including any full-time consultant or contractor, and any long-term temporary worker on more than a six (6) month assignment.

<u>Analyst</u> - A person employed by Alger as a Senior Analyst, Analyst, Associate Analyst, Research Associate or in a comparable position whose function relates to providing information, advice or recommendations.

<u>Beneficial Owner</u> - A person is the Beneficial Owner of the following securities (which may be held in a Brokerage Account or otherwise):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held in the person's own name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held with another in joint tenancy, community property or other joint ownership;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held by a bank or broker as nominee or custodian on behalf of an Access Person or pledged as collateral for a loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held by members of the Access Person's immediate family sharing the same household ("immediate family" means any 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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held by a relative of an Access Person not residing in the person's home if the Access Person is a custodian, guardian, or otherwise has controlling influence over the purchase, sale or voting of such securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held by a trust of which the Access Person is a beneficiary and has or shares the power to make purchase or sale decisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held by a trust for which the Access Person serves as a trustee and in which the person has a pecuniary interest (including pecuniary interests by virtue of performance fees or by virtue of holdings by the person's immediate family);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held by a general partnership or limited partnership in which the Access Person is a general partner; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held by a corporation in which the Access Person has a control position or in which the Access Person has or shares investment control over the portfolio securities (other than a registered investment company).

<u>Brokerage Account</u> - Any account which is an arrangement between an Access Person (or account over which the Access Person has a beneficial interest and/or discretion) and a licensed brokerage firm that allows the Access Person to deposit funds with the firm and place investment orders for securities through the brokerage firm, which then carries out the transactions on the Access Person's behalf. Brokerage Accounts where only exchange-traded funds ("ETFs"), and open- and closed-end investment companies are the only investment option are excluded from this definition. An example of these types of accounts includes retirement accounts that do not have individual equities, fixed income or other similar securities as an investment option. Robo-advisor accounts such as Betterment, Acorn, Intelligent (Schwab) and Wealthfront are not exempt if such accounts permit investments in individual equities, fixed income or other similar securities as an investment option.

<u>Client</u> - Any person, entity or investment vehicle to which any Alger entity provides investment advisory or other services.

<u>Compliance system</u> – MyComplianceOffice or such other comparable system that may be used from time to time.

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<u>Alger Trustee</u> - A Trustee of the Board of Trustees of any Alger entity who is not an Officer or employee of Alger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Alger Trustees are only subject to the quarterly reporting requirements of this Code to the extent that a trustee knows, or, in the ordinary course of fulfilling his/her duties as a trustee of a Fund or Alger, should know that during the fifteen (15) day period immediately before or after the date of the transaction in a Security by the trustee, a Fund or account has purchased or sold the Security or such purchase or sale by a Fund or account was considered by the Fund or Alger. In such case, the Alger Trustee should seek pre-clearance for the transaction with the CCO.

<u>Portfolio Manager</u> – An Alger employee with the responsibility, authority, and ability to make investment decisions with respect to a Client.

<u>Personal Security Transaction</u> - A transaction in any Security in which an Access Person is or will become a Beneficial Owner.

<u>Private Placement</u> - A Private Placement is a passive investment in any securities of an issuing entity that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(a)(2) or Section 4(a)(5) or pursuant to Rule 504 or Rule 506 under the Securities Act of 1933, as amended.

<u>Security</u> - 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, 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, or privilege on any security (including a certificate of deposit), or 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 of participation for, guarantee of, or warrant or right to subscribe or to purchase, any of the foregoing.

<u>Trader</u> - Any person employed by Alger who is responsible for placing trades on behalf of Clients.

**General Principles of Conduct**

Access Persons shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• act in the best interests of Clients at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not consider their personal financial (or any other personal) situation in connection with transactions for any Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conduct themselves in a manner to avoid any actual, potential or perceived conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not abuse their position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not take inappropriate advantage of their position in relationship to Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not divulge to any person any information regarding transactions for any Client, except in the performance of their duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not divulge to any person the composition of creation baskets for The Alger ETF Trust, except as authorized in the course of their employment;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not transact in any securities that are restricted from purchase or sale by any Alger entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not allow Personal Securities Transactions to otherwise interfere with their ability to fulfill their responsibilities.

In consideration of these General Principles of Conduct, an Access Person may not recommend a transaction in any Security for any Client unless they have first disclosed to the Compliance Department their interest in such Security (or, if relevant, the issuer of such Security), including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct or indirect Beneficial Ownership of any Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any position with the issuer of such Security or its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any current or proposed business relationship with the issuer of such Security, its affiliates, or any party which has a significant interest in the Security or its issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in a Security acquired through a Private Placement, where transactions in securities of the same issuer are now being considered for any Client.

In furtherance of these principles, an Access Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtain prior written authorization of the CCO to serve on the board of directors (or trustees) of any company. Such authorization will be based on a determination that the board service would be consistent with the interests of its Clients or would otherwise not conflict with Alger's ability to provide services to its Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disclose all business, investment, or charity-related outside activities regardless of their nature or scope (e.g., additional employment, volunteer work, investment in real estate).

**PERSONAL SECURITIES TRANSACTIONS**

**Brokerage Accounts**

No Access Person shall open or maintain a Brokerage Account in which they have a Beneficial Interest without the express prior written approval of the Compliance Department.

An Access Person must report to the Compliance Department all Brokerage Account(s) in which the Access Person has a Beneficial Interest, the name of the broker-dealer or bank with whom the account was established and the date the account was established. An Access Person is responsible for ensuring that the Compliance Department receives duplicate copies of all confirmations and account statements *prior to trading* in any Brokerage Account. Please see the exemptions for accounts that only transact in open- and closed-end funds and ETFs.

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**Securities Not Held in a Brokerage Account**

If an Access Person holds a Security in certificate or other form (and not in a Brokerage Account), the Access Person shall provide the name of the Security (or Securities), the quantity held, and the date the Security was acquired. This includes any 401(k) plans from prior employment that allow the participant to hold individual securities and not just mutual funds.

**Pre-Clearance Transactions**

All Access Persons must pre-clear all Personal Securities Transactions (including Private Placements, options or futures on broad-based market indices and ETFs, single stock ETFs, and foreign local shares of a security) with the Compliance Department, except for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a transaction effected under an arrangement through which an Access Person has given a third-party full trading discretion over the Access Person's Brokerage Account and/or assets and, the Access Person does not have any direct or indirect influence or control over the transactions in such Brokerage Account. The Access Person must have first provided the discretionary agreement or letter with the third-party to the Compliance Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases that are part of an automatic dividend reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchases resulting from the exercise of rights acquired from an issuer as part of a pro- rata distribution to all holders of a class of Securities of such issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales pursuant to tender offers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions pursuant to stock splits and involuntary share buy-backs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gifts or bequests (either receiving or giving), although the sale of any Security received as a gift or bequest must be pre-cleared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions in municipal securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions in foreign currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transactions in shares of open- and closed-end investment companies (exception does not apply to closed-end investment companies for which Alger acts as sub-adviser; such closed-end investment companies must be pre-cleared); Employees subject to Section 16 filing requirements for closed-end investment companies must inform the Legal department by emailing legal@alger.com prior to transacting in such closed-end investment company as referenced in the Policies and Procedures for Filings Pursuant to Section 16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ETFs (exception does not apply to single stock ETFs; single stock ETFs must be pre-cleared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct obligations of the U.S. government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banker's 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;• Perpetual bonds and similar instruments that are not redeemable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Currency transactions including currency options and futures

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An Access Person may engage in no more than five (5) de minimis transactions at or below a value of $5,000 in a calendar month; however, such transactions require pre-clearance from Compliance. The de minimis exception may not be used as a means for building a position in a security, and such activity is not permitted under the Code.

An Access Person may only make a request for a Personal Securities Transaction prior to 10 a.m. by submitting a pre-clearance form through the Compliance system. Compliance will use its best efforts to review and approve pre-clearance requests received after 10 a.m. A pre-clearance form for de minimis transactions may be submitted any time throughout the day.

Any approval to place a Personal Security Transaction is valid only for the day on which it is granted. The Compliance Department will communicate approval or denial of the trade via email or by logging into the Compliance system. Please note all trades are considered denied until official approval is granted. If approved, an Access Person may only transact in a Security on the date the approval is given (or during trading hours for foreign securities traded in foreign markets) and for the approximate number of shares/units of each Security requested. If the Access Person does not transact within this time period, they must re-submit their request before placing the transaction in the future.

**Private Placements**

An Access Person shall not make an investment in a Private Placement without the express prior written approval of a member of the Compliance Department.

**Prohibited Personal Securities Transactions**

An Access Person may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquire any Security in an initial public offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in "short-selling" in an individual Security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchase or sell (write) options or futures on an individual Security.

**Considerations for Approval of Personal Securities Transactions**

***Restrictions and Blackout Periods***

An Access Person will not be able to execute a Personal Securities Transaction if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there is a pending transaction in such Security for a Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *If currently Alger does not hold position in any Client account*: an Analyst (or the sector/industry head if the Security in question is not covered by any Analyst), currently intends to (or believes that there are circumstances about the Security which may lead him/her to) issue a recommendation to transact in such Security within the next seven (7) calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *If Alger currently holds a position in any Client account*: any Portfolio Manager or Analyst who owns such Security (or such Security is otherwise appropriate for a Portfolio Manager or Analyst to own) for a Client indicates their intent to purchase or sell the Security for a Client within the next seven (7) calendar days;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any transaction in the Security for a Client has occurred in the past seven (7) calendar days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a Security is held in or will be added to the Alger Russell Innovation Index during the Index rebalancing period (4 times per year).

An Analyst and Portfolio Manager will not be able to execute a Personal Securities Transaction in any Security in the primary industry or industries that they cover. The de minimis requirement of $5,000 will not apply in this situation. For purposes of this Code, Portfolio Managers, Traders and Analysts who are generalists are deemed to cover all industries.

***Holding Period***

An Access Person may not sell a Security that they have purchased within any sixty (60) day period unless they are selling the Security at a loss. An Access Person who sells a Security that they have purchased within sixty (60) days at a gain may be required to donate to a charity of the employee's choice equivalent to the profit made from the sale of the Security or face further sanctions. For clarity, open- and closed-end funds, and ETFs (except single stock ETFs, and funds subadvised by Alger) are not subject to the 60-day holding period. The holding period is calculated using the LIFO (last-in first-out) method.

***Excessive Trading***

Excessive or inappropriate trading is prohibited. The Compliance Department monitors all Access Persons' trading. In the determination of the CCO, a pattern of excessive trading may lead to disciplinary action under the Code up to and including termination. Excessive trading includes successive trades in the same security even if such trades are within the de minimis exception listed above.

**INITIAL AND ONGOING REPORTING REQUIREMENTS**

No later than ten (10) calendar days after an Access Person becomes employed by Alger and thereafter generally within twenty (20) calendar days after the end of each calendar quarter, each Access Person shall submit a quarterly compliance certification to the Compliance Department containing the following information:

**Brokerage Accounts**

For all Brokerage Accounts for which the Access Person has a Beneficial Interest, the name of the broker-dealer or bank with whom the account was established, and the date the account was established. Accounts that only transact in open- and closed-end funds and/or ETFs are exempt from reporting (*e.g.* 529 plans, certain 401(k) accounts, etc.).

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**Discretionary Account**

With respect to an Access Person who has given discretion to have transactions placed by a third party and for which the Access Person does not have any direct or indirect influence or control over the transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a discretionary agreement or letter with the third-party must be provided to the Compliance Department at initial reporting of the account, and periodically, as requested

**Securities Not Held in a Brokerage Account**

If an Access Person holds a Security in certificate or other form (and not in a Brokerage Account), the Access Person shall provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of the Security (or Securities),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the quantity held, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date the Security was acquired.

This includes 401(k) plans from prior employment that allow the participant to hold individual Securities and not just mutual funds.

**Personal Securities Transactions**

With respect to all Personal Securities Transactions (including those mentioned above):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the title of the Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the approximate number of shares/units and the principal amount of each Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature of the transaction (e.g., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price at which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of the broker-dealer or bank with or through whom the transaction was effected.

**Private Placements**

With respect to all Private Placements and prior to engaging in such transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the title of the Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares/units and the principal amount of each Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature of the transaction (e.g., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price at which the transaction will be effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the draft Private Placement Memorandum Offering and any other relevant documents.

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Upon approval from a member of the Compliance Department, and following execution of the transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares/units and the principal amount of each Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price at which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the executed Private Placement Memorandum Offering and other relevant documents.

Digital Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With respect to investment in digital assets, investment in such assets are not subject to pre-clearance requirements; however, annually through the certification Access Persons will report the year-end value of digital assets held by asset type and the approximate number of trades made in digital assets during the prior year.

**Current Directorships**

An Access Person must disclose if they serve on the board of directors (or trustees) of any company.

**Outside Activities**

An Access Person must disclose all outside activities regardless of their nature or scope (*e.g.* additional employment, volunteer work (specifically leadership roles), investment in real estate). If Compliance determines that the number of outside activities and/or hours are deemed to be excessive, Compliance will contact the Access Person's manager for further discussion. In addition, if an outside activity might potentially be inconsistent with Alger's business activities and values, it may be denied.

*If the information required to be reported in this section has already been provided through another medium (such as information contained in broker trade confirmations or account statements, or a personal trade pre-clearance form received by the Compliance Department), that information does not need to be reported again, provided that a quarterly report is filed with respect to any account established or closed during the quarter by the Access Person. Additionally, the Access Person is not relieved of reporting responsibilities with respect to any information not reported through other mediums and required by the Code.*

**Confidentiality**

All information obtained from any Access Person hereunder shall be kept in strict confidence, except that reports of employee activities hereunder will be made available to the SEC or any other regulatory or self-regulatory organization to the extent required by law or regulation.

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**ADMINISTRATION OF THE CODE**

**Responsibilities of the Chief Compliance Officer**

The CCO is responsible for the administration of the Code. The oversight duties of the CCO or his/her designees include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trade pre-clearance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintenance of a current list of all Access Persons with a description of their title or employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• furnishing all Access Persons a copy of this Code and initially and periodically informing them of their duties and obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing transaction and holdings reports of Access Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintaining all records required by the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preparing listings of all transactions effected by Access Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interpreting of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conducting such inspections or investigations, as shall reasonably be required to detect and report any apparent or actual violations of this Code to Alger and to the Trustees of the Alger Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• submitting a quarterly report to the Board of Directors of each entity as applicable that

ocertifies that the procedures to implement the Code are reasonably necessary to prevent violations of the Code,

osummarizes the existing procedures to monitor the Code and any changes to the Code,

oprovides statistics regarding activity under the Code,

odescribes any violation of the Code and any sanctions imposed as a result, and summarizes any interpretations issued,

odetails any exemptions granted,

oreports on any training provided, and

oreports any other significant information concerning the Code.

**Fund Board of Trustees Reporting and Approval**

The Board of Trustees of each Fund, as applicable, including a majority of the Alger Funds' Trustees who are not "interested persons" of each Fund (as such term is defined in the Investment Company Act), must approve this Code and any material changes to it. This approval shall be based on the determination that this Code contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by Rule 17j-1 under the Investment Company Act or any other applicable rules and regulations. In connection with this approval, Alger shall provide a certification to the Board that Alger and the Funds have adopted procedures reasonably necessary to prevent Access Persons from violating this Code.

No less frequently than annually, Alger shall furnish to the Board of Trustees, and the Board of Trustees must consider, a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Describes any issues arising under the Code or procedures since the last report to the Board of Trustees, including, but not limited to, information about material violations of the Code or procedures or sanctions imposed in response to the material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certifies that the Funds and Alger have adopted procedures reasonably necessary to prevent Access Persons from violating the Code.

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**Use of Preferred Brokers**

All Access Persons are strongly encouraged to maintain their personal trading accounts at, and execute all transactions in Covered Securities through, one or more brokers that provide automated feeds to the Compliance system. Accounts with brokers who provide account information to Compliance electronically may be more accurate and require less reconciliation for the Access Person at certification time. Please contact the Compliance Department for a list of such brokers. *Note that an Access Person is not relieved of reporting responsibilities with respect to any information not reported electronically through the Compliance system and required by the Code.*

For non-electronic brokerage accounts, duplicate statements must be provided by the employee or received directly from the broker.

**Exceptions to the Code**

Exceptions to the Code may be granted from time to time by the CCO or his or her designee. All exceptions, unless otherwise stated below, shall be documented and shall provide the details of the transaction including the name and title of the Access Person, the amount of shares, direction of the trade (buy or sell), trade date, Security description, and rationale for the granting of the exception.

**Violations and Sanctions**

Access Persons must report any violations or potential violations of this Code promptly to the CCO or another member of the Compliance Department immediately upon becoming aware of such violation.

Upon discovering that an Access Person has not complied with the requirements of this Code, the CCO, in consultation with other senior officers of Alger and/or the Trustees of the Alger Funds, may impose on that person whatever sanctions they deem appropriate, including, among other things, disgorgement of profits, fines, censure, suspension of trading, or termination of employment. Severity of sanctions may depend on the type of violation, severity of the violation, and prior history of violations, among other considerations. For example, a first-time violation that is deemed immaterial may result in a warning and training for the employee, while a repeat violation may result in additional monitoring or more severe sanctions.

**Maintenance of Records**

Alger shall maintain and make available records with respect to the implementation of the Code in the manner and for the time required by the Federal securities laws, including without limitation, Rule 17j-1(d) under the Investment Company Act. Specifically, the CCO shall maintain the following for the time and manner specified below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of any Code that is in effect, or at any time within the past five (5) years was in effect, must be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any violation of any such Code, and of any action taken as a result of such violation, must be maintained in an easily accessible place for at least five (5) years after the end of the fiscal year in which the violation occurred;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each report made by an Access Person, as well as trade confirmations and/or account statements that contain information not duplicated in such reports, must be maintained for at least five (5) years after the end of the fiscal year in which the report was made or the information was provided, the first two (2) years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each report made must be maintained for at least five (5) years after the end of the fiscal year in which it was made, the first two (2) years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all persons, currently or within the past five (5) years, who are or were required to make reports pursuant to Rule 17j-1 and this Code, and a list of those persons responsible for reviewing these reports must be maintained in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any decision, and the reasons supporting the decision, (i) to permit an Access Person to invest in a Private Placement, (ii) any exceptions granted by the CCO from the requirements of the Code, and (iii) relating to any material violation of the Code by an Access Person must be maintained for at least five years after the end of the fiscal year in which the approval was granted.

## Ex-99.(P)(11)

![](codeofethics-grahamdec20001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GRAHAM CAPITAL MANAGEMENT, L.P. GRAHAM CAPITAL LLP CODE OF ETHICS December 2025 **TABLE OF CONTENTS** A. Scope ………………………………………………………………………………………1 B. Persons and Accounts Covered by the Code ………………………………………………1 C. Compliance with Applicable Securities Laws……………………………………………...5 D. Policy on Insider Trading ………………………………………………………………….5 E. Personal Trading in Derivative Instruments ……………………………………………….7 F. Reporting by Access Persons ……………………………………………………………...7 G. Pre-Approval Procedures, Holding Period Requirement and Limit on Transactions ……..8 H. Reporting Violations ……………………………………………………………………….9 I. Administration of the Code………………………………………………………………...9 J. Sanctions ………………………………………………………………………………….10 K. Acknowledgment of Receipt and Compliance …………………………………………...11 Schedule 1 – Access Persons ………………………………………………………………S1-1 Schedule 2 – Portfolio Managers/Associate Portfolio Managers/Trading Analysts/Trading Assistants/Risk Department…………………………………………………..S2-1 Schedule 3 – Mutual Funds Advised by Graham…………………………………………..S3-1 Exhibit 1 – Initial Holdings Report………………………………………………………..Ex1-1 Appendix A – Securities Exchange Act of 1934 Rule 16a-1(a)(2)………………………….A-1 Appendix B – Designated Brokers…………………………………………………………..B-1 1 A. Scope As an investment adviser, Graham Capital Management, L.P., including for these purposes Graham Capital LLP (together, "Graham" or the "Firm"), stands in a position of trust and confidence with respect to its clients. Accordingly, it has a fiduciary duty to act at all times in the best interests of the funds that it advises and separate managed account clients for whom Graham serves as investment adviser (together, "Clients"). In order to assist Graham and its employees or members (together, "employees"), as applicable, in meeting their obligations as fiduciaries, Graham has adopted this Code of Ethics (the "Code"). The Code incorporates the following general principles, which all employees are expected to uphold: • Employees must at all times place the interests of Graham's Clients above the interests of all others. • All personal securities transactions must be conducted in a manner consistent with the Code and avoid any actual or potential conflicts of interest or any abuse of an employee's position of trust and responsibility. • Employees must not take any inappropriate advantage of their positions at Graham. • Information concerning the identity of securities and financial circumstances of the Clients and their investors must be kept confidential. • Employees are absolutely forbidden from engaging in insider trading, as further described in the Code. Graham believes that these general principles not only help it to fulfill its fiduciary obligations, but also protect Graham's reputation and instill in its employees Graham's commitment to honesty, integrity and professionalism. Employees should understand that these general principles apply to all conduct, whether or not the conduct also is covered by more specific standards or procedures set forth below. Failure to comply with the Code may result in disciplinary action, including termination of employment. B. Persons and Accounts Covered by the Code 1. Applicability The Code applies to all of Graham's "Supervised Persons." Graham's Supervised Persons consist of its officers (or other persons occupying a similar status or performing similar functions), its employees, and any other person who is contracted to provide services to Graham and who, by virtue of the services rendered, may have access to confidential information related to Graham's investment activity. 2 2. Access Persons All Supervised Persons are subject to the Code; however, certain provisions of the Code apply only to Graham's "Access Persons." Access Persons include any Supervised Person who: • has access to non-public information regarding any Client's purchases or sales of securities; is involved in making securities recommendations to Clients, or has access to such recommendations that are non-public; or • in respect of any Client advised by Graham that is an investment company registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), any officer or employee of Graham 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 such a Client, or whose functions relate to the making of any recommendations with respect to such purchases or sales. All officers, employees and certain other designated persons are considered Supervised Persons and therefore subject to the general provisions of the Code. However, only those persons identified in Schedule 1 as Access Persons are subject to the requirements under Sections F and G of the Code. In addition to those requirements applicable to Access Persons of Graham, portfolio managers, associate portfolio managers and their trading analysts and assistants, and members of Graham's Risk Department are subject to additional requirements and restrictions on personal trading as set forth in Schedule 2 hereof. 3. Accounts a. Personal Accounts The term "Personal Account" means any securities account that has the ability to execute trades in Covered Securities, as that term is defined below, and in which an employee has any direct or indirect "Beneficial Ownership," and includes any Personal Account of an employee's immediate family members (including any relative by blood or marriage either living in the employee's household or financially dependent on the employee) and domestic partner sharing the employee's household.1 An employee is deemed to have Beneficial Ownership if the employee, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect opportunity to profit or share in any profit derived from the relevant 1 The term "immediate family member" is defined by reference to SEC Rule 16a-1(a)(2)(ii)(A) and includes any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and includes adoptive relationships.

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![](codeofethics-grahamdec20002.jpg)

3 Personal Account. For examples of indirect Beneficial Ownership, refer to Appendix A attached hereto. A Personal Account does not include an account over which the Access Person has no direct or indirect influence or control. For example, if an Access Person owns a securities account and all investment decisions for that account are made by an investment adviser or broker- dealer (provided that the Access Person may define general investment criteria relating to the account), then that account would not be considered a Personal Account subject to this Code. This is generally referred to as a managed account arrangement. Notwithstanding the foregoing, the details of any such account must be reported to Graham's Chief Compliance Officer ("CCO") or his designee, upon an employee becoming an Access Person or in connection with an Access Person opening a managed account, including the name of the financial institution, account number, account name, identification of the account as being directed by a third party and a copy of the investment management agreement. Periodically Graham will require Access Persons and/or the investment adviser or broker-dealer that oversees the managed account to confirm certain information regarding the extent of the Access Person's involvement in investment recommendations for the account. Examples of accounts that may be considered a Personal Account include a roll-over IRA, a child's UGMA or UTMA, a securities account with brokerage capabilities for which the Access Person serves as an executor, an ISA (for UK-based employees) and a SIPP (for UK-based employees), provided that in each case the account is able to transact in Covered Securities. Examples of accounts that are not Personal Accounts include a checking or savings account, a Graham 401(k) plan account, Treasury Direct accounts, and a state 529 college savings plan. b. Designated Brokers US-based Access Persons. US-based Access Persons may only hold a Personal Account at a Designated Broker, as defined in Appendix B, subject to few exceptions. Designated Brokers provide electronic confirmation of an Access Person's securities transactions and holdings to Graham via MyComplianceOffice, the web-based application that provides holdings and transactions reporting capabilities for Graham's Access Persons. Existing Personal Accounts that are not held at a Designated Broker must either be transferred to a Designated Broker or closed, unless otherwise directed by the CCO or his designee. However, certain Covered Securities may not be listed, and therefore cannot be held with a Designated Broker. In such instances, Access Persons must contact Compliance to confirm how to report any related holdings and trades. UK-based Access Persons. UK-based Access Persons are not required to maintain their Personal Accounts at a Designated Broker. Such employees must, however, (i) notify the CCO or his designee of all Personal Accounts that they hold and (ii) with respect to Personal Accounts not held with a Designated Broker arrange for their brokers to send duplicate account statements and trade confirmations to the CCO or his designee. 4 c. Covered Securities The term "Covered Securities" includes all securities as defined in section 2(a)(36) of the Investment Company Act, and includes: • Debt and equity securities; • Equity Options; • Shares of Exchange-Traded Funds/Exchange-Traded Notes; • All forms of limited partnership and limited liability company interests, including interests in private investment funds (such as hedge funds), and interests in investment clubs; and • Foreign unit trusts and foreign mutual funds. The term "Covered Securities," however, does not include the following: • Direct obligations of the Government of the United States or other sovereign debt (e.g. gilts) ("Government Securities"); • Bankers' acceptances, bank certificates of deposit, commercial paper, and high- quality short-term debt obligations, including repurchase agreements; and • Shares issued by open-end (NAV-traded) mutual funds, except where Graham serves as an investment adviser (as that term is defined in the Investment Company Act) to any such fund (a "Reportable Fund"). Schedule 3 is a list of mutual funds for which Graham serves as an investment adviser as of the date of this Code. This list may change without notice to employees; however, you can confirm this list with the Compliance Department prior to investing in a mutual fund. • Crypto or virtual currencies. The U.S. Securities and Exchange Commission ("SEC") has indicated that certain crypto or virtual currencies may be securities under applicable interpretations. However, for purposes of this Code, crypto or virtual currencies are not Covered Securities, with the exception of any crypto currency products, such as initial coin offerings, sold in SEC-registered securities offerings. For the avoidance of doubt, Exchange-Traded Funds – even if such Exchange-Traded Funds solely invest in crypto or virtual currencies – are Covered Securities as listed above. Any questions regarding the application of these terms will be addressed by Graham's CCO. 5 C. Compliance with Applicable Securities Laws In addition to the general principles of conduct stated in the Code and the specific trading restrictions and reporting requirements described below, the Code requires all Supervised Persons to comply with applicable US federal securities laws and, with respect to UK-based persons, UK laws. These laws include the Securities Act of 1933 (the "Securities Act"), the Securities Exchange Act of 1934, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes-Oxley Act of 2002, Title V of the Gramm-Leach-Bliley Act and any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act and the UK Criminal Justice Act and the UK Financial Services and Markets Act 2000. D. Policy on Insider Trading 1. Scope Employees may not trade, personally or on behalf of others (such as Client accounts), on the basis of material, non-public information ("MNPI"). Employees should not communicate MNPI to anyone except persons who are entitled to receive the information in connection with the performance of their responsibilities for Graham. Graham's policy prohibiting insider trading extends to trading in all instrument types and asset classes in which Graham invests for its Client accounts. For additional information, please refer to the Prevention of Misuse of Material Non-Public Information section of Graham's Compliance Manual. Information is considered material if there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decision. Generally, this includes any information the disclosure of which will have a substantial effect on the price of a company's securities or other listed instrument. Material information often relates to an issuer's results and operations including, for example, dividend changes, earnings results, changes in previously released earnings estimates, merger or acquisition proposals or agreements, major litigation, and extraordinary business or management developments. Material information may also relate to the market for a security. Information about a significant order to purchase or sell securities may, in some contexts, be material. Prepublication information regarding reports in the financial press may also be material. Non-public information is information that is not generally available to the investing public. Information is "public" when it has been disseminated broadly to investors in the marketplace, including through public filings with the SEC or other government agency, news reports, trade journals or similar sources. Determinations as to what constitutes MNPI are highly fact specific and any questions in this regard should be directed to Graham's CCO. 2. Actions a. Prior to executing any trade for a Client account, Personal Account or on behalf of others, an employee must determine whether he or she has access to MNPI. If the employee believes that he or she is in possession of such information, the following steps must be taken: 6 • Report the information and proposed trade immediately to Graham's CCO; • Do not execute the trade; • Do not communicate the information other than to the CCO or his designee; b. Following a review of available information, a determination will be made as to whether the trade may be executed or if the information is either material or non-public such that the trade may not be executed. 3. Information Barrier/Restricted List Graham has established procedures (i) to notify employees of information that it deems to be MNPI, and appropriately restrict employees from trading in financial instruments directly impacted by the information, and (ii) to limit access by employees to MNPI properly received by Graham in a manner designed to minimize the impact to the Firm. a. Information Barrier Graham uses an information barrier to isolate sensitive information, including MNPI, to ensure that such information is not improperly received or communicated throughout the Firm. The information barrier is designed to permit certain employees, for example, to evaluate potential transactions in an issuer prior to the details of the transaction being publicized, while other employees who are not made privy to this information can continue to trade in that issuer's securities. Typically, this information is made available to Graham under an explicit agreement by Graham to appropriately limit access to the information pursuant to an information barrier. These procedures are designed to enable Graham to meet its contractual obligations to the discloser of the information and also to ensure that it does not violate applicable securities laws. Graham's Compliance Department is responsible for establishing and maintaining appropriate information barrier procedures. An information barrier will be maintained until such time as it is determined that the information received by Graham is no longer MNPI. To assist in the administration of these procedures, Graham utilizes an information control list, or "restricted securities list." b. Restricted Securities List Graham uses a restricted securities list to control information flow with respect to certain financial instruments in relation to which Graham has received confidential information. Graham's Compliance Department is responsible for overseeing the restricted securities list, including determining which financial instruments are to be added to or removed from the list and which employees shall be subject to the restrictions in respect of each instrument on the list, and the manner in which the information is communicated to affected employees. A financial instrument will be added to the list for a number of reasons. However, any employee who is in possession of MNPI, regardless of whether or not the financial instrument is on the restricted securities list, is prohibited from trading in it for any reason. In determining

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7 whether to add a financial instrument to the list and which employees will be restricted, Graham will consider various factors, including the source of the MNPI, the nature and credibility of the information, the potential impact to the Firm resulting from the restriction, and other similar matters. 4. Sanctions for Violations Engaging in illegal insider trading may result in severe consequences. In addition to any disciplinary action imposed by Graham, up to and including termination of employment, individuals who engage in illegal insider trading may be subject to criminal and civil penalties in the United States and other jurisdictions. Such individuals may also be permanently barred from the securities industry and face additional liability arising from investor claims for damages related to illegal insider trading. E. Personal Trading in Derivative Instruments No employee is permitted to trade futures, foreign exchange, swaps or other derivatives for their own account or that of a family member, friend or any other third party without prior written approval from the CCO. Employees with access to sensitive information are required upon request to furnish the CCO or his designee with copies of their Federal income tax return, or a certificate in lieu thereof from a certified tax preparer attesting to the absence of income/loss from such activities on the employee's Federal income tax return, to confirm adherence to this policy. For the avoidance of doubt, personal foreign exchange conversion transactions conducted for non- investment purposes, such as exchanging U.S. dollars for foreign currency in connection with travel, living expenses, or routine personal use, are permitted. Additionally, trading options on single-name securities and ETFs is permitted, subject to the requirements of this Code. F. Reporting by Access Persons 1. Initial Holdings Report a. Contents of Holdings Report Every Access Person must submit an initial holdings report to the CCO or his designee that discloses all Covered Securities held in any Personal Account, whether or not such Personal Account is maintained at a Designated Broker. The initial holdings report must also include any investments in limited partnership and limited liability company interests, including interests in private investment funds (such as hedge funds), and interests in investment clubs. The report must contain, at a minimum: 1. the title and type of Covered Security, and as applicable the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in any Personal Account; 2. the name of any broker, dealer or bank with which the Access Person maintains any Personal Account; and 3. the date on which the Access Person submits the report. 8 b. Timing of Initial Holdings Report Every Access Person must submit the initial holdings report, substantially in the form attached hereto as Exhibit 1 (or as otherwise provided by electronic means), not later than 10 days after becoming an Access Person, and the information contained in the report must be current as of a date no more than 45 days prior to the date of becoming an Access Person. For any Covered Securities held with a broker, the Access Person may provide Compliance with current brokerage statement(s). 2. Quarterly Transaction Attestation Every Access Person must attest to their quarterly transactions in Covered Securities in any Personal Account. Access Persons will make these attestations through MyComplianceOffice. Instructions for how to make these attestations will be contained in the assignment transmitted by MyComplianceOffice to Access Persons. In addition, Access Persons must report information on Personal Accounts established during the quarter, including the name of the broker, the date the account was established and the date the report is submitted. Quarterly transaction attestation assignments will be transmitted via MyComplianceOffice to Access Persons following the end of each calendar quarter and must be completed by the due date specified in the assignment, but not later than 30 days after the end of each calendar quarter. 3. Annual Holdings Attestation Every Access Person must attest to their holdings of Covered Securities in any Personal Account on an annual basis, as of December 31 of each year. Access Persons will make these attestations through MyComplianceOffice. Instructions for how to make these attestations will be contained in the assignment transmitted by MyComplianceOffice to Access Persons. Annual holdings attestation assignments will be transmitted to Access Persons following the end of each calendar year and must be completed by the due date specified in the assignment, but not later than 30 days after the end of the calendar year. 4. Exceptions to the Reporting Requirements No Access Person is required to report with respect to transactions (and holdings related thereto) effected pursuant to an automatic investment plan (i.e., 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, including any dividend reinvestment plans). G. Pre-Approval Procedures, Holding Period Requirement and Limit on Transactions Every Access Person must obtain approval from the CCO or his designee before transacting in any Covered Security for a Personal Account. 1. Pre-Approval Procedure Requests must be entered into the MyComplianceOffice system. Requests will be reviewed by the Compliance Department for possible conflicts and approvals or denials will be 9 communicated to the requestor through the MyComplianceOffice system, typically within twenty- four hours of submission. Approvals will be valid for the later of the requested trade date or the date of approval and the following two business days. If the trade is not executed in that time a new request must be submitted prior to executing the trade. 2. Holding Period Requirement Personal Accounts are prohibited from engaging in active trading in Covered Securities. For purposes of the Code, active trading is considered to be any purchase and sale, or any sale and purchase, of any Covered Security of an issuer within any period of less than 30 days. 3. Limit on Transactions Graham believes that excessive trading by Access Persons in Personal Accounts can create actual and perceived conflicts of interest between Graham, through the actions of Access Persons, and the accounts that it manages. To avoid any such conflicts, Access Persons are restricted from executing more than 40 transactions (aggregated over all Personal Accounts relating to the Access Person) in Covered Securities over any twelve-month period. For purposes of this transaction limit, transactions in foreign unit trusts and foreign mutual funds are excluded from the 40-transaction count. For purposes of this Section G.3, a single trade or series of trades for one or more Personal Accounts in the same Covered Security, in the same direction (i.e., buy, sell or sell short) during the approval period (i.e., the requested trade date plus the following two business days) will be considered a single transaction. Graham may, in its sole discretion, modify any of these requirements or restrictions, or except certain employees, accounts or types of transactions from this policy. H. Reporting Violations Every Supervised Person must immediately report any violation of the Code to the CCO or his designee. All reports will be treated confidentially and investigated promptly and appropriately. I. Administration of the Code The CCO or his designee will receive and review all reports, requests and attestations submitted pursuant to the Code. The CCO or his designee will review these submissions to determine that Access Person trades are consistent with requirements and restrictions set forth in the Code and do not otherwise indicate any improper trading activities. The CCO or his designee also will ensure that all books and records relating to the Code are properly maintained. The books and records required to be maintained include the following: • A record of any violation of the Code, and of any action taken as a result of the violation; • A record of all written acknowledgements of receipt, review and understanding of the Code from each person who is currently, or within the past five years was, a Supervised Person; 10 • A record of each report made by an Access Person, including any brokerage confirmations and brokerage account statements obtained from Access Persons; • A record of the names of persons who are currently, or within the past five years were, Access Persons; and • A record of any decision, and the reasons supporting the decision, to approve the acquisition of an initial public offering (i.e., an offering of securities registered under the Securities Act, the issuer of which, immediately before registration, was not subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act) or limited offering (i.e., an offering that is exempt from registration under the Securities Act pursuant to Section 4(2), Section 4(6), Rule 504, Rule 505 or Rule 506 thereunder). These books and records must be maintained by Graham in an easily accessible place for at least five years from the end of the fiscal year during which the record was created, the first two years in an appropriate office of Graham. Graham reserves the right to amend, modify, terminate or interpret the Code from time to time in its sole discretion, and to make decisions respecting the Code as needed in order to conduct Graham's business in a manner that it believes to be beneficial to Graham. J. Sanctions Any violation of any provision of the Code may result in disciplinary action, up to and including termination of employment. Graham has adopted the following guidelines that it will consult in connection with determining whether and how to impose sanctions for violations of the Code, subject, in its sole discretion, to vary any such sanctions depending on the circumstances surrounding the violation and any prior violations as well as the impact of the violation(s) on the trading and/or the reputation of the Firm. 1. For the first offense, the violation will be reported to the employee's supervisor and Graham's Compliance Committee and the employee will receive a written warning. 2. For the second offense, the employee may be subject to restrictions on the employee's personal trading. 3. For the third offense, a fine of up to $5,000 may be imposed, which amount will be deducted from any bonus or other amount payable to the employee for the period in which the violation occurs and subject to carryforward until satisfied or may be implemented in the form of a charitable donation by the employee. 4. For the fourth offense, additional fines and more restrictive measures may be imposed, up to and including termination of employment.

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11 K. Acknowledgment of Receipt and Compliance Graham will provide each Supervised Person with a copy of the Code and any amendments hereto. Any questions regarding any provision of the Code or its application should be directed to the CCO. Each Supervised Person shall attest to their having received the Code and having reviewed and understanding its subject matter. S1-1 SCHEDULE 1 ACCESS PERSONS Persons assigned to the following departments and their supervisors or managers shall be considered Access Persons for purposes of the Code: • Executive • Quantitative Strategies • Investor Services • Portfolio Managers – Traders and their associate portfolio managers or trading analysts and assistants. • Risk • Technology • Trading Services (except for certain Corporate Accounting personnel) • Legal/Compliance • Certain Independent Contractors (including personnel of Indus Valley Partners) S2-1 SCHEDULE 2 PORTFOLIO MANAGERS/ASSOCIATE PORTFOLIO MANAGERS/TRADING ANALYSTS/TRADING ASSISTANTS/RISK DEPARTMENT Personal trading of certain employees of Graham may give rise to actual and perceived conflicts of interest in relation to Graham's trading for GCM accounts, as defined below, which may be detrimental to the interests of Graham and its clients. In order to prevent such conflicts, portfolio managers, associate portfolio managers and their trading analysts or assistants, and members of Graham's Risk Department MUST COMPLY AT ALL TIMES with the following requirements and restrictions in connection with their personal trading, which are in addition to those requirements and restrictions applicable to them as Access Persons of Graham. For purposes of the Code, the term "GCM account" means any account managed by Graham on a proprietary basis or on behalf of Graham clients. Prohibited Transactions. Personal Accounts may not trade or invest in any securities (debt or equity) of an issuer if the employee, while exercising investment discretion over such Personal Accounts, knows that any GCM account has a position in, or transacted in (purchase or sale) within the prior seven days, any securities of the same issuer, including for these purposes any derivatives related to such securities or such issuer irrespective of the counterparty. To be clear, this restriction relates to trading or investing in any security, including Covered Securities. In the event that a transaction for a GCM account causes Personal Accounts over which an employee has investment discretion and GCM accounts to be invested in securities of the same issuer, the Personal Accounts shall not dispose of the securities in the Personal Accounts for a seven-day period before and after any such securities are transacted (purchase or sale) for the GCM accounts. Exceptions. GCM may, in its sole discretion, except certain employees, accounts or types of transactions from this policy. A. The following types of securities are excepted from this policy: (i) Government Securities (as defined in Section B.3.c hereof), (ii) municipal securities (which shall include securities which are direct obligations of, or obligations guaranteed as to principal or interest by, a state or any political subdivision thereof, or any agency or instrumentality of a state or any political subdivision thereof, or any municipal corporate instrumentality of one or more states, and such other securities and instruments defined as municipal securities under the Exchange Act) and (iii) exchange- traded funds and exchange-traded notes that seek to track an index based on stocks, bonds, commodities or currencies, without regard to this restriction on prohibited transactions. B. Any trading or holdings in the Market Neutral Quantitative Equities Strategy account are excepted from this policy. C. With respect to members of the Risk Department, the general prohibition of this policy shall not apply to any requests to trade in their Personal Accounts where a pre-clearance request for a security held or transacted in a GCM account was submitted at least seven days in advance of the requested trade date. S3-1 SCHEDULE 3 MUTUAL FUNDS ADVISED BY GRAHAM (as of December 3, 2024) Following is a list of mutual funds advised by Graham for which pre-approval to trade is required: Abbey Capital Onshore Series LLC – Series 5 ACMAF Onshore Series LLC – Series 7 Franklin K2 Alternative Strategies Fund John Hancock Funds ("JHF") Diversified Macro Fund LoCorr Macro Strategies Fund (name changed from "LoCorr Managed Futures Strategy Fund") LoCorr Market Trend Fund LoCorr Hedged Core Fund Principal Global Multi-Strategy Fund

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&nbsp;&nbsp;&nbsp;&nbsp;EX1-1 EXHIBIT 1 INITIAL HOLDINGS REPORT Name of Access Person: ___________________________ Date of Submission: ______________________________ Instructions: Complete the following tables or attach applicable statements within 10 days of becoming an Access Person. For any Covered Securities held with a broker, provide Compliance with current brokerage statement(s). Information in or attached to this report must be current as of a date no more than 45 days prior to the date of becoming an Access Person. Defined terms are as set forth in the Firm's Code of Ethics. I. Personal Accounts List all Personal Accounts that have the ability to execute trades in Covered Securities in which you have any direct or indirect Beneficial Ownership (including accounts of immediate family members living in your household or financially dependent on you). Account Holder Name Financial Institution Account Number Account Type ☐ Check here if you have no reportable personal accounts. II. Covered Securities List all Covered Securities in which you have Beneficial Ownership. Security Name Ticker/ CUSIP Number of Shares / Principal Amount Security Type Broker/Custodian ☐ Check here if you have no reportable Covered Securities. I hereby certify that the information contained in this report is true, accurate, and complete and that listed above or attached are all Personal Accounts and Covered Securities with respect to which I have Beneficial Ownership. By:______________________ Name: Date: A-1 APPENDIX A (from Securities Exchange Act of 1934 Rule 16a-1(a)(2)) (2) Other than for purposes of determining whether a person is a beneficial owner of more than ten percent of any class of equity securities registered under Section 12 of the Act, the term "beneficial owner" shall mean any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in the equity securities, subject to the following: (i) The term "pecuniary interest" in any class of equity securities shall mean the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the subject securities. (ii) The term "indirect pecuniary interest" in any class of equity securities shall include, but not be limited to: (A) securities held by members of a person's immediate family sharing the same household; provided, however, that the presumption of such beneficial ownership may be rebutted; see §240.16a-1(a)(4); (B) a general partner's proportionate interest in the portfolio securities held by a general or limited partnership. The general partner's proportionate interest, as evidenced by the partnership agreement in effect at the time of the transaction and the partnership's most recent financial statements, shall be the greater of: (1) the general partner's share of the partnership's profits, including profits attributed to any limited partnership interests held by the general partner and any other interests in profits that arise from the purchase and sale of the partnership's portfolio securities; or (2) the general partner's share of the partnership capital account, including the share attributable to any limited partnership interest held by the general partner. (C) a performance-related fee, other than an asset-based fee, received by any broker, dealer, bank, insurance company, investment company, investment adviser, investment manager, trustee or person or entity performing a similar function; provided, however, that no pecuniary interest shall be present where: (1) the performance-related fee, regardless of when payable, is calculated based upon net capital gains and/or net capital appreciation generated from A-2 the portfolio or from the fiduciary's overall performance over a period of one year or more; and (2) equity securities of the issuer do not account for more than ten percent of the market value of the portfolio. A right to a nonperformance-related fee alone shall not represent a pecuniary interest in the securities; (D) A person's right to dividends that is separated or separable from the underlying securities. Otherwise, a right to dividends alone shall not represent a pecuniary interest in the securities; (E) A person's interest in securities held by a trust, as specified in §240.16a- 8(b); and (F) A person's right to acquire equity securities through the exercise or conversion of any derivative security, whether or not presently exercisable. (iii) A shareholder shall not be deemed to have a pecuniary interest in the portfolio securities held by a corporation or similar entity in which the person owns securities if the shareholder is not a controlling shareholder of the entity and does not have or share investment control over the entity's portfolio. B-1 APPENDIX B DESIGNATED BROKERS The US Designated Brokers are: • Charles Schwab • Edward Jones • Fidelity • Goldman Sachs • Interactive Brokers • JP Morgan Chase • Morgan Stanley Smith Barney

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## Ex-99.(P)(13)

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1 LOOMIS, SAYLES & CO., L.P. LOOMIS SAYLES INVESTMENTS LIMITED LOOMIS SAYLES INVESTMENTS ASIA PTE. LTD. LOOMIS SAYLES (NETHERLANDS) B.V. LOOMIS SAYLES TRUST COMPANY LLC LOOMIS SAYLES DISTRIBUTORS, L.P. Code of Ethics Policy on Personal Trading and Related Activities by Loomis Sayles Personnel EFFECTIVE: January 14, 2000 AS AMENDED: December 10, 2025 2 **Table of Contents** Code of Ethics................................................................................................................................. 3 1. INTRODUCTION .................................................................................................................... 3 2. STATEMENT OF GENERAL PRINCIPLES.......................................................................... 3 3. A FEW KEY TERMS............................................................................................................... 4 3.1. Covered Security ................................................................................................................... 4 3.2. Beneficial Ownership............................................................................................................ 6 3.3. Investment Control................................................................................................................ 7 3.4. Maintaining Personal Accounts ............................................................................................ 7 4. SUBSTANTIVE RESTRICTIONS ON PERSONAL TRADING........................................... 8 4.1. Pre-clearance ......................................................................................................................... 9 4.2. Good Until Canceled and Limit Orders .............................................................................. 10 4.3. Short Term Trading Profits ................................................................................................. 10 4.4. Restrictions on Round Trip Transactions in Loomis Advised Funds ................................. 11 4.5. Derivatives .......................................................................................................................... 11 4.6. Short Sales........................................................................................................................... 12 4.7. Competing with Client Trades ............................................................................................ 12 4.8. Large Cap/De Minimis Exemption ..................................................................................... 13 4.9. Investment Person Seven-Day Blackout Rule .................................................................... 13 4.10. Research Recommendations............................................................................................ 14 4.11. Initial Public Offerings .................................................................................................... 15 4.12. Private Placement Transactions....................................................................................... 16 4.13. Insider Trading ................................................................................................................ 16 4.14. Restricted and Concentration List ................................................................................... 18 4.15. Loomis Sayles Hedge Funds ........................................................................................... 18 4.16. Exemptions Granted by the Chief Compliance Officer................................................... 18 5. PROHIBITED OR RESTRICTED ACTIVITIES.................................................................. 19 5.1. Public Company Board Service and Other Affiliations ...................................................... 19 5.2. Participation in Investment Clubs and Private Pooled Vehicles ......................................... 19 6. REPORTING REQUIREMENTS .......................................................................................... 20 6.1. Initial Holdings Reporting, Account Disclosure and Acknowledgement of Code ............. 20 6.2. Brokerage Confirmations and Brokerage Account Statements........................................... 21 6.3. Quarterly Transaction Reporting, Account Disclosure and Related Person of a Public Company Certification................................................................................................................... 22 6.4. Annual Reporting ................................................................................................................ 22 6.5. Review of Reports by Chief Compliance Officer ............................................................... 23 6.6. Internal Reporting of Violations to the Chief Compliance Officer..................................... 23 6.7. Register of Interests in Securities........................................................................................ 24 6.8. Mandatory Notification to the MAS for Loomis Asia's Directors and Appointed Representatives .............................................................................................................................. 24 7. SANCTIONS .......................................................................................................................... 25 8. RECORDKEEPING REQUIREMENTS ............................................................................... 26 9. MISCELLANEOUS ............................................................................................................... 27 9.1. Confidentiality..................................................................................................................... 27 9.2. Disclosure of Client Trading Knowledge............................................................................ 27 9.3. Notice to Access Persons, Investment Persons and Research Analysts as to Code Status . 27 9.4. Notice to Personal Trading Compliance of Engagement of Independent Contractors ....... 27 9.5. Exemptions to the Application of the Code ........................................................................ 28 9.6. Questions and Educational Materials.................................................................................. 28 3 Code of Ethics 1. INTRODUCTION This Code of Ethics ("Code") has been adopted by Loomis, Sayles & Co., L.P. ("Loomis US"), Loomis Sayles Investments Limited ("Loomis UK"), Loomis Sayles Investments Asia Pte. Ltd. ("Loomis Asia"), Loomis Sayles (Netherlands) B.V., including the employees in the Paris branch ("Loomis Netherlands"), Loomis Sayles Trust Company LLC, and Loomis Sayles Distributors, L.P. (collectively ("Loomis Sayles") to govern certain conduct of Loomis Sayles' Supervised Persons and personal trading in securities and related activities of those individuals who have been deemed Access Persons thereunder, and under certain circumstances, those Access Persons' family members and others in a similar relationship to them. The policies in this Code reflect Loomis Sayles' desire to detect and prevent not only situations involving actual or potential conflicts of interest with client investments or unethical conduct, but also those situations involving even the appearance of these. 2. STATEMENT OF GENERAL PRINCIPLES It is the policy of Loomis Sayles that no Access Person or Supervised Person as such terms are defined under the Code, (please note that Loomis Sayles treats all employees as Access Persons) shall engage in any act, practice or course of conduct that would violate the Code, the fiduciary duty owed by Loomis Sayles and its personnel to Loomis Sayles' clients, Rule 204A-1 under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or the provisions of Section 17(j) of the Investment Company Act of 1940, as amended (the "Investment Company Act"), and Rule 17j-1 there under. It is required that all Access Persons must comply with all applicable laws, rules and regulations including, but not limited to the Federal Securities Laws. The Investment Management Association of Singapore's ("IMAS'") Code of Ethics & Standards of Professional Conduct provides that Loomis Asia (as a member of IMAS) should have in place appropriate policies and internal controls governing personal dealing and appropriate structures in place to carry out monitoring and to ensure compliance. Therefore, all employees of Loomis Asia must also comply with the Securities and Futures Act, Chapter 289 of Singapore (the "Securities and Futures Act"), the Financial Advisers Act, Chapter 110 of Singapore (the "Financial Advisers Act"), and all other applicable Singapore laws, rules and regulations. Under the requirements of the Financial Conduct Authority (FCA), there are Conduct Rules within the Senior Managers and Certification Regime (SM&CR) with which all employees of Loomis UK must comply. These rules are designed to improve the levels of responsibility and accountability, honesty and integrity, and to act at all times with due care, skill and diligence. The Code is designed to comply with all of the above regulations. The fundamental position of Loomis Sayles is, and has been, that it must at all times place Policy on Personal Trading and Related Activities 4 the interests of its clients first. Accordingly, your personal financial transactions (and in some cases, those of your family members and others in a similar relationship to you) and related activities must be conducted consistently with this Code and in such a manner as to avoid any actual or potential conflict of interest or abuse of your position of trust and responsibility. Without limiting in any manner the fiduciary duty owed by Loomis Sayles to its clients, it should be noted that Loomis Sayles considers it proper that purchases and sales be made by Access Persons in the marketplace of securities owned by Loomis Sayles' clients, provided 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. 3.1. Covered Security This Code generally relates to transactions in and ownership of an investment that is a Covered Security (defined under Sec. 2(a)(36) of the Investment Company Act 1940). Currently, this means any type of equity or debt security (such as common and preferred stocks, and corporate and government bonds or notes), any equivalent (such as ADRs, GDR's, etc.), any derivative, instrument representing, or any rights relating to, a Covered Security, and any closely related security (such as certificates of participation, depository receipts, collateral–trust certificates,

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5 put and call options, warrants, and related convertible or exchangeable securities and securities indices). Shares of closed-end funds, municipal obligations and securities issued by agencies and instrumentalities of the U.S. government (e.g. GNMA obligations) are also considered Covered Securities under the Code. Additionally, the shares of any investment company registered under the Investment Company Act and the shares of any collective investment vehicle ("CIV"), (e.g. SICAVs, OEICs, UCITs, etc.) that is advised, sub-advised, or distributed by Loomis Sayles, Natixis, or a Natixis affiliate ("Reportable Funds") are deemed to be Covered Securities for purposes of certain provisions of the Code. Reportable Funds include open-end and closed-end funds and CIVs that are advised, sub-advised, or distributed by Loomis Sayles, Natixis, or a Natixis affiliate, but exclude money market funds. A current list of Reportable Funds is attached as Exhibit One and will be maintained on the firm's intranet site under the Legal and Compliance page. Explanatory Note: While the definition of Reportable Funds encompasses funds or CIVs that are advised, sub-advised and/or distributed by Natixis and its affiliates, only those funds or CIVs advised or sub-advised by Loomis Sayles ("Loomis Advised Fund") are subject to certain trading restrictions of the Code (specifically, the Short-Term Trading Profit and Round Trip Transaction restrictions). Please refer to Section 4.3 and 4.4 of the Code for further explanation of these trading restrictions. Additionally, Exhibit One 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 both the reporting requirements and the aforementioned trading restrictions (Loomis Advised Funds). Shares of exchange traded funds ("ETFs") and closed-end funds are deemed to be Covered 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 Exhibit Two and will be maintained on the firm's intranet site under the Legal and Compliance page. Explanatory Note: Broad based open-ended ETFs are determined by Personal Trading Compliance using Bloomberg data. 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 Exhibit(s) One and Two, 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 Exhibit Three for the application of the Code to a specific Covered Security or 6 instrument, including exemptions from pre-clearance. 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 profit 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 presumed under the Code to have an indirect pecuniary interest as a result of:  ownership of a Covered Security by your spouse or minor children;  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;  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);  your share ownership, partnership interest or similar interest in Covered Securities held by a corporation, general or limited partnership or similar entity you control;  your right to receive dividends or interest from a Covered Security even if that right is separate or separable from the underlying securities;  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  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. 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 7 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.). Please see Exhibit Four for specific examples of the types of interests and accounts subject to the Code. 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 presumed under the Code to have Investment Control as a result of having:  Investment Control (sole or shared) over your personal brokerage account(s);  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);  Investment Control (sole or shared) over an account(s) in the name of any family member, friend or acquaintance;  Involvement in an Investment Club;  Trustee power over an account(s); and  The existence and/or exercise of a power of attorney over an account. Please see Exhibit Four for specific examples of the types of interests and accounts subject to the Code. 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 and Beneficial Ownership are required to maintain such accounts at one of the following firms: Ameriprise, Baird, Bank of America/Merrill Lynch, Charles Schwab, Citi Personal Wealth Management, Fidelity Investments, Interactive Brokers, JP Morgan Chase & Co., LPL Financial, MML Investor Services, Morgan Stanley Smith Barney, Robinhood, UBS, Vanguard, or Wells Fargo (collectively, the "Select Brokers"). Additionally, an Access Person may only purchase and hold shares of Reportable Funds through either: a Select Broker; directly from the Reportable Fund's through its transfer agent, or through one or more of Loomis Sayles' retirement plans, unless an exception to the Select Broker requirement, as described below, is 8 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 Compliance or the Chief Compliance Officer may grant exemptions to the Select Broker requirement for accounts not used for general trading purposes such as ESOPs, DRIPs, securities held physically or in book entry form, family of fund accounts or situations in which the Loomis US Access Person has a reasonable hardship for not maintaining their accounts with a Select Broker. Access Persons with a residence outside the U.S., are exempt from maintaining their personal accounts at a Select Broker. However, such Access Persons are responsible for ensuring that Personal Trading Compliance receives duplicate confirms as and when transactions are executed in such accounts, and statements on a monthly basis, if available, or at least quarterly. All Access Persons must receive pre-clearance approval from Personal Trading Compliance prior to the opening of any new personal accounts that can hold Covered Securities in which the Access Person has direct or indirect Investment Control or Beneficial Ownership. This includes Select Broker accounts. In addition, the opening of all reportable accounts must also be reported to Personal Trading Compliance as set forth in Section 6.2 and Section 6.3 of the Code. Finally, Access Persons must inform the Select Broker or other financial institution of his/her association with Loomis Sayles during the account opening process. 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. 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 and Investment Control.

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9 4.1. Pre-clearance Each Access Person must pre-clear through the FIS Employee Compliance Management system ("ECM") all Volitional transactions in Covered Securities (i.e. transactions in which the Access Person has determined the timing as to when the purchase or sale transaction will occur and amount of shares to be purchased or sold) in which he or she has Investment Control and 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 Exhibit Two, and US Government Agency bonds (i.e. GNMA, FNMA, FHLMC), as set forth in Exhibit(s) Three and Five. 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 ECM cannot handle such transactions. Initial public offerings, private placement transactions, including hedge funds whether or not they are advised, sub- advised, or distributed by Loomis Sayles or a Natixis investment adviser, participation in investment clubs and private pooled vehicles require special pre-clearance as detailed under Sections 4.11, 4.12 and 5.2 of the Code. 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 Exhibit Two 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. Any transaction approved pursuant to the pre-clearance request procedures must be executed by the end of the trading day on which it is approved 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 10 and obtaining pre-clearance of the intended trade. For Access Persons with a U.S. residence, pre-clearance requests can only be submitted through ECM and/or to Personal Trading Compliance Monday – Friday from 9:30am-4:00pm Eastern Standard Time. Access Persons with a residence outside the U.S. will be given separate pre-clearance guidelines instructing them on the availability of ECM and Personal Trading Compliance support hours. If after pre-clearance is given and before it has lapsed, an Access Person becomes aware that a Covered Security as to which he or she obtained pre-clearance has become the subject of a buy or sell order, or is being considered for purchase or sale for a client account, the Access Person who obtained the pre-clearance must consider the pre-clearance revoked and must notify Personal Trading Compliance immediately. 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. 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. 4.3. Short Term Trading Profits No Access Person may profit from the Volitional purchase and sale, or conversely the Volitional sale and purchase, of the same or equivalent Covered Security (including Loomis Advised Funds) within 60 calendar days (unless the sale involved shares of a Covered Security that were acquired more than 60 days prior). Hardship exceptions may be requested (in advance) from Personal Trading Compliance. An Access Person may sell a Covered Security (including Loomis Advised Funds) or cover an existing short position at a loss within 60 calendar days. Such requests must be submitted through the ECM System and to Personal Trading Compliance for approval because the ECM System does not have the capability to determine whether the Covered Security will be sold at a gain or a loss. 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 11 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 Exhibit One 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. 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 any 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. Explanatory Note: Only Loomis Advised Funds are subject to Section 4.4 of the Code. Please refer to Exhibit One for a current list of Loomis Advised Funds. 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. Explanatory Note: When transacting in derivatives, Access Persons must pre-clear the derivative and the underlying security in ECM as well as receive manual approval from Personal Trading Compliance before executing their transaction. Please note that options on Exempt ETFs and the underlying index of the ETF, as well as futures on currencies, commodities, cash instruments (such as loans or deposits), stock indexes and interest rates do 12 not require pre-clearance, but do require reporting. For more detailed information, please see Section 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. 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. Explanatory Note: If an Access Person seeks pre-clearance to purchase a put option or sell a call option to hedge an existing long position in the same underlying securities, Personal Trading Compliance will compare the value of the underlying long position to the option to determine whether the Access Person's net position would be long or short. If short, the option transaction will be denied. 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 denied if:

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13  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.  the Covered Security is being considered for purchase or sale for a Loomis Sayles client, until that security is no longer under consideration for purchase or sale. The ECM System has the information necessary to deny pre-clearance if any of these situations apply. Therefore, if you receive an approval in ECM, you may assume the Covered Security is not being considered for purchase or sale for a client account unless 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. 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:  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"); AND  the aggregate 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. 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) before and after 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. 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 14 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. 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: 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: 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. 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 15 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:  During the three (3) business day period before 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. 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.  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. 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. 4.11. Initial Public Offerings Investing in Initial Public Offerings of Covered Securities is prohibited unless such 16 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. 4.12. Private Placement Transactions No Access Person may, directly or indirectly, purchase any Covered Security offered and sold pursuant to a Private Placement Transaction, including hedge funds and Initial Coin Offerings ("ICO"), including Coins and Tokens offered through an ICO structure, without obtaining the advance written approval of Personal Trading Compliance, the Chief Compliance Officer and the applicable Access Person's supervisor or other appropriate member of senior management. In addition to addressing potential conflicts of interest between the Access Person's Private Placement Transaction and the firm's clients' best interests, the pre-clearance of Private Placements is designed to determine whether the Access Person may come into possession of material non-public information ("MNPI") on a publicly traded company as a result of the Private Placement. A Private Placement Transaction approval must be obtained by completing an automated Private Placement Pre-clearance Form which can be found on the Legal and Compliance Intranet Homepage under 'Personal Trading Compliance Forms'. Explanatory Note: If you have been authorized to acquire a Covered Security in a Private Placement 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. 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, all transactions in Private Placements must be reported quarterly and annually as detailed in Section 6 of the Code. 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. 4.13. Insider Trading At the start of an Access Person's engagement with Loomis Sayles, and annually thereafter, each Access Person must acknowledge his/her understanding of and compliance with the Loomis Sayles Insider Trading Policies and Procedures. The firm's policy is to refrain from trading or recommending trading when in the possession of MNPI.

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17 Some examples of MNPI may include:  Earnings estimates or dividend changes  Positive or negative forthcoming news about an issuer  Supplier discontinuances  Mergers or acquisitions  Regulatory Actions If an Access Person receives or believes that he/she may have received MNPI with respect to a company, the Access Person must contact the Chief Compliance Officer or General Counsel immediately, and must not:  purchase or sell that security in question, including any derivatives of that security;  recommend the purchase or sale of that security, including any derivatives of that security; or  relate the information to anyone other than the Chief Compliance Officer or General Counsel of Loomis Sayles. If it has been determined that an Access Person has obtained MNPI on a particular company, its securities will generally be placed on the firm's Restricted List thereby restricting trading by the firm's client accounts and Access Persons, unless a firewall can be put in place in accordance with Loomis Sayles' Insider Trading Policies and Procedures. In addition, under the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"), Loomis Asia is required under the Notice on Reporting of Misconduct of Representatives by Holders of Capital Markets Services License and Exempt Financial Institutions to report to the Monetary Authority of Singapore ("MAS") upon discovery of, inter alia, any involvement of its representatives in market misconduct or insider trading. The Market Abuse Regulation ("MAR") requires that firms and individuals report suspicious transactions and orders (STORs), as defined in Article 16 of MAR, as well as attempted market abuse, to the FCA, without delay. The STOR report should be submitted via the FCA's Connect system. Separately, Access Persons must inform Personal Trading Compliance if a spouse, partner and/or immediate family member ("Related Person") is an officer and/or director of a publicly traded company in order to enable Personal Trading Compliance to implement special pre- clearance procedures for said Access Persons in order to prevent insider trading in the Related Person's company's securities. Explanatory Note: An Access Person may not trade in the securities of a company with which a Related Person is associated without receiving prior approval from Personal Trading Compliance in order to ensure that the Access Person is not trading while in possession of material non-public information relating to the company. 18 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. 4.14. Restricted and Concentration List The Loomis Sayles Restricted and Concentration List ("Restricted List") is designed to restrict Loomis Sayles and/or Access Persons from trading in or recommending, the securities of companies on the Restricted List for client and/or Access Persons personal accounts. Companies may be added to the Restricted List if Loomis Sayles comes into possession of MNPI about a company. A company's securities can also be added to the Restricted List due to the size of the aggregate position Loomis Sayles' clients may have in the company. Finally, there may be regulatory and/or client contractual restrictions that may prevent Loomis Sayles from purchasing securities of its affiliates, and as a result, the securities of all publicly traded affiliates of Loomis Sayles will be added to the Restricted List. No conclusion should be drawn from the addition of an issuer to the Restricted List. The Restricted List is confidential, proprietary information which must not be distributed outside of the firm. At times, an Access Person may have possession of MNPI on a specific company as a result of his/her being behind a firewall. In such cases, Personal Trading Compliance will create a specialized Restricted List in ECM for the Access Person behind the wall in order to prevent trading in the company's securities until such time as the Chief Compliance Officer has deemed the information in the Access Person's possession to be in the public domain or no longer material. If a security is added to either the Loomis Sayles firm-wide Restricted List or an individual or group Access Person Restricted List, Access Persons will be restricted from purchasing or selling all securities related to that issuer until such time as the security is removed from the applicable Restricted List. The ECM System has the information necessary to deny pre-clearance if these situations apply. 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. 4.16. Exemptions Granted by the Chief Compliance Officer 19 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 Exhibit Five, from the trading restrictions, pre-clearance requirements or other provisions of the Code with respect to particular individuals such as non-employee directors, consultants, temporary employees, interns or independent contractors, and types of transactions or Covered Securities, where, in the opinion of the Chief Compliance Officer, such an exemption is appropriate in light of all the surrounding circumstances. In situations where the CCO or Personal Trading Compliance may have a familial relationship with an Access Person covered by the Code, the CCO or Personal Trading Compliance member will abstain in the review and potential approval of any investment related activity for that Access Person, and such review and approval will be conducted by a Personal Trading Compliance professional that does not have a familial relationship with the Access Person. 5. PROHIBITED OR RESTRICTED ACTIVITIES 5.1. Public Company Board Service and Other Affiliations To avoid conflicts of interest, MNPI and other compliance and business issues, Loomis Sayles prohibits Access Persons from serving as officers or members of the board of any publicly traded entity. This prohibition does not apply to service as an officer or board member of any parent or subsidiary of Loomis Sayles. In addition, in order to identify potential conflicts of interests, compliance and business issues, before accepting any service, employment, engagement, connection, association, or affiliation in or within any enterprise, business or otherwise, (herein after, collectively "Outside Activity(ies)"), an Access Person must obtain the advance written approval of Personal Trading Compliance, the Chief Compliance Officer and the applicable Access Person's supervisor or other appropriate member of senior management. To pre-approve an Outside Activity the Access Person must complete the Outside Activity Form, that can be found within the 'Important Links' section of the ECM Homepage. In determining whether to approve such Outside Activity, Personal Trading Compliance and the Chief Compliance Officer will consider whether such service will involve an actual or perceived conflict of interest with client trading, place impediments on Loomis Sayles' ability to trade on behalf of clients or otherwise materially interfere with the effective discharge of Loomis Sayles' or the Access Person's duties to clients. Loomis Asia Compliance will also be involved in this review process to be alerted on activities that require prompt notifications to MAS. 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. 5.2. Participation in Investment Clubs and Private Pooled Vehicles 20 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 and 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 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 or Investment Control. The information contained therein must be current as of a date not more than 45 days prior to the individual becoming an Access Person. Additionally, within 10 days of becoming an Access Person, such Access Person must report all brokerage or other accounts that hold or can hold Covered Securities in which the Access Person has Beneficial Ownership or 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. 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. 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

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21 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. At the time of the initial disclosure period, each Access Person must also submit information pertaining to:  His/her participation in any Outside Activity as described in Section 5.1 of the Code;  His/her participation in an Investment Club as described in Section 5.2 of the Code;  Holdings in Private Placements including hedge funds; and  A Related Person that is an officer and/or director of a publicly traded company; if any. Upon becoming an Access Person, each Access Person will receive a copy of the Code, along with the Loomis Sayles Insider Trading Policies and Procedures and Loomis Sayles Gifts, Business Entertainment and Political Contributions Policies and Procedures. Within the 10 day initial disclosure period and annually thereafter, each Access Person must acknowledge that he or she has received, read and understands the aforementioned policies and recognize that he or she is subject hereto, and certify that he or she will comply with the requirements of each. 6.2. Brokerage Confirmations and Brokerage Account Statements Each Access Person must notify Personal Trading Compliance immediately upon the opening of an account that holds or may hold Covered Securities (including Reportable Funds), in which such Access Person has Beneficial Ownership or Investment Control. In addition, if an account has been granted an exemption to the Select Broker requirement and/or the account is unable to be added to the applicable Select Broker's daily electronic broker feed, which supplies ECM with daily executed confirms and positions, Personal Trading Compliance will instruct the broker dealer of the account to provide it with duplicate copies of the account's confirmations and statements. If the broker dealer cannot provide Personal Trading Compliance with confirms and statements, the Access Person is responsible for providing Personal Trading Compliance with copies of such confirms as and when transactions are executed in the account, and statements on a monthly basis, if available, but no less than quarterly. Upon the opening of an account, an automated Personal Account Reporting Form must be completed and submitted to Personal Trading Compliance. This form can be found on the Legal and Compliance Intranet Homepage under 'Personal Trading Compliance Forms'. 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. 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 22 accurately review and certify their quarterly transactions and annual holdings information in ECM, and to promptly notify Personal Trading Compliance if there are any discrepancies. 6.3. Quarterly Transaction Reporting, Account Disclosure and Related Person of a Public Company Certification Utilizing ECM, each Access Person must file a report of all Volitional transactions in Covered Securities (including Volitional transactions in Reportable Funds) made during each calendar quarterly period in which such Access Person has, or by reason of such transaction acquires or disposes of, any Beneficial Ownership of a Covered Security (even if such Access Person has no direct or indirect Investment Control over such Covered Security), or as to which the Access Person has any direct or indirect Investment Control (even if such Access Person has no Beneficial Ownership in such Covered Security). Non-volitional transactions in Covered Securities (including Reportable Funds) such as automatic monthly payroll deductions, changes to future contributions within the Loomis Sayles Retirement Plans, dividend reinvestment programs, dollar cost averaging programs, and transactions made within the Guided Choice Program are still subject to the Code's quarterly reporting requirements. If no transactions in any Covered Securities were effected during a quarterly period by an Access Person, such Access Person shall nevertheless submit a report through ECM within the time frame specified below stating that no reportable securities transactions were affected. The following information will be available in electronic format for Access Persons to verify on their Quarterly Transaction report: The date of the transaction, the title of the security, ticker symbol, CUSIP or ISIN, number of shares, and principal amount of each reportable security, nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition), the price of the transaction, and the name of the broker, dealer or bank with which the transaction was effected. However, the Access Person is responsible for confirming the accuracy of this information and informing Personal Trading Compliance if his or her reporting information is inaccurate or incomplete. With the exception of those accounts described in Exhibit Four, Access Persons are also required to report each account that may hold or holds Covered Securities (including accounts that hold or may hold Reportable Funds) in which such Access Person has Beneficial Ownership or Investment Control that have been opened or closed during the reporting period. In addition, life events such as marriage, death of a family member (i.e., inheritance), etc. may result in your acquiring Beneficial Ownership and/or Investment Control over accounts previously belonging to others. Therefore, any Covered Security, including Reportable Funds, along with any account that holds or can hold a Covered Security, including Reportable Funds, in which you have a Beneficial Ownership and/or Investment Control, as described in Section 3.2 and Section 3.3 of the Code, resulting from marriage or other life event must be reported to Personal Trading Compliance promptly, and no later than the next applicable quarterly reporting period. Finally Access Persons must report any Related Person that is an officer and/or director of a publicly traded company and that they do not serve as an officer or member of the board of any publicly traded company. Every quarterly report must be submitted no later than thirty (30) calendar days after the close of each calendar quarter. 6.4. Annual Reporting 23 On an annual basis, as of a date specified by Personal Trading Compliance, each Access Person must file with Personal Trading Compliance a dated annual certification which identifies all holdings in Covered Securities (including Reportable Funds) in which such Access Person has Beneficial Ownership and/or Investment Control. This reporting requirement also applies to shares of Covered Securities, including shares of Reportable Funds that were acquired during the year in Non-volitional transactions. Additionally, each Access Person must identify all personal accounts which hold or may hold Covered Securities (including Reportable Funds), in which such Access Person has Beneficial Ownership and/or Investment Control. The information in the Annual Package shall reflect holdings in the Access Person's account(s) that are current as of a date specified by Personal Trading Compliance. The following information will be available in electronic format for Access Persons to verify on the Annual Holdings report: The title of the security, the ticker symbol, CUSIP or ISIN, number of shares, and principal amount of each Covered Security (including Reportable Funds) and the name of any broker, dealer or bank with which the securities are held. However, the Access Person is responsible for confirming the accuracy of this information and informing Personal Trading Compliance if his or her reporting information is inaccurate or incomplete. Furthermore, on an annual basis, each Access Person must acknowledge and certify that during the past year he/she has received, read, understood and complied with the Code, Insider Trading Policies and Procedures, and the Policies and Procedures on Gifts, Business Entertainment, and Political Contributions, except as otherwise disclosed in writing to Personal Trading Compliance or the Chief Compliance Officer. Finally, as part of the annual certification, each Access Person must acknowledge and confirm any Outside Activities in which he or she currently participates and any Related Person that is an officer and/or director of a publicly traded company. All material changes to the Code will be promptly distributed to Access Persons, and also be distributed to Supervised Persons on a quarterly basis. On an annual basis, Supervised Persons will be asked to acknowledge his/her receipt, understanding of and compliance with the Code. Every annual report must be submitted no later than (45) calendar days after the date specified by Personal Trading Compliance. 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. 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 24 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. 6.7. Register of Interests in Securities Pursuant to regulations 4 and 4A of the Securities and Futures (Licensing and Conduct of Business) Regulations, all employees of Loomis Asia who have been appointed as representatives under the Securities and Futures Act are required to maintain a register of their interests in securities which are listed for quotation, or quoted on the Singapore Exchange Securities Trading Limited or any recognized market operator recognized by the Monetary Authority of Singapore under the Securities and Futures Act. For purposes of the register of interests in securities, "securities" includes any type of equity or debt security, any equivalent, any derivative, instrument representing, or any rights relating to a security, and any closely related security, as well as units in any open- ended funds, closed-end funds and business trusts. In addition, all employees are deemed to have an "interest" in securities if he/she has Beneficial Ownership or Investment Control (whether formal or informal, expressed or implied) over those securities. Section 4 of the SFA also sets out instances under which a person is deemed to have an "interest" in securities (for instance, where a person has an interest in securities through a corporation in which such person has a controlling interest. If you are unsure whether your personal trading activity needs to be entered into your register of interests in securities, please consult Personal Trading Compliance. Representatives of Loomis Asia must enter into their register of interests in securities, within 7 days after the date that they acquire any interest in securities, particulars of the securities in which they have an interest and particulars of their interests in those securities. Where there is a change in any interest in securities, representatives must enter in their register, within 7 days after the date of the change, particulars of the change (including the date of the change and the circumstances by reason of which the change occurred). Representatives of Loomis Asia maintain records of their holdings and transactions in securities on an Automated System (ECM). Such records must be produced for the MAS' inspection upon request. Loomis Asia separately maintains a nil register of interest in securities for the entity which does not hold any such interest. The register of interests in securities is kept in Loomis Asia's office (as notified to MAS) and Loomis US. Each entry in the register must be retained in an easily accessible form for a period of not less than 5 years after the date on which the entry was first made. 6.8. Mandatory Notification to the MAS for Loomis Asia's Directors and Appointed Representatives Pursuant to the license conditions set out upon being granted the Capital Markets Services License to conduct the regulated activity of Fund Management and Dealing in Capital Markets Products in Singapore, Loomis Asia's Directors and Chief Executive Officer ("CEO") are required to inform MAS via email or other means directed, of any change in business interests and substantial shareholdings promptly (i.e., 5% or more ownership of the outstanding voting securities in any entity).

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25 Notification of Substantial Shareholdings For Loomis Asia's Appointed Representatives, Directors and CEO, substantial shareholdings need to be recorded in ECM in a timely fashion upon the acquisition date of a 5% position, and thereafter for any 1% change in a 5% position. For Loomis Asia's Directors and CEO who are not an Appointed Representatives, notification of substantial shareholdings to MAS is required and usually made via email unless otherwise directed to be made in other means. Appointed Representatives, the CEO and Directors of Loomis Asia are responsible for notifying Personal Trading Compliance within 14 calendar days upon acquiring a 5% position and any 1% changes thereto for review and mitigation of potential conflict of interests arising of such substantial shareholdings. Loomis Asia Compliance will also rely on ad hoc reviews, monthly certifications and quarterly checklists to identify reportable holdings. Notification of Business interests Business interests refer to any role with any business entity arising from pre-approved Outside Activities or internal roles within Loomis's corporate and affiliated entities usually held by senior officers and directors. Loomis Asia's Appointed Representatives, Directors and CEO must notify Personal Trading Compliance within 14 calendar days from the effective date of any changes to their business interests. Changes in business interests of Loomis Asia's Directors or CEO would be separately notified to MAS via email or other means directed. For internal roles within Loomis's corporate and affiliated entities held by certain Loomis Asia's directors, Loomis Asia's Compliance will work with the Legal and Compliance of Loomis US to periodically obtain updates on potential changes to the internal roles for prompt notification to MAS. 7. SANCTIONS Any violation of the substantive or procedural requirements of this Code will result in the imposition of a sanction as set forth in the firm's then current Sanctions Policy that is maintained on the ECM Homepage, or as the Ethics Committee may deem appropriate under the circumstances of the particular violation. These sanctions may include, but are not limited to:  a letter of caution or warning (i.e. Procedures Notice);  payment of a fine,  requiring the employee to reverse a trade and realize losses or disgorge any profits;  restitution to an affected client;  suspension of personal trading privileges;  actions affecting employment status, such as suspension of employment without pay, demotion or termination of employment; and  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. 26 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:  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;  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;  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;  copies of Access Persons' and Supervised Persons' written acknowledgment of initial receipt of the Code and his/her annual acknowledgement;  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);  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  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. Explanatory Note: Under Rule 204-2, the standard retention period required for all documents and records listed above is five years, from the end of the calendar year in which the record was created, in an easily accessible place, the first two years in an appropriate office of Personal Trading Compliance. Under the IMAS Code of Ethics & Standards of Professional Conduct, Loomis Asia is required to keep records related to its policies and internal controls governing personal dealing, including any violations and the resultant 27 investigations and actions taken where appropriate, for a period of six years. Under MAR, the FCA requires all records be retained for 5 years. 9. MISCELLANEOUS 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. 9.2. Disclosure of Client Trading Knowledge No Access Person may, directly or indirectly, communicate to any person who is not an Access Person or other approved agent of Loomis Sayles (e.g., legal counsel) any non-public information relating to any client of Loomis Sayles or any assets held in the account of a client, including, without limitation, the purchase or sale or considered purchase or sale of a Covered Security on behalf of any client of Loomis Sayles, except to the extent necessary to comply with applicable law or to effectuate traditional asset management/operations activities on behalf of the client of Loomis Sayles. 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. 9.4. Notice to Personal Trading Compliance of Engagement of Independent Contractors Any Access Person that is engaged by Loomis Sayles as a non-employee service provider ("NESP"), such as a consultant, temporary employee, intern or independent contractor, shall be communicated to Personal Trading Compliance prior to his/her engagement by that person's supervisor. The NESP's supervisor shall provide to Personal Trading Compliance the information necessary to make a determination as to how the Code shall apply to such NESP. While NESPs are considered Access Persons under the Code, they generally have no investment or research related duties, do not have access to intended client investment decisions, and do not participate in client investment meetings. As a result, NESPs are not subject to the Code's pre-clearance and trading restrictions. However, to ensure that Personal Trading Compliance can effectively review NESP trading activities for potential front running conflicts 28 with client accounts, certain Code provisions under Section 6. Reporting Requirements do apply. These reporting requirements, along with the NESP's fiduciary duties, are described in further detail in the Code of Ethics Compliance Statement that each NESP must formally acknowledge upon their engagement with Loomis Sayles, as well as on an annual basis. At times, NESPs are contracted to various departments at Loomis Sayles where they may be involved or be privy to the investment process for client accounts or the Loomis Sayles recommendation process. Prior to their engagement, the NESP's supervisor will notify Personal Trading Compliance of these roles and depending on the facts and circumstances, Personal Trading Compliance will inform the NESP as to which further provisions of the Code will apply to them during their engagement. Explanatory Note: It is important to note that while the Code's reporting requirements outlined in Section 6. Reporting Requirements, apply to all Access Persons, given the nature of the access and roles of NESPs, as described above, the Code provides for waiver of certain Code requirements, depending on the tasks to be performed by the NESP. The Code of Compliance Statement nevertheless mandates that NESPs comply with the spirit of the Code's reporting requirements, and that failures to report accurately or timely will be reviewed for risk as it pertains to client investments. Dependent on the facts and circumstances of any potential reporting failures, it will be the judgement of Personal Trading Compliance or the Chief Compliance Officer to determine the severity of the failure and apply the appropriate sanctions as described in Section 7. Sanctions, above. 9.5. Exemptions to the Application of the Code Under limited circumstances, the Chief Compliance Officer may deem it admissible to allow non-Loomis Sayles employees access to certain client information, which will designate those individuals as Access Persons under the Code. Since there are significant variations in terms of: (i) the nature of the types of services, (ii) types of access being provided; and the length of time during which such persons provide services to Loomis Sayles or require access to client data, the Chief Compliance Officer may deem it appropriate to apply a limited set of Code requirements to those individuals. In such instances, the Chief Compliance Officer or Personal Trading Compliance will train those individuals of the relevant key concepts of the Code, and require them to periodically certify having received, read, understood and complied with those requirements. 9.6. Questions and Educational Materials Access Persons are encouraged to bring to Personal Trading Compliance any questions you may have about interpreting or complying with the Code about Covered Securities, accounts that hold or may hold Covered Securities or personal trading activities of you, your family, or household members, your legal and ethical responsibilities, or similar matters that may involve the Code.

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29 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. 1 GLOSSARY OF TERMS The boldface terms used throughout this policy have the following meanings: 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: 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; 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 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. 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). 3. "Beneficial Ownership" is defined in Section 3.2 of the Code. 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 2 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. 5. "Covered Security" is defined in Section 3.1 of the Code. 6. "Exempt ETF" is defined in Section 3.1 of the Code and a list of such funds is found in Exhibit Two. 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. 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. 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. 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. 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. 12. "Loomis Advised Fund" is any Reportable Fund advised or sub-advised by Loomis Sayles. A list of these funds can be found in Exhibit One. 13. "Non-volitional" transactions are any transaction in which the employee has not 3 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. 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. 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. 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. 17. "Related Person" means a spouse/partner and/or immediately family member of an Access Person. 18. "Reportable Fund" is defined in Section 3.1 of the Code, and a list of such funds is found in Exhibit One. 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. 20. "Select Broker" is defined in Section 3.4 of the Code. 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. 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

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4 requirements under the Code.

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## Ex-99.(P)(15)

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Newton Investment Management North America, LLC Code of Ethics Policy Summary effective as of October 31, 2025 Policy Statement Newton Investment Management North America, LLC ("NIMNA" or "Firm") adheres to the requirements set forth in the BNY Personal Securities Trading Policy ("PSTP"), the BNY Code of Conduct Policy and other related polices, which are designed to reinforce BNY's and, by extension, NIMNA's, reputation for integrity by avoiding even the appearance of impropriety. All NIMNA employees and contracted staff (each a "Supervised Person") are required to maintain certain business standards to allow NIMNA to meet its fiduciary obligations to its clients. This Code of Ethics policy provides employees with the guidance on how to uphold Firm's business standards and references the related policies that an employee will need to familiarize them to comply with Firm's business standards. NIMNA is committed to promoting a strong culture of compliance risk management and ethical conduct across all lines of business and legal entities, in line with the Firm's strategy and risk appetite. All employees and contractors are expected to read both the NIMNA and BNY policies and must comply with the spirit of the policies as well as the strict letter of their provisions. Failure to comply with the policies may result in the imposition of serious sanctions including, but not limited to, disgorgement of profits, dismissal, substantial personal liability and referral to law enforcement agencies or other regulatory agencies. Employees should retain the policies in their records for future reference and any questions regarding the policies should be referred to the Compliance team. Where decisions and actions are made on the behalf of NIMNA, personnel must adhere to the highest standards of integrity and are expected to avoid and report situations that may give rise to questions concerning ethics, including situations that could be construed to be an actual or perceived conflict of interest. Employees must not put their own interest ahead of the Firm or its clients and must comply with applicable legal requirements, securities laws and related Firm policies. Employees must not engage in activities if it would create or could reasonably be perceived to create a conflict of interest between the employee and the Firm's clients or the Firm. Refer to the Firm's Conflicts of Interest Policy for further information. To the extent any particular section of the PSTP is inconsistent with, or in particular less restrictive than the NIMNA policies or applicable laws and regulations, employees should consult the NIMNA Compliance team who may, in turn, consult the BNY Ethics Office ("Ethics Office"). The PSTP may be amended, and any provision waived or exempted can only be at the discretion of the Manager of the Ethics Office. Any such waiver or exemption will be evidenced in writing and maintained by the Ethics Office. Personal Brokerage Accounts and Trading Activity All Supervised Persons must adhere to the requirements set forth in the policy. 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 the investment adviser and is subject to the supervision and control of the investment adviser. Where a Supervised Person has direct or indirect influence or control of a personal brokerage account and/or trading activity, such accounts and related owners must also comply with this policy (collectively referred to as 'Covered Persons'). Covered Persons generally include Supervised Persons that own personal brokerage accounts either directly or indirectly as well as accounts held by members of the employee's family with whom they share a household. This includes an employee's spouse, their children and any other family members in their home. Generally, employees are deemed to be the indirect owner of securities if they have the opportunity to directly or indirectly share, at any time, in profits derived from transactions in such securities. Supervised Persons must not engage in personal securities transactions that may be deemed to take an inappropriate advantage of their position in relation to NIMNA's clients. In addition, employees who possess material non-public information (MNPI) about an issuer must not trade in that issuer's securities for their personal gain (insider trading). Refer to the Firm's Insider Trading and Securities Firewall policy for further information. Personal Brokerage Account Requirements At the start of employment, each Supervised Person is classified as either Investment Employees ("IE") or Access Decision Makers ("ADMs"). All employees will be classified as IE, except Portfolio Managers and Research Analysts who are classified as ADMs. All employees (IEs and ADMs) will be required to comply with the requirements set out below. In addition, ADMs will be subject to additional requirements which are also set out below. For the purposes of this policy, the term Security refers to any investment that represents an ownership stake or debt stake in a company or government. It includes stocks, units in funds, bonds, notes, evidence of indebtedness, certificates of participation in any profit-sharing agreement, collateral trust certificates, and certificates of deposit. It also includes security-based swaps and many types of derivatives, including puts, calls, straddles and options on any security or group of securities. It is to be assumed that all securities are covered unless there is an express exemption in the PSTP. Responsibility of Employees to Comply with Policy During Extended Leave of Absences Garden leave – can be described as industry sensitive leave while still employed by the company prior to commencing new employment with a competitor. It is expected that those Supervised Persons on Garden Leave will have access to NIMNA's systems suspended. However, if this is not the case and the Supervised Person continues to have access to the Firm's systems during his or her Garden Leave then the terms set forth in this policy should continue to be adhered to. Leave of absence - In the situation that a Supervised Person is taking a leave of absence, their employment status under the policy does not change. The Supervised Person remains subject to all general prohibitions in the policy including the pre-clearance provision. Should the Supervised Person wish to execute a transaction, the pre-clearance process outlined in this Policy should be adhered to, where applicable. Employees with Spouses or Covered Persons Employed at NIMNA Employees of NIMNA, who have a relationship with someone else employed by NIMNA and/or NIM who is defined as a Covered Person under the policy, must adhere to same process as a spouse that is not an employee, including but not limited to, reporting applicable personal trading accounts and re- clearing transactions, where appropriate. Automated System The Firm uses an automated system that is a web based third party application administered by the BNY Ethics Office and used throughout BNY to monitor all Covered Persons personal brokerage accounts and related activity. In addition, related attestations or certifications may be issued to Supervised Persons via the system, as necessary. The Firm also uses a proprietary automated system to report or obtain approval for certain activities that are noted throughout this policy and other related Firm and BNY Policies (e.g., gifts, 2 entertainment, Private Placement pre-clearance and certain outside employment or positions). This is a web-based system which employees can access through the BNY intranet site. Reporting Requirements Each Supervised Person is required to file various reports via the automated system, including but not limited to, personal brokerage information related to Covered Persons. General reporting requirements are outlined below however, these requirements may be subject to change from time to time or additional requirements applied. • Initial Reports: Upon commencement of employment, all Supervised Persons must submit an initial brokerage account and holdings report within 10 calendar days. These reports must contain a listing of all accounts that trade, or are capable of trading securities. The holdings report must be an accurate record of accounts and securities holdings with the preceding 45 days of submitting the report. • Quarterly Transactions Reports: all Supervised Persons must submit a report of all personal securities transaction completed by a Covered Person during the calendar quarter no later than 30 calendar days after the quarter end. • Annual Holdings Reports: On an annual basis and within 30 calendar days after the end of the year, employees must file an annual holdings report containing an accurate and current listing of securities held in all accounts that trade, or are capable of trading securities. • Annual Accounts Report: On an annual basis and within 30 calendar days after the end of the year, employees must review all of their reported accounts in the system and make any updates, including adding and/or removing accounts where necessary. • Ongoing Reporting: If an employee opens a new account, or receive securities through a gift or inheritance, they must update their holdings in the system within 10 calendar days of the event (i.e., account opening or date of receipt of securities). For gifts/inheritance, employees must disclose the name of the person receiving or giving the gift or inheritance, date of the transaction, and name of the broker through which the transaction was effected (if applicable). A gift of securities must be one where the donor does not receive anything of monetary value in return. Preclearance is required for all reportable holdings that are being liquidated (e.g. an executor liquidating a portfolio). • Updating Holdings: Employees are responsible for their securities holdings being accurate in the applicable system. This may require an employee to make manual adjustments for changes to their securities holdings (excluding exempt securities as defined in the PSTP Policy) that occur as a result of corporate actions, dividend reinvestments, or similar activity. These adjustments must be reported as soon as possible, but no less than annually. Failure to complete these reporting requirements within the time period stated by the Ethics Office, as stated above, will result in a violation being issued and the violation escalated to both NIMNA and BNY senior management. Although the Ethics Office will request duplicate statements and confirms from Employees' brokers, Employees are ultimately responsible for ensuring that their broker(s) send the duplicate confirms and statements to the Ethics Office. All Covered Persons are required to maintain all beneficially owned accounts with an approved broker. Any exceptions must be approved by the Ethics Office. 3 Brokerage Accounts All brokerage accounts need to be added to the system. These accounts must be added irrespective of whether the underlying securities are reportable. If employees have a brokerage account which only transacts in non-proprietary US mutual funds (Registered Investment Companies) (i.e. non-reportable securities), this brokerage account should be added, but the underlying securities and transactions within these do not require reporting (as these are exempt securities). Please remember that this requirement also applies to any Covered Persons accounts. Non-Discretionary (Managed) Accounts If employees have non-discretionary ("Managed") accounts by a third-party (an investment management, trust or similar agreement) which specifically documents in writing that the employee is unable to direct trades in the account, the employee must contact the Ethics Office to determine if the account is eligible for exclusion from the reporting requirements, providing duplicate account statements/trade confirms or preclearance requirements noted within NIMNA's and PSTP policies. Employees must comply with all provisions of the Policy until the Ethics Office deems the account to be excluded in writing. If the employee's account is approved as Managed, he/she may be required to complete a certification periodically attesting that the account continues to be maintained under the account provisions the Ethics Office relied upon to provide approval. In addition, employees are required to provide copies of statements to the Ethics Office when requested. Approved Broker Policy NIMNA Employees must maintain reportable brokerage accounts with an 'Approved Broker'. An Approved Broker is a designated broker, selected due to the ability to provide automated electronic feeds of transactions and holdings of securities to BNY. The Approved Broker list is maintained by the Ethics Office and is subject to change from time to time. All personal brokerage accounts that are held outside the U.S. which can hold reportable securities must be transferred to approved brokers (BNY has approved brokerage arrangements in the in certain non-US jurisdictions) or the account must be closed. If the account cannot be closed or transferred to an approved broker, a Broker Exception Request Form should be submitted through the proprietary system, including all relevant details. Broker Confirms For approved brokerage arrangements and where automated broker confirm feeds are established, there is no ongoing requirement to send broker confirms/statements to Compliance. Managed accounts, which are exempt from the Approved Broker requirements, are also not required to provide broker confirms. Statements/broker confirms however may be requested if there is a gap in the information provided on the feed. Broker confirms will also still be required to be uploaded to the system by Supervised Persons for accounts that are exempt from the Approved Broker requirements (other than Managed accounts). Holding Period Short term trading is defined as the purchasing then selling, or selling then purchasing, the same or equivalent (derivative) security within 30 calendar days for non-affiliated securities and 60 calendar days for affiliated securities, including any securities issued by BNY and its subsidiaries. 4

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Initial Public Offerings (IPOs) Acquisition of securities through an allocation by the underwriter of an Initial Public Offering (IPO) is prohibited without the prior approval of the appropriate BNY Governance team. Private Placements Acquisition of a private placement is prohibited without the prior approval of the appropriate BNY Governance team, employee's Manager and designated Compliance Officer. This can be done by submitting the appropriate forms to the Ethics Office. The process must be completed for any additional sums invested. A private placement is generally considered an offering of a security that is exempt from registration under various laws and rules, such as the Securities Act of 1933 in the U.S. Such offerings are exempt from registration because they do not constitute a public offering. Private placements can include limited partnerships, certain cooperative investments in real estate, co-mingled investment vehicles such as hedge funds, and investments in privately held and family-owned businesses and Volcker Covered Funds. For the purpose of this policy, time-shares and cooperative investments in real estate used as a primary or secondary residence are not considered to be private placements. Personal Trading Restrictions Blackout List (applicable to ADM and Investment Employees) The Blackout List typically consists of securities where the firm has pending or executed transactions (other than an index fund). ADM's and Investment Employees will generally not be given preclearance approval to execute a transaction in any security that appears on Firm's Blackout list. However, there may be approval for certain transactions deemed to be de minimis at the time of the request. Pre-clearance Process Supervised Persons who wish to place a personal securities transaction for a reportable security, as defined in the PSTP, in a reportable brokerage account must first request and receive approval to do completing and submitting a Pre-Clearance request. Supervised Persons must receive notice that the preclearance request was approved prior to placing a trade. All pre-trace clearance requests submitted in the system will be subject to a check against trading carried out on the firm's order management system to ensure no conflicts of interest occur. Once approval is received the employee may instruct their broker to trade in the security. The approval to trade expires on the close of business of the following business day after approval. Once approval is received, the employee can choose to place the trade prior to the expiration of the approval however, they are not obligated to do so if they decide not to trade. In addition, the employee may trade up to the number of shares approved through the preclearance request. In the event an employee wants to trade a lesser share amount, no additional preclearance approval is needed. However, should they want to trade an amount greater than what was approved, a new preclearance request must be placed, and approval received prior to executing the trade. If the pre-clearance is rejected and the employee feels that the grounds for rejection are incorrect, they may query the trade with the Ethics Office who may override the rejected request, if appropriate. Transaction Review Process The Ethics Office compares pre-clearance requests to the duplicate confirmations received from Employees' brokers. The Ethics Office conducts the comparison to ensure all transactions were approved and in compliance. Any exceptions are reported to the Firm's Compliance Officer. 5 Sanctions Employees who are not in compliance with this policy may be subject to sanctions. These sanctions may include, but are not limited to, disgorgement of any profit or any other financial sanction, warning, probation, suspension or termination of employment. Gifts and Entertainment Our clients, suppliers and vendors are vital to BNY's success. That's why it's imperative that these relationships remain objective, fair, transparent, and free from conflicts. While business gifts and entertainment can be important to building goodwill, they can also affect the relationship if an employee's ability to exercise sound business judgment becomes blurred. Fundamentally, interactions with existing or prospective clients, suppliers and vendors are business relationships and should be treated accordingly. Political Contributions Certain state and local jurisdictions and federal regulators in the United States (U.S.) impose restrictions or prohibitions on personal and corporate political contribution activities. These rules are designed to combat "Pay-to-Play" practices (i.e., offering political contributions in return for government business). This policy applies to all NIMNA employees who are legally entitled to make political contributions to political entities and political candidates in the U.S. local, state, and/or federal elections. The Firm encourages employees to keep informed of political issues and candidates and to take an active interest in political affairs. However, there are certain requirements all employees must adhere to related to political activities. In order to comply with relevant prohibitions, a Firm employee, or his or her family members may be restricted from and/or must obtain pre-approval before making, soliciting or coordinating certain political contributions. Outside Employment and Business Dealings Certain types of outside employment or business dealings may cause a conflict of interest or the appearance of a conflict. It's the employee's responsibility to recognize these situations. Any activity that diminishes their ability to perform their job duties objectively, benefits you at the expense of the Firm or the broader BNY, competes with any business or service provided by the Firm, or has the potential to damage our reputation will not be permitted. Certain types of outside employment and business dealings require approval before acceptance. Depending upon job duties or other regulatory requirements, an employee's request may be denied or limits may be placed upon their activities. Employees must obtain prior approval from the Ethics Office if they wish to serve as a Director, Trustee, Officer, Partner or Business Owner of any for-profit business OR for certain not-for-profit (NFP) organizations if any of the following conditions exist: • There is an existing or proposed client, business or financial relationship between the NFP organization and the Firm or BNY, including receiving charitable contributions, grants or foundation money from the Firm or BNY. • The NFP organization is a trade or industry organization (e.g., Financial Industry Regulatory Authority or the Chartered Financial Analyst Institute). • Employees receive any type of direct or indirect compensation (e.g., cash, securities, goods, services, tax benefit, etc.). • The organization/entity is any type of government agency or the employee's position/role is considered to be a public official (whether elected or appointed). 6 Additionally, employees must obtain prior approval from the BNY Ethics Office to serve as a member of an Investment Committee that makes or oversees decisions or recommendations with respect to investing the assets of a for-profit or a not-for profit organization. Employees may not serve until they have full approval from BNY as required by their Code of Conduct policy and documented appropriately. If compensated, the employee may be required to surrender the compensation if there is a potential conflict of interest or serving the outside entity on behalf of BNY. Even if the service does not require approval, employees must notify the Firm of any anticipated negative publicity, and must follow these guidelines while they serve: • Never attempt to influence or take part in votes or decisions that may lead to the use of BNY or its affiliates' products, services or other types of benefit to the company; the entity's records must reflect that the employee recused themself from such a vote or discussion. • The entity conducts its affairs lawfully, ethically, and in accordance with prudent management and financial practices. If not, then the employee must resign. • The employee is prohibited from divulging any confidential or proprietary information. • If the employee learns of any Material Non-Public Information (MNPI) they must contact the Chief Compliance Officer, or designee, as soon as practical. Even if outside employment is approved or permissible, employees may not solicit employees, clients, vendors or suppliers, nor may they utilize the company's name, time, property, supplies or equipment. In addition, Annual re- approval is required as facts and circumstances may change, so they may not be given permission to continue with their outside business activity every year. Reporting Violations All employees are responsible for escalating various issues to ensure appropriate action and oversight. Our corporate culture of 'doing what's right' empowers all employees with the necessary knowledge and resources to identify, notify, and report issues in a timely manner. Under NIMNA's escalation policy all employees and contractors are required to escalate certain issues of concern promptly, and in some cases within 24 hours, to their managers and Legal or Compliance. NIMNA prohibits any employee from retaliating against or victimizing any individual or employee who reports concerns described in this policy, cooperates in a government investigation, or otherwise engages in conduct that is protected by applicable laws. Employees should be aware that retaliation or victimization is prohibited. Employees may choose to remain anonymous, and to the extent possible, all reports are kept confidential. All violations of this Code of Ethics policy, including breaches or violations of the related corporate policies listed above, must be reported to the Firm's Chief Compliance Officer as soon as practical. In the event that an employee suspects that the CCO, or any person involved in the escalation process, is involved in the suspected or actual violation, refer to NIMNA's escalation policy to determine the appropriate escalation method. 7

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## Ex-99.(P)(16)

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CONFIDENTIAL (C) Code of Ethics – Americas SUMMARY AND SCOPE What the Code is about Helping to ensure that Nuveen and TIAA Employees place the interests of Nuveen clients ahead of their own personal interests. Who the Code applies to and what the implications are This Code applies to individuals in the following categories: • Nuveen Employees based in the US or Canada (except employees of Nuveen Natural Capital, unless the local/ designated Chief Compliance Officer and Nuveen Ethics Office determine otherwise). • Employees of any US-registered investment adviser who are based outside the US. • Consultants, interns, and temporary workers based in the US or Canada whose contract length is 90 days or more, unless the Nuveen Ethics Office determines otherwise. • TIAA Employees, consultants, interns, and temporary workers designated as Access Persons by a Nuveen Funds Chief Compliance Officer or the Nuveen Ethics Office. Independent directors and trustees of the CREF/VA-1 and Nuveen Fund Complex have their own Code of Ethics and are not subject to this one. For individuals who are subject to the Code, there are two designations with different implications: Access Person and Investment Person. ACCESS PERSON All Nuveen Employees and TIAA Employees who are subject to the Code are considered Access Persons, since they have, or could have, access to non-public information about securities transactions and other investments, holdings, or recommendations for Affiliate-Advised Accounts or Portfolios. Key characteristics of this designation. An individual may be considered an Access Person of multiple advisers affiliated with Nuveen, or of only one. If your regular duties give you access to non-public information, or you are an officer of a Nuveen sponsored or branded fund, your personal trading is generally monitored only against the trading activity of the specific adviser(s) or Affiliated Funds with which you are involved. For other employees, personal trading is typically monitored against the trading activities of all Nuveen US advisers. Nuveen Compliance \| 6 January 2026 You will generally not be permitted to execute transactions in a security on any day when an Affiliate-Advised Account or Portfolio managed by the adviser(s) that you are monitored against has a pending buy or sell order for that security at the time of your pre-clearance request. INVESTMENT PERSON An Access Person who meets any of the following criteria will in addition be considered an Investment Person: • The Access Person is a Portfolio Manager, Research Analyst or Research Assistant, or they otherwise participate in making recommendations or decisions concerning the purchase or sale of securities in any Affiliate-Advised Account or Portfolio. • The Access Person has been designated an Investment Person by the affiliate Chief Compliance Officer or the Nuveen Ethics Office. Key characteristics of this designation. The vast majority of Investment Persons are employees of Nuveen's investment advisers. An Investment Person is prohibited from transacting in securities during the period starting 7 calendar days before, and ending 7 calendar days after, any trade in an Affiliate-Advised Account or Portfolio for which he/she has responsibility. In addition, an Investment Person's personal transactions will be reviewed for conflicts in the period starting 7 calendar days before, and ending 7 calendar days after, all trades by their associated investment adviser(s). In some cases, the Investment Person may be required to reverse a trade and/or forfeit an appropriate portion of any profit as determined by the Nuveen Ethics Office. These consequences can apply regardless of whether the trade was pre-cleared. The personal trading of Investment Persons is generally only monitored against the trading activity of the specific adviser(s) for which they have been designated an Investment Person. Important to understand Some of our affiliated investment advisers may have supplemental policies of their own that impose additional rules on the same topics covered in this Code. Check with your manager or local/designated Chief Compliance Officer if you have questions. 22 Code of Ethics – Americas Page 2 of 9 CONFIDENTIAL (C) nuveenethicsoffice@nuveen.com Personal trading is a privilege, not a right. Nuveen and TIAA Employees are expected to follow the law and adhere to the highest standards of behavior—including with respect to personal trading. Any violation of the Code could have severe adverse effects on you, your co-workers, and Nuveen. You may be held personally liable for your conduct and be subject to fines, regulatory sanctions, and even criminal penalties. Because Nuveen can restrict your trading or take actions such as forcing you to hold a position or to disgorge profits, personal trading carries risks beyond normal market risks. Some requirements in this Code apply to Household Members. Each Household Member (see "Terms with Special Meanings" below) is subject to the same personal trading restrictions and requirements that apply to his/her related Nuveen and TIAA Employees. The Code does not address every ethical issue that might arise. If you have any doubt at all after consulting the Code, contact the Nuveen Ethics Office for direction. The Code applies to appearance as well as substance. Always consider how any action might appear to an outside observer (such as a client or regulator). You are expected to follow the Code both in letter and in spirit. Literal compliance, such as pre-clearing a transaction, does not necessarily protect you from liability for conduct that violates the spirit of the Code. If you have questions about how to comply with this Code, consult the Nuveen Ethics Office. TERMS WITH SPECIAL MEANINGS Within this policy, these terms are defined as follows: Affiliate-Advised Account or Portfolio Any Affiliated Fund, or any portfolio or client account advised or sub- advised by Nuveen. Affiliated Fund Any TIAA-CREF or Nuveen branded or sponsored open-end fund, closed-end fund, or Exchange Traded Fund (ETF), and any third-party fund advised or sub-advised by Nuveen. Automatic Investment Plan Any program, such as a dividend reinvestment plan (DRIP), under which investment account purchases or withdrawals occur according to a predetermined schedule and allocation. Beneficial Ownership Any interest by which you or any Household Member—directly or indirectly—derives a monetary benefit from purchasing, selling, or owning a security or account, or exercises investment discretion. You have Beneficial Ownership of securities held in accounts in your own name, or any Household Member's name, and in all other accounts over which you or any Household Member exercises or may exercise investment decision- making powers, or other influence or control, including trust, partnership, estate, and corporate accounts or other joint ownership or pooling arrangements. Code This Code of Ethics. Domestic Partner An individual who is neither a relative of nor legally married to a Nuveen Employee, but shares a residence and is in a mutual commitment similar to marriage with such Nuveen Employee. Event Contract A derivative contract whose payoff is based on a specified event, occurrence or value such as the value of a macroeconomic indicator or corporate earnings. Also known as a prediction or information contract. Federal Securities Laws The applicable portions of any of the following laws, as amended, and of any rules adopted under them by the Securities and Exchange Commission or the Department of the Treasury: • Securities Act of 1933. • Securities Exchange Act of 1934. • Investment Company Act of 1940. • Investment Advisers Act of 1940. • Sarbanes-Oxley Act of 2002. • Title V of the Gramm-Leach-Bliley Act. • The Bank Secrecy Act. Household Member Any of the following who reside, or are expected to reside for at least 90 days a year, in the same household as a Nuveen Employee: • Spouse or Domestic Partner. • Sibling. • Child, stepchild, grandchild. • Parent, stepparent, grandparent. • In-laws (mother, father, son, daughter, brother, sister). Independent Director Any director or trustee of an Affiliated Fund who is not an "interested person" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended. Managed Account Any account, including robo-advised accounts, in which you or a Household Member has Beneficial Ownership and for which you have delegated full investment discretion in writing to a third- party broker or investment manager. Nuveen Nuveen, LLC and all of its direct or indirect subsidiaries worldwide. Nuveen Employee Any full- or part-time employee of Nuveen, and any consultants, interns, or temporary workers designated by the Nuveen Ethics Office. WHO TO CONTACT Nuveen Ethics Office (Americas) Code of Ethics – Americas Page 3 of 9 CONFIDENTIAL (C) TERMS WITH SPECIAL MEANINGS (continued) Private Placement Any offering exempt from registration under the Securities Act of 1933, such as a private equity investment, hedge fund, or limited partnership. A private investment in public equity (PIPE) is also considered a Private Placement. Reportable Account Any account for which you or a Household Member has Beneficial Ownership AND in which securities can be bought, sold, or held. This includes, among others: • All brokerage, IRA, custodial, and trust accounts. • All Managed Accounts. • All 529 College Savings Plan accounts. • Any TIAA 401(k) plan account. • Any 401(k) plan account that permits transactions in any Reportable Security. • Any direct holding in an Affiliated Fund. • Any health savings account (HSA) that permits the purchase of any security. • Any employee stock purchase plan (ESPP) or employee stock ownership plan (ESOP). The following are NOT considered Reportable Accounts: • Charitable giving accounts. • Accounts held directly with a mutual fund complex or mutual fund-only platform, and not held at a bank or broker-dealer, in which open-end, non-Affiliated Funds are the only possible investment. • Any cash management account with a broker in which a security cannot be purchased or sold. • Any accounts that can invest only in cryptocurrency such as Bitcoin or Ethereum. Reportable Security Any security EXCEPT: • Direct obligations of the US government (indirect obligations, such as Fannie Mae and Freddie Mac securities, are reportable). • Certificates of deposit, bankers' acceptances, commercial paper, and high quality short-term debt (including repurchase agreements). • Money market funds. • Open-end funds that are not Affiliated Funds. • Note that closed-end funds are Reportable Securities. • Note that direct investments in cryptocurrency, such as Bitcoin, are not considered to be a security and are therefore not reportable. Reportable Transaction Any transaction involving a Reportable Security EXCEPT: • Transactions in Managed Accounts. Section 16 Persons: Transactions involving Nuveen closed-end funds in any of your Managed Accounts are reportable. • Transactions under an Automatic Investment Plan; note that transactions that override the pre-set schedule or allocation are reportable. • Dividends. • Interest Accrued. Section 16 Person Section 16 of the Exchange Act and the rules thereunder impose certain obligations on persons specified in section 30(h) of the Investment Company Act of 1940, as well as insiders of any public company that trades on a national stock exchange (such as a Nuveen closed-end fund). For purposes of Section 16, an "insider" is: • A director of a public company. • A designated officer of a public company. • A person who beneficially owns 10% or more of any class of equity security that is registered under Section 12 of the Exchange Act. • A portfolio manager of a Nuveen closed-end fund. Persons subject to Section 16 include, but are not limited to, portfolio managers of the Nuveen closed-end funds. TIAA Employee Any full- or part-time employee of TIAA, and any consultants, interns, and temporary workers designated by the Nuveen Ethics Office. GENERAL RESTRICTIONS AND REQUIREMENTS BASIC PRINCIPLES 1. Never abuse a client's trust, rights, or interests. This means you must never do any of the following: • Engage in any plan or action, or use any device, that would defraud or deceive a client. • Make any material statements of fact that are incorrect or misleading, either as to what they include or omit. • Engage in any manipulative practice. • Use your position (including any knowledge or access to opportunities you have gained by virtue of your position) to personal advantage or to a client's disadvantage. This would include, for example, front-running or tailgating (trading directly before or after the execution of a large client trade order), or any attempt to influence a client's trading to enhance the value of your personal holdings. • Conduct personal trading in any way that could be inconsistent with your fiduciary duties to a client (even if it does not technically violate the Code). 2. Handle conflicts of interest appropriately. This applies not only to actual conflicts of interest, but also to any situation that might appear to an outside observer to be improper or a breach of fiduciary duty. 3. Keep confidential information confidential. Always properly safeguard any confidential information you obtain in the course of your work. This includes confidential information related to any of the following: • Any Affiliate-Advised Account or Portfolio and any other financial product offered or serviced by Nuveen. • New products, product changes, or business initiatives. Code of Ethics – Americas Page 4 of 9 CONFIDENTIAL (C) • Past, current, and prospective clients, including their identities, investments, and account activity. "Keeping information confidential" means using discretion in disclosing information as well as guarding against unlawful or inappropriate access by others. This includes: • Making sure no confidential information is visible on your computer screen and desk when you are not there. • Not sharing passwords with others. • Using caution when discussing business in any location where your conversation could be overheard. Confidential information may be released only as required by law or as permitted under the applicable privacy policy(ies). Consult the Nuveen Ethics Office or your local/designated CCO before releasing any confidential information. 4. Handle Material Non-Public Information properly. Follow all terms described in "Material Non-Public Information" below. Be aware that any failure to handle such information properly is a serious offense and may lead to disciplinary action from Nuveen or TIAA as well as serious civil or criminal liability. 5. Comply with Federal Securities Laws. Any violation of these laws is punishable as a violation of the Code. 6. Never do anything indirectly that, if done directly, would violate the Code. Such actions will be considered the equivalent of direct Code violations. 7. Promptly alert the Nuveen Ethics Office or your local/designated CCO of any actual or suspected wrongdoing. Examples of wrongdoing include violations of the Federal Securities Laws, misuse of corporate assets, misuse of confidential information, or other violations of the Code. If you prefer to report confidentially, call the TIAA Confidential Helpline at 1-877-774-6492. Note that failure to report suspected wrongdoing in a timely fashion is itself a violation of the Code. PRE-CLEARANCE AND HOLDING REQUIREMENTS 8. Pre-clear any trade in Reportable Securities, including certain Affiliated Funds (see box on next page for additional information). If your trade requires pre-clearance, request approval through the StarCompliance system (StarCompliance) before you or any Household Member places an order to buy or sell any Reportable Security. Any approval you receive expires at the end of the day it was granted; however, you may place after-hours trades in international markets until 11:59 PM local time on that day. When requesting pre-clearance, follow this process: • Request pre-clearance on the same day you want to trade, during standard US trading hours (9:30 AM to 4:00 PM ET). Be sure your pre-clearance request is accurate as to security and direction of trade. • Wait for approval to be displayed before trading. If you receive approval, you may only trade that same day, and only within the scope of approval. If you do not receive approval, do not trade. • Place day orders only. Do not place good-till-canceled orders or limit orders that expire beyond the day of pre- clearance approval. You may place orders for an after- hours trading session or in foreign markets using that day's pre-clearance approval, but you must not place any order that could remain open into the next day's trading session. 9. Hold positions in securities that are subject to pre- clearance for 60 calendar days, or be prepared to forfeit any gains. Several things to note: • You may be required to surrender any gains realized (net of commissions) through a violation of this rule. • The 60-day holding requirement is tested on a last- in-first-out basis, across all of your holdings (not just within individual accounts). • The 60-day holding requirement extends to any options or other transactions that may have the same effect as a purchase or sale, and to all Reportable Securities except Exchange Traded Funds (ETFs), Exchange Traded Notes (ETNs), Unit Investment Trusts (UITs), and open-end Affiliated Funds. Note that trading in single-stock ETFs is prohibited. • Closed-end funds, including Nuveen branded or sponsored closed-end funds, are subject to the 60-day holding requirement. • You may sell the security on the 60th day after purchase, provided you obtain pre-clearance or an approved exemption applies. • You may re-purchase a security immediately after executing a sale of that same security subject to pre- clearance approval, which will trigger a new 60 calendar day holding period. • You may close a position at a loss at any time provided pre-clearance approval has been obtained, or an approved exemption applies. If your pre-clearance has been denied, it is advisable that you contact the Nuveen Ethics Office if you are seeking to sell at a loss within 60 days of your purchase. Note that if there are conflicts with any other provisions of the Code, your pre-clearance denial will not be overridden. 10. Comply with trading restrictions described in the prospectuses for all Affiliated Funds. This includes restrictions on frequent trading in shares of any open-end Affiliated Fund. 11. Pre-clear any transaction in a Managed Account that involves your influence. You must also immediately consult with the Nuveen Ethics Office to discuss whether the account in question can properly remain classified as a Managed Account. 12. Obtain the required approvals before any transaction in a Private Placement, including PIPEs. Participation and approval for all transactions in Private Placements advised or sub-advised by Nuveen, is

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Code of Ethics – Americas Page 5 of 9 CONFIDENTIAL (C) facilitated by the Nuveen Employee Investment Program (NuveenEIP@nuveen.com). For all other Private Placements, you must obtain approval for initial and subsequent commitments to invest but not sales/redemptions. Be aware that sales/redemptions are Reportable Transactions. Approval is required even if the investment is made in a Managed Account. WHAT NEEDS TO BE PRE-CLEARED Pre-clearance required • All actively initiated trades in Reportable Securities, except those listed here under "Pre-clearance not required." • Note that all closed-end funds, regardless of the underlying investments or fund structure (e.g. trust), including Nuveen-branded or -sponsored closed-end funds, require pre-clearance. • The sale of restricted stock or employee stock options accrued during prior employment or a Household Member's employment require pre-clearance. If pre-clearance is denied, you may contact the Nuveen Ethics Office to request reconsideration. • You may liquidate a position recently acquired through inheritance or a spin-off, subject to pre-clearance approval. If your pre-clearance is denied, you may contact the Nuveen Ethics Office to seek an exemption. Be aware that pre-clearance can be withdrawn even after it has been granted, and even after you have traded, if Nuveen later becomes aware of Affiliate-Advised Account or Portfolio trades whose existence would have resulted in denial of pre-clearance. In these cases, you may be required to reverse a trade and/or forfeit an appropriate portion of any profit, as determined by the Nuveen Ethics Office. Be aware that trades initiated by a broker to address the financial standing of an account can result in violations and will generally not be protected by the Code's "actively initiated trade" language for trades requiring pre- clearances. Examples include, but are not limited to, brokers initiating trades in margin accounts, brokers initiating trades to cover account fees, and brokers initiating trades to remediate a minimum or negative cash balance in an account. Pre-clearance not required • Shares of any open-end mutual fund (including open-end Affiliated Funds). • ETFs, ETNs, UITs (including options on ETFs and ETNs). Note that trading in single-stock ETFs is prohibited. • CDs and commercial paper. • Securities acquired or disposed of through actions outside your control or issued pro rata to all holders of the same class of investment, such as automatic dividend reinvestments, stock splits, mergers, spin-offs, or rights subscriptions. • The automatic exercise or liquidation by an exchange of a derivative instrument upon expiration or the delivery of securities pursuant to a written option that is exercised against you, and the assignment of options. • Sales pursuant to a bona fide tender offer. • Trades made through an Automatic Investment Plan that have been disclosed to the Nuveen Ethics Office in advance. • Trades in a Managed Account (except that you must pre-clear any trades that involve your influence, any initial purchases of Private Placements, purchases in any security in an initial public offering, any sales or redemptions of Private Placements that are branded, sponsored, advised or sub-advised by Nuveen, and, if you are a Section 16 Person, and any trades in Nuveen closed-end funds). • Foreign currencies, including futures. • Commodity instruments. • Index options and index futures. • Direct investments in cryptocurrencies. • Crypto instruments that are comprised of and invest solely in cryptocurrencies. OTHER RESTRICTIONS 13. Never knowingly trade any security being traded or considered for trade by any Affiliate-Advised Account or Portfolio. This applies to employee transactions in securities that are exempt from pre- clearance and includes equivalent or related securities. For example, if a company's common stock is being traded, you may face restrictions on trading any of the company's debt, preferred, or foreign equivalent securities, and from trading or exercising any options based on the company's securities. 14. Always prioritize client trades over personal trades. Your fiduciary duties to the client are far more important than your personal trading, which is a privilege and not a right. Never delay or in any way alter the timing or terms of a client trade for your personal benefit. 15. Do not engage in trading that involves any single stock ETFs, options on single stock ETFs, or single stock futures. Do not trade any financial instrument to obtain economic exposure to an individual security that you could not otherwise trade directly. 16. Do not enter into any Event Contract involving any company, financial market, or economic indicator or forecast (such as recession likelihood or GDP growth) using an online prediction market platform (e.g. Kalshi, Polymarket, Augur) or any other means. This restriction does not apply to Event Contracts related to sports, politics, culture, or other events not previously defined as prohibited. 17. Do not engage in uncovered short sales of individual securities. Code of Ethics – Americas Page 6 of 9 CONFIDENTIAL (C) 18. You may trade options on individual securities, subject to the 60-day holding period. Options traded must have an expiration of at least 60 days from the date that you enter into the contract. You are not permitted to close an option at a profit within 60 days of having entered into the contract. The option contract can be closed in less than 60 days at a loss, provided pre- clearance approval has been obtained. 19. Never participate in an investment club or similar entity. 20. Do not engage in excessive or inappropriate trading activity. Never let personal trading interfere with your professional duties. The Nuveen Ethics Office will monitor for potentially excessive or inappropriate trading and notify your manager and your local/designated CCO for assessment. 21. Pre-clear the sale of securities in a margin account. Margin accounts are permitted; however, you must obtain pre-clearance when selling to meet a margin call, even if the transaction is initiated by a broker. 22. Never purchase an IPO without advance approval. This includes Managed Accounts. Equity IPO participation is generally prohibited but approval may be granted in special circumstances, such as when: • You already have equity in the company and are offered shares. • You are a policy holder or depositor in a company that is demutualizing. • A Household Member has been offered shares as an employee. Purchases of initial offerings of SPACs, fixed income securities, convertible securities, preferred securities, open- and closed-end funds, commodity pools, and secondary equity offerings are generally permitted subject to pre-clearance in StarCompliance. MATERIAL NON-PUBLIC INFORMATION What is Material Non-Public Information? Material Non-Public Information is defined as information regarding any security, securities-based derivatives or issuer of a security that is both material and non-public. Information is material if both of the following are true: • A reasonable investor would likely consider it important when making an investment decision. • Public release of the information would likely affect the price of a security. Information is generally non-public if it has not been distributed through a widely used public medium, such as a press release or a report, filing or other periodic communication. Restrictions and requirements • Any time you think you might have, or may be about to, come into possession of Material Non-Public Information (whether in connection with your position at Nuveen or TIAA or not), alert the Nuveen Ethics Office. Alternatively, you may alert your local/designated CCO or Legal office, who in turn must promptly notify the Nuveen Ethics Office. Follow the instructions you are given. • Until you receive further instructions from the Nuveen Ethics Office, your local/designated CCO, or Legal, do not take any action in relation to the information, including trading or recommending the relevant securities or communicating the information to anyone else. • Never make decisions on your own regarding potential Material Non-Public Information, including whether such information is actually Material Non-Public Information or what steps should be taken. • If the Nuveen Ethics Office, your local/designated CCO and/or Legal determine that you have Material Non- Public Information: – Do not buy, sell, gift, or otherwise dispose of the issuer's securities, whether on behalf of an Affiliate-Advised Account or Portfolio, yourself, or anyone else. – Do not in any way recommend, encourage, or influence others to transact in the issuer's securities, even if you do not specifically disclose or reference the Material Non- Public Information. – Do not communicate the Material Non-Public Information to anyone, whether inside or outside Nuveen, except in discussions with the Nuveen Ethics Office and Legal and as expressly permitted by any confidentiality agreement or supplemental policies and procedures of your business unit. • Please refer to Nuveen's Material Non-Public Information and Insider Trading Policy for detailed information. Code of Ethics – Americas Page 7 of 9 CONFIDENTIAL (C) REPORTING REQUIREMENTS UPON BECOMING AN EMPLOYEE 23. Within 10 calendar days of starting at Nuveen or TIAA, acknowledge receipt of the Code. This includes certifying that you have read the Code, understand it, recognize that you are subject to it, have complied with all of its applicable requirements, and have submitted all Code-required reports. 24. Within 10 calendar days of starting at Nuveen or TIAA, use StarCompliance to report all of your Reportable Accounts and holdings in Reportable Securities. A) Report all Reportable Accounts using StarCompliance within 10 calendar days of starting at Nuveen or TIAA, making sure that you include information about the broker, dealer, or bank through which the account is held and the type of account. You must also upload the most recent statement in StarCompliance for each Reportable Account. B) If your account is not held with an approved broker or is not feed eligible as described in item 26 below, you must manually input an initial holding in StarCompliance for each Reportable Security within 10 calendar days of starting at Nuveen or TIAA. For Reportable Accounts held with an approved broker that are feed-eligible, the statement upload will fulfill your initial holdings reporting and manual entry is not required unless you wish to sell a Reportable Security prior to the establishment of the account's electronic feed in StarCompliance. For each Reportable Security, provide the security name and type, a ticker symbol or CUSIP, the number of shares or units held, and the principal amount (dollar value). Note the following: • This information must be no older than 45 calendar days before your first day of employment. • TIAA retirement plan accounts (other than those of Household Members) and TIAA HSAs administered by HealthEquity are not required to be manually added to StarCompliance as they are automatically added. • There are separate procedures for Managed Accounts, as described below in item 28. 25. Within 10 calendar days of starting at Nuveen or TIAA, report all current investments in Private Placements (limited offerings). Limited offerings are Reportable Securities. 26. Within 30 calendar days of starting at Nuveen or TIAA, move or close any Reportable Account that is not at an approved firm. This does not include Reportable Accounts that are commonly not feed-eligible, such as 401(k)s/403(b)s, HSAs, ESPP/ESOPs, Pension/ Annuity accounts, or 529 plans. See the definition of "Reportable Account" above and contact the Nuveen Ethics Office if you are unsure whether your account must be held with an approved firm. The list of approved firms is maintained by the Nuveen Ethics Office and is available in the document library of StarCompliance. Under very limited circumstances, it may be possible to obtain a waiver to keep a Reportable Account at a non- approved firm. Examples include: • An account owned by a Household Member who works at another financial firm with comparable restrictions. • An account that holds securities that cannot be transferred. • An account that cannot be moved because of a trust agreement. To apply for an exception, complete the Approved Broker Exception Request Form in StarCompliance. For any account granted an exception, you are required to upload statements for the account in StarCompliance at least quarterly for the entire reporting period and manually enter all Reportable Transactions in StarCompliance within 5 days of execution. Consultants, temporary workers, and employees based outside of the US are generally not required to move or close Reportable Accounts. 27. Within 30 calendar days of starting at Nuveen or TIAA, seek approval to liquidate any securities held prior to starting at Nuveen or TIAA that you do not wish to continue to hold. If you wish to liquidate securities that you held prior to joining Nuveen or TIAA, seek approval by contacting the Nuveen Ethics Office within 30 calendar days of starting at Nuveen or TIAA. If you do not liquidate securities during this time, you will generally forfeit this special consideration for liquidation and your trade requests to sell shares in these securities may be denied in the future. WHEN OPENING ANY MANAGED ACCOUNT 28. Get pre-approval for any new Managed Account before any trading activity commences and report the account within 10 calendar days of the date you or a Household Member opens the account or an account becomes a Reportable Account through marriage, cohabitation, divorce, death, or another event. Using the appropriate form, which may be accessed in StarCompliance, provide representations that support the classification of the account as a Managed Account. For an account to be classified as a Managed Account, the account owner must have no direct or indirect influence or control over the securities in the account. The form must be signed by the account's broker or investment manager and by all account owners. The broker or investment manager may Code of Ethics – Americas Page 8 of 9 CONFIDENTIAL (C) provide a Managed Account agreement or letter which substantiates the account as managed in lieu of signing the form. You may be asked periodically to confirm these representations or submit an updated form to confirm such. Note that upon request, you are also responsible for providing duplicate statements for the Managed Account to the Nuveen Ethics Office. WHEN OPENING ANY NEW REPORTABLE ACCOUNT 29. Report any new Reportable Account, including Managed Accounts. Do this in StarCompliance within 10 calendar days of the date you or a Household member opens the account or an account becomes a Reportable Account through marriage, cohabitation, divorce, death, or another event. EVERY QUARTER 30. Within 30 calendar days of the end of each calendar quarter, verify in StarCompliance that all Reportable Transactions made during that quarter have been reported. StarCompliance will display all transactions of yours for which it has received notice (except transactions in your TIAA pension and retirement plan accounts, which you are not required to report because the firm accesses this information directly). For any other Reportable Transactions not displayed, or displayed inaccurately, you are responsible for making any necessary revisions in StarCompliance prior to completing your certification. 31. For each Reportable Transaction, you must provide, as applicable, the transaction date, security name and type, ticker symbol or CUSIP, interest rate (coupon) and maturity date, number of shares, price at which the transaction was effected, principal amount (dollar value), the nature of the trade (buy or sell), and the name of the broker, dealer, or bank that effected the transaction. It is very important that you carefully review and verify the transactions and related details displayed in StarCompliance, checking for accuracy and completeness. Once again, if you find any errors or omissions, correct or add to your list of transactions in StarCompliance. EVERY YEAR 32. Within 45 calendar days of the end of each calendar year, acknowledge receipt of the most recent version of the Code and certify in StarCompliance as to your annual Reportable Security holdings and Reportable Accounts. The reporting must contain the information described in item 24 above and include your certification that you have reported all Reportable Accounts, and all holdings in Reportable Securities, at year end. If any of your Reportable Accounts and/or holdings in Reportable Securities are not displayed in StarCompliance or are displayed inaccurately, you are responsible for entering adjustments and trade confirms or making any necessary revisions in StarCompliance to complete your certification. In addition, you must affirm each year through StarCompliance that each Managed Account is properly classified as a Managed Account, for yourself and on behalf of any Household Member. This affirmation does not require broker or investment manager involvement. You also must acknowledge any amendments to the Code that occur during the course of the year. ADDITIONAL RULES FOR SECTION 16 PERSONS • Pre-clear transactions in all closed-end funds through StarCompliance. Any requests involving Nuveen closed- end funds will be reviewed by Legal. • Pre-clear buy/sell transactions involving any Nuveen closed-end funds within your Managed Account(s). • When selling for a gain any securities you buy that are issued by the entity of which you are a Section 16 Person, make sure it is at least 6 months after your most recent purchase of that security. This rule extends to any options or other transactions that may have the same effect as a purchase or sale and is tested on a last-in-first- out basis. You may be required to surrender any gains realized through a violation of this rule. Note that for any fund of which you are a Section 16 Person, no exception from pre-clearance is available. • Promptly email to the appropriate contact in Legal the details of all executed transactions in Nuveen closed-end funds of which you are a Section 16 Person. • See the Nuveen Funds Section 16 Policy and Procedures for additional information. If you are unsure whether you are a Section 16 Person, contact Legal or the Nuveen Ethics Office.

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Code of Ethics – Americas Page 9 of 9 CONFIDENTIAL (C) CODE ADMINISTRATION Training You will be required to participate in training on the Code when joining Nuveen or TIAA as well as periodically during the time you are subject to the Code. Exceptions The Code exists to prevent violations of law. The Nuveen Ethics Office may, under certain circumstances, grant waivers from a Code requirement. No waivers or exceptions that would violate any law will be granted. Monitoring The Nuveen Ethics Office is responsible for monitoring accounts, transactions, holdings and certifications for any violations of this Code. Consequences of violation Any individual who violates the Code is subject to penalty. Penalties could include, among other possibilities, a written warning, restriction of trading privileges, unwinding or reversing trades, disgorgement of trading profits, fines, and suspension or termination of employment. Applicable rules The Code has been adopted in recognition of Nuveen's fiduciary obligations to clients and in accordance with various provisions of Rule 204A-1 under the Investment Advisers Act of 1940 and Rule 17j-1 under the Investment Company Act of 1940. This Code is also adopted by the Affiliated Funds advised by Nuveen Fund Advisors, LLC, TIAA-CREF Investment Management, LLC and Teachers Advisors, LLC under Rule 17j-1. Some elements of the Code also constitute part of Nuveen's response to Financial Industry Regulatory Authority (FINRA) requirements that apply to registered personnel of Nuveen Securities, LLC.

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## Ex-99.(P)(17)

**MORGAN STANLEY INVESTMENT MANAGEMENT**

**PUBLIC SIDE CODE OF ETHICS AND PERSONAL TRADING GUIDELINES** 

July 25, 2025

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**TABLE OF CONTENTS**

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| | | | |
|:---|:---|:---|:---|
| **I.** | **INTRODUCTION** | **INTRODUCTION** | **3** |
|  | A. | GENERAL | 3 |
|  | B. | STANDARDS OF BUSINESS CONDUCT | 3 |
|  | C. | MANDATORY TRAINING REQUIREMENTS | 4 |
|  | D. | Overview of Code Requirements | 5 |
|  | E. | Personal Conflicts | 5 |
| **II.** | **TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS** | **TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS** | **6** |
|  | A. | Personal Securities Accounts | 6 |
|  | B. | Fully Managed Account\* | 6 |
|  | C. | Other Morgan Stanley Sponsored Accounts | 7 |
|  | D. | Non-Morgan Stanley Accounts | 7 |
|  | E. | Individual Savings Accounts ("ISAs") for Employees of MSIM Ltd. and EVAIL | 7 |
|  | F. | Mutual Fund Accounts | 8 |
|  | G. | Automatic Investment Plan | 8 |
|  | H. | Investment Clubs | 8 |
|  | I. | Cryptocurrencies | 8 |
| **III.** | **PRE-CLEARANCE REQUIREMENTS FOR PERSONAL SECURITIES TRANSACTIONS** | **PRE-CLEARANCE REQUIREMENTS FOR PERSONAL SECURITIES TRANSACTIONS** | **9** |
|  | A. | General | 9 |
|  | B. | Initiating a Transaction | 9 |
|  | C. | Pre-Clearance Valid for One Day Only | 9 |
|  | D. | Restrictions and Requirements for Investment Personnel | 10 |
|  | E. | Restrictions and Requirements that apply to Eaton Vance Affiliated Entities | 10 |
|  | F. | Restrictions and Requirements for PPA Model Personnel | 11 |
|  | G. | Omni and Those Who Have Access to Flex One | 11 |
|  | H. | Employees Designated to be "Above the Wall" | 12 |
|  | I. | Transacting in Morgan Stanley Securities | 12 |
|  | J. | Trading Derivatives | 12 |
|  | K. | Other Restrictions | 13 |
|  | L. | Other Activities Requiring Pre-Clearance | 13 |
| **IV.** | **HOLDING REQUIREMENTS** | **HOLDING REQUIREMENTS** |  |
|  | A. | Proprietary and Sub-advised Mutual Funds and Single-Stock Exchange-Traded Funds | 14 |
|  | B. | Covered Securities | 14 |
|  | C. | Holding Requirements Specific to MSIMJ Employees | 14 |
|  | D. | Holding Requirements Specific to HK Type 9 License Holder Employees | 14 |
| **V.** | **REPORTING REQUIREMENTS** | **REPORTING REQUIREMENTS** |  |
|  | A. | Initial Reporting and Holdings Certification | 15 |
|  | B. | Quarterly Reporting and Certification | 15 |
|  | C. | Annual Reporting and Holdings Certification | 16 |
| **VI.** | **OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS** | **OUTSIDE BUSINESS ACTIVITIES AND PRIVATE INVESTMENTS** | **18** |
|  |  | Approval to Engage in an Outside Business Activity | 18 |
|  |  | Approval to Invest in a Private Investment | 18 |
| **VII.** | **REVIEW, INTERPRETATIONS AND EXCEPTIONS** | **REVIEW, INTERPRETATIONS AND EXCEPTIONS** | **19** |
| **VIII.** | **ENFORCEMENT AND SANCTIONS** | **ENFORCEMENT AND SANCTIONS** | **19** |
| **IX.** | **RELATED POLICIES** | **RELATED POLICIES** | **20** |
| **X.** | **RECORDKEEPING** | **RECORDKEEPING** | **20** |
|  |  | Firm Requirements | 20 |
|  |  | MSIM Maintenance of Records Relevant to this Code | 21 |
| **SCHEDULE A** | **SCHEDULE A** |  | 22 |
| **XI.** | **DEFINITIONS** | **DEFINITIONS** | **25** |
| **SCHEDULE B** | **SCHEDULE B** |  | **31** |

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**I.INTRODUCTION**

&nbsp;&nbsp;&nbsp;&nbsp;&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.

**Who is Subject to This Code?**

**ALL MSIM Public Side Employees** and all others deemed Covered Persons in the definitions section of this policy by Compliance. Private Side Employees and AIP Private Markets employees should consult the <u>IM Private Side Supplement to the Global Employee Trading and Investing Policy</u> and the IM Private Side <u>Code of Ethics</u>.

In addition to this Code, there are separate Funds Code of Ethics applicable to each of the Morgan Stanley, Eaton Vance, Calvert Mutual Funds and MSIM China Co. Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;• The interests of Clients must always be placed first.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All personal securities transactions must be conducted in compliance with the rules contained in this Code and in such manner as to avoid any actual or potential conflict of interest or any abuse of your position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;• Defrauds a Client in any manner.

&nbsp;&nbsp;&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;&nbsp;&nbsp;• Operates or would operate as a fraud or deceit of a Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Functions as a manipulative practice with respect to a Client or securities.

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<u>Personal Securities Transactions and Relationship to MSIM Clients</u> 

MSIM prohibits you from engaging in personal trading in a manner that would distract you from your daily responsibilities. MSIM strongly encourages you to invest for the long term and discourages short-term, speculative trading. You are cautioned that short- term strategies may attract a higher level of scrutiny. Excessive or inappropriate trading that interferes with job performance or that compromises the duty that MSIM owes to its Clients will not be tolerated.

These standards do not identify all possible conflicts of interest, and literal compliance with each of the specific provisions of this Code will not shield you from liability for personal trading or other conduct that is designed to circumvent its restrictions or violates a fiduciary duty to Clients.

If you become aware that you or someone else may have violated any aspect of this Code, you must report the suspected violation to Compliance, or your Designated Manager immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Mandatory Training Requirements**

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| | | |
|:---|:---|:---|
| The training of all Covered Persons is one of the various ways that Morgan Stanley exhibits its commitment to maintaining integrity and operating with the highest ethical standards on regulatory and Firm issues at a global, divisional and regional level. Completion of required training is an ongoing focus of the regulators and important to mitigate risk across all areas. In addition, all Covered Persons are responsible for understanding and abiding by all policies, | The training of all Covered Persons is one of the various ways that Morgan Stanley exhibits its commitment to maintaining integrity and operating with the highest ethical standards on regulatory and Firm issues at a global, divisional and regional level. Completion of required training is an ongoing focus of the regulators and important to mitigate risk across all areas. In addition, all Covered Persons are responsible for understanding and abiding by all policies, | The training of all Covered Persons is one of the various ways that Morgan Stanley exhibits its commitment to maintaining integrity and operating with the highest ethical standards on regulatory and Firm issues at a global, divisional and regional level. Completion of required training is an ongoing focus of the regulators and important to mitigate risk across all areas. In addition, all Covered Persons are responsible for understanding and abiding by all policies, |
| procedures, industry standards, best practices and regulatory requirements discussed and outlined within their assigned Training Requirements. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Mandatory Training Requirements</u><br>Any late training may result in a **violation**. Please note that the trainings listed below have a shorter due date than others and are due within 10 calendar days of hire/becoming a Covered Person. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Mandatory Training Requirements</u><br>Any late training may result in a **violation**. Please note that the trainings listed below have a shorter due date than others and are due within 10 calendar days of hire/becoming a Covered Person. |
|  | Training Name | Description |
| Covered Persons who fail to complete all or part of their Training Requirements or are repeatedly tardy in their completion may be subject to disciplinary action, up to and including termination of employment. Disciplinary actions can be issued orally or in writing and may include, but are not limited to: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Investment Management Initial Disclosure Form | Used to report internal accounts with Morgan Stanley and E\*TRADE, DRIPS, Stock Purchase Plans, Physical Stock and Bond Certificates, Company Stock in External 401k, ESPP and ESOP |
| • Notifying an employee's Manager of the delinquency in writing or via the Performance Management Dashboard;<br>• Issuance of a Letter of Warning / Education to the employee and employee's Manager; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outside Business Interests - New Hires | Part of the Code of Conduct New Hire Curriculum which provides an overview on how to report: outside securities accounts, outside business activities, and private investments |
| • Record delinquency in the Compliance Incident Tracking of Employees database; or |  |  |
| • Suspension or termination of employment | • Suspension or termination of employment | • Suspension or termination of employment |

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Non-completion of the Code of Conduct or the Code training and applicable certifications and supplements can result in additional disciplinary actions prior to suspension or termination of employment, such as, restriction of trading privileges and reduction of discretionary bonus. In addition, non-completion of mandatory training by contingent workers may result in termination of their engagement with Morgan Stanley.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.Overview of Code Requirements**

Compliance with the Code is a matter of understanding its basic requirements and making sure the steps you take regarding activities covered by the Code are in accordance with the letter and spirit of the Code. Generally, you have the following obligations:

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| | |
|:---|:---|
| Personal <br>Securities<br>Account | •Pre-clearance<br>•Reporting |
| Personal <br>Trading | •Pre-clearance<br>•Holding Period<br>•Reporting |
| Outside Activity<br>and Private<br>Investments | •Pre-clearance<br>•Reporting |

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You must examine the specific provisions of the Code for more details on each of these activities.

Please contact Compliance if you have any questions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.Personal Conflicts**

As per the Firm's <u>Code of Conduct</u>, personal conflicts can arise from your outside activities or investments, or those of your family. You must avoid any investment, activity or relationship that could, or could appear to, impair your judgment or interfere with your responsibilities to Morgan Stanley (the "Firm") and our Clients.

If you become aware of an actual or potential conflict, you must act in accordance with applicable regulatory requirements and our policies. You also must notify your supervisor, the Conflicts Management Officer (CMO) for your business unit in your region, a member of LCD or the Firm's Global Conflicts Office (GCO)—including if an actual or potential conflict arises from an investment or activity that was previously approved through the <u>Outside Business Interests (OBI) System</u>. Consult the <u>Conflicts of Interest InfoPage</u> for additional information.

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| |
|:---|
| **Examples of Potential Personal Conflicts include, but are not limited to:** |
| • Having a personal or family interest in a transaction involving Morgan Stanley. |
| • Competing with Morgan Stanley for the purchase or sale of services. |
| • Taking advantage of outside business opportunities that arise because of your position at Morgan Stanley. |
| • 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). |
| • Engaging in personal financial arrangements or certain other personal relationships with other Morgan Stanley employees. |

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**II.TYPES OF ACCOUNTS/ACCOUNT OPENING REQUIREMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Personal Securities Accounts**

Generally, you and your Immediate Family must maintain all Personal Securities Accounts that may invest in Covered Securities at a Morgan Stanley Broker or <u>Preferred Brokers</u>, as applicable to the respective jurisdiction.

*Requirements may vary in non-U.S. offices.* New Employees or newly designated Covered Persons must disclose their Personal Securities Account(s) and accounts of their Immediate Family within 10 calendar days of hire and transfer their Personal Securities Account(s) to a Morgan Stanley Broker or Preferred Brokers, as applicable in non-US jurisdictions, at their own expense, within 60 calendar days of Compliance's review. Failure to do so may be considered a significant violation of this Code.

*<u>Opening a Morgan Stanley Brokerage Account.</u>* When opening a Personal Securities Account, you must notify the Broker that you are an Employee and that the relevant account must be coded as an Employee or Employee-related account. U.S. Employees can open a new account by typing **myfinances/** into their web browser. Employees do not need prior approval to open accounts with a Morgan Stanley Broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Fully Managed Account\***

Fully Managed Accounts are generally permitted to be maintained outside of the Firm. For Fully Managed Accounts maintained outside of the Firm, Employees must provide Employee Investing and Activities Compliance ("EIAC") with a copy of the executed management agreement or equivalent documents, with the respective account numbers, which EIAC will review for the relevant provisions. For certain brokers, the management agreement is not required (e.g., robo advisors). If the account is managed by a firm other than Morgan Stanley, you must submit a request in the OBI System and EIAC will arrange for duplicate copies of the statements to be sent to the Firm.

With prior approval, you may open a Fully Managed Account for yourself or an Immediate Family member if the account meets the standards set forth below. In certain circumstances and with approval from Compliance, you may appoint non-Morgan Stanley managers (e.g., trust companies, banks or registered investment advisers) to manage your account.

To establish a Fully Managed Account, you must grant the manager complete investment discretion over your account. Pre-clearance is not required for trades in this account; however, you may not participate, directly or indirectly, in individual investment decisions or be made aware of such decisions before transactions are executed. This restriction does not preclude you from establishing investment guidelines for the manager, such as indicating industries in which you desire to invest, the types of securities you want to purchase or your overall investment objectives. However, those guidelines may not be changed so frequently as to give the appearance that you are directing account investments.

\*Pursuant to local regulation, Employees of MSIM Private Limited and IM Public Side Employees of the Global In-house Centers as listed in <u>Schedule B</u> are prohibited from opening Fully Managed Accounts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Other Morgan Stanley Sponsored Accounts**

You do not have to pre-clear participation in Morgan Stanley Sponsored Accounts (e.g., Morgan Stanley 401 (k), Employee Incentive Compensation Plan, etc.) with Compliance. However, you must disclose participation in these and similar plans during the annual certification process. Changes made to existing investments in the Morgan Stanley 401(k) Plan that result in funds being moved in or out of the Morgan Stanley Stock Fund are subject to applicable window periods, and if you are an Access Person, to pre-clearance in accordance with Section III.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.Non-Morgan Stanley Accounts**

Exceptions to the requirement to maintain Personal Securities Accounts at a Morgan Stanley Broker are rare and require Compliance approval. If your request is approved, you will be required to ensure that missing statements are uploaded directly into the OBI System upon Compliance's request. Requirements may vary in non-U.S. offices.

If you open an account other than with a Morgan Stanley Broker (inclusive of E\*TRADE) without obtaining the required Compliance pre-approval, you must immediately disclose it to Compliance through the OBI System. You may be required to close such account.

Maintaining a non-Morgan Stanley 401(k) plan or similar account that permits you to trade Covered Securities must be approved by Compliance. Similar plans that do not have brokerage capabilities, but hold Covered Securities, must be disclosed initially during the <u>Initial Disclosure Process</u> and as part of the annual certification process.

Any approval to open or maintain a Held-Away Spousal Account, is subject to you, as the employee, providing or arranging to provide relevant account information and duplicate account statements. In addition, at such time as your spouse or domestic partner is no longer employed by another financial institution, you must promptly transfer the account to Morgan Stanley or E\*TRADE and update the relevant OBI disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.Individual Savings Accounts ("ISAs") for Employees of MSIM Ltd. and EVAIL**

Fully Managed Accounts for ISAs (i.e., an independent manager makes the investment decisions) and non-discretionary ISAs (including single company ISAs) where you make investment decisions, may only be established and maintained as long as the account is pre-approved by Compliance through the OBI System. In addition, for non-discretionary ISAs you must obtain pre-clearance approval for each transaction you wish to undertake via the Trade Pre-Clearance ("<u>TPC</u>") system. Duplicate statements must be supplied to Compliance and applicable quarterly and yearly reporting requirements must be met. For the avoidance of doubt, Fully Managed Accounts for ISAs do not require pre-clearance approval for each transaction undertaken by the independent investment manager. However, yearly reporting requirements apply.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.Mutual Fund Accounts**

You and your Immediate Family may open an account for the purpose of transacting in affiliated open-end Mutual Funds, including Sub-Advised and Proprietary Mutual Funds (i.e., an account directly with a fund transfer agent) without prior approval from Compliance. You must report participation in these accounts initially via the <u>Initial Disclosure Process</u> or during the next quarterly certification cycle and as part of the annual certification process. Accounts invested only in non-affiliated open-end Mutual Funds do not require disclosure in the OBI System as long as the account does not have the ability to trade in Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.Automatic Investment Plans**

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| | |
|:---|:---|
| | **Automatic Investment Plans** |
| With prior approval, you may open an account directly with an issuer to purchase its shares, such as a dividend reinvestment plan, ("DRIP") or Direct Purchase Plan ("DPP") by submitting a pre-clearance request via the TPC system for the initial purchase. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees are not required to pre-clear automatic investments made as part of an established DRIP or DPP; however, any future, off-scheduled, self-directed transactions (buys and sells) require pre-clearance. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.Investment Clubs**

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| | |
|:---|:---|
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You must report DRIP or DPP holdings to Compliance initially via the Initial Disclosure Process or during the next quarterly certification cycle and as part of the annual certification process. Please note that these accounts do not require OBI disclosure. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.Cryptocurrencies**

You are generally not required to disclose accounts for Cryptocurrency (wallets/accounts) if they do not have brokerage capability (i.e., cannot hold Covered Securities) and are not linked to an account with brokerage capability (whether or not such capability is utilized).

While trading Cryptocurrencies does not require disclosure or pre-clearance, other types of participation in Cryptocurrency activities (e.g., mining, staking participating in Initial Coin Offerings ("ICOs"), etc.) require disclosure and pre-approval through the OBI System. Please note that Private Investments or Outside Business Activities related to cryptocurrency exchanges or other related ventures are generally not permitted (please see the <u>Global Employee Trading, Investing and Outside Business Activities Policy</u>).

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**III.PRE-CLEARANCE REQUIREMENTS FOR<br>PERSONAL SECURITIES TRANSACTIONS**

**How to Preclear a Trade and Other Helpful Hints**

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

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| | |
|:---|:---|
| A.**General** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open the TPC system (type "IMTPC/" into your browser. |
| You and your Immediate Family are required to pre-clear and receive prior approval for all personal securities transactions in Covered Securities (including the gifting of Covered Securities) unless your personal securities transaction is subject to an exemption under this Code. Should an Employee be made aware of a proposed transaction in a Fully Managed Account or have personally directed or asked another person to direct a trade in a Fully Managed Account, the Employee is required to pre-clear that trade prior to execution. See the Securities Transaction Matrix in Schedule A for additional information regarding the requirements for pre-clearance. In keeping with the general principles and objectives of the Code, Compliance, in its sole discretion, may refuse to grant approval of a personal securities transaction, without specifying a reason for the refusal. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Select the correct account, transaction type (buy/sell) and quantity.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-clear all Covered Securities unless an exemption applies.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All Single-Stock ETFs are subject to pre-clearance requirements and the 30-calendar day holding period requirements.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Execute only after receiving an APPROVAL e-mail from the system.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You can only execute within your approval window.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contact Compliance with questions prior to trading. |

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Personal trade requests will be denied if there is an order for a Client in the same or related security at the time the personal trade request is submitted. Exceptions may be granted if the Covered Security is being purchased or sold for a passively-managed index fund or index portfolio.

Any transaction that is prohibited by the Code may be required to be reversed and any profits (or any differential between the sale price of the personal security transaction and the subsequent purchase or sale price by a Client during the relevant period) are subject to disgorgement. See "Enforcement and Sanctions".

Please consult with your local Compliance if you have any questions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Initiating a Trade**

Transactions requiring pre-clearance may not be executed prior to receiving an "Approval" e-mail from the TPC system. Approval is obtained by entering your trade request into the <u>TPC</u> system. Upon completion of the necessary compliance checks, you will receive a system generated e-mail notification advising whether your request has been approved or rejected and the time frame in which you are permitted to execute your trade. You must wait for notification from the TPC system advising that your trade request has been approved before executing the trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Pre-Clearance Valid for the Same Day Market Session Only**

Except for PPA Model Personnel, who are instead subject to Section III. F "Restrictions and requirements for PPA Model Personnel", all Covered Persons are required to pre-clear Covered Securities through the TPC system during the open market session you intend to execute the trade. If your request is approved, such approval is valid only during the market session for which it is granted and expires at market session close that same day. Any transaction not completed (whether in whole or in part) during that market session will require a new approval. This means that you are not permitted to enter "good-till-canceled" orders. Only market orders and limit orders for the day are permitted. Open orders, such as limit orders and stop-loss orders, must be pre-cleared each day until the transaction is effected. In the case of trades in international markets where the market has already closed when approval is granted, transactions must be executed by the next close of trading in that market.

**Note: PPA Model Personnel; see Section III.F "Restrictions and Requirements for PPA Model Personnel" and for Omni Personnel and those who have access to Flex One; Section III.G "Restrictions and Requirements for Omni Personnel and those who have access to Flex One" below).**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.Restrictions and Requirements for Investment Personnel**

No purchase or sale transaction may be made in any Covered Security or a related investment (i.e., derivatives) by Investment Personnel or other Employees who have knowledge of client trading (excluding PPA Model Personnel; see Section III.F "Restrictions and Requirements for PPA Model Personnel" and Section III.G "Restrictions and Requirements for Omni Personnel and those who have access to Flex One" below) for a period of five (5) calendar days before or five (5) calendar days after the Investment Personnel purchases or sells the security on behalf of a Client. Exceptions from the Blackout Period may be granted if the Covered Security was traded for an index fund or index portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.Restrictions and Requirements that apply to Eaton Vance Affiliated Entities**

<u>Research Recommendations or Conclusions</u>

Where research recommendations or conclusions are involved, Investment Personnel must adhere to the following.

If within the five (5) calendar days prior to and including the day you seek pre-clearance and approval to enter into a personal securities transaction for a security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 theAnalyst Select Portfolio has been increased or decreased;

&nbsp;&nbsp;&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; or

&nbsp;&nbsp;&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.

<u>Blackout Period related to the Rebalance and Reconstitution of a Calvert Indexes</u>

If you are an Employee with knowledge of the decisions of the CRM Research, Review and Recommendation Committee or the actions taken by the CRM Index Committee (or any new or successor committees that CRM may form to perform similar functions) as determined by the CRM Chief Compliance Officer or her designee, for the 5 calendar days prior to and including the day that the relevant Calvert Index is rebalanced or reconstituted, you may NOT enter into a Personal Securities Transaction in your personal account. A Compliance Officer will notify you if you are subject to this blackout period.

<u>Additional Requirements Pertaining to Research Analysts in the Eaton Vance Affiliated Entities</u>

Research Analysts and their Immediate Family are subject to the requirements and restrictions listed below.

*Personal Securities Transactions for Securities in Your Coverage Area.* You and your Immediate Family may not enter into a personal securities transaction in any security for which you have coverage responsibility:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you are in the process of making a new recommendation, have changed a recommendation or conclusion for the security or a related financial instrument, but have not yet communicated it to the Investment Personnel in your department; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Until the 5<sup>th</sup> calendar day after you have communicated your new or changed recommendation or research conclusion throughout the relevant investment group.

You may then proceed according to the requirements set forth above under sub-sections A, B and C above.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.Restrictions and Requirements for PPA Model Personnel**

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| | |
|:---|:---|
| | **Who are PPA Model Personnel?** |
| PPA Model Personnel are required to request approval in the TPC system for Covered Securities one (1) calendar day prior to the intended transaction and are required to execute the trade the following business day. Additionally, PPA Model Personnel may be temporarily restricted from all personal securities trading or from transacting in specific securities during significant model portfolio rebalance and index reconstitution events. PPA Model Personnel will be notified of all such personal trading Blackout Periods and Restricted Lists in writing by local Compliance. | **<br>Employees supporting Equity business, involved in portfolio management, trading, research and strategy; Employees with access to pre-execution model portfolio transactions.** |
| Please consult your local Compliance if you have questions. | **<u>Pre-Clearance Timeline for PPA Model Personnel</u>:** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.Omni and Those Who Have Access to Flex One**

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| | |
|:---|:---|
| Investment Personnel who trade for Omni or those who have access to the Flex One system, are required to receive approval from their Designated Manager, via e-mail, for any personal securities trades one (1) calendar day prior to the intended transaction. Upon receipt of their Designated Managers approval, the employee is then required to request approval, the following trade date, via the TPC system and must wait until they receive notification from the TPC system, prior to executing. Final approval is valid for that day only.<br>Please consult your local Compliance if you have questions. | **On day one, enter pre-clearance request into TPC system.<br>On day one, the request is routed to your DM.<br>On day one, DM approves and you receive approval e-mail advising that you are approved to trade the NEXT business day.<br>On day two (the next business day after DM approval is received) you may execute trade.** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.Employees Designated to be "Above the Wall"**

MSIM Employees in the Legal and Compliance Division, Internal Audit Division, the Global Risk & Analysis Super Department, Tax, Global Conflicts Office and Environmental and Social Risk Management Team are designated to be "Above the Wall" ("ATW") and their personal securities transactions are subject to additional pre-clearance checks with the Control Group. Other Employees may also be subject to the ATW checks as deemed necessary by the Control Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.Transacting in Morgan Stanley Securities**

Transacting in, including the gifting of, Morgan Stanley securities and options is subject to the <u>Global Employee Trading, Investing and Outside Business Activities Policy (see section 7)</u> and must take place during the designated window periods. Consult MS Today or <u>MSIM Code of Ethics Employee Jive site</u> for the window period announcement prior to trading.

![parametriccoeiiiitransacti.jpg](parametriccoeiiiitransacti.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.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 on common stock if the call option has a "period to expiration" of at least 30 calendar days from the date of purchase and you hold the call option for at least 30 calendar days prior to sale. If you choose to exercise the option, you must also hold the underlying security delivered pursuant to the exercise for 30 calendar days after the date of option exercise.

*Covered Calls.* **You may also sell (or "write") a call option only if you have held the underlying security (in the corresponding amount) for at least 30 calendar days.**

<u>Put Options</u>

*Listed Put Options.* You may purchase a listed put option on common stock if the put option has a "period to expiration" of at least 30 calendar days from the date of purchase and you hold the put option for at least 30 calendar days prior to sale. If you purchase a put option on a security you already own, you may exercise the put once you have held the underlying security for 30 calendar days. If you purchase a put on a security that you do not own, you may not exercise the put; and must sell the option prior to its expiration date.

For MSIM Employees, you may not trade futures, forward contracts, including currency forwards, physical commodities and related derivatives, over-the-counter warrants or swaps. You are prohibited from selling ("writing") a put. The prohibition on commodities trading applies to trades directly on commodities markets rather than holding the physical commodity (e.g., gold bullion).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K.Other Restrictions**

<u>Primary and Secondary Public Offerings</u>

You and your Immediate Family are generally prohibited from purchasing any equity security in an initial or secondary/follow on public offering. In addition, unless otherwise notified by Compliance, you may not purchase an equity security that is part of a primary or secondary public offering that the Firm is underwriting or selling until the distribution has been completed. This restriction does not apply to rights issuances to which Personal Securities Accounts would be entitled with regard to their existing holdings. Note that this restriction also applies to your Immediate Family, **regardless** of whether the securities are purchased into an Personal Securities Account.

Purchases of new issue debt are permitted, provided such purchases are pre-cleared by Compliance and meet other relevant requirements of the Code.

<u>Short Sales</u>

You and your Immediate Family may not engage in short selling of Covered Securities.

<u>Restricted List</u>

You and your Immediate Family may not transact in Covered Securities that appear on the Firmwide Restricted List or the MSIM Restricted List. You must check the <u>Restricted Lists</u> prior to submitting a TPC request and executing the trade.

<u>Cross Trades</u>

MSIM Employees and their Immediate Family are not allowed to engage in cross trades or pre-arranged trades between their Personal Securities Accounts, MSIM funds and MSIM Client accounts.

<u>Changes to Normal Settlement Cycles</u>

Hong Kong Type 9 License Holders are not permitted to make changes to normal settlement cycle or delay settlement for any trades in Personal Securities Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**L.Other Activities Requiring Pre-Clearance**

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| | |
|:---|:---|
| **Activity** | **Resources/Additional Information** |
| <br>**Outside Business Activities** | Please see Section VI "Outside Business Activities and Private Investments" of this<br>Code. |
| **Outside Brokerage Accounts** | Please see Section II "Types of Accounts and Account Opening Requirements" of this Code. |
| <br>**Transactions in Private Investments** | Please see Section VI "Outside Business Activities and Private Investments" of this Code. |
| <br>**Political Contributions** | Please consult the Firm Policy on U.S.<br>Political Contributions and Activities. |

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**IV.HOLDING REQUIREMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Proprietary and Sub-advised Mutual Funds and Single-Stock Exchange-Traded Funds**

You may not redeem or exchange Proprietary or <u>Sub-advised Mutual Funds</u> or Single-Stock Exchange- Traded Funds until at least 30 calendar days from the purchase trade date.

Employees are subject to the terms and restrictions of an open-end fund's prospectus, including restrictions such fund may impose on excessive trading. You may not engage in trading of shares of an open-end fund that is inconsistent with the prospectus of that fund. Where a proprietary or sub-advised fund's prospectus has a holding period that is less than 30 calendar days, Employees are required to hold shares for at least 30 calendar days before selling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Covered Securities**

You may not sell a Covered Security until you have held it for at least 30 calendar days. For calculation purposes, the trade date counts as day one and the position may be closed on the 31<sup>st</sup> calendar day or thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.Holding Requirements Specific to MSIMJ Employees**

When selling equity (i.e., domestic and foreign equity shares and rights as well as corporate bonds, etc. that can be converted into shares such as corporate bonds with share warrants or share options), Covered Persons at MSIMJ must hold such instruments for at least six months. This includes transactions in Morgan Stanley Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.Holding Requirements Specific to HK Type 9 License Holder Employees**

All personal account investments (including Exempt Securities) made by Hong Kong Type 9 License Holders are required to be held for a minimum of 30 calendar days.

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**V.REPORTING REQUIREMENTS**

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

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| | |
|:---|:---|
| A.**Initial Reporting and Holdings Certification** | <br>**New Hire Checklist** |
| When you commence employment with MSIM or otherwise become a Covered Person, you must complete the Initial Disclosure Process (the "Initial Report") no later than 10 calendar days after you become a Covered Person. The information you provide must not be more than 45 calendar days old from the day you became a Covered Person and must include: | <br>**<u>As a new hire, you have 10 calendar days to</u>:**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete your Initial Disclosure Process.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclose your Outside Business Interests/Accounts, Private Investments. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The title and type, and, as applicable, the exchange ticker symbol or CUSIP number, number of shares and the (current) principal amount of any Covered Security;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of any broker-dealer, bank or financial institution where you maintain an account in which any securities are held; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date you submitted the Initial Report. | &nbsp;&nbsp;&nbsp;**<u>Within 30 calendar days of hire you must</u>:**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete your new hire trainings.<br>**<u>Within 60 calendar days of Compliance's review you must</u>**:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transfer and close any non-approved personal securities account. |

---

All new Covered Persons will receive training on the principles and procedures of the Code. As a Covered Person, you must also certify that you have reviewed, understand and agree to abide by the terms of this Code, including but not limited to, the disclosure of outside accounts, Outside Business Activities and Private Investments that are required to be logged in the OBI System within 10 calendar days and the transfer or closure of the account within 60 calendar days of Compliance's review.

If you have any questions, contact your local Compliance group.

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

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| | |
|:---|:---|
| B.**Quarterly Reporting and Certification** | <br>**Quarterly Requirements**  |
| You must submit a Quarterly Transactions Report to Compliance no later than 30 calendar days after the end of each calendar quarter, or in accordance with regulatory requirements applicable to your region. You do not have to submit a Quarterly Transactions Report if it would duplicate information provided in broker account statements that Compliance already receives or may access.<br>The Quarterly Transactions Report must contain the information set forth below. | <br>Each quarter you will receive a Quarterly Transactions Report. You are only required to submit the report if one of the conditions is met.<br>The report is required to be submitted no later than 30 calendar days after the end of each calendar quarter. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For transactions in a Personal Securities Account during the previous quarter you must provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The date of the transaction, the 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;&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;&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;&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;&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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| C.**Annual Reporting and Holdings Certification** | <br>**Annual Requirements**  |
| You must update, as applicable, and certify to the following information on an annual basis (the "Annual Report"):<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of your current brokerage account(s), including those for your Immediate Family;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all securities and current principal amount Beneficially Owned by you in these account(s);<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all your approved Outside Business Activities, and Private Investments;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all other additional reportable investments you hold outside of Morgan Stanley (such as DRIPs, other 401(k) accounts and any Covered Securities held in certificate form);<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of financial institutions (broker dealers, banks, transfer agents, etc.) with which you maintain an account in which any securities are held; and | <br>Each year, Covered Persons will receive an Annual Certification for Employees ("ACE") where you are required to confirm that the information the Firm has in its records is both accurate and complete.<br>As part of ACE, you will be required to read and understand both the Code of Conduct and the MSIM Code of Ethics.<br>ACE includes sections regarding Morgan Stanley Accounts, Morgan Stanley Sponsored Plans, Outside Business Interests and Additional Reportable Investments.<br>**You are required to complete this certification on or before it's due date.** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 be current as of 45 calendar days before the report is submitted.

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You must also certify that you have reviewed and agree to abide by the requirements of the Code and that you are in compliance with the Code.

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;&nbsp;&nbsp;&nbsp;&nbsp;**A.Approval to Engage in an Outside Business Activity**

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| | |
|:---|:---|
| | **Special Considerations <br>Related to your Outside <br>Business Disclosures** |
| You may not engage in any Outside Business Activity, <u>regardless of whether or not you receive compensation</u> or are asked to engage in such activity by the Firm, without prior approval first from your Designated Manager and then from Compliance. If you receive approval, it is your responsibility to notify Compliance immediately if any conflict or potential conflict of interest arises in the course of the Outside Business Activity or if the nature of the activity changes, materially.<br>Examples of an Outside Business Activity, <u>as per the Global Employee Trading, Investing and Outside Business Activities Policy</u>, include providing consulting services, organizing a company, giving a formal lecture or publishing a book or article, accepting compensation from any person or organization other than the Firm, serving as an officer, employee, director, partner, member, or advisory board member of a company or organization not affiliated with the Firm, whether or not related to the financial services industry (including charitable organizations or activities for which you do not receive compensation), setting up a holding company for investments, investing in rental properties or acting as power of attorney and receiving compensation for such role. Generally, Compliance will not approve any Outside Business Activity related to the securities or financial services industry other than activities that reflect the interests of the industry as a whole and that are not in competition with those of the Firm. | • Disclose existing OBI's within 10 calendar days of hire.<br>• All times thereafter, you must receive pre-approval through OBI System before participating.<br>• New accounts due to marriage, inheritance etc. are required to be disclosed within 10 calendar days of the event.<br>• As part of the Annual Certification process, you are required to review/edit each disclosure for completeness and accuracy.<br>• U.S. Registered Employees only, real estate investments that generate rental income require disclosure in OBI, unless the property is also used by you as a primary, secondary or vacation residence.<br>• Non-U.S. Registered Employees are not required to disclose real estate investment that generate rental income. |

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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 and9 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 concering the company in question, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Approval to Invest in a Private Investment**

You may not invest in a third-party Private Investment without prior approval from Compliance. Private Investments include investments in privately held corporations, limited partnerships, tax shelter programs, hedge funds and holding companies (e.g., LLC, LP, S-Corp, C-Corp, etc.). Approval is required for third-party private investments held in a Morgan Stanley account through the OBI System. Disclosure in the OBI System is not required for Morgan Stanley proprietary funds (funds structured by Morgan Stanley or its affiliates that are offered to MS Employees and/or Clients).

Singapore-licensed Employees are prohibited from conducting (by way of Outside Business Activity or Private Investment) the following non-financial advisory activities:

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<u>Being engaged in any of the following:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Carrying on or being involved in the business of money lending

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Organizing, promoting or conducting any casino marketing arrangement in or with respect to any casino

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acting as an associate of an international market agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Being engaged in the business of an international market agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Being an applicant for an international market agent license

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Carrying on the business of an estate agent, or acting/representing as an estate agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acting or holding himself out as a salesperson for any licensed estate agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Marketing any investment that is not an investment product

 <u>Being invested in, or holding any interest in the following:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any moneylending business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any business of an international market agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any business of an estate agent

**VII.REVIEW, INTERPRETATIONS AND EXCEPTIONS**

Compliance is responsible for administering the Code and reviewing your Initial, Quarterly and Annual Reports. Compliance has the authority to make final decisions regarding Code policies and may grant an exception to a policy as long as it determines that no abuse or potential abuse is involved. Exceptions are granted only in rare and unusual circumstances, such as financial hardship. You must contact Compliance with any questions regarding the applicability, meaning or administration of the Code, including requests for an exception, <u>in advance</u> of any contemplated transaction. If Compliance determines that an exception would not be against the interests of any Client and is consistent with applicable laws and regulations, including Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act, Compliance may approve an exception and will document the exception, including the circumstances and rationale.

**VIII.ENFORCEMENT AND SANCTIONS**

Violations of the Code must be reported promptly to Compliance and, as appropriate, senior management. On a quarterly basis, violations of the Code are reported to the applicable funds' board of directors. Compliance may issue letters of warning/education or impose sanctions as appropriate, including notifying your Designated Manager, issuing a reprimand (orally or in writing), restricting your trading privileges, reducing your discretionary bonus, if any, requiring reversal of a trade made in violation of the Code or other applicable policies, or taking other disciplinary action, including, but not limited to, suspension or termination of your employment. **Violations are considered on a cumulative basis.**

The foregoing sanctions are intended to be guidelines only. Compliance, in its discretion, may recommend alternative actions if deemed warranted by the facts and circumstances of each situation. MSIM management, including the Head of MSIM Compliance, is authorized to determine the choice of actions to be taken in specific cases.

Sanctions may vary based on applicable law and regulatory requirements in your jurisdiction.

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In addition, pursuant to the terms of Section 9 of the Investment Company Act of 1940, as amended, no director, officer or Employee of MSIM may become, or continue to remain, an officer, director or Employee of MSIM without an exemptive order issued by the U.S. Securities and Exchange Commission, if such director, officer or Employee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Within the past ten years has been convicted of any felony or misdemeanor (i) involving the purchase or sale of any security; or (ii) arising out of his or her conduct as an underwriter, broker, dealer, investment adviser, municipal securities dealer, government securities broker, government securities dealer, transfer agent, or entity or person required to be registered under the U.S. Commodity Exchange Act, or as an affiliated person, salesman or employee of any investment company, bank, insurance company or entity or person required to be registered under the U.S. Commodity Exchange Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is or becomes permanently or temporarily enjoined by any court from: (i) acting as an underwriter, broker, dealer, investment adviser, municipal securities dealer, government securities broker, government securities dealer, transfer agent, or entity or person required to be registered under the U.S. Commodity Exchange Act, or as an affiliated person, salesman or employee of any investment company, bank, insurance company or entity or person required to be registered under the U.S. Commodity Exchange Act; or (ii) engaging in or continuing any conduct or practice in connection with any such activity or in connection with the purchase or sale of any security.

You are obligated to immediately report any conviction or injunction described here to Compliance.

In addition to the above, you may also be subject to similar fit and proper/conduct related requirements to the extent you are employed or licensed in non-US jurisdictions. Please reach out to your local Compliance coverage if you are unclear about the requirements that apply to you.

**IX.RELATED POLICIES**

In addition to this Code, you are also subject to the policies and procedures documented in the Compliance Manual applicable to your region; the <u>Global Employee Trading Investing and Outside Business Activities Policy</u>; the <u>Morgan Stanley Code of Conduct; the Global Confidential and Material Non-Public Information Policy</u>; the <u>Policy on U.S. Political Contributions and Activities</u>; and the <u>MSIM Global Gifts, Entertainment and Charitable Giving Policy</u> (requirements may vary in non-U.S. offices).

**X.RECORDKEEPING**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.Firm Requirements**

Records are retained in accordance with the Firm's <u>Global Information Management Policy</u>, which establishes general Firm-wide standards and procedures regarding the retention, handling, and destruction of official books and records and other information of legal or operational significance.

The <u>Global Information Management Policy</u> incorporates the Firm's <u>Master Retention Schedule</u>, which lists various record classes and associated retention periods on a global basis.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.MSIM Maintenance of Records Relevant to this Code**

Compliance shall maintain records relevant to this Code as may be necessary under the provisions of this Code.

Previous versions include: August 16, 2002, February 24, 2004, June 15, 2004, December 31, 2004, December 15, 2006, May 12, 2008, August 19, 2010, September 17, 2010, February 15, 2011, March 1, 2011, September 28, 2011, June 29, 2012, September 16, 2013, October 10, 2014, March 26, 2016, December 7, 2017, December 12, 2018, December 12, 2019, December 11, 2020, January 1, 2022, December 15, 2022, December 12, 2023 and December 12, 2024.

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**SCHEDULE A**

**SECURITIES TRANSACTION MATRIX**

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| | | | |
|:---|:---|:---|:---|
| <br>**TYPE OF SECURITY** | <br>**Pre-Clearance Required** | **Reporting Required** | **30 Calendar Days Holding Period Required** |
| Covered Securities | Covered Securities | Covered Securities | Covered Securities |
| <u>Pooled</u> <u>Investment</u> <u>Vehicles</u>: | <u>Pooled</u> <u>Investment</u> <u>Vehicles</u>: | <u>Pooled</u> <u>Investment</u> <u>Vehicles</u>: | <u>Pooled</u> <u>Investment</u> <u>Vehicles</u>: |
| Closed-End Funds | Yes | Yes | Yes |
| Proprietary or Sub-advised Mutual Fund | No | Yes | Yes |
| Unit Investment Trusts | No | Yes | No |
| Exchange-Traded Funds (ETFs) including Crypto Currency ETFs | No | Yes | No |
| Single-Stock ETFs | Yes | Yes | Yes |
| Exchange-Traded Notes (ETNs) | No | Yes | No |
| Hedge Funds | Yes | Yes | Yes |
| <u>Equities</u>: | <u>Equities</u>: | <u>Equities</u>: | <u>Equities</u>: |
| Morgan Stanley Securities<sup>1</sup> | Yes | Yes | Yes |
| Common Stocks | Yes | Yes | Yes |
| Listed Depository Receipts e.g. ADRs, Ads, GDRs | Yes | Yes | Yes |
| DRIPs<sup>2</sup> | Yes | Yes | Yes |
| Corporate Non-Voluntary Actions (e.g.,<br>Stock Splits, Mergers, Spin-off etc.) | <br>No | <br>Yes | <br>No |
| Rights | Yes | Yes | Yes |
| Stock Dividend | No | Yes | No |
| Warrants (Listed and Exercised) | Yes | Yes | Yes |
| Preferred Stock | Yes | Yes | Yes |
| Listed Real Estate Investment Trusts (REITs) | Yes | Yes | Yes |
| Initial Public Offerings (equity IPOs) and Secondary/Follow on offerings | PROHIBITED | PROHIBITED | PROHIBITED |

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<sup>1</sup> Employees may transact in Morgan Stanley securities only during designated window periods. Pre-clearance of transactions in Morgan Stanley securities is required for all Access Persons. Non-Access Person are exempt from pre-clearance.

<sup>2</sup> Automatic purchases for dividend reinvestment plan are not subject to pre-approval requirements. The initial set up/purchase requires preclearance.

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| | | | |
|:---|:---|:---|:---|
| <br>**TYPE OF SECURITY** | <br>**Pre-Clearance Required** | <br>**Reporting Required** | **30 Calendar Days Holding Period Required** |
| Private Investments in Public Equity Securities (PIPES) | PROHIBITED | PROHIBITED | PROHIBITED |
| <u>Derivatives</u> (Employees who work in the PPA businesses are prohibited from trading ALL derivatives): | <u>Derivatives</u> (Employees who work in the PPA businesses are prohibited from trading ALL derivatives): | <u>Derivatives</u> (Employees who work in the PPA businesses are prohibited from trading ALL derivatives): | <u>Derivatives</u> (Employees who work in the PPA businesses are prohibited from trading ALL derivatives): |
| Morgan Stanley (stock options) | Yes | Yes | Yes |
| Common Stock Options | Yes | Yes | Yes |
| Forward Contracts (including currency forwards) | PROHIBITED | PROHIBITED | PROHIBITED |
| Commodities Contracts | PROHIBITED | PROHIBITED | PROHIBITED |
| OTC warrants or swaps | PROHIBITED | PROHIBITED | PROHIBITED |
| Futures | PROHIBITED | PROHIBITED | PROHIBITED |
| <u>Fixed</u> <u>Income</u> <u>Instruments</u>: | <u>Fixed</u> <u>Income</u> <u>Instruments</u>: | <u>Fixed</u> <u>Income</u> <u>Instruments</u>: | <u>Fixed</u> <u>Income</u> <u>Instruments</u>: |
| Asset Backed Securities | Yes | Yes | Yes |
| Fannie Mae | Yes | Yes | Yes |
| Freddie Mac | Yes | Yes | Yes |
| Corporate Bond | Yes | Yes | Yes |
| Convertible Bonds (converted) | Yes | Yes | Yes |
| Municipal Bonds | Yes | Yes | Yes |
| New Issues (fixed income) | Yes | Yes | Yes |
| Government Sponsored Entities (GSE) / Agency Bonds | Yes | Yes | Yes |
| Structured Notes | Yes | Yes | Yes |
| High Yield Sovereign Debt (as rated by S&P) | Yes | Yes | Yes |
| High Yield Securities<sup>3</sup> | PROHIBITED | PROHIBITED | PROHIBITED |
| <u>Private</u> <u>Investment</u> <u>and Outside</u> <u>Activities</u>: | <u>Private</u> <u>Investment</u> <u>and Outside</u> <u>Activities</u>: | <u>Private</u> <u>Investment</u> <u>and Outside</u> <u>Activities</u>: | <u>Private</u> <u>Investment</u> <u>and Outside</u> <u>Activities</u>: |
| Private Investments (e.g. limited partnerships) | Yes | Yes | N/A |
| Outside Activities | Yes | Yes | N/A |
| Investment Clubs | PROHIBITED | PROHIBITED | PROHIBITED |
| Exempt Securities (The following are exempt from pre-clearance, reporting and holding requirements, except that for | Exempt Securities (The following are exempt from pre-clearance, reporting and holding requirements, except that for | Exempt Securities (The following are exempt from pre-clearance, reporting and holding requirements, except that for | Exempt Securities (The following are exempt from pre-clearance, reporting and holding requirements, except that for |
| Hong Kong SFC Type 9 licensed employees a 30-calendar day holding period is required for all personal account investments in securities including exempt securities): | Hong Kong SFC Type 9 licensed employees a 30-calendar day holding period is required for all personal account investments in securities including exempt securities): | Hong Kong SFC Type 9 licensed employees a 30-calendar day holding period is required for all personal account investments in securities including exempt securities): | Hong Kong SFC Type 9 licensed employees a 30-calendar day holding period is required for all personal account investments in securities including exempt securities): |
| Mutual Funds (open-end) not advised or sub-advised by MSIM | <br>Brokerage CDs | <br>GNMA | <br>Bankers' Acceptances |
| Direct Obligations of the US and Foreign Governments (US Treasury/Investment Grade Sovereign Debt)<sup>4</sup> | Money Market Funds (Inclusive of Morgan Stanley Money Market Funds) | Commercial Paper | Investment Grade Short-Term Debt Instruments<sup>5</sup> |
|  | Regulated Collective Investment Schemes | Physical Commodities | Currencies |

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<sup>3</sup> Securities rated below investment grade by S&P.

<sup>4</sup> Sovereign debt security rated below investment grade will be subject to pre-clearance and 30-day holding period requirement. Ratings from other rating agencies besides S&P should not be used to determine whether pre-clearance is required.

<sup>5</sup> For these purposes, repurchase agreements and any instrument that has a maturity at issuance of fewer than 366 days that is rated as investment grade by a nationally recognized statistical rating organization.

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*Intentionally Left Blank*

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**XI.DEFINITIONS**

These definitions are here to help you understand the application of the Code to various activities undertaken by you and other persons related to you who may be covered by the Code. The definitions are an integral part of the Code and a proper understanding of them is essential. Refer back to these definitions as you read the Code.

"**Access Persons**" (for purposes of transacting in Morgan Stanley securities) is defined in the <u>Global Employee Trading, Investing and Outside Business Activities Policy</u> and means those individuals or divisions that, as part of their job function may receive or have access to Morgan Stanley-related material non-public information that is recurring or cyclical in nature.

"**Beneficially Owned**" generally means an interest where you or a member of your Immediate Family, directly or indirectly: (i) have investment discretion or the ability (including joint ability or discretion) to purchase or sell securities or direct the disposition of securities; (ii) have voting power over securities, or the right to direct the voting of securities; or (iii) have a direct or indirect financial interest in securities (or other benefit substantially equivalent to ownership of securities). For purposes of this Code, "beneficial ownership" shall be interpreted in the same manner as it would be under Section 16 of the Securities and Exchange Act, as amended, and the rules and regulations thereunder.

"**Blackout Period**" for purposes of this Code, means a temporary period of time as determined by Compliance during which you may be restricted from all personal securities trading or a temporary or indefinite restriction on transactions in certain specific Covered Securities based upon your job responsibilities.

"**Chief Compliance Office**r" or "**CCO**" refers to the Chief Compliance Officer of the following, as relevant: Atlanta Capital Management Company LLC; Boston Management and Research; Calvert Research and Management; Eaton Vance Advisers International Ltd.; Eaton Vance Management; Morgan Stanley Investment Management Inc.; or Parametric Portfolio Associates LLC.

"**Client**" means shareholders or limited partners of registered and unregistered investment companies and other investment vehicles, institutional, high net worth and retail separate account clients, employee benefit trusts and all other types of clients advised by MSIM.

"**Closed-End Fund**" means any fund with a fixed number of shares and which does not issue and redeem shares on a continuous basis. While Closed-End Funds are often listed and trade on stock exchanges, they are not "Exchange traded funds" as defined below in the Covered Securities definition.

"**Compliance**" means your applicable local Compliance group (e.g., Atlanta, Boston, Dublin, London, Minneapolis, Mumbai, New York, Seattle, Singapore, Tokyo, and Washington, D.C.).

"**Control Group**" is a team within Legal and Compliance that is responsible for maintaining the Firm's Information Barriers (often referred to as "the Wall"). The Control Group serves as a buffer between the Firm's various business units, controlling and coordinating communications between these areas, as well as conducting global surveillance to ensure that applicable laws and rules are followed.

"**Covered Persons**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All MSIM Employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any person (such as certain consultants, leased workers or temporary workers) who provides investment advice to clients on behalf of MSIM, is subject to the supervision and control of MSIM or who has access to nonpublic information regarding any Client's purchase or sale of securities, or portfolio holdings, or who is involved in making securities recommendations to Clients, or who has access to such recommendations that are nonpublic. Contingents that are hired for positions lasting more than one year or are otherwise classified as a Covered Person by their assignment contacts/managers or Compliance may be required to transfer brokerage accounts to a Morgan Stanley Broker or Firm approved third party broker as applicable to the respective jurisdiction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

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;&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 on securities, on indexes and on currencies, warrants and American depositary receipts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asset-backed securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closed-End Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-Traded Funds including single-stock Exchange-Traded Funds, Exchange- Traded Notes and Crypto Currency Exchange-Traded Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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 A</u> and excluding money market funds);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preferred securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities indices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Structured Notes, such as equity-linked or credit- linked notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 A</u> for application of the Code to various security types.

"**Cryptocurrency**" means any virtual or digital representation of value, token or other asset in which encryption techniques are used to regulate the generation of such assets and to verify the transfer of assets, which is not a security or otherwise characterized as a security under the relevant law. This includes initial coin offerings ("ICOs") and secondary coin offerings ("SCOs").

"**Derivative**" means (1) any Futures and (2) a forward contract, a "swap", a "cap", a "collar", a "floor" and an over-the-counter option. Questions regarding whether a particular instrument or transaction is a Derivatives for purposes of this Code should be directed to your local Compliance group. For avoidance of doubt, a Derivative on a Cryptocurrency is considered to be a "Derivative" for purposes of this.

"**Designated Manager**" means manager designated by your business unit or department to supervise your personal trading and investing activities.

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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.

"**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;&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;&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;&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:

oGinnie Maes,

oU.S. savings bonds, and U.S. Treasuries; and

oSecurities 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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Currencies (including Spot FX);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Holding physical commodities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 a Personal Securities Account.

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"**Hong Kong Type 9 License Holder**" means MSIM Public Side Investment Personnel housed in Hong Kong entity Morgan Stanley Asia Limited who holds a Hong Kong Type 9 license.

"**Immediate Family**" pursuant to this Code includes a Covered Persons spouse or domestic partner, dependents and all other persons for whom the Covered Person, their spouse, or domestic partner contributes substantial financial support. This does not include an unrelated person who shares the same residence with the employee provided that the unrelated person and employee are financially independent of one another.

"**Initial Public Offering" ("IPO")** means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities and Exchange Act of 1934. As used in this Code, the term "Initial Public Offering" shall also mean a one- time offering of stock to the public by the issuer of such stock which is not an initial public offering.

"**Investment Personnel**" means MSIM Employees and any other Covered Persons who (i) obtain or have access to information concerning investment recommendations made to any Client; (ii) any persons designated as Investment Personnel by Compliance; (iii) who, with respect to a Client: (a) provides information or advice with respect to the purchase or sale of a financial instrument for the Client (e.g., portfolio manager, or, in some cases a Research Analyst) or (b) helps execute the investment decisions of a portfolio manager, or, where applicable, Research Analyst on behalf of a Client.

"**Morgan Stanley Broker**" means a broker-dealer affiliated with Morgan Stanley, including

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E\*TRADE.

"**Morgan Stanley Investment Management**" or "**MSIM**" for purposes of this Code means the companies and businesses comprising the Public Side of Morgan Stanley's Investment Management Division, but excluding the Private Side companies and businesses.

"**Morgan Stanley Securities**" means equity, preferred and debt securities issued by Morgan Stanley, including the Morgan Stanley Stock Fund, but excludes structured products, such as equity-linked or credit- linked notes.

"**Mutual Funds**" means (i) all open-end mutual funds; and (ii) similar pooled investment vehicles established in non-U.S. jurisdictions, such as registered investment trusts in Japan. For purposes of the Code, Mutual Fund does not include shares of open-end money market mutual funds (unless otherwise advised by Compliance).

"**Omni Personnel and Those Who Have Access to Flex One**" means designated Omni Investment Personnel who are involved in the portfolio management, trading, and research & strategy, as well as others who may have access to Flex One transactions and may have additional pre-clearance requirements as determined by Compliance.

"**Outside Business Activity**" means any organized or business activity conducted by a MSIM Employee outside of MSIM. This includes, but is not limited to, participation on a board of directors or advisory board, including that of a charitable organization, working part-time outside of MSIM, establishing a holding company for investments, establishing an LLC that invests in rental properties, or forming a limited partnership.

"**Personal Securities Accounts**" are any accounts in your own name and other accounts you could be expected to influence or control, in whole or in part, directly or indirectly, whether for securities or other financial instruments, and that can hold Covered Securities, whether or not such capability is utilized. Personal Securities Accounts include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounts owned by you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounts owned by your Immediate Family (as defined above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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:

oJoint accounts;

oFamily accounts;

oRetirement accounts;

oCorporate accounts;

oTrust accounts for which you act as trustee where you have the power to effect investment decisions or that you otherwise guide or influence;

oArrangements similar to trust accounts that benefit you directly;

oAccounts for which you act as custodian; and

oPartnership accounts.

"**PPA Model Personnel**" means designated PPA Investment Personnel who are involved in portfolio management, trading, and research & strategy, as well as other departments who may have access to pre-execution model portfolio transaction information and may have additional pre-clearance requirements as determined by Compliance. PPA Model Personnel includes, but is not limited to, employees who were Seattle Investment Personnel prior to January 1, 2022.

"**Portfolio Managers**" means MSIM Employees who are primarily responsible for the day- to-day management of a Client portfolio.

"**Preferred Broker**" means a Firm-approved third-party broker for Personal Securities Accounts.

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"**Private Investment**" means a securities offering that is exempt from registration under certain provisions of the U.S. securities laws and/or similar laws of non-U.S. jurisdictions. It includes investments in hedge funds, private equity funds, limited partnerships, real estate, peer to peer lending clubs and private businesses.

"**Proprietary or Sub-advised Mutual Fund**" means any open-end Mutual Fund for which MSIM acts as investment adviser or sub-adviser.

"**Proprietary or Sub-advised Exchange-Traded Funds**" means any Exchange-Traded Fund for which MSIM acts as the investment adviser or sub-adviser.

"**Public Side**" means the MSIM businesses and entities and their Employees who work in the public securities markets (e.g., equities, fixed income and money markets).

"**Research Analysts**" are MSIM Employees who (1) perform financial, qualitative and/or quantitative analysis of financial instruments or their issuers that result in a recommendation or conclusion to Investment Personnel regarding investments for a Client; or (2) is involved in the construction or rebalancing of an index (as applicable); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)are assigned to make investment recommendations to, or for the benefit of, any Client portfolio; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)anyone deemed by Compliance to have access to investment recommendations.

"**Restricted Lists**" means any list of issuers or securities maintained by Morgan Stanley where trading in Personal Securities Accounts is restricted due to Firm policies or regulation.

"**Single-Stock Exchange-Traded Funds" ("ETFs")**" are exchanged-traded funds that track the performance of a single underlying stock.

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**SCHEDULE B**

**INVESTMENT MANAGEMENT**

**(Excluding Private Side)**

**<u>Registered</u> <u>Investment</u> <u>Advisers</u>**

Morgan Stanley Investment Management Inc.\*

Morgan Stanley AIP GP LP\*

Morgan Stanley Investment Management Limited (MSIM Ltd.)

Morgan Stanley Investment Management Company

Eaton Vance Management (EVM)\*

Boston Management and Research (BMR)

Eaton Vance Advisers International Ltd. (EVAIL)

Parametric Portfolio Associates LLC (PPA)\*

Atlanta Capital Management Company, LLC (ACM)

Calvert Research and Management (CRM)

**<u>Registered</u> <u>Commodity</u> <u>Pool</u> <u>Operator/Commodity</u> <u>Trading</u> <u>Advisor</u>**

Ceres Managed Futures LLC

**<u>Investment</u> <u>Advisers</u> <u>that</u> <u>are</u> <u>not</u> <u>registered</u>**

MSIM Fund Management (Ireland) Limited

Morgan Stanley Investment Management (ACD) Limited

Morgan Stanley Investment Management Private Limited (MSIM Private Limited) (with respect to Public Side Investment Management Employees only)

Morgan Stanley Investment Management (Australia) Pty Limited

Morgan Stanley Asia Limited (MSAL) (with respect to Public Side Investment Management Employees only) Morgan Stanley Investment Management (Japan) Co., Ltd. (MSIMJ)

Private Investment Partners, Inc.

Morgan Stanley Investment Management (China) Co. Ltd.

**<u>Broker-Dealer</u>**

Morgan Stanley Distribution Inc.

Eaton Vance Distributors, Inc. (EVD)

_______________________

\*The entity is also a registered Commodity Trading Advisor and/or a registered Commodity Pool Operator.

**<u>Transfer</u> <u>Agent</u>**

Morgan Stanley Services Company Inc.

**<u>Global</u> <u>In-house</u> <u>Centers</u> <u>(India)</u>**

Morgan Stanley Advantage Services Pvt. Ltd. (with respect to Public Side Investment Management Employees only)

**<u>Others:</u>**

Eaton Vance Management International Limited (EVMI)

Eaton Vance Asia Pacific Ltd. (EVAPac)

Eaton Vance Trust Company (EVTC)

MSIP Seoul Branch ("MSK") (with respect to Public Side Invest)

## Ex-99.(P)(19)

![](codeofethics-recordcurre001.jpg)

recordfg.com Code of Ethics Part I General dealing provisions applicable to all staff July 2025 (effective 1 August 2025) Code of Ethics Part I July 2025 (effective 1 August 2025 1/10 recordfg.com Contents Item 1. Introduction 2 Item 2. Business Conduct 2 Item 3. Definitions 3 Item 4. Scope 4 Item 5. Communication 4 Item 6. Responsibility to adhere 4 Item 7. General Conditions 5 Item 8. Pre-clearance 7 Item 9. Individual reporting 9 Item 10. Personal dealing folders and confidentiality 9 Item 11. Record keeping 9 Item 12. Monitoring and breaches 9 Code of Ethics Part I July 2025 (effective 1 August 2025 2/10 recordfg.com Item 1. Introduction This code is approved and adopted by the Board of Directors of Record Currency Management Limited, Record Currency Management (Switzerland) GmbH, Record Currency Management (US) Inc. and Record Asset Management GmbH (collectively throughout "the firm") and should be read in conjunction with the relevant firm's Compliance Manual. Part I of the Code covers general dealing provisions applicable to all group employees and Part II concerns dealing in Record plc shares by group Directors, PDMRs and Specified Persons. Part I applies to all employees representing the above firms, including its staff, directors, non-executive directors, registered individuals and contractors. Record employees are expected to comply with all applicable UK, US and EU laws, regulations and guidance, as applicable, as well as those of any other jurisdiction within which the relevant firm operates. This code addresses the combined requirements under the statutory regulations of the UK Financial Conduct Authority (in particular COBS 11.7 Personal account dealing), and the federal securities laws and adopted rules of the US Securities and Exchange Commission (in particular rule 204A-1 of the Investment Advisers Act 1940, rule 17j-1 of the Investment Company Act 1940) and MiFID II. Item 2. Business Conduct The statutory regulations require that Record must ensure that: 1. The firm's customers are not disadvantaged by the personal account dealings of the firm's employees; and 2. The firm imposes standards of business conduct expected to prevent unlawful actions, such as defrauding client funds, making any untrue or misleading statements of material facts and manipulating client funds. This code also seeks to address the management of conflicts of interest with an individual's obligations to the clients of the firm, caused by any trading or investments undertaken by the firm's employees on their own account. Code of Ethics Part I July 2025 (effective 1 August 2025 3/10 recordfg.com Item 3. Definitions Reportable Security – means a designated investment as defined by the Financial Conduct Authority • life policy with an investment element • commodity option • share • future • debenture • commodity future • government and public security • rolling spot FX contract • warrant • contract for differences • certificate representing certain securities • spread bet • option • rights to or interests in investments • fx spot, forward or option • crypto security token • derivative It includes any of the above transacted within a wrapper of any kind (e.g. pension plan, ISA etc.). This would not include FX for holiday, FX transactions to purchase a property or other investments where FX return is not the primary consideration. It does not include non-investment life policy, or units within a collective investment scheme (unless the schemes are connected with Record business e.g. acting as adviser or own funds). Prohibited Funds – means any client fund for which Record serves as investment manager or adviser. Approved Person – means a person to whom the Financial Conduct Authority has given permission to undertake a Senior Manager role or any Certified Staff (incorporated under SM&CR). For the purposes of the code it also includes a person who is classed as an 'access person' under rule 17-j of the US Investment Company Act of 1940 where they are not an approved Person under the FSMA and any Principal or Associated Person registered under the CFTC requirements. Associate – means any person (including members of your family, trusts, companies or partnerships) whose business or domestic relationship with you would give rise to a community of interest between you. Beneficial Interest - means that an employee should generally consider themselves to have a beneficial interest in any securities in which they have a direct or indirect pecuniary interest. In addition, an employee should consider themselves to have a beneficial interest in securities held by a spouse or domestic partner, a dependent child, a relative or other person who resides in the employee's household, or by reason of any contract, arrangement, understanding or relationship that provides sole or shared voting or investment powers, unless the share is a 'No Knowledge' share. Employees – means all group employees including staff, directors, non-executive directors, registered individuals and contractors. No Knowledge Shares – shares held by a person who has a link with the employee where the employee does not have control over and does not have any involvement in, or provide advice on.

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![](codeofethics-recordcurre002.jpg)

Code of Ethics Part I July 2025 (effective 1 August 2025 4/10 recordfg.com Item 4. Scope Record has adopted a broad interpretation to ensure reporting of a wider list of instruments even though Record does not use some as part of investment services provided to clients. The Code applies to all trades where you are involved in the decision to trade. For the avoidance of doubt, unless you are a Director, Person Discharging Managerial Responsibilities or Specified Person, Part I does not apply to any Record plc shares awarded as part of the Group Profit Share Scheme or the granting of options under the approved or unapproved option sections of the Share Scheme (NB as distinct from exercise) or shares purchased through the Group's SIP scheme. Directors and Persons Discharging Managerial Responsibilities still have reporting obligations and should refer to Part II for details. However, the code does apply to: • any decision to take part in monthly "Net Settlements" via the MUFG Corporate Markets portal; and • the exercise of any options by all staff & staff decisions to accept any invitation to participate in the Joint Share Ownership Plan (JSOP). The code applies to all employees representing the firm, including its staff, directors, non-executive directors, registered individuals and contractors (employees). Item 5. Communication All new employees are subject to appropriate reference and disclosure checks and will be required to sign a copy of this Code of Ethics as a condition of employment. The Code of Ethics is available to all employees on the firm's intranet or SharePoint site. Any material amendments will be notified via email to employees within 5 working days and all employees will have to acknowledge this update via return email. It is important that all individuals understand the implications of this Code of Ethics. Any questions should be raised with the Compliance Function (compliance@recordfg.com). Item 6. Responsibility to adhere All employees are responsible for their own adherence to this policy and failure to adhere is acknowledged as a conduct issue, which is reportable to the FCA (SEC/CFTC/BaFin as applicable). Record keeping and reporting obligations are the sole responsibility of each member of staff. Personal Account trading is a personal choice and the decision to trade brings with it regulatory obligations. Code of Ethics Part I July 2025 (effective 1 August 2025 5/10 recordfg.com Item 7. General Conditions 7.1 Unlawful Actions It is unlawful for any employee, in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired by a fund1: (a) To employ any device, scheme or artifice to defraud the funds of the firm or its clients; (b) To make any untrue or misleading statement of a material fact, or omit to state a necessary material fact; (c) To engage in any act, practice or course of business constituting a fraudulent act; or (d) To engage in any manipulative practice with respect to the funds of the firm or its clients. 7.2 Prohibitions and restrictions Employees are prohibited from establishing personal accounts at the firm to trade on their own account or that of an Associate. Employees are prohibited from investing in the funds of clients which are managed or advised by Record (i.e. Prohibited Funds), a full list of which is published on the Intranet alongside this code. This list will be updated as Record's client list changes and will always be available to employees on the firm's intranet. If you are in any doubt, contact compliance@recordfg.com before trading. You must not for your Beneficial Interest: (a) Effect any transaction which you know, or ought reasonably to know, to be forbidden by Record under these rules; (b) Acquire or dispose of any investment which you know, or ought reasonably to know, would involve you in a conflict of your own interest or that of an Associate, with that of any client or with your duty to any client; or (c) Effect any transaction relating to a Reportable Security with or through the agency of another authorised person, without informing that other authorised person that you are an officer or employee of Record and shall not request or accept from that other authorised person any credit or special dealing facilities in connection with the transaction without the specific consent of Record. Furthermore, employees may not procure any other person to enter into such a transaction (except during the proper course of their employment), or communicate such information or opinion to any other person if they ought reasonably to know that the other person will as a result enter into such a transaction, procure or counsel some other person to do so. 1 A security held or to be acquired by a fund means any reportable Security which, within the most recent 15 days: (a) is or has been held by the fund; or (b) is being or has been considered by the fund or its investment adviser for purchase by the fund; and any option to purchase or sell and any security convertible into or exchangeable for, a Reportable Security as described. Code of Ethics Part I July 2025 (effective 1 August 2025 6/10 recordfg.com 7.3 Rights issues and take-overs This code extends to: • making any formal or informal offer to buy or sell; • taking up rights on a rights issue; • exercising conversion or subscription rights; and • exercising an option (including options granted under the Share Scheme). The code also extends to buying or selling an investment under any offer, including a takeover or tender offer, which is made to the public or all (or substantially all) the holders of the investment concerned. 7.4 Trustees, personal representatives and agents The code extends to dealings by employees: (a) as a trustee of a trust or as a personal representative of an estate, in which they or an Associate has a significant Beneficial Interest; (b) as a trustee of any other trust or a personal representative of any other estate, unless relying entirely on the advice of another person (such as a broker or solicitor); or (c) for the account of another person unless dealing as an employee of the firm. 7.5 Exclusions Purchases or sales over which the employee has no direct control (such as the trading of designated investments or units within a collective investment scheme, authorised unit trust, pension – excluding self-invested personal pensions - or life assurance policy) are excluded from the prohibitions and restrictions set out above. If you are in any doubt, contact compliance@recordfg.com Code of Ethics Part I July 2025 (effective 1 August 2025 7/10 recordfg.com Item 8. Pre-clearance 8.1 Conflicts of interest Due to the nature of conflicts of interest which may arise, employees are required to apply for pre-clearance prior to entering into a trade or investment in certain Reportable Securities which Record, on behalf of its clients, also undertakes. Record Currency Management Limited These are (if in any doubt, speak to compliance before trading): • rolling spot FX contracts; • contracts for differences; • spread bets; • FX (spot, forwards or option) for profit transactions; • shares in Record plc including exercise of any options granted under the Record plc Share Scheme (Directors, PDMRs & Specified Persons please see Code of Ethics Part II); • investment in any fund Record manages, invests in on behalf of clients or promotes (this is disclosable to potential investors too); • investment in any Client fund which tracks an index for which Record provides hedging signals; • any interest taken in an entity where Record is investment manager; • futures (only those we trade for clients – it is your responsibility to check); • options (those we trade for clients); • swaps (those we trade for clients); ETFs (those we trade for clients); and • Any other instrument we trade for clients. Record Asset Management GmbH These are (if in any doubt, speak to compliance before trading): • rolling spot FX contracts; • FX (spot, forwards or option) for profit transactions; • shares in Record plc including exercise of any options granted under the Record plc Share Scheme (Directors, PDMRs & Specified Persons please see Code of Ethics Part II); and • investment in any fund RAM manages, invests in on behalf of clients or promotes (this is disclosable to potential investors too); If permission is granted under the above criteria it will always require personal trades to be traded after client trading is completed. NB You must update your personal account log and submit a duplicate contract note within 5 days of every personal trade you undertake including those you have to seek permission for. Please refer to section 10 below for more details on your personal account log and reporting obligations. 8.2 Initial Public Offering & Private Placement Employees must obtain pre-clearance before directly or indirectly acquiring Beneficial Interest in any security in an Initial Public Offering or Private Placement in any market or jurisdiction. For information only, this is a mandatory SEC requirement, notwithstanding the fact that Record does not undertake equity investment management. 8.3 Pre-clearance procedure The pre-clearance procedure for the above transactions is as follows: (a) Request permission from the Compliance Function, using the standard form attached at Schedule 5 or via email or Teams. A decision will be given within one working day of the request being made;

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![](codeofethics-recordcurre003.jpg)

Code of Ethics Part I July 2025 (effective 1 August 2025 8/10 recordfg.com (b) If approved, the restricted transaction must be undertaken within 2 working days of permission being granted (though permission to work an order may be given over a longer period at the discretion of compliance); and (c) The details of the transaction must be reported to the Compliance Function within 2 working days of trading. A copy of the contract note MUST be provided within 5 days to verify the following: • Financial instrument • Broker/counterparty • Buy/sell • Quantity • Dealing date and time • Price In order to facilitate the communication of this information, staff are obliged to ask their broker to send a duplicate contract note to the Compliance Function. If this is not a service provided, please inform Compliance and you will have to save a duplicate contract notes in your personal dealing folder and inform Compliance within 5 days of the trade being executed. NB All staff must comply at all times with the Insider Dealing Rules (please refer to the Insider Dealing policy for details). 8.4 Pre-clearance procedure for Record Funds and Record plc Dealing in the shares of Record plc by Directors, PDMRs and Specified Persons is covered by the Code of Ethics Part II and is subject to pre-clearance and minimum holding periods (please refer to Part II of the Code). Dealings in shares of Record plc by all other staff requires pre-clearance as set out in 8.3 above. Dealing in the shares of a Record Fund is subject to the following conditions: • the minimum investment limits are met (including any waiver criteria); • the member of staff is individually approved by Compliance in accordance with agreed procedures (i.e. qualifying investor standards, affordability etc) as amended from time to time; • the units are held for a minimum of 6 months on a FIFO basis; • all trades are pre cleared by compliance; • staff will not exercise voting rights to avoid conflicts of interest; • staff investments may be delayed to aggregate with other transactions or to be aligned with periodic rebalancing (unless initially investing as part of any new fund seeding); and • there can only be one purchase and sale 'round trip' in any 12 month period. Code of Ethics Part I July 2025 (effective 1 August 2025 9/10 recordfg.com Item 9. Individual reporting In order to assist in demonstrating compliance with the code, each employee will: (a) complete an Initial Holding Report of all Reportable Securities, no later than 10 working days after appointment together with any securities account details. The format of the reports are attached as Schedule 2 & 3 but can be submitted via email; (b) maintain an up to date personal dealing log to record all trades undertaken (this log must be up to date within 1 week at all times) (c) save a duplicate contract note or trade blotter for every reportable trade in their personal dealing folder within 5 days of the date of execution; (d) notify Compliance of any trade completed within 5 days of execution; (e) respond to each Quarterly Transaction Declaration request no later than 30 days after the end of each calendar quarter (details to support each declaration must be maintained within your personal dealing folder); and (f) sign and return any issued Annual Holdings Report (which will be compiled from quarterly reports). Item 10. Personal dealing folders and confidentiality Personal Account Dealing Folders will be set up for each employee who undertakes personal account dealing and access permissions to their folder will be set to only include The Compliance Function and the member of staff themselves. All requests for pre-clearance, duplicate contract notes, personal account transaction reports and periodic holdings statements with the highest confidentiality, in accordance with Data Protection Regulation. Such documents may on occasion be made available for inspection by the appropriate regulatory or government authorities and to Record's clients where it is a requirement of our Investment Management Agreement. Item 11. Record keeping Staff are responsible for maintaining their own personal dealing folders in accordance with this code. Compliance are responsible for maintaining version controlled copies of this code, all records relating to employee declarations and monitoring conducted. All records will be kept and made readily accessible for a minimum of five years. Item 12. Monitoring and breaches The Compliance Function will review reported trades from a market abuse perspective as they are reported and will also periodically review personal dealing folders and logs to ensure they are up to date and accurate. All employees are required to submit a report to the Compliance Function promptly having become aware that any breach of this Code of Ethics has occurred and in any event within 15 days of so doing. Employees should also refer to the firm's Whistle-blowing Procedure if necessary. Non-compliance with the requirements, prohibitions and restrictions contained herein may result in an employee being asked to reverse the affected personal trade or investment. Any individual who violates this Code of Ethics may also be subject to serious penalties in accordance with Record's Disciplinary Procedure, GPS awards as well as potentially being a reportable event to the regulator as a conduct breach. recordfg.com

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## Ex-99.(P)(20)

![principallogo.jpg](principallogo.jpg)

Code of Ethics

Effective: October 1, 2025

Last Reviewed: September 29, 2025

**I.REGULATORY REQUIREMENT**

The investment advisers, investment companies, distributor companies and service companies listed in Addendum A (collectively, the Firm) have adopted this Code of Ethics, establishing a standard of conduct for Firm Employees.

This Code of Ethics (the Code) establishes a standard of conduct for Firm employees by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing clear guidance to all employees that the Firm's Clients' interests come first – ahead of all personal interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing policies and procedures consistent with applicable laws and regulations, including Rule 204A-1 under the Advisers Act and Rule 17j-1 under the 40 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Seeking to avoid conflicts of interests, or the appearance of such conflicts, when officers, directors, supervised persons, employees and other persons of the Firm own or engage in transactions involving securities.

The Code applies to persons deemed to be **Access Persons** of the Firm, as defined below under Definitions. Access Persons include any officer, director, employee or other person of the Firm. Unless otherwise determined by Principal Asset Management (PrinAM) Compliance, Access Persons also includes positions held by consultants, contractors, temporary employees, interns, co-op students, and Principal Financial Group (**Principal**) Human Resources and Legal staff supporting the Firm.

Please see the Addenda for a custom Principal Funds Access Person definition applicable to the Funds, as well as other custom provisions applicable to certain entities of the Firm.

The Code is supplemental to the **Principal Corporate Global Code of Conduct** which can be found on **Principal Passport**.

**II.STANDARDS OF BUSINESS CONDUCT**

The following standards of business conduct shall govern personal investment activities of Access Persons and interpretation and administration of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The interests of the Firm's Clients must be placed first at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons must act honestly and fairly and with due skill, care and diligence in the best interest of Firm clients and the integrity of the market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons have an obligation to observe just and equitable principals of trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All personal securities transactions must be conducted consistent with this Code and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons should not take advantage of their positions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons must comply with applicable Federal Securities Laws.

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The Code does not attempt to identify all possible conflicts of interests, and literal compliance with each of its specific provisions will not shield Access Persons from liability for personal trading or other conduct that violates a fiduciary duty to the Firm's Clients.

**III.PROTECTION OF MATERIAL NON-PUBLIC INFORMATION**

Access Persons must review and comply with the **Insider Trading Policy**.

It is unlawful to trade in any security based on material nonpublic (or inside) information or to disclose such information to others who may profit from it. This applies to all types of securities, including equities, options, debt, and mutual funds. All Access Persons will keep information pertaining to Clients' portfolio transactions and holdings confidential. No person with access to securities recommendations or pending securities transactions and Client portfolio holdings should disclose this information to any person unless such disclosure is made in connection with the person's regular functions or duties. Additionally, Access Persons with knowledge about the composition of a creation basket are prohibited from disclosing such information to any other person (except as authorized in the course of their employment) until such information is made public. All possible care should be taken to avoid discussing confidential information with anyone who would not normally have access to such information.

**IV.PERSONAL ACCOUNT REPORTING**

Access Persons must report all Covered Accounts (**Accounts**) in which they have Beneficial Ownership of any Reportable Security (**Security**) or Reportable Fund or are capable of holding such Securities at the start of their employment, upon opening of a new account and annually thereafter.

**Beneficial Ownership** shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 (**Exchange Act**) when determining whether a person is a beneficial owner of a Security.

For example, the term Beneficial Ownership shall encompass:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities in the person's own Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities owned by members of the person's immediate family sharing the same household including those by marriage or domestic partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A person's proportionate interest in the portfolio of Securities held by a partnership, trust, corporation or other arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities a person might acquire or dispose of through the exercise or conversion of any derivative Security (e.g. an option, whether presently exercisable or not).

**Security** shall have the meaning set forth in Section 202(a)(18) of the Advisers Act and Section 2(a)(36) of the 40 Act including, but not limited to fixed income securities such as bonds and notes, equity securities such as stocks and exchange traded funds (ETF), derivatives such as options and futures, unit investment trusts (UIT), and private investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.New Accounts**

New Accounts must be opened with brokerage firms that provide electronic data feeds unless otherwise pre-approved by PrinAM Compliance. This does not apply to ex-U.S. Accounts or Discretionary Accounts. New Accounts must be reported in ComplianceAlpha (ACA) within 10 days of opening.

**Registered Representatives of Principal Funds Distributor must submit a PFD New Broker Account Pre-Approval Request PRIOR to opening a brokerage account.** Once approval is granted, PFD Registered Representatives are able to open the account and must report the new Account within 10 days.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.Discretionary Accounts**

Discretionary Accounts **are reportable** and require Access Persons to provide a copy of the managed account agreement to PrinAM Compliance. The discretionary managed account agreement outlines trading discretion authority granted to another party (individual, entity or money manager), which allows them to buy/sell Securities without the Account owner's consent for each trade. A Discretionary Account is sometimes referred to as a "managed" or "blind-managed" account. Discretionary Accounts are exempt from the pre-clearance requirement, 30- day holding period, quarterly transaction reports and initial public offerings prohibition provisions of the Code if the Access Person does not have Direct or Indirect Influence or Control over the account. Please note that an immediate family member sharing the same household with discretion over a Covered Account is not considered a third-party adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.Crypto-Asset Accounts**

Crypto-Asset Accounts and their digital asset holdings **are reportable**. This would include investments in cryptocurrency (e.g. Bitcoin, Ethereum, Dogecoin, Shiba INU), initial coin offering (ICO), distributed ledger technology, blockchain and/or any related products and pooled investment vehicles. Crypto-Asset Accounts that are not capable of holding Reportable Securities are exempt from the trade pre-clearance requirement, 30-day holding period, and quarterly transaction reports provisions of the Code. An Account summary must be provided upon request from PrinAM Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.Principal Fund Accounts**

Principal Fund Accounts **are reportable** and include Principal Funds\* that are open-end mutual funds (including underlying sub-accounts within Principal Variable Life and Variable Annuity contracts) and closed-end investment companies operated as interval funds.

Principal Funds are subject to the initial and annual reporting requirements; however, they are exempt from pre-clearance and the 30--calendar day holding period. Notwithstanding the exemption from the 30-calendar day holding period, trustees, beneficial owners of more than 10%, and certain designated Executive Officers of the Principal Real Asset Fund, Principal Private Credit Fund I, and any other closed end interval fund managed by PrinAM or its affiliates, generally must disgorge, under Section 16 of the Exchange Act, any profit realized by such person from any purchase and sale, or any sale and purchase, of any equity security of such fund (or a security based swap agreement involving such equity security) within any period of less than six (6) months.

*\*Applicable to U.S. Funds*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.Individual Retirement Accounts**

Individual Retirement Accounts (IRAs) that are capable of holding Reportable Securities or Reportable Funds **are reportable** and subject to all provisions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.TreasuryDirect Accounts**

TreasuryDirect Accounts **are exempt** from reporting, pre-clearance and holding period requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.Private Investments**

Private Investments **are reportable** and may only be acquired or sold with prior approval of the Access Person's supervisor and PrinAM Compliance. Pre-approval requests for private investments can be submitted within ACA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.Former Employer Human Resources (HR) Benefit Plans**

HR Benefit Plans held with former employers **are reportable** and subject to all provisions of the Code if they are capable of holding Reportable Securities (i.e. self-directed brokerage account windows).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.Principal HR Benefit Plans**

The Principal Select Savings Plan **is exempt** from reporting, pre-clearance and holding period requirements.

The Principal Select Savings Plan's self-directed brokerage account option, Schwab Personal Choice Retirement Account® (PCRA), **is reportable** and subject to all provisions of the Code.

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| | | | |
|:---|:---|:---|:---|
| **Principal Select Savings Plan 401(k) and Self-Directed Brokerage Option** | **Principal Select Savings Plan 401(k) and Self-Directed Brokerage Option** | **Principal Select Savings Plan 401(k) and Self-Directed Brokerage Option** | **Principal Select Savings Plan 401(k) and Self-Directed Brokerage Option** |
| **Account** | **Accessible Via** | **Reportable** | **Trade Preclearance** |
| Principal Select Savings 401(k) | Principal.com | No | No |
| Schwab Personal Choice Retirement Self-Directed Brokerage Account | Schwab.com | Yes | Yes |

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Holdings in a Morgan Stanley StockPlan Connect Account that have not vested or exercised **are exempt** from reporting, pre-clearance or holding period requirements. This includes the Principal Employee Stock Purchase Plan (ESPP), Excess Plan, Restricted Stock Units (RSU), Stock Option Awards, Stock Options, Broad-based Options, and Performance Share Awards.

Access Persons have the option to link an E\*Trade Securities brokerage account to the Morgan Stanley StockPlan Connect Account. Once shares have vested or exercised in the Morgan Stanley StockPlan Connect Account, the shares will be swept to the E\*Trade Securities brokerage account.

E\*Trade Securities brokerage accounts **are reportable,** and all provisions of the Code will apply to the account and its holdings, including Principal Financial Group, Inc. stock (PFG stock).

Some Access Persons may be ineligible to open an account at E\*Trade for the purpose of linking to Morgan Stanley or simply elect not to open an E\*Trade account.

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| | | | |
|:---|:---|:---|:---|
| **Principal Employee Stock Purchase Plan (ESPP), Excess Plan, Restricted Stock Units (RSUs), Stock Option Awards, Broad-based Options, Performance Share Awards** | **Principal Employee Stock Purchase Plan (ESPP), Excess Plan, Restricted Stock Units (RSUs), Stock Option Awards, Broad-based Options, Performance Share Awards** | **Principal Employee Stock Purchase Plan (ESPP), Excess Plan, Restricted Stock Units (RSUs), Stock Option Awards, Broad-based Options, Performance Share Awards** | **Principal Employee Stock Purchase Plan (ESPP), Excess Plan, Restricted Stock Units (RSUs), Stock Option Awards, Broad-based Options, Performance Share Awards** |
| **Account** | **Accessible Via** | **Reportable** | **Trade Preclearance** |
| Morgan Stanley StockPlan Connect Account | Stockplanconnect.<br>MorganStanley.com | No | No |
| E\*Trade Brokerage Account (linked to StockPlan Connect Account) | Etrade.com | Yes | Yes |

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Access Persons with the High Deductible Health Insurance Plan may be eligible to open a Health Savings Account (HSA) through Optum Bank. Once the HSA reaches a certain designated balance, Access Persons may choose to invest a portion of their HSA dollars.

The digitally managed HSA through Betterment i**s reportable** and subject to all provisions of the Code. Additionally, a copy of the discretionary managed account agreement must be on file with Compliance.

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The self-managed mutual fund HSA through Optum Bank **is exempt** from reporting, pre-clearance and holding period requirements.

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| | | | |
|:---|:---|:---|:---|
| **Health Savings Account via Optum Bank** | **Health Savings Account via Optum Bank** | **Health Savings Account via Optum Bank** | **Health Savings Account via Optum Bank** |
| **Account** | **Accessible Via** | **Reportable** | **Trade Preclearance** |
| HSA – ETF portfolio managed by Betterment | MyUHC.com or Betterment.com | Yes | No |
| HSA – self managed mutual fund portfolio | MyUHC.com | No | No |

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**V.PERSONAL SECURITY TRANSACTIONS**

All personal security transactions must be conducted in a manner consistent with the Standards of Business Conduct outlined in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.PFG Stock**

**All reporting, pre-clearance, and holding period requirements apply to transactions in PFG stock.** For exceptions related to employee benefit plans, refer to Personal Account Reporting – Principal HR Benefit Plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.Pre-Clearance Approval**

Pre-clearance approval from PrinAM Compliance is required for personal Security transactions prior to executing or entering into any buy or sell transaction. Transactions for which pre-clearance has been denied may not be executed.

Pre-clearance approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is valid for 2 business days (meaning the current day and next business day). If the trade is not executed within 2 business days, the Access Person must submit a new pre-clearance request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Applies to all market and limit orders, good-till-cancel orders, and stop loss orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is not required for Exempted Securities or Exempted Transactions. Please refer to those listed below.

Access Persons can submit a pre-clearance request online within ACA, which is available on a secure internet browser while connected to the Principal Network. The link to access ACA can be found here. Should an Access Person not have access to ACA, the person may call or email pre-clearance requests to PrinAM Compliance either directly or through use of a pre-approved delegate or proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.Restricted and Prohibited Activities and Transactions** 

The following personal Securities activities and transactions are restricted and prohibited; accordingly, you may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Execute a Security transaction without pre-clearance approval, if required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquire any Security in an initial public offering (IPO).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sell short any Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Participate in Investment Clubs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sell a Security in less than 30-calendar days after purchase date for a profit (T+30).

oThe 30-calendar day holding period does not apply to sales at a loss.

oAny sales at a loss cannot be re-established (buy back) in the next 30- calendar days.

oIf sold at a profit prior to the expiration of the 30-calendar day period, the transaction will be a Code violation, and any profits realized may be required to be disgorged to a charitable organization designated by the Firm.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Buy a Security at a lower price in less than 30-calendar days after sale date (buy back).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchase or write derivatives (such as stock options, futures on indices and options and futures on commodity, credit, currency, equity, interest rate and volatility) if the expiration date is less than 30-calendar days from the purchase date.

oNo derivative position may be closed less than 30-calendar days from the date it is established.

oThis does not apply to stock options that are part of a hedged position where the underlying stock is held long.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in financial spread betting and contracts of difference. These types of derivative contracts involve taking or placing a bet on the price movement of a security, index, currency, commodity or other financial product. This would include wagering, gambling or placing debts on the price movements of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Loan money to individuals or entities as an investment or business transaction. Note: this does not apply to personal loans to family.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchase PFG stock on margin, short sell PFG stock, or trade PFG put or call options, or other instruments noted in the Principal Insider Trading Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchase or sell a Security at all, when so determined by the Chief Compliance Officer, in the CCO's discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.Exempt Securities**

Securities listed below are exempt from the reporting, pre-clearance, and holding period requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any Security directly issued or guaranteed as to principal or interest by the United States. (e.g. Cash Management Bills, Treasury Bills, Notes and Bonds, and those Treasury Securities designated by the U.S. Department of Treasury as eligible to participate in the STRIPS (Separate Trading of Registered Interest and Principal of Securities))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• G7 bonds, issued by the governments of Canada, France, Germany, Italy, Japan, or the United Kingdom

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct Obligations of the Government of India such as Treasury Bills and Government Securities (G-Secs) Banker's acceptances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bank certificates of deposit (not brokered CDs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial paper

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High quality short-term debt instruments, including repurchase agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Money market funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Open-end mutual funds with outside fund companies that are not advised or sub-advised by the Firm or its affiliates. U.S. open-end mutual funds always have a five-letter symbol ending in an "X."

oThis exemption applies to funds used in 529 Plans that are registered as municipal securities and only offer open-end mutual funds or securities designed to mirror the structure of open-end mutual funds as underlying investment options.

oThis exemption does not apply to ETFs, I-Shares (i.e. BlackRock) and closed-end funds. All ETF transactions must be pre-cleared and are subject to the Personal Securities Transactions requirements listed above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by unit investment trusts (UIT) that are invested exclusively in one or more open-end mutual funds, none of which are advised or sub-advised by the Firm or its affiliates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.Exempt Transactions**

The transactions listed below are exempt from the pre-clearance requirement only. All other reporting and holding period requirements apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in Reportable Funds.\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in Principal Funds that are open-ended mutual funds (including underlying subaccounts of Principal Variable Life and Variable Annuity Contracts).\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities acquired through an employer-sponsored automatic payroll deduction plan. However, any sale transaction must be pre-cleared and reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reinvestment of dividends under a dividend reinvestment plan or in an automatic investment plan for purchase of Securities already owned and pre-cleared. Note, any sale transaction must be pre-cleared as those are not part of a plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions effected by an issuer pro rata of a class of Securities already owned, such as stock splits, stock dividends or the exercise of rights, warrants or tender offers (e.g. corporate actions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions which are non-volitional on the part of the Access Person. Transactions in an account over which the Access Person has no direct or indirect influence or control (e.g. assignment of management discretion in writing to another party).

*\* Reportable Funds and Principal Funds are not subject to the 30-calendar day holding period. Notwithstanding this exemption from the 30-calendar day holding period, trustees, beneficial owners of more than 10%, and certain designated Executive Officers of the Principal Real Asset Fund, Principal Private Credit Fund I, and any other closed end interval fund managed by* PrinAM *or its affiliates, generally must disgorge, under Section 16 of the Exchange Act, any profit realized by such person from any purchase and sale, or any sale and purchase, of any equity security of such fund (or a security based swap agreement involving such equity security) within any period of less than six (6) months.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.Special Rules for Portfolio Managers and Investment Personnel** 

A Portfolio Manager's personal Security trading shall have no effect on Client portfolio decisions or ability to trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Portfolio Manager may personally transact Securities that are held or traded in actively managed portfolios for which they are responsible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio Managers must obtain pre-clearance approval to trade Reportable Funds and Principal Funds (including open-end mutual funds, closed-end investment companies operated as interval funds, and ETFs) they manage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain individuals with roles that have real-time trading data of portfolios may not personally purchase or sell a Security or its underlying securities within 7 calendar days before and after a portfolio has transacted in the same security. This blackout period is a total of 15 calendar days, which includes the full 7 calendar days before, after, and including the Client portfolio trade date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain investment personnel who may not have real-time trading data of portfolios but have potential insight or knowledge of trading within client portfolios may not personally purchase or sell a Security that is held or traded in an actively managed portfolio in which they have insight or knowledge for a total of 15 calendar days, which includes the full 7 calendar days before, after, and including the Client portfolio trade date.

------

**VI.REPORTING AND CERTIFICATION REQUIREMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.Initial and Annual Certification**

Within 10 calendar days of hire or identification, all Access Persons must initially certify and acknowledge they have read and understand the Code and the Insider Trading Policy and its applicability to them, and that they will comply with the requirements. Thereafter, annual certification will be required no later than 30-calendar days after each calendar year-end. PrinAM Compliance will ensure each Access Person receives a copy of the Code and any material amendments thereto, which are available on Principal Passport.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.Holdings and Accounts Reports**

The Initial Holdings and Accounts report must be submitted within 10 calendar days after becoming an Access Person, with the Reportable Securities information being current as of a date no more than 45-calendar days prior to the date of becoming an Access Person. Thereafter, Annual Holdings and Accounts reports are required no later than 30-calendar days after each calendar year-end with information being no more than 45-calendar days prior to the report being submitted.

The Security holdings report must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security name, number of shares, exchange ticker symbol/ CUSIP/ISIN and principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Name of the firm at which Securities are held; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Date which the Access Person submits the report.

The Quarterly Transactions report must be submitted no later than 30-calendar days after the end of each calendar quarter. This report will list all Security transactions during the previous calendar quarter in Reportable Securities, which excludes exempted transactions and exempted securities set forth above.

The Quarterly Transactions report must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security name, number of shares, exchange ticker symbol/CUSIP/ISIN and principal amount of each Security executed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nature of the transaction (e.g., buy or sell);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Name of the firm through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Date which the Access Person submits the report.

Upon reporting of Securities and Accounts, Compliance will request duplicate copies of Account statements and transaction confirmations from the investment firm (commonly referred to as broker) either electronically or paper. Ex-U.S. and other Account statements and transaction reporting may need to be obtained from the Access Person if the investment firm will not provide.

------

**VII.FAILURE TO REPORT OR COMPLY**

Upon discovering a violation of the Code, PrinAM Compliance will work with the Access Person's leader to recommend a sanction as determined appropriate, and the leader will then work with appropriate persons to impose such sanction. Sanctions may include a verbal warning, retraining session, written warning, disgorgement of profits, suspension from personal trading, or other sanctions, up to and including suspension or termination of employment.

Access Persons must report any violations of the Code or applicable laws promptly to the Chief Compliance Officer (or designee). This includes self-reporting if you commit a violation. Anyone who, in good faith, raises an issue regarding a possible violation of law, regulation, or company policy, or any suspected illegal or unethical behavior, will be protected from retaliation. Access Persons can also report violations or suspected violations to the Ethics Hotline at 1-888-858-4433, through the Principal Unethical or Fraudulent Activity Reporting Form, or through the Principal Whistleblower policy, which is available on Principal Passport.

The Chief Compliance Officer has the authority to interpret the Code and grant exceptions when appropriate. PrinAM Compliance will maintain a system for the regular review of all reports of personal Reportable Securities transactions and holdings under this Code.

Annually, individuals charged with the responsibility for monitoring compliance with this Code will prepare a written report to the Board of Directors that, at a minimum, will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certification that the Firm has adopted procedures reasonably necessary to prevent Access Persons from violating the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identification of material violations and sanctions imposed in response to those violations during the past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Description of issues that arose during the previous year under the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recommendations, if any, as to changes in existing restrictions or procedures based upon experience with this Code, evolving industry practices, and changes and developments in applicable laws or regulations.

**VIII.CONTACTS**

---

| | | |
|:---|:---|:---|
| **NAME** | **CONTACT** | **CONTACT** |
| Kim Keating | (515) 878-0961 | <u>Keating.Kim@Principal.com</u>  |
| Monica Mencia | (515) 878-0724 | <u>Mencia.Monica@Principal.com</u> |
| Sue Harrington | (515) 878-1071 | <u>Harrington.Sue@Principal.com</u> |
| Justin Lange<br>Chief Compliance Officer | (515) 878-6206 | <u>Lange.Justin@Principal.com</u> |

---

**IX.DEFINITIONS**

**Access Person** means any officer, director, employee or other person of the Firm, as well other any other person, who (i) has access to nonpublic information regarding any client's purchase or sale of Securities; (ii) has access to nonpublic information regarding the portfolio holdings of any client or affiliated mutual funds; or (iii) is involved in making Security recommendations to clients or has access to such recommendations that are nonpublic. This includes positions held by consultants, contractors, temporary employees, interns, co-op students and Principal HR and legal staff supporting the Firm. All Firm employees are deemed to be Access Persons unless otherwise determined by Compliance to be specifically exempted as an **Exempt Access Person**.

------

**Beneficial Ownership** is interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Exchange Act when determining whether a person is a beneficial owner of a Security. For example, the term Beneficial Ownership shall encompass: (1) Securities in the person's own Accounts; (2) Securities owned by members of the person's immediate family\*, domestic partner\*\*, or family members of domestic partners sharing the same household; (3) A person's proportionate interest in the portfolio of Securities held by a partnership, trust, corporation or other arrangements; and (4) Securities a person might acquire or dispose of through the exercise or conversion of any derivative Security (e.g. an option, whether presently exercisable or not).

***\*Immediate family*** shall mean 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.

***\*\*Domestic Partner*** *shall mean:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unmarried opposite sex or same sex life partner provided:

-the Access Person and the partner are at least 18 years of age.

-the Access Person and the partner are not married under applicable State law.

-the partner is not a blood relative of the Access Person.

-the partner has lived together with the Access Person for at least six consecutive months.

-the partner and the Access Person are each other's sole domestic partner indefinitely; and

-the partner and the Access Person are jointly responsible for each other's welfare; or

-same sex partner with whom the Access Person has entered into a civil union under applicable State law.

**Covered Account** (**Account**) means any investment account or any other type of account that holds or is capable of holding Securities. The Account's tax status has no impact on whether an account qualifies as an Account.

**Crypto-Asset** means an investment in cryptocurrency (e.g. Bitcoin, Ethereum, Dogecoin, Shiba INU), initial coin offering (ICO), distributed ledger technology, blockchain and/or any related products and pooled investment vehicles.

**Direct or Indirect Influence or Control** means the ability to influence or control, directly or indirectly, specific investment decisions within an investment account, including (i) suggesting purchases or sales of specific investments to a trustee or third-party discretionary manager of an account, (ii) directing purchases or sales of specific investments in an account, and (iii) consulting with the trustee or third-party discretionary manager of an account as to the purchase, sale or status of specific investments to be made in the account. Account statements must be provided up on request from PrinAM Compliance.

**Exempt Access Person** refers to specific personnel deemed to be exempt from the personal trading provisions of the Code and Compliance Manual, specifically, if a Board Director does not have (i) access to nonpublic information regarding any client's purchase or sale of Securities; (ii) access to nonpublic information regarding the portfolio holdings of any client or affiliated mutual funds; and/or (iii) involvement in making Security recommendations to clients or have access to such recommendations that are nonpublic; the CCO may deem such person to be an Exempt Access Person. The CCO (or designee) will notify any Exempt Access Person of such designation. Exempt Access Person are relieved from personal trading provisions of the Code and Compliance Manual. PrinAM Compliance will maintain a list of any Exempt Access Persons and will review such list on an annual (or otherwise more frequent basis).

------

**Federal Securities Laws** refers to any one or more of the laws that govern the securities industry, such as the: Securities Act of 1933 (**Securities Act**), Securities Exchange Act of 1934 (**Exchange Act**), Trust Indenture Act of 1939 (**Indenture Act**), Investment Company Act of 1940 (**40 Act**), Investment Advisers Act of 1940 (**Advisers Act**), Sarbanes-Oxley Act of 2002 (**SOX**), Title V of the Gramm-Leach-Bliley Act (**GLB**), the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (**Dodd-Frank**), Jumpstart Our Business Startups Act of 2012 (**JOBS Act**), and any rules and regulations adopted by the U.S. Securities and Exchange Commission (**SEC**) under any of these statutes, as well as the Bank Secrecy Act (**BSA**, as it applies to funds and investment advisers), and any rules and regulations adopted thereunder by the SEC or the U.S. Department of the Treasury.

**Investment Club** means a group of individuals who combine their funds for the purpose of making investments and/or advancing their investment education. Participation in Investment Clubs is prohibited under this Code.

**Investment Personnel** means the Portfolio Managers, Traders, Charles River Trade Support staff, Compliance Department staff, any individual with authorization to send/direct a trade on client portfolios, or any individual at the discretion of the Chief Compliance Officer.

**Loans** mean either secured or unsecured arrangements (documented or undocumented) where an individual or entity finances a sum of money that must be repaid (with or without interest) at some point in the future. For purposed of the Code, loans to family members are excluded from this definition.

**Portfolio Manager** means an individual entrusted with the direct responsibility and authority to make investment decisions for or affecting the portfolios of clients.

**Private Investments** generally, private investments involve the sale of Securities to a relatively small number of qualified investors in a private transaction, rather than through an exchange or over-the-counter market. Private investments may not have to be registered with the SEC and, in many cases, detailed financial information is not disclosed. Examples include, but are not limited to, limited partnerships, hedge funds and private equity transactions.

**Reportable Fund** means (i) any fund for which the Firm serves as an investment advisor, as defined by the 40 Act; or (ii) any fund whose investment advisor or principal underwriter controls the Firm, is controlled by the Firm, or is in common control with the Firm.

**Reportable Security**, or **Security** shall have the meaning of Security as set forth in Section 202(a)(18) of the Advisers Act and Section 2(a)(36) of the 40 Act. Security 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, brokered certificate of deposit, 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. General types (although not all inclusive) include fixed income securities, such as bonds and notes; equity securities, such as stocks and exchange-traded funds (ETFs); derivatives, such as options and futures; unit investment trusts (UITs); and private investments.

------

**Addendum A**

**CODE OF ETHICS**

**FIRM ENTITIES**

---

| | |
|:---|:---|
| Together, the **Firm** | Together, the **Firm** |
| Together, the **Advisers** | Principal Global Investors, LLC (**PGI**) |
| Together, the **Advisers** | Principal Global Investors (Australia) Limited (**PGIA**) |
| Together, the **Advisers** | Principal Global Investors (Dubai) |
| Together, the **Advisers** | Principal Global Investors (Europe) Limited (**PGIE**) |
| Together, the **Advisers** | Principal Global Investors (Japan) Limited (**PGIJ**) |
| Together, the **Advisers** | Principal Global Investors (Singapore) Limited (**PGIS**) |
| Together, the **Advisers** | Principal Global Investors (Ireland) and PGI (EU) |
| Together, the **Advisers** | Principal Real Estate Investors, LLC (**PrinRE**) |
| Together, the **Advisers** | Principal Real Estate Europe Limited (**PrinRE EU**) |
|  | Principal Asset Management Company (Asia) Limited (**PAM Asia**) |
| Together, the **Principal Funds** | Principal Funds, Inc. |
| Together, the **Principal Funds** | Principal Variable Contracts Funds, Inc. |
| Together, the **Principal Funds** | Principal Exchange Traded Funds |
| Together, the **Principal Funds** | Principal Real Asset Fund |
| Together, the **Principal Funds** | Principal Private Credit Fund |
| Together, the **Principal Funds** | (and any other continuously offered registered closed-end management investment company that may be organized in the future for which PGI or any entity controlling, controlled by, or under common control with PGI, or any successor in interest to any such entity, acts as investment adviser and which operates as an interval fund pursuant to Rule 23c-3 under the 40 Act or provides periodic liquidity with respect to its Shares pursuant to Rule 13e-4 under the Exchange Act. |
| **PFD** | Principal Funds Distributor, Inc. (**PFD**) |

---

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**Addendum B**

**CODE OF ETHICS**

**PRINCIPAL FUNDS ACCESS PERSON PROVISIONS**

The following provisions shall be substituted into the Code, where applicable, for the Principal Funds.

**Principal Funds Access Person** 

Any individual identified as an officer or director of the Principal Funds or PGI; an officer or director of PFD; or an officer or director of any company controlling PGI who makes, participates in, or obtains information regarding the purchase or sale of Principal Funds Securities in such individual's regular functions or duties or whose functions relate to the recommendations of such purchases or sales; any employee, temporary employee and contract employee of the Principal Funds or the Principal Funds' Adviser who, in connection with such individual's regular functions or duties, has access to certain nonpublic information concerning the Principal Funds' purchase or sale of Securities or portfolio holdings or who is involved in making Securities recommendations to a Fund.

**Principal Funds Special Rules Applicable to Independent Directors/Trustees** 

Under Rule 17j-1 of the 40 Act, an Access Person who is an Independent Director/Trustee of the Principal Funds and who would be required to make a report solely by reason of being a Principal Funds Director/Trustee need not make an initial holdings or an annual holdings report. In addition, an Independent Director/Trustee need not provide a quarterly transaction report unless the Independent Director/Trustee knew, or in the ordinary course of fulfilling such individual's official duties as a Principal Funds Director/Trustee, should have known, that during the 15-day period immediately before or after the Independent Director's/Trustee's transaction in a Security, a Principal Fund purchased or sold the Security, or the Principal Funds' Adviser or sub-adviser considered purchasing or selling the Security.

With respect to the Interval Fund(s), the trustees, beneficial owners of more than 10%, and certain designated Executive Officers of the Interval Fund(s), have certain reporting obligations regarding ownership of Interval Fund(s) shares under Section 16 of the Exchange Act. Such reporting will occur outside of the administration of this Code.

**Principal Funds Administration** 

The Principal Funds rely upon PrinAM Compliance to administer the Code. It is the requirement of Principal Funds that PrinAM Compliance report material violations of the Code by Principal Funds Access Persons to the Principal Funds Chief Compliance Officer (or his or her designee).

No less than annually, Principal Funds Compliance will prepare a written report to the Principal Funds Board of Directors that, at a minimum, will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A certification that the Principal Funds have adopted procedures reasonably necessary to prevent Access Persons from violating the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A description of issues that arose under the Code since the last report to the Board, including information about material violations and sanctions imposed in response to those violations.

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**Addendum C**

**CODE OF ETHICS**

**PrinRE ACCESS PERSON PROVISIONS**

The following provision shall be added to the Personal Account Reporting section of the Code for PrinRE and shall apply to all PrinRE personnel who are not associated persons of a broker-dealer. For associated persons, real estate investment property must be reported under the outside business activities guidelines.

**Real Estate Investment Property** 

Real Estate Investment Property is reportable and may only be acquired or sold with prior approval of the PrinRE Access Person's supervisor and Compliance. Pre-approval request for real estate investment property can be submitted within ACA.

The following property types are exempt from reporting and pre-approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single-family residential property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Vacation residential property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Multi-family residential complex property with less than 20 units (examples include apartments and condos); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Farmland property zoned and operated as agricultural.

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**Addendum D**

**CODE OF ETHICS**

**PrinRE EU ACCESS PERSON PROVISIONS**

The following provision shall be added to the Personal Account Reporting section of the Code for PrinRE EU.

PrinRE EU has adopted this Advisers Code in its entirety. Although this Code is U.S. centric, PrinRE EU staff must adhere to its provisions. References to U.S. federal and state law and regulations will apply in PrinRE EU where relevant but, where not relevant, PrinRE EU staff should apply European, local U.K./German/French law and regulations such as MiFID II and AIFMD.

**Real Estate Investment Property** 

Real Estate Investment Property is reportable and may only be acquired or sold with prior approval of the PrinRE EU Access Person's supervisor and Compliance. Pre-approval request for real estate investment property can be submitted within ACA.

The following property types are exempt from reporting and pre-approval:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single-family residential property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Vacation residential property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Multi-family residential complex property with less than 20 units (examples include apartments); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Farmland property zoned and operated as agricultural.

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**Addendum E**

**CODE OF ETHICS**

**PGIS ACCESS PERSON PROVISIONS**

The following provision shall be added to the Personal Security Transactions section of the Code for PGIS.

Exempted Securities listed below are exempt from the reporting, pre-clearance and holding period requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Singapore Savings Bond

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Singapore Government Securities (SGS) Bonds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Singapore Treasury Bills (SG T-bills)

## Ex-99.(P)(23)

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit C - VNIM Code of Ethics 2 Vaughan Nelson Investment Management, L.P. Code of Ethics (Amended as of August 15, 2025) This is the Code of Ethics ("the Code" or "this Code") of Vaughan Nelson Investment Management, L.P. (the "Firm"). Things You Need to Know to Use This Code 1. Terms in boldface type have special meanings as used in this Code. To understand the Code, you need to read the definitions of these terms. The definitions are at the end of the Code. 2. The Firm considers all employees to be Access Persons under this Code. There are Reporting Forms that Access Persons have to fill out under this Code. You can access the Reporting Forms by logging in to the Firm's automated compliance solution. Board members who are not employees of the Firm, do not have to comply with the trading restrictions and blackout provisions in Section B of part II. Further, certain members of the Firm's board may be classified as "Non-Access Directors." See the "Definitions" section of this Code. Non- Access Directors are subject to Parts I.A. and I.B. of this Code, but not to Parts I.C., I.D. or Part II of the Code. 3 PART I--Applies to All Personnel A. General Principles--These Apply to All Personnel (including All Board Members) The Firm is a fiduciary for its investment advisory and sub-advisory clients. Fiduciaries owe their clients a duty of honesty, good faith and fair dealing. As a fiduciary, an adviser must act at all times in the client's best interests and must avoid or disclose conflicts of interest. Because of this fiduciary relationship, it is generally improper for the Firm or its personnel to: • use for their own benefit (or the benefit of anyone other than the client) information about the Firm's trading or recommendations for client accounts; or • take advantage of investment opportunities that would otherwise be available for the Firm's clients. As a matter of business policy, the Firm wants to avoid even the appearance that the Firm, its personnel or others receive any improper benefit from information about client trading or accounts, from our positions, or from relationships with our clients or with the brokerage community. Privacy and Confidentiality All personnel are required to keep any nonpublic information about clients (including former clients), the Firm or vendors in strict confidence. Employees should treat the following with confidentiality and discretion: • A client's identity (unless the client consents), the client's financial circumstances, the securities investments made by the Firm on behalf of a client, information about contemplated securities transactions, or information regarding the firm's trading strategies (except as required to effectuate securities transactions on behalf of a client or for other legitimate business purposes). • Non-public information regarding the Firm including but not limited to trading intentions, business plans and strategies, technology, business processes, customer relationships, and financial results 4 Whenever dealing with confidential information personnel should: • Assume client or Firm information is confidential unless evidence exists to the contrary • Only use it for the purposes for which it was gathered • Not make disclosure to anyone outside of the Firm unless authorized to do so and only share information internally on a need-to-know basis • Not disclose information related to a former employer to anyone within the Firm Nothing in this Policy prohibits you from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. You do not need the prior authorization of the Firm to make any such reports or disclosures and you are not required to notify the Firm that you have made such reports or disclosures. Personnel should stay informed and comply with Firm policies dealing with data access, information security, encryption standards, and other initiatives designed to protect the integrity and confidentiality of information. Please refer also to the Firm's Privacy Policies under Regulation S-P and S- AM. Books and Records All personnel are required to keep accurate and truthful books and records which is critical for our business operations, compliance with legal requirements and the preparation of the Firm's financial statements. In this pursuit, personnel should: • Recognize their role and personal responsibility for the integrity of records, reports and information that they prepare or control • Comply with internal accounting and recordkeeping policies. Falsification of any books, records or accounts is prohibited • Provide complete and accurate information in connection with any regulatory filings or inquiries • Follow all record retention and destruction policies of the Firm

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&nbsp;&nbsp;&nbsp;&nbsp;5 Computers and Communications All personnel are to use the Firm's computer and communications systems ("Systems") solely for business purposes. Unauthorized access to, use of, interception or distribution of the Firm's Systems is prohibited. Such conduct may also be a violation of law. However, the Firm realizes that some personal use of these Systems is inevitable. Any personal use should be kept to a minimum. Excessive or inappropriate use of such Systems for personal use (e.g. time spent or content) as determined by the Firm in its sole discretion may be grounds for sanctions or termination. • Any personal use must be lawful and not violate any Firm policy. As an example, an email communication or, accessing an internet site, with inappropriate content or material would violate Firm policy and is prohibited. • Personal use of the Firm's Systems must not impose any incremental cost to the Firm, interfere with normal business operations, or otherwise adversely affect the interests of the Firm or an employee's work. • Employee's use of the Firm's Systems, for either business or personal use, should have no expectation of privacy. Insider Trading All personnel are prohibited from trading, either personally or on behalf of others, while in possession of material, nonpublic information about issuers and are also prohibited from communicating material, nonpublic information about issuers to others (other than for legitimate legal or business purposes such as informing the Chief Compliance Officer that they, or the firm, is in possession of such information). Vaughan Nelson will consider restricting employee trades in funds managed by our firm that are closing which primarily hold securities that make the funds susceptible to price impacts due to outflows (i.e., micro-caps) or have seed capital. Please refer to the Firm's Insider Trading Policy for more detail. Political Contributions All personnel are required to obtain preclearance approval for any direct or indirect political contributions or payments to an Official or 6 Political Action Committee (PAC) in order to evaluate and monitor any potential or ongoing impact to the firm. Additional restrictions and prohibitions apply to employees identified as Covered Associates involving monetary limitations and the coordination / solicitation of other individuals to make political contributions. Please refer to the Firm's policy regarding Political Contributions by Certain Investment Advisers (Pay-to-Play) for more detail. The Firm expects all personnel to comply with the spirit of the Code, as well as the applicable specific rules contained in the Code. You must promptly report any violations (not just of personal trading but of the overall requirements of this Code) to the Chief Compliance Officer. The Firm treats violations of this Code (including violations of the spirit of the Code) very seriously. If you violate either the letter or the spirit of this Code, the Firm might impose penalties or fines, cut your compensation, demote you, require disgorgement of trading gains, suspend or terminate your employment, or any combination of the foregoing. Improper trading activity can constitute a violation of this Code. But you can also violate this Code by failing to file required reports, or by making inaccurate or misleading reports or statements concerning trading activity or securities accounts. Your conduct can violate this Code, even if no clients are harmed by your conduct. If you have any doubt or uncertainty about what this Code requires or permits, you should ask the Chief Compliance Officer. Don't just guess at the answer. Ignorance or lack of understanding is no excuse for a violation. Certification of Compliance Initial Certification The Firm is required to provide all employees with a copy of this Code. All employees must certify in writing that they have: (a) received a copy of this Code; (b) read and understand all provisions of this Code; and (c) agreed to comply with the terms of this Code. 7 Acknowledgement of Amendments The Firm must also provide employees with any amendments to this Code and employees must submit a written acknowledgement that they have received, read, and understood the amendments to this Code. Annual Certification All employees must annually certify that they have read, understood, and complied with this Code, have made all of the reports required by this Code, and have not engaged in any prohibited conduct. All certifications will be made through the Firm's automated compliance system. The CCO shall maintain records of these certifications of compliance. B. Compliance with the Federal Securities Laws More generally, Firm personnel (including members of the Firm's boards) are required to comply with applicable federal securities laws at all times. Examples of applicable federal securities laws include: • the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002 and the SEC rules thereunder; • the Investment Advisers Act of 1940 and the SEC rules thereunder; • the Investment Company Act of 1940 and the SEC rules thereunder; • title V of the Gramm-Leach-Bliley Act of 1999 (privacy and security of client non-public information); and • the Bank Secrecy Act, as it applies to mutual funds and investment advisers, and the SEC and Department of the Treasury rules thereunder. All firm personnel are reminded that under these laws, all oral and written statements, including those made to clients, prospective clients, or their representatives must be professional, accurate, balanced, and not misleading in any way. 8 C. Gifts to or from Brokers, Clients or Others--This Applies to All Access Persons No personnel may accept or receive on their own behalf or on behalf of the Firm any gift or other accommodations from a vendor, broker, securities salesman, client or prospective client (a "business contact") that might create a conflict of interest or interfere with the impartial discharge of such personnel's responsibilities to the Firm or its clients or place the recipient or the Firm in a difficult or embarrassing position. This prohibition applies equally to gifts to members of the Family/Household of firm personnel. No personnel may give on their own behalf or on behalf of the Firm any gift or other accommodation to a business contact that may be construed as an improper attempt to influence the recipient. In no event should gifts to or from any one business contact have a value that exceeds the annual limitation on the dollar value of gifts (currently $200). These policies are not intended to prohibit normal business entertainment (e.g. dinner, sporting event tickets, etc. all of a reasonable value). Any questions as to whether a particular gift or entertainment activity constitutes normal business entertainment should be directed to the Chief Compliance Officer. Please refer to the Firm's Gift & Entertainment policy for a more detailed discussion and quarterly reporting requirements. D. Outside Business Activities for Another Organization / Company--This Applies to All Personnel, Except Members of the Firm's Board Who Are Not Employees of the Firm To avoid conflicts of interest, insider information and other compliance and business issues, the Firm requires all its employees who are involved with an Outside Organization / Company (e.g. employee,

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&nbsp;&nbsp;&nbsp;&nbsp;9 consultant, officer, member of the board, investment committee, etc.) of any for-profit, not-for-profit or other entity to disclose and obtain written approval of the Firm to do so. Approval must be obtained through the Chief Compliance Officer, and will ordinarily require consideration by the CEO or the Board of the Firm. The Firm can deny approval for any reason. This prohibition does not apply to service as an officer or board member of any parent or subsidiary of the Firm, nor does it apply to members of the Firm's board who are not employees of the Firm. PART II--Applies to Access Persons A. Reporting Requirements--These Apply to All Access Persons NOTE: One of the most complicated parts of complying with this Code is understanding what holdings, transactions and accounts you must report and what accounts are subject to trading restrictions. For example, accounts of certain members of your family and household are covered, as are certain categories of trust accounts, certain investment pools in which you might participate, and certain accounts that others may be managing for you. To be sure you understand what holdings, transactions and accounts are covered, it is essential that you carefully review the definitions of Covered Security, Reportable Funds, Family/Household and Beneficial Ownership in the "Definitions" section at the end of this Code. ALSO: You must file the reports described below, even if you have no holdings, transactions or accounts to list in the reports. Absent extenuating circumstances, only those involved with the internal review of personal transactions (i.e., the Chief Compliance Officer, those assisting the Chief Compliance Officer and the CEO) will have access to submitted reports. The reports are also required to be made available for certain other purposes, such as SEC inspections. 1. Initial Holdings Reports. No later than ten (10) days after you become an Access Person, you must file with the Chief Compliance Officer a Holdings Report within the Firm's automated compliance system. 10 This report requires you to list all Covered Securities in which you (or members of your Family/Household) have Beneficial Ownership. It also requires you to list all brokers, dealers and banks where you maintain an account in which any securities (not just Covered Securities) are held for the direct or indirect benefit of you or a member of your Family/Household on the date you became an Access Person. The information contained in the report must be current as of a date no more than forty-five (45) days prior to the date you became an Access Person. At the time your employment with the Firm begins (or within a reasonable timeframe) you will be provided with a copy of the firm's Code of Ethics and also will be required to confirm that you have read and understand this Code, that you understand that it applies to you and members of your Family/Household and that you understand that you are an Access Person under the Code. This confirmation will be made through the Firm's automated compliance system. 2. Quarterly Transaction Reports. No later than thirty (30) days after the end of March, June, September and December each year, you must file with the Chief Compliance Officer a Quarterly Transactions Report within the Firm's automated compliance system. This report requires you to list all transactions during the most recent calendar quarter in Covered Securities, in which transactions you (or a member of your Family/Household) had Beneficial Ownership. It also requires you to list all brokers, dealers, investment managers and banks where you or a member of your Family/Household established, or closed an account in which any securities (not just Covered Securities) were held during the quarter for the direct or indirect benefit of you or a member of your Family/Household. 3. Annual Holdings Reports. By January 31st of each year, you must file with the Chief Compliance Officer an Annual Holdings Report within the Firm's automated compliance system. This report requires you to list all Covered Securities in which you (or a member of your Family/Household) had Beneficial Ownership as of December 31st of the prior year. It also requires you to list all brokers, dealers and banks where you or a member of your Family/Household maintained an account in which any securities (not just Covered Securities) 11 were held for the direct or indirect benefit of you or a member of your Family/Household on December 31 of the prior year. You will be provided with a copy of this Code on an annual basis, or as amendments to the Code are made. With each provision of the Code, you will be required to confirm that you have read and understand this Code, that you understand that it applies to you and members of your Family/Household and that you understand that you are an Access Person under the Code. This confirmation will be made through the Firm's automated compliance system. 4. Duplicate Confirmations and Periodic Statements/ Electronic Data Feed to the Firm's Automated Compliance System. If you or any member of your Family/Household has a securities account that holds or will hold Covered Securities with any broker, dealer, investment manager or bank, you or your Family/Household member will need to coordinate with the compliance department for the broker, dealer, investment manager or bank to provide an electronic data feed of the account and its activity into the Firm's automated compliance system. Should an electronic data feed not be available, the account will need to be closed, you must select a broker from the Firm's list of firms that have electronic feed capability with the Firm's automated compliance system and after opening an account(s), transfer all Covered Securities from the account to be closed into the new account(s). For new employees, this must be completed within 60 days of hire. Hard copy statements and confirmations will need to be forwarded to the compliance department for 1) the new account(s) until the data feed is active, and 2) the old account(s) until such time as they are closed. Current employees with accounts existing prior to November 23, 2021, that do not have data feed capability are grandfathered. 5. Outside Business Activities Pre-Approval and Annual Certification. By January 31st of each year, you must file with the Chief Compliance Officer an Outside Business Activity Annual Affirmation within the Firm's automated compliance system. The Affirmation requires that you list all entities (for-profit, not-for-profit or other) with which you are involved (e.g. employee, consultant, officer, member of board, investment committee, etc.) as of the previous year-end 12 with an indication as to whether the entity is publicly traded or private and whether it maintains investments. The Outside Business Activity electronic form is also to be used in requesting pre-approval to serve as an Officer or member of the Board of Directors for any entity prior to accepting such a position. B. Transaction Restrictions--These Apply to All Access Persons. 1. Preclearance. You and members of your Family/Household are prohibited from engaging in any transaction in a Covered Security for any account in which you or a member of your Family/Household has any Beneficial Ownership, unless you obtain, in advance of the transaction, preclearance for that transaction through the automated compliance system. Once obtained, preclearance is valid only for the day on which it is granted and the following one (1) business day. The Chief Compliance Officer may revoke a preclearance any time after it is granted and before you execute the transaction. The Chief Compliance Officer may deny or revoke preclearance for any reason. In no event will preclearance be granted for any Covered Security if, to the knowledge of the Chief Compliance Officer, the Firm has purchased or sold that same security or a closely related security that day OR the Firm has a buy or sell order pending for that same security or a closely related security (such as an option relating to that security, or a related convertible or exchangeable security). a.) Limit Orders Limit Orders will be granted pre-clearance authorization to be placed for a period of ten (10) business days as long as the security is NOT HELD within one of the firm's strategies and will not potentially violate short-term trading restrictions. • Any change you wish to make to an approved limit order (e.g. limit price) will require a new pre-clearance authorization prior to

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&nbsp;&nbsp;&nbsp;&nbsp;13 execution. Unapproved changes to a limit order which are executed will be a violation of the Code and subject to fines and/or sanctions • Upon such time as the firm may begin to trade and hold a previously approved outstanding limit order security within one of the firm's strategies you will be notified to cancel the limit order. Any desire to trade the security, after a notification to cancel a limit order is given to you, will require a new pre-clearance form and associated authorization. Execution of the original limit order for which notification to cancel has been given will be a violation of the Code and subject to fines and/or sanctions. b.) Preclearance Exceptions The preclearance requirements do not apply to the following categories of transactions: i. Shares of registered open-end investment companies (mutual funds only, see ETFs at iv) (including Reportable Funds). • However, Reportable Funds are reportable under this code in connection with Initial, Quarterly and Annual disclosures. ii. Transactions in securities of collective investment vehicles (other than a Fund/ETF sub-advised by Vaughan Nelson) for which the Firm serves as the investment adviser (for example, the purchase or redemption by you of an interest in a Firm-managed hedge fund would not be subject to pre-clearance). iii. Transactions in Covered Securities by Firm- sponsored collective investment vehicles for which the Firm serves as investment adviser as to which you may be deemed to have Beneficial Ownership (for example, the purchase or sale by a Firm-managed hedge fund of a Covered Security would not be subject to pre-clearance, even though the portfolio manager of the hedge fund 14 could be deemed to have a Beneficial Ownership of such Covered Security). iv. Exchange Traded Funds (ETFs); other than those ETFs in which the firm trades, or advises/sub-advises. Please see "Appendix A" (attached) for a list of Exchange Traded Funds for which pre-clearance IS required. v. Transactions that occur by operation of law or under any other circumstance in which neither the Access Person nor any member of his or her Family/Household exercises any discretion to buy or sell or makes recommendations to a person who exercises such discretion. vi. Transactions effected through an unaffiliated managed account are excluded only if the Access Person (or member of his or her Family/Household, as applicable) has not initiated the investment transaction, has not been consulted regarding any specific investment recommendations or decisions, and is not otherwise participating in the account's investment process. vii. Purchases of Covered Securities pursuant to an automatic dividend reinvestment plan. viii. Purchases pursuant to the exercise of rights issued pro rata to all holders of the class of Covered Securities held by the Access Person (or Family/Household member) and received by the Access Person (or Family/Household member) from the issuer. ix. Transactions in futures and options contracts on interest rate instruments or indexes, and options on such contracts. c.) The following are NOT Covered Securities, and so are also not subject to the preclearance requirements: 15 • direct obligations of the U.S. Government; • bankers' acceptances, bank certificates of deposit; • commercial paper and other high quality short-term debt obligations (including repurchase agreements); • shares issued by money market funds and shares of registered open-end investment companies that are not Reportable Funds. 2. Purchasing and Selling the Same Security. You and members of your Family/Household are prohibited from purchasing and selling or selling and purchasing shares of the same security on the same calendar day. If the security is a common or preferred stock of a class that is a publicly-traded company with a stock market capitalization of at least 10 billion U.S. dollars (or the equivalent in a foreign security), it may only be purchased and sold or sold and purchased over a period of at least two business days, subject to pre-clearance requirements. 3. Initial Public Offerings and Private Placements. Neither you nor any member of your Family/Household may acquire any Beneficial Ownership in any Covered Security in an initial public offering. In addition, neither you nor any member of your Family/Household may acquire Beneficial Ownership in any Covered Security in a private placement, except with the specific, advance approval of the Chief Compliance Officer, which the Chief Compliance Officer may deny for any reason. 4. Prohibition on Short-Term Trading in Funds/ETFs Advised/Sub-advised by Vaughan Nelson Neither you nor any member of your Family/Household may purchase and sell, or sell and purchase, shares of any fund advised or sub-advised by Vaughan Nelson within any period of thirty (30) calendar days for a profit. This prohibition applies to shares of funds advised / sub-advised by Vaughan Nelson held in retirement or 401(k) plan accounts, as well as in other accounts in which you or a member of your Family/Household has Beneficial Ownership. Note that an exchange of shares (i.e. into another retirement plan option) counts as a sale of shares for purposes of this prohibition. 16 a.) This prohibition does not apply to the following categories of transactions: i. A fund sub-advised by an affiliate and on the Reportable Funds list. ii. Transactions under automatic investment or withdrawal plans, including automatic 401(k) plan investments, and transactions under a "fund sub-advised by Vaughan Nelson's" dividend reinvestment plan. A.) For example, if you have established an automatic investment plan under which regular monthly investments are automatically made in a fund sub-advised by Vaughan Nelson, that investment will not be considered to begin or end a thirty (30) day holding period. iii. Transactions that occur by operation of law or under any other circumstance in which neither you nor any member of your Family/Household exercises any discretion to buy or sell or makes recommendations to a person who exercises such discretion. b.) In applying the prohibition on short-term trading in funds advised/sub-advised by Vaughan Nelson, the Firm may take account of all purchase and sale transactions in the Vaughan Nelson advised/sub-advised fund, even if the transactions were made in different accounts. For example, a purchase of shares of a fund advised/sub-advised by Vaughan Nelson in a brokerage account, followed within thirty (30) days by an exchange out of the same fund advised/sub- advised by Vaughan Nelson in your 401(k) account, will be treated as a violation. In applying the thirty (30) day holding period, the most recent purchase (or sale) will be measured against the sale (or purchase) in question. (That is, a last-in, first-out analysis will apply.) A violation will be deemed to have occurred even if the number of shares or the dollar value of the second trade was different from the number of shares or dollar value of the first trade.

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&nbsp;&nbsp;&nbsp;&nbsp;17 5. Prohibition on Short-Term Trading of Covered Securities Other Than Funds/ETFs Advised/Sub-advised by Vaughan Nelson. Neither you nor any member of your Family/Household may purchase and sell, or sell and purchase, a Covered Security (or any closely related security, such as an option or a related convertible or exchangeable security) within any period of thirty (30) calendar days for a profit. If any such transactions occur, the Firm will require any profits from the transactions to be disgorged for donation by the Firm to charity. a.) This prohibition on short-term trading does not apply to: i. Transactions in securities of collective investment vehicles for which the Firm serves as an investment adviser, other than funds advised/sub-advised by Vaughan Nelson. Note that Section 3 above contains separate prohibitions on short-term trading in funds advised/sub-advised by Vaughan Nelson. ii. Transactions in Covered Securities by Firm- sponsored collective investment vehicles for which the Firm serves as investment adviser as to which you may be deemed to have Beneficial Ownership (for example, the purchase or sale by a Firm-managed hedge fund of a Covered Security would not be subject to this prohibition, even though the portfolio manager of the hedge fund could be deemed to have a Beneficial Ownership of such Covered Security). iii. Transactions that occur by operation of law or under any other circumstance in which neither you nor any member of your Family/Household exercises any discretion to buy or sell or makes recommendations to a person who exercises such discretion. iv. Purchases of Covered Securities pursuant to an automatic dividend reinvestment plan. 18 v. Purchases pursuant to the exercise of rights issued pro rata to all holders of the class of Covered Securities and received by you (or Family/Household member) from the issuer. vi. Transactions in common or preferred stocks of a class that is a publicly-traded company with a stock market capitalization of at least 10 billion U.S. dollars (or the equivalent in foreign currency), subject to the restriction on purchasing and selling or selling and purchasing shares of the same security on the same calendar day. vii. Transactions in Exchange Traded Funds which are considered Covered Securities. viii. Transactions effected through an unaffiliated managed account where the Access Person (or member of his or her Family/Household, as the case may be) has not initiated the investment transaction, has not been consulted regarding specific investment recommendations or decisions, and is not otherwise participating in the investment process. ix. Transactions in municipal bonds, corporate bonds, mortgage-backed securities, and agency bonds (e.g. Fannie Mae's). (Reminder: Governments bonds are not considered Covered Securities). 6. Seven (7) Day Blackout Period--This Applies to All Access Persons. No Access Person (including any member of the Family/Household of such Access Person) may purchase or sell any Covered Security within the three (3) business days immediately before or after a business day on which any client account managed by the Firm purchases or sells that Covered Security (or any closely related security, such as an option or a related convertible or exchangeable security), unless the Access Person had no actual knowledge that the Covered Security (or any closely related security) was being considered for purchase or sale for any client account. If any such transactions occur, 19 the Firm will generally require any profits from the transactions to be disgorged for donation by the Firm to charity. Note that the total blackout period is seven (7) business days (the day of the client trade, plus three (3) business days before and three (3) business days after) and apply to securities traded as part of an Investment Decision only (excludes 're-balancing' or 'flow' transactions not currently on the VN trade desk). a.) Financial Hardship Exception: to the extent an individual desires to purchase, or sell a security currently owned by that individual, and is only precluded from purchasing or selling the security due to an ongoing blackout period, the individual may request a 'financial hardship exception' from the Chief Compliance Officer. Based upon all facts and circumstances surrounding the hardship, the Chief Compliance Officer may, in his/her sole discretion, formulate an objective plan to facilitate the individual's transaction in a manner which will not benefit from or impact transactions undertaken on behalf of the firm's clients. The individual generally must have made at least three (3) attempts to preclear the security and been denied. Any trades for the security in a client account that day (including open but not filled trades) will result in an automatic denial regardless of the number of attempts made by the individual. b.) Backside Blackout Period: The Firm will review situations where a personal trade has been approved (including a review of the frontside blackout period) and transacted and then the same Covered Security (or any closely related security, such as an option or a related convertible or exchangeable security) subsequently transacted by the Firm for client accounts during the backside blackout period. To the extent the Firm's transactions during the backside blackout period consisted of 're-balancing' or 'flow' trades, no violation will have been deemed to occur. c.) It sometimes happens that an Access Person who is responsible for making investment recommendations or decisions for client accounts (such as a portfolio manager or analyst) determines-- within the three (3) business days after the day he or she (or a member of his or her Family/Household) has purchased or sold for his or her own account a Covered Security that was not, to the 20 Access Person's knowledge, then under consideration for purchase by any client account--that it would be desirable for client accounts as to which the Access Person is responsible for making investment recommendations or decisions to purchase or sell the same Covered Security (or a closely related security). In this situation, the Access Person MUST put the clients' interests first, and promptly make the investment recommendation or decision in the clients' interest, rather than delaying the recommendation or decision for clients until after the third day following the day of the transaction for the Access Person's (or Family/Household member's) own account to avoid conflict with the blackout provisions of this Code. The Firm recognizes that this situation may occur entirely in good faith, and will not require disgorgement of profits in such instances if it appears that the Access Person acted in good faith and in the best interests of the Firm's clients. d.) The blackout requirements do not apply to the following categories of transactions: i. Transactions in futures and options contracts on interest rate instruments or indexes, and options on such contracts. ii. Transactions that occur by operation of law or under any other circumstance in which neither the Access Person nor any member of his or her Family/Household exercises any discretion to buy or sell or makes recommendations to a person who exercises such discretion. iii. Transactions effected through an unaffiliated managed account are excluded only if the Access Person (or member of his or her Family/Household, as applicable) has not initiated the investment transaction, has not been consulted regarding any specific investment recommendations or decisions, and is not otherwise participating in the account's investment process. iv. Purchases of Covered Securities pursuant to an automatic dividend reinvestment plan.

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&nbsp;&nbsp;&nbsp;&nbsp;21 v. Purchases pursuant to the exercise of rights issued pro rata to all holders of the class of Covered Securities held by the Access Person (or Family/Household member) and received by the Access Person (or Family/Household member) from the issuer. vi. Transactions in securities of collective investment vehicles for which the Firm serves as the investment adviser. vii. Transactions in Covered Securities by Firm- sponsored collective investment vehicles for which the Firm serves as investment adviser as to which the Investment Person may be deemed to have Beneficial Ownership viii. Transactions in common or preferred stocks of a class that is publicly-traded, with a stock market capitalization of at least 10 billion U.S. dollars (or the equivalent in foreign currency). Day of trade blackout is still applicable. ix. Transactions in Exchange Traded Funds which are considered Covered Securities. Day of trade blackout is still applicable. x. Reportable Funds (other than ETFs advised/subadvised by the Firm). 22 Definitions These terms have special meanings in this Code of Ethics: Access Person Beneficial Ownership Chief Compliance Officer Covered Security Family/Household Non-Access Director Reportable Fund The special meanings of these terms as used in this Code of Ethics are explained below. Some of these terms (such as "beneficial ownership") are sometimes used in other contexts, not related to Codes of Ethics, where they have different meanings. For example, "beneficial ownership" has a different meaning in this Code of Ethics than it does in the SEC's rules for proxy statement disclosure of corporate directors' and officers' stockholdings, or in determining whether an investor has to file 13D or 13G reports with the SEC. IMPORTANT: If you have any doubt or question about whether an investment, account or person is covered by any of these definitions, ask the Chief Compliance Officer. Don't just guess at the answer. Access Person includes: • Every member of the board of the Firm or of the Firm's general partner, Vaughan Nelson Investment Management, Inc., other than Non-Access Directors • Every employee of the Firm • Every employee of the Firm (or of any company that directly or indirectly has a 25% or greater interest in the Firm) 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 for any client account, or whose 23 functions relate to the making of any recommendations with respect to purchases and sales. Beneficial ownership means any opportunity, directly or indirectly, to profit or share in the profit from any transaction in securities. It also includes transactions over which you exercise investment discretion (other than for a client of the Firm), even if you don't share in the profits. Beneficial Ownership is a very broad concept. Some examples of forms of Beneficial Ownership include: • Securities held in a person's own name, or that are held for the person's benefit in nominee, custodial or "street name" accounts. • Securities owned by or for a partnership in which the person is a general partner (whether the ownership is under the name of that partner, another partner or the partnership or through a nominee, custodial or "street name" account). • Securities that are being managed for a person's benefit on a discretionary basis by an investment adviser, broker, bank, trust company or other manager, unless the securities are held in a "blind trust" or similar arrangement under which the person is prohibited by contract from communicating with the manager of the account and the manager is prohibited from disclosing to the person what investments are held in the account. (Just putting securities into a discretionary account is not enough to remove them from a person's Beneficial Ownership. This is because, unless the arrangement is a "blind trust," the owner of the account can still communicate with the manager about the account and potentially influence the manager's investment decisions.) • Securities in a person's individual retirement account. • Securities in a person's account in a 401(k) or similar retirement plan, even if the person has chosen to give someone else investment discretion over the account. 24 • Securities owned by a trust of which the person is either a trustee or a beneficiary. • Securities owned by a corporation, partnership or other entity that the person controls (whether the ownership is under the name of that person, under the name of the entity or through a nominee, custodial or "street name" account). This is not a complete list of the forms of ownership that could constitute Beneficial Ownership for purposes of this Code. You should ask the Chief Compliance Officer if you have any questions or doubts at all about whether you or a member of your Family/Household would be considered to have Beneficial Ownership in any particular situation. Chief Compliance Officer means Carlos Gonzalez, or another person that he or she designates to perform the functions of Chief Compliance Officer when he or she is not available. For purposes of reviewing the Chief Compliance Officer's own transactions and reports under this Code, the functions of the Chief Compliance Officer are performed by the individual designated to perform such functions by the Chief Compliance Officer. Covered Security means anything that is considered a "security" under the Investment Company Act of 1940, or the Investment Advisers Act of 1940, except: • Direct obligations of the U.S. Government. (Note: This includes only securities supported by the full faith and credit of the U.S. Government, such as U.S. Treasury bonds, and does not include securities issued or guaranteed by federal agencies or government- sponsored enterprises that are not supported by the full faith and credit of the U.S. Government.) • Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt obligations, including repurchase agreements. • Shares of money market funds

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&nbsp;&nbsp;&nbsp;&nbsp;25 • Exchange Traded Funds (ETFs) Please see "Appendix A" (attached) for a list of Exchange Traded Funds which ARE considered Covered Securities. • Shares of open-end investment companies that are registered under the Investment Company Act (mutual funds) other than Reportable Funds. Please refer to the definition of and current listing of Reportable Funds. This is a very broad definition of security. It includes most kinds of investment instruments, including things that you might not ordinarily think of as "securities," such as: • options on securities, on indexes and on currencies. • investments in all kinds of limited partnerships. • investments in foreign unit trusts and foreign mutual funds. • investments in private investment funds, hedge funds (e.g., a fund managed by the Firm) and investment clubs. • Investments in variable annuities. If you have any question or doubt about whether an investment is considered a security or a Covered Security under this Code, ask the Chief Compliance Officer. Members of your Family/Household include: • Your spouse or domestic partner (unless they do not live in the same household as you and you do not contribute in any way to their support). • Your children under the age of 18. • Your children who are 18 or older (unless they do not live in the same household as you and you do not meaningfully contribute in any way to their support). 26 • Any of these people who live in your household: your stepchildren, grandchildren, parents, stepparents, grandparents, brothers, sisters, parents-in-law, sons-in-law, daughters-in-law, brothers-in-law and sisters-in-law, including adoptive relationships. Comment--There are a number of reasons why this Code covers transactions in which members of your Family/Household have Beneficial Ownership. First, the SEC regards any benefit to a person that you help support financially as indirectly benefiting you, because it could reduce the amount that you might otherwise need to contribute to that person's support. Second, members of your household could, in some circumstances, learn of information regarding the Firm's trading or recommendations for client accounts, and must not be allowed to benefit from that information. Non-Access Director means any person who is a director of Vaughan Nelson Trust Company or of the corporate general partner of Vaughan Nelson Investment Management, L.P. but who is not an officer or employee of the Firm or of such corporate general partner and who meets all of the following conditions: • 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; • He or she does not have access to nonpublic information regarding any Firm clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any Reportable Fund; and • He or she is not involved in making securities recommendations to Firm clients, and does not have access to such recommendations that are nonpublic. Reportable Fund means any investment companies (other than money market funds) that are registered under the Investment Company Act for which the Firm serves as an investment adviser/sub-adviser, or whose 27 investment adviser or principal underwriter controls the Firm, is controlled by the Firm, or is under common control with the Firm. A Reportable Fund includes registered investment companies that are advised/sub-advised by the Firm or any of the firm's affiliates. See most current listing of Reportable Funds maintained by the Chief Compliance Officer. Comment Regarding Reportable Funds Reportable Funds are mutual funds/ETFs for which the Firm or one of its affiliated companies serves as an investment adviser, sub- adviser or principal underwriter. Reportable Funds are included within the definition of Covered Securities. For a firm like ours that is part of a large organization where there are a number of firms under common control that advise, sub-advise or distribute mutual funds/ETFs, the universe of Reportable Funds is large. 28 Appendix A A. List of Exchange Traded Funds (ETFs) for which Vaughan Nelson is the Advisor/Sub-advisor (subject to preclearance, blackout, and Fund/ETF 30-day S/T trading restriction): VNSE, Vaughan Nelson Select Equity ETF

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## Ex-99.(P)(25)

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Code of Ethics Personal investing Gifts and entertainment Outside activities Client confidentiality 2 February 2026 The reputation of a thousand years may be determined by the conduct of one hour. – Ancient proverb A message from our CEO Jean M. Hynes Chief Executive Officer Our ability to thrive as an organization is driven by our shared values, and integrity is at the top of the list. This is reflected in our commitment to the "Client, Firm, Self" framework, through which all of our decisions should be viewed if we are to earn and maintain the trust of our clients. Each and every one of us has a role to play in sustaining our clients' trust. We must test every decision we make, no matter how small, against our fiduciary obligations and our high ethical standards. If there is the slightest doubt about whether a decision is in the best interests of our clients, then bring it to someone's attention — your manager, the Legal and Compliance team, or any of my direct reports. But don't just let it go. This is what it means to be a fiduciary: complete dedication to conscientious stewardship of client assets. To support this mandate, our Code of Ethics sets out standards for our personal conduct, including personal investing, acceptance of gifts and entertainment, outside activities, and client confidentiality. Please take the time to read the Code, familiarize yourself with the rules, and determine what you need to do to comply with them. Remember, too, that while our Code of Ethics is reviewed and updated regularly, no set of rules can address every possible circumstance. And so I ask you to remain vigilant, exercise good judgment, ask for help when you need it, consider not just the letter but the spirit of the laws that govern our industry, and do your part to safeguard our clients' trust. Sincerely, Jean M. Hynes Chief Executive Officer Contents Standards of conduct ....................................................1 Who is subject to the Code of Ethics?.............................1 Personal investing ........................................................ 2 Which types of investments and related activities are prohibited? ...............................................................................................2 Which investment accounts must be reported? .........................................3 What are the reporting responsibilities for all personnel? ........................ 4 What are the preclearance responsibilities for all personnel? ...................5 What are the additional requirements for investment professionals? ..... 6 Gifts and entertainment................................................ 7 Outside activities ............................................................... 8 Client confidentiality .................................................... 8 How we enforce our Code of Ethics ............................... 8 Exceptions from the Code of Ethics .............................. 9 Closing .......................................................................... 9 1 Wellington Management Code of Ethics Standards of conduct Our standards of conduct are straightforward and essential. Any transaction or activity that violates either of the standards of conduct below is prohibited, regardless of whether it meets the technical rules found elsewhere in the Code of Ethics. 1. We act as fiduciaries to our clients. Each of us must put our clients' interests above our own and must not take advantage of our management of clients' assets for our own benefit. Our firm's policies and procedures implement these principles with respect to our conduct of the firm's business. This Code of Ethics implements the same principles with respect to our personal conduct. The procedures set forth in the Code govern specific transactions, but each of us must be mindful at all times that our behavior, including our personal investing activity, must meet our fiduciary obligations to our clients. 2. We act with integrity and in accordance with both the letter and the spirit of the law . Our business is highly regulated, and we are committed as a firm to compliance with those regulations. Each of us must also recognize our obligations as individuals to understand and obey the laws that apply to us in the conduct of our duties. They include laws and regulations that apply specifically to investment advisors, as well as more broadly applicable laws ranging from the prohibition against trading on material nonpublic information and other forms of market abuse to anticorruption statutes such as the US Foreign Corrupt Practices Act and the UK Bribery Act. The firm provides training on their requirements. Each of us must take advantage of these resources to ensure that our own conduct complies with the law. Who is subject to the Code of Ethics? Our Code of Ethics applies to all employees of Wellington Management and its affiliates around the world. Its restrictions on personal investing also apply to temporary personnel (including co-ops and interns) and consultants whose tenure with Wellington Management exceeds 90 days and who are deemed by the Chief Compliance Officer to have access to nonpublic investment research, client holdings, or trade information. All Wellington Management personnel receive a copy of the Code of Ethics (and any amendments) and must certify, upon joining the firm and annually thereafter, that they have read and understood it and have complied with its requirements. Adherence to the Code of Ethics is a basic condition of employment. Failure to adhere to our Code of Ethics may result in disciplinary action, including termination of employment. If you have any doubt as to the appropriateness of any activity, believe that you have violated the Code, or become aware of a violation of the Code by another individual, you should consult the manager of the Code of Ethics Team, Chief Compliance Officer, or General Counsel. You also have the right to report violations of law or regulation directly to relevant governmental agencies. You do not need the firm's prior authorization to make any such report or disclosures and are not required to notify the firm that you have done so. For additional information regarding our Code of Ethics Policy refer to the Guide to Our Policy document available on the firm's Intranet.

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2 Wellington Management Code of Ethics Personal investing As fiduciaries, each of us must avoid taking personal advantage of our knowledge of investment activity in client accounts. Although our Code of Ethics sets out a number of specific restrictions on personal investing designed to reflect this principle, no set of rules can anticipate every situation. Each of us must adhere to the spirit, and not just the letter, of our Code in meeting this fiduciary obligation to our clients. Which types of investments and related activities are prohibited? Our Code of Ethics prohibits the following personal investments and investment-related activities: • Purchasing or selling the prohibited investments and activities listed in Appendix A • Purchasing an equity security if your aggregate ownership of the equity security exceeds 0.05% of the total shares outstanding of the issuer • Taking a profit from any trading activity within a 60-calendar day window • Using a derivative instrument to circumvent a restriction in the Code of Ethics Short-term trading You are prohibited from taking a profit from any trading activity within a 60-calendar day window on any security that requires preclearance. For example, if you buy shares of stock (or options on such shares) and then sell those shares within 60 days at a profit, an exception will be identified and any gain from the transactions must be surrendered. Gains are calculated based on a last in, first out (LIFO) method for purposes of this restriction. This short-term trading rule does not apply to securities exempt from the Code's preclearance requirements. 3 Wellington Management Code of Ethics WHICH INVESTMENT ACCOUNTS MUST BE REPORTED? You are required to report any investment account over which you exercise investment discretion or from which any of the following individuals enjoy economic benefits: (i) your spouse, domestic partner, or minor children, and (ii) any other dependents living in your household, AND that holds or is capable of holding any of the covered investments detailed in Appendix A under "Reporting of Securities Transactions". For purposes of the Code of Ethics, these investment accounts are referred to as reportable accounts. Examples of common account types include brokerage accounts, retirement accounts, employee stock compensation plans, and transfer agent accounts. Reportable accounts also include those from which you or an immediate family member may benefit indirectly, such as a family trust or family partnership, and accounts in which you have a joint ownership interest, such as a joint brokerage account. Accounts not requiring reporting You do not need to report the following accounts via the Code of Ethics System since the administrator will provide the Code of Ethics Team with access to relevant holdings and transaction information: • Accounts maintained within the Wellington Retirement and Pension Plan or similar firm-sponsored retirement or benefit plans identified by the Ethics Committee • Accounts maintained directly with Wellington Trust Company or other Wellington Management Sponsored Products Although these accounts do not need to be reported, your investment activities in these accounts must comply with the standards of conduct embodied in our Code of Ethics. 4 Wellington Management Code of Ethics Non-volitional transactions include: reinvestment or rebalancing plans and stock purchase plan acquisitions Transactions that result from corporate actions applicable to all similar security holders (such as Managed account exemptions An account from which you or immediate family members could benefit financially, but over which neither you nor they have any investment discretion or influence (a managed account), may be exempted from the Code of Ethics' personal investing requirements upon written request and approval. An example of a managed account would be a professionally advised account about which you will not be consulted or have any input on specific transactions placed by the investment manager prior to their execution. Designated Brokers for US Reportable Accounts US-based reportable accounts must be held at one or more of the brokers on the Designated Brokers List. This requirement does not apply to managed accounts that are exempt from certain provisions of the Code of Ethics, employee stock purchase and stock option plans and other accounts (including pension, retirement and compensation accounts) required to be held at a specific broker. New employees must transfer all reportable accounts to a Designated Broker within 45 days from the start of their employment. WHAT ARE THE REPORTING RESPONSIBILITIES FOR ALL PERSONNEL? Initial and annual holdings reports You must disclose all reportable accounts and all covered investments you hold within 10 calendar days after you begin employment at or association with Wellington Management. You will be required to review and update your holdings and securities account information annually thereafter. For initial holdings reports, holdings information must be current as of a date no more than 45 days prior to the date you became covered by the Code of Ethics. Please note that you cannot make personal trades until you have filed an initial holdings report via the Code of Ethics System on the Intranet. For subsequent annual reports, holdings information must be current as of a date no more than 45 days prior to the date the report is submitted. Please note that your annual holdings report must account for both volitional and non-volitional transactions. At the time you file your initial and annual reports, you will be asked to confirm that you have read and understood the Code of Ethics and any amendments. Quarterly transactions reports You must submit a quarterly transaction report no later than 30 calendar days after quarter-end via the Code of Ethics System on the Intranet, even if you did not make any personal trades during that quarter. In the reports, you must either confirm that you did not make any personal trades (except for those resulting from non-volitional events) or provide information regarding all volitional transactions in covered investments. Duplicate statements and trade confirmations For each of your reportable accounts, you are required to provide duplicate statements and duplicate trade confirmations to Wellington Management. 5 Wellington Management Code of Ethics WHAT ARE THE PRECLEARANCE RESPONSIBILITIES FOR ALL PERSONNEL? Preclearance of publicly traded securities You must receive clearance before buying or selling stocks, bonds, options, and most other publicly traded securities in any reportable account. A full list of the categories of publicly traded securities requiring preclearance, and of certain exceptions to this requirement, is included in Appendix A. Transactions in accounts that are not reportable accounts do not require preclearance or reporting. Preclearance requests must be submitted online via the Code of Ethics System, which is accessible through the Intranet. If clearance is granted, the approval will be effective for a period of 24 hours. If you preclear a transaction and then place a limit order with your broker, that limit order must either be executed or expire at the end of the 24-hour period. If you want to execute the order after the 24-hour period expires, you must resubmit your preclearance request. Please note that preclearance approval does not alter your responsibility to ensure that each personal securities transaction complies with the general standards of conduct, the reporting requirements, the restrictions on short-term trading, or the special rules for investment professionals set out in our Code of Ethics . Caution on short sales, margin transactions, and options You may engage in short sales and margin transactions and may purchase or sell options (excluding options on ETFs) provided you receive preclearance and meet all other applicable requirements under our Code of Ethics (including the additional rules for investment professionals described on page 7). Please note, however, that these types of transactions can have unintended consequences. For example, any sale by your broker to cover a margin call or to buy in a short position will be in violation of the Code unless precleared. Likewise, any volitional sale of securities acquired at the expiration of a long call option will be in violation of the Code unless precleared. You are responsible for ensuring any subsequent volitional actions relating to these types of transactions meet the requirements of the Code. Preclearance of private placement securities You cannot invest in securities offered to potential investors in a private placement without first obtaining prior approval. Approval may be granted after a review of the facts and circumstances, including whether: • an investment in the securities is likely to result in future conflicts with client accounts (e.g., upon a future public offering), and • you are being offered the opportunity due to your employment at or association with Wellington Management. Investments in our own privately offered investment vehicles (our Sponsored Products), including collective investment funds and common trust funds maintained by Wellington Trust Company, na, our hedge funds, and our non-US domiciled funds, have been approved under the Code and therefore do not require the submission of a Private Placement Approval Form.

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6 Wellington Management Code of Ethics WHAT ARE THE ADDITIONAL REQUIREMENTS FOR INVESTMENT PROFESSIONALS? If you are a portfolio manager, research analyst, or other investment professional who has portfolio management responsibilities for a client account (e.g., designated portfolio manager, backup portfolio manager, investment team member), or who otherwise has direct authority to make decisions to buy or sell securities in a client account (referred to here as an investment professional), you are required to adhere to additional rules and restrictions on your personal securities transactions. However, as no set of rules can anticipate every situation, you must remember to place our clients' interests first whenever you transact in securities that are also held in client accounts you manage. The following provisions of the code are intended to allow investment professionals to make long-term investments in securities. However, you may not be able to sell personal investments for extended periods of time and therefore should consider the liquidity, tax planning, market, and similar risks associated with making personal investments in securities of an issuer that are or may be held in client accounts. • INVESTMENT PROFESSIONAL BLACKOUT PERIODS — You cannot buy or sell a security (excluding shares of exchange-traded funds (ETFs)) for a period of 14 calendar days before or after any transaction in the same issuer by a client account for which you serve as an investment professional. In addition, you may not sell personal holdings in a security of the same issuer that is held by a client account for which you serve as an investment professional until the later of the following periods: (i) one calendar year from the date of your last purchase and (ii) 90 calendar days after all of your client accounts liquidate all holdings of the same issuer. If you anticipate receiving a cash flow or redemption request in a client portfolio that will result in the purchase or sale of securities that you also hold in your personal account, you should take care to avoid transactions in those securities in your personal account in the days leading up to the client transactions. However, unanticipated cash flows and redemptions in client accounts and unexpected market events do occur from time to time, and a personal trade made in the prior 14 days should never prevent you from buying or selling a security in a client account if the trade would be in the client's best interest. If you find yourself in that situation and need to buy or sell a security in a client account within the 14 calendar days following your personal transaction in a security of the same issuer, you should attempt to notify the Code of Ethics Team or your local Compliance Officer in advance of placing the trade. If you are unable to reach any of those individuals and the trade is time sensitive, you should proceed with the client trade and notify the Code of Ethics Team promptly after submitting it. • SHORT SALES BY AN INVESTMENT PROFESSIONAL— An investment professional may not personally take a short position in a security of an issuer in which he or she holds a long position in a client account. 7 Wellington Management Code of Ethics Gifts and entertainment Our guiding principle of "client, firm, self" also governs the receipt of gifts and entertainment from clients, consultants, brokers/dealers, research providers, vendors, companies in which we may invest, and others with whom the firm does business. As fiduciaries to our clients, we must always place our clients' interests first and cannot allow gifts or entertainment opportunities to influence the actions we take on behalf of our clients. In keeping with this standard, you must follow several specific requirements: ACCEPTING GIFTS — You may only accept gifts of nominal value, which include logoed items, flower arrangements, gift baskets, and food, as well as other gifts with an approximate value of less than US$100 or the local equivalent per year from a single source. You may not accept a gift of cash, including a cash equivalent such as a gift card, regardless of the amount. If you receive a gift that violates the Code, you must return the gift or consult with the Chief Compliance Officer to determine appropriate action under the circumstances. ACCEPTING BUSINESS MEALS — Business meals are permitted provided that neither the cost nor the frequency is excessive and there is a legitimate business purpose. If the host is a broker/dealer or research provider, the host must be reimbursed for the full amount of your proportionate share of the total cost of the meal if the approximate value of the meal is more than US$250 or the local equivalent. ACCEPTING ENTERTAINMENT OPPORTUNITIES — The firm recognizes that participation in entertainment opportunities with representatives from organizations with which the firm does business, such as consultants, broker/dealers, research providers, vendors, and companies in which we may invest, can help to further legitimate business interests. However, participation in such entertainment opportunities should be infrequent and is subject to the following conditions: 1. A representative of the hosting organization must be present; 2. The primary purpose of the event must be to discuss business or to build a business relationship; 3. You must receive prior approval from your line manager or designee ; 4. If the host is a broker/dealer or research provider, the host must be reimbursed for the full amount of the entertainment opportunity; and 5. For all other entertainment opportunities, the host must be reimbursed for the full face value of any entertainment ticket(s) if: • the entertainment opportunity requires a ticket with a face value of more than US$450 or the local equivalent, or is a high-profile event (e.g., a major sporting event), • you wish to accept more than one ticket, or • the host has invited numerous Wellington Management representatives. Please note that even if you pay for the full face value of a ticket, you may attend the event only if the host is present. LODGING AND AIR TRAVEL — You may not accept a gift of lodging or air travel in connection with any entertainment opportunity. If you participate in an entertainment opportunity for which lodging or air travel is paid for by the host, you must reimburse the host for the equivalent cost, as determined by Wellington Management's travel manager. 8 Wellington Management Code of Ethics SOLICITING GIFTS, ENTERTAINMENT OPPORTUNITIES, OR CONTRIBUTIONS — In your capacity as an employee of the firm, you may not solicit gifts, entertainment opportunities, or charitable or political contributions for yourself, or on behalf of clients, prospects, or others, from brokers, vendors, clients, or consultants with whom the firm conducts business or from companies in which the firm may invest. SOURCING ENTERTAINMENT OPPORTUNITIES — You may not request tickets to entertainment events from the firm's Trading department or any other Wellington Management department, or employee, nor from any broker, vendor, company in which we may invest, or other organization with which the firm conducts business. Outside activities While the firm recognizes that you may engage in business or charitable activities in your personal time, you must take steps to avoid conflicts of interest between your private interests and our clients' interests. As a result, all significant outside business or charitable activities (e.g., additional employment, consulting work, directorships or officerships) must be approved by your manager and by the Chief Compliance Officer, General Counsel, or Chair of the Ethics Committee prior to the acceptance of such a position (or if you are new, upon joining the firm). Approval will be granted only if it is determined that the activity does not present a significant conflict of interest. Directorships in public companies (or companies reasonably expected to become public companies) will generally not be authorized, while service with charitable organizations generally will be permitted. Client confidentiality Any nonpublic information concerning our clients that you acquire in connection with your employment at the firm is confidential. This includes information regarding actual or contemplated investment decisions, portfolio composition, research recommendations, and client interests. You should not discuss client business, including the existence of a client relationship, with outsiders unless it is a necessary part of your job responsibilities. How we enforce our Code of Ethics Legal and Compliance is responsible for monitoring compliance with the Code of Ethics. Members of Legal and Compliance will periodically request certifications and review holdings and transaction reports for potential violations. They may also request additional information or reports. It is our collective responsibility to uphold the Code of Ethics. In addition to the formal reporting requirements described in this Code of Ethics, you have a responsibility to report any violations of the Code. If you have any doubt as to the appropriateness of any activity, believe that you have violated the Code, or become aware of a violation of the Code by another individual, you should consult the manager of the Code of Ethics Team, Chief Compliance Officer, or General Counsel. 9 Wellington Management Code of Ethics Potential violations of the Code of Ethics will be investigated and considered by representatives of Legal and Compliance and/or the Ethics Committee. All violations of the Code of Ethics will be reported to the Chief Compliance Officer. Violations are taken seriously and may result in sanctions or other consequences, including: • a warning • referral to your manager and/or senior management • reversal of a trade or the return of a gift • disgorgement of profits or of the value of a gift • a limitation or restriction on personal investing • termination of employment • referral to civil or criminal authorities If you become aware of any potential conflicts of interest that you believe are not addressed by our Code of Ethics or other policies, please contact the Chief Compliance Officer, the General Counsel, or the manager of the Code of Ethics Team. Exceptions from the Code of Ethics The Chief Compliance Officer may grant an exception from the Code, including preclearance, other trading restrictions, and certain reporting requirements on a case-by-case basis if it is determined that the proposed conduct involves no opportunity for abuse and does not conflict with client interests. Exceptions are expected to be rare. Closing As a firm, we seek excellence in the people we employ, the products and services we offer, the way we meet our ethical and fiduciary responsibilities, and the working environment we create for ourselves. Our Code of Ethics embodies that commitment. Accordingly, each of us must take care that our actions fully meet the high standards of conduct and professional behavior we have adopted. Most importantly, we must all remember "client, firm, self" is our most fundamental guiding principle.

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10 Wellington Management Code of Ethics APPENDIX A Reporting of Securities Transactions Required (no need to preclear and not subject to the 60-day holding period): Open-end investment funds managed by Wellington Management, including WMF funds and subadvised funds 1 (other than money market funds) Interests in a variable annuity or insurance product in which the underlying assets are held in a fund managed by Wellington Management Futures and options on securities indices Shares of exchange-traded funds (ETFs) 3, excluding closed- end ETFs managed by Wellington and listed closed-end ETFs, which require preclearance and reporting. Gifts of securities to you or a reportable account Gifts of securities from you or a reportable account Non-volitional transactions (splits, tender offers, mergers, stock dividends, dividend reinvestments, etc.) This appendix is current as of 2 February 2026 and may be amended at the discretion of the Ethics Committee. 1A list of funds advised or subadvised by Wellington Management ("Wellington-Managed Funds") is available online via the Code of Ethics System. However, you remain responsible for confirming whether any particular investment represents a Wellington-Managed Fund; 2If the instrument is unrated, it must be of equivalent duration and comparable quality; 3Excluding Single-Stock ETFs as these are a prohibited investment; 4 Interest in private placement securities (other than Wellington Mgmt sponsored products) require prior approval. A Private Placement Approval Form must be submitted and approved prior to transacting. No Preclearance or Reporting Required: Open-end investment funds not managed by Wellington Management1 , except for ETFs which require reporting and all closed-end funds that require both preclearance and reporting. Interests in a variable annuity product in which the underlying assets are held in a fund not managed by Wellington Management Direct obligations of the US government (including debt issued by US Gov Agencies), the governments of Canada, France, Germany, Italy, Japan, United Kingdom, Singapore (SSBs and SG T-Bills) as well as Hong Kong and Australian government bonds issued only to retail investors. Cash Money market instruments or other short-term debt instruments rated P-1 or P-2, A-1 or A-2, or their equivalents2 Bankers' acceptances, CDs, commercial paper Wellington Trust Company Pools, Wellington Sponsored Private Funds (e.g. Wellington Hedge and Private Equity Funds) that are held in WRPP and/or MD Savings Plan Securities futures and options on direct obligations of the US government or the governments of Canada, France, Germany, Italy, Japan, United Kingdom, and associated derivatives Options, forwards, and futures on commodities and foreign exchange, and associated derivatives Transactions in approved managed accounts Preclearance and Reporting of Securities Transactions Required: Bonds and notes (including municipal bonds) other than those listed in the no preclearance or reporting section Stock (common and preferred) or other equity securities, including any security convertible into equity securities All closed-end funds (including closed-end funds managed by Wellington and listed closed-end funds) Interest in private placement securities (other than Wellington Management sponsored products)4 Unit investment trusts American Depositary Receipts Options on securities (but not their non-volitional exercise or expiration), excluding options on ETFs and securities indices Warrants Rights Prohibited Investments and Activities: Initial public offerings (IPOs) of any securities Single-stock futures Single-Stock ETFs (including Leveraged Single-Stock ETFs, Inverse Single-Stock ETFs, and Hedged Single-Stock ETFs) Tokenized Single Stock Instruments Securities or financial instruments whose performance is derived from the performance of a security covered by our Code of Ethics (e.g. single stock ETFs and single stock futures) Options with an expiration date that is within 60 calendar days of the transaction date (excluding shares of exchange-traded funds (ETFs)) Securities being bought or sold on behalf of clients until one trading day after such buying or selling is completed or canceled Securities of an issuer that is the subject of a new, changed, or reissued but unchanged action recommendation from a global industry research or fixed income credit analyst until two business days following issuance or reissuance of the recommendation Securities of an issuer that is mentioned at the Morning Meeting or the Early Morning Meeting until two business days following the meeting Securities on the firmwide restricted list Taking a profit from any trading activity within a 60- calendar day window Securities of broker/dealers or their affiliates with which the firm conducts business Securities of any securities market or exchange on which the firm trades Using a derivative, digital asset, or other instrument to circumvent the requirements of the Code of Ethics Purchasing an equity security if your aggregate ownership of the equity security exceeds 0.05% of the total shares outstanding of the issuer, Initial Coin offerings (ICOs) G2529_3

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## Ex-99.(P)(26)

***VIRTUS INVESTMENT PARTNERS***

***VIRTUS CODE OF ETHICS***

**Amended and Restated February 1, 2026**

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| | | |
|:---|:---|:---|
| **AlphaSimplex**<br>A Virtus Investment Partner | **CEREDEX Value Advisors**<br>A Virtus Investment Partner | **Duff & Phel**ps<br>A Virtus Investment Partner |
| **Kayne Anderson Rudnick**<br>A Virtus Investment Partner | **Newfleet Asset Management**<br>A Virtus Investment Partner | **NFJ**<br>A Virtus Investment Partner |
| **SEIX Investment Advisors**<br>A Virtus Investment Partner | **SILVANT CAPITAL MANAGEMENT**<br>A Virtus Investment Partner | **Stone Harbor Investment Partners**<br>A Virtus Investment Partner |
| **SGA<br>Sustainable Growth Advisers** | **VIRTUS<br>MULTI-ASSET** | **VIRTUS<br>SYSTEMATIC** |
| **WESTCHESTER CAPITAL MANAGEMENT**<br>A Virtus Investment Partner | | |

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**A message from George Aylward, President and Chief Executive Officer**

At Virtus Investment Partners, our goal is to be a distinctive and trusted provider of asset management products and services that is profitable, growing and consistently delivers value for our clients and shareholders. In this highly competitive industry, we need to distinguish Virtus through our products, our service approach, and our values in managing our company.

Foremost among those values is the expectation I have that each member of the Virtus team adhere to the highest standards of legal and ethical conduct in all of our business dealings.

By demonstrating Virtus is a company that our clients can trust with their assets, a company that our distribution partners respect, and a company that all of our stakeholders think of with admiration, we can accomplish our business goals.

**George Aylward**

**President and Chief Executive Officer Virtus Investment Partners, Inc.**

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**Introduction**

In accordance with Rule 204A-1 under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), registered investment advisers are required to adopt and enforce a written Code of Ethics. The Codes of Ethics must set forth standards of conduct expected of advisory personnel and address conflicts that may arise from personal trading by advisory personnel. Among other things, the rule requires advisers' supervised persons to report their personal securities transactions, including transactions in any mutual fund managed by the adviser. Additionally, Rule 17j-1 under the Investment Company Act of 1940 (the "Investment Company Act"), requires that all investment companies and their investment advisers and certain principal underwriters adopt a Code of Ethics and procedures designed to detect and prevent fraudulent, deceptive, or manipulative acts in connection with securities transactions held or to be acquired by the fund.

Each registered investment adviser and the broker-dealer of Virtus Investment Partners, Inc. ("Virtus") listed in Schedule A (each referred to individually as a "Firm" and collectively as the "Firms") has adopted this Code of Ethics (the "Code") in accordance with the Advisers Act and the Investment Company Act. From time to time, a Firm may attach an Appendix to this Code describing any unique provisions the Firm has made to provide additional requirements or modify requirements set forth by this Code. Modifications for one Firm will not be considered an amendment to any other Firm's Code.

Employees subject to this Code (as described below) are required to adhere to both the letter and spirit of the Code. Failure to adhere to this Code may result in disciplinary actions including fines, disgorgement of profits (or losses avoided), unwinding of securities transactions, curtailment of personal trading privileges, and/or termination of employment. In addition, certain violations of this Code may be considered violations of securities laws and regulations that could result in civil and/or criminal penalties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Standards of Conduct**

In providing investment services to registered investment companies, institutional accounts and other clients, the Firms are governed by legal and fiduciary duties that mandate adherence to the highest standards of ethical conduct and integrity. Because an employee may have knowledge of present or future portfolio transactions in client accounts and, in some cases, the power to influence those portfolio transactions, it is possible that an employee's personal interests could – or could appear to – conflict with those of the Firms' clients if the employee engages in personal transactions in securities that are eligible for investment by the Firms' clients.

The procedures set forth in this Code are designed to address potential conflicts of interest with respect to the personal investing activities of the Firms' Supervised Persons, including those further designated as Access or Advisory Persons (all as defined below). When persons covered by the terms of this Code engage in personal securities transactions, they must adhere to the following general principles as well as to the Code's specific provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ At all times, the interests of the Firms' clients must be paramount;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Personal transactions must be conducted consistent with this Code in a manner that avoids or mitigates any actual or potential conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ No inappropriate advantage should be taken of any position of trust or responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Non-public information regarding security holdings in client accounts must remain confidential; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Compliance with all applicable federal securities laws must be maintained.

In addition to the provisions of this Code, employees are responsible for compliance with other Virtus policies and procedures concerning personal conduct and conflicts of interest including, but not limited to: the Code of Conduct; Insider Trading Policy and related Guidelines; Social Media Policy; Acceptable Technology Use Policy; Political and PAC Contribution Policy and Procedures; and Gifts, Entertainment and Inducements Policy.

Irrespective of any investment transactions permitted under this Code and/or investment transactions approved by Compliance, this Code is subject to, and superseded by, federal securities laws, which prohibit trading, whether for personal or client accounts, while in possession of material non-public information. Likewise, material non-public information regarding Virtus or a Firm may not be shared with other employees, other than Legal or Compliance personnel. <u>Under no circumstances may employees use material non-public</u> <u>information about client recommendations and transactions in their own personal trading.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.Persons Subject to the Code**

All employees of Virtus and its subsidiaries are subject to this Code and are deemed to be **Supervised Persons** of a particular investment adviser and/or broker-dealer subsidiary within the meaning of the Advisers Act and the Investment Company Act. This includes persons working at Virtus entities that are not investment advisers or broker-dealers, such as Virtus Fund Services, LLC and Virtus Shared Services, LLC, as well as employees of Virtus Partners, Inc. in departments such as Human Resources, Finance, Sales, Marketing, and Product Management. Certain Supervised Persons are further classified as **Access Persons** or **Advisory Persons**, depending upon their access to client portfolio information and their role in managing client accounts.

Supervised Persons are further designated as **Access Persons** if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ In connection with their job functions or duties they have access to timely, non-public information regarding a Firm's investment management activities, client portfolio holdings and/or client trading activity or they are a director or officer of a Firm. In general, employees with duties or responsibilities within Operations (e.g., Information Technology, Investment Operations, Investment Risk and Performance, Business Solutions, and Product Management), Fund Administration, Legal and Compliance, Internal Audit or other areas determined by Compliance are designated as Access Persons.

Supervised Persons are further designated as **Advisory Persons** if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ In connection with their job functions or duties, they make, recommend or implement investment decisions on behalf of client accounts managed by a Firm. In general, portfolio managers, investment research analysts, traders and certain of their support personnel are designated as Advisory Persons.

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Employees who perform certain services for multiple Firms (i.e., shared services) or share office space with another Firm, may be designated by Compliance as Supervised, Access and/or Advisory Persons of multiple Firms.<sup>1</sup> The above are general rules and Compliance may designate persons as Supervised, Access or Advisory for reasons other than indicated above, if determined to be consistent with the purpose of this Code.

The chart below provides a summary of requirements under this Code depending upon the employee's designation as a Supervised Person, or additional designation as an Access or Advisory Person and references the Section of this Code providing additional explanations of each requirement:

**Summary of Code of Ethics Requirements by Employee Classification**

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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;**REQUIREMENT / CODE SECTION** | **SUPERVISED PERSONS** | &nbsp;&nbsp;&nbsp;&nbsp;**ACCESS PERSONS** | **ADVISORY PERSONS** |
| Section 1. STANDARDS OF CONDUCT |  |  |  |
| Section 2. PERSONS SUBJECT TO THE CODE |  |  |  |
| Section 3.1. ATTESTATION OF RECEIPT, UNDERSTANDING AND COMPLIANCE |  |  |  |
| Section 3.2. REPORTABLE SECURITIES AND REPORTABLE ACCOUNTS:<br>&nbsp;&nbsp;&nbsp;&nbsp;▪ DEFINITION OF REPORTABLE SECURITIES AND REPORTABLE ACCOUNTS<br>&nbsp;&nbsp;&nbsp;&nbsp;▪ NOTIFYING COMPLIANCE OF EXISTING REPORTABLE ACCOUNTS AND APPROVAL FOR NEW REPORTABLE ACCOUNTS<br>&nbsp;&nbsp;&nbsp;&nbsp;▪ MANAGED ACCOUNTS (DEFINED) |  |  |  |
| Section 3.3. NOTIFYING COMPLIANCE OF EXISTING REPORTABLE ACCOUNTS AND USE OF APPROVED BROKERS |  |  |  |
| Section 3.4. INITIAL AND ANNUAL HOLDINGS REPORTS |  |  |  |
| Section 3.5. QUARTERLY TRANSACTIONS REPORTS |  |  |  |
| Section 3.6. DUPLICATE INVESTMENT ACCOUNT STATEMENTS |  |  |  |
| Section 4.1. TRADE PRECLEARANCE REQUIREMENTS FOR NON-VIRTUS SECURITIES |  |  |  |
| Section 4.2. PRECLEARANCE, TRANSACTION AND ACCOUNT REQUIREMENTS FOR VIRTUS SECURITIES |  |  |  |

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<sup>1</sup> Reference: Rule 204A-1(a)(3) Section 202(a)(25) of the Advisers Act, defines "supervised person" as an adviser's partners, officers, directors (or other persons occupying a similar status or performing similar functions) and employees, as well as any other persons who provide advice on behalf of the adviser and are subject to the adviser's supervision and control.

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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;**REQUIREMENT / CODE SECTION** | **SUPERVISED PERSONS** | &nbsp;&nbsp;&nbsp;&nbsp;**ACCESS PERSONS** | **ADVISORY PERSONS** |
| Section 5. TRADE BLACKOUT RULE |  |  |  |
| Section 6. OTHER TRADING RESTRICTIONS |  |  |  |
| Section 7. HOLDING PERIOD RULE |  |  |  |
| Section 8. DUTY TO REPORT VIOLATIONS |  |  |  |
| Section 9. SANCTIONS FOR VIOLATIONS OF THE CODE |  |  |  |
| Section 10. WAIVERS, TEMPORARY EXEMPTION FROM CODE APPLICATION, AND EXTENSIONS |  |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Reporting Requirements for Supervised, Access and Advisory Persons**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1Attestation of Receipt, Understanding and Compliance**

All employees receive a copy of the Code upon hire and must certify their receipt, reading, understanding of, and compliance with, the Code within ten (10) days of becoming subject to the Code and at least annually thereafter. Employees are also required to certify the same with respect to amendments of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2Reportable Securities and Reportable Accounts**

Supervised Persons, including those further designated as Access or Advisory Persons, must disclose to Compliance all Reportable Securities positions as well as all Reportable Accounts (both brokerage and other investment accounts), as further defined and discussed below.

**Reportable Securities** are broadly defined and include transactions (both long and short) in the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares of stocks, ADRs, and other equity securities (including any security convertible into equity securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Bonds and notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares of exchange traded funds ("ETFs") and exchange traded notes ("ETNs");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares of closed-end funds, interval funds, tender offer funds (including Virtus managed funds) and similar securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Private placement securities<sup>2</sup>;

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2 A private placement is an offering of securities that are exempt from registration under various laws and rules, such as the Securities Act of 1933 in the U.S. and the Listing Rules in the U.K. Private placements can include limited partnerships, certain cooperative investments in real estate, co-mingled investment vehicles such as hedge funds, and investments in privately held and family-owned businesses. For the purpose of this Code, time-shares and cooperative investments in real estate used as a primary or secondary residence are not considered to be private placements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares of open-end funds managed by a Firm or managed by a non-affiliate as a

subadviser to a Firm<sup>3</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Securities acquired in an initial public offering ("IPO") or a limited offering, or crowdfunding initiatives to raise capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Initial or limited coin offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ "Cryptocurrency" or "digital assets" unless specifically exempted by Compliance (as indicated in Schedule B); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Any options, futures and other derivatives on a Reportable Security or an index of Reportable Securities.

The following are ***not*** considered Reportable Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Direct obligations of the U.S. Government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Money market instruments and funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Bankers' acceptances, certificates of deposit, commercial paper and other high quality short-term debt instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Currencies and commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares of open-end funds that are not managed by a Firm; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Holdings in 529 Plans (unless such holdings are a mutual fund managed by a Firm or managed by a non-affiliate as a subadviser to a Firm).

**Reportable Accounts** are all investment accounts (brokerage and other investment accounts) that a Supervised Person or members of their family who share their household have direct or indirect investment discretion over and that hold, or can hold, Reportable Securities. Reportable Accounts include investment accounts of certain related persons including a Supervised Person's spouse, domestic partner, children and stepchildren, and certain other persons<sup>4</sup> residing in the same household as the Supervised Person. Investment accounts meeting the above definition must be reported even if Reportable Securities are not currently held in the account.

**Managed Accounts** are Reportable Accounts from which a Supervised Person or a member of their household benefits financially, but over which neither the Supervised Person nor a member of their household exercise direct or indirect investment discretion. A Managed Account is one where a third-party money manager or financial advisor is engaged to make all investment decisions for the account and the Supervised Person does not discuss any specific transactions for the account with the manager. Designation of a Managed Account must be properly documented and approved in accordance with Compliance procedures. Once designated as such by Compliance, Managed Accounts are not subject to the requirements of *Section 4.1. - Trade Preclearance Requirements for Non-Virtus Securities*, *Section 4.2. - Preclearance requirement for Virtus Securities* (subject to the limitations for Restricted Insiders discussed below), *Section*

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<sup>3</sup> A list of open-end funds managed by a Firm or managed by a non-affiliate as a subadviser to a Firm is available on VirtusNet.

<sup>4</sup> Compliance may determine certain persons (other than those specifically listed above) who reside at the same address are <u>not</u> part of the same household if they do not otherwise have any of the following: direct or indirect investment discretion over the person's brokerage account(s) or investment(s); transparency, influence or control over the person's financial affairs; nor provide or receive recommendations or advice from the person concerning investments. Employees are encouraged to be forthcoming and discuss such matters with Compliance promptly at the time of hire and/or upon the development of such situation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5. - Blackout Rule for Advisory Persons*, or *Section 7. - Holding Period Rule for Access and Advisory Persons*. <u>However, brokerage statements must be provided (see Section 3.6);</u> <u>purchasing IPOs is restricted (see Section 6); and private placement and limited offerings must</u> <u>be</u> <u>precleared,</u> <u>including</u> <u>those</u> <u>opportunities</u> <u>recommended</u> <u>by</u> <u>an</u> <u>outside</u> <u>financial</u> <u>advisor</u> <u>(see Section 4.1).</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3Notifying Compliance of Existing Reportable Accounts (including Managed Accounts) and Use of Approved Brokers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Supervised Persons must notify Compliance of all existing Reportable Accounts within ten (10) days of hire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ After hire, Supervised Persons may only hold Reportable Accounts at an Approved Broker (this requirement does not apply to employees outside of the US). A listing of Approved Brokers is available on VirtusNet. In rare circumstances, Compliance may grant exemptions to this rule, such as Managed Accounts (as described above) when approved by Compliance. New Supervised Persons must promptly close any account not held at an Approved Broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Prompt reporting to Compliance is required when a new account is opened or an existing account becomes reportable (such as marriage, inheritance or power of attorney).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Any Virtus 401(k) Plan Fidelity Account and activity will automatically be reported to Compliance; however, Supervised Persons must specifically notify Compliance of any new or existing Fidelity "BrokerageLink" account, Virtus/Fidelity Health Savings Account ("HSA") or Employee Stock Purchase Plan accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Non-Virtus 401(k) or 403(b) plan accounts maintained by the Supervised Person or members of their household are Reportable Accounts only if such accounts have brokerage capabilities or otherwise hold Reportable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Fidelity accounts that hold unvested Restricted Stock Units ("RSUs") are not considered Reportable Accounts. The shares of Virtus common stock issued upon vesting of the RSUs become Reportable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Supervised Persons are required to promptly inform Compliance when Fidelity automatically opens a brokerage account when they become vested in Virtus RSUs, Virtus options or similar instruments.

Compliance reserves the right to require Supervised Persons to close any Reportable Accounts with broker-dealers who do not provide required information on a reliable, timely or efficient basis.

Supervised Persons must promptly notify Compliance upon closing any Reportable Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4Initial and Annual Holdings Reports**

Supervised Persons, including those further designated as Access or Advisory Persons, must submit or confirm a report listing all personal holdings of Reportable Securities within ten (10) days of hire and annually thereafter. Information contained in the initial report must be current

as of a date not more than forty-five (45) days prior to a Supervised Person's hire date. Annual reports must be current as of December 31<sup>st</sup> of each year, submitted by the following January 30<sup>th</sup>, and shall include such information required by Compliance including a certification by the

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Supervised Person that they have read, understand and complied with the requirements of the Code. Reporting is normally initiated by Compliance and completed through the StarCompliance System or other formats designated by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5Quarterly Transactions Reports**

Supervised Persons, including those further designated as Access or Advisory Persons, must complete a quarterly report of transactions in Reportable Securities within 30 days after quarter-end. Reporting is generally completed through the StarCompliance System or other formats designated by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6Duplicate Trade Confirmations and Personal Brokerage Account Statements**

Broker-dealers or Supervised Persons must promptly provide Compliance with account statements for each Reportable account at least quarterly.

The above requirement may be satisfied by arrangements Supervised Persons make through Compliance for broker-dealers to provide electronic feeds to the StarCompliance System or other designated location. In the event broker-dealers cannot provide electronic feeds, Supervised Persons will be responsible to promptly upload necessary information into the StarCompliance System or other designated location.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.Trade Preclearance Requirements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1Preclearance Requirements for non-Virtus Securities for Access and Advisory Persons**

Generally, subject to other provisions of this Code, Access and Advisory Persons may not purchase or sell a Reportable Security for their own account at times during which any client account has a buy or sell order pending for a security of the same issuer or when trading in the Reportable Security is otherwise restricted. Advisory Persons are subject to additional restrictions as described in *Section 5. – Blackout Rule for Advisory Persons*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ *<u>Access and Advisory Persons must obtain approval from Compliance prior to buying or</u> <u>selling Reportable Securities ("preclearance") (unless the security type is indicated as not</u> <u>requiring preclearance further below).</u>*

-&nbsp;&nbsp;&nbsp;&nbsp;Preclearance requests are generally initiated by submitting a request to Compliance through the StarCompliance System and awaiting a response for approval before placing an order for a Reportable Security.

-&nbsp;&nbsp;&nbsp;&nbsp;When submitting requests for multiple transactions at one time, Access and Advisory Persons should carefully review the responses from Compliance, which will be provided separately for each request, as some may be approved but others may be denied.

- &nbsp;&nbsp;&nbsp;&nbsp;A preclearance request is required for transaction activity in **each** brokerage

account (even if it is for the same security).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Preclearance is also required for all investments in IPOs or private placements, as defined in Section 3.2. Compliance shall review the terms of such offering to ensure no conflicts exist with Virtus or Firm client accounts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ *<u>Unless otherwise indicated, preclearance approvals are valid until 5 pm (ET) of the next</u> <u>business day</u>* regardless of an Access or Advisory Person's specific geographic location (with the exception of private placement transactions and limited offerings, which are determined on a case-by-case basis). An order, including limit orders, not executed within that time must be re-submitted for preclearance approval.

Preclearance will be denied in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ When the Firm(s) of which an employee is an Access or Advisory Person has a pending buy or sell order for any security of the same issuer for a client account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ When a security is restricted by any Firm(s) for which an employee is an Access or Advisory Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ When the trade would violate another provision of the Code (such as holding period or blackout period rules); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Other circumstances as may be determined by Compliance on a case-by-case basis consistent with the purposes of the Code.

Where no other conflict is deemed present<sup>5</sup>, Compliance, in its discretion, may approve preclearance requests for Access Persons *(but <u>not</u> Advisory Persons)* up to the following "de minimis" transaction amounts<sup>6</sup>, irrespective of the Firm's pending buy or sell order for the security for a client account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Up to (but not exceeding) 1,000 shares during a *<u>rolling</u>* 30-days (in the aggregate for all of an Access Person's Reportable Accounts) in issuers with a market cap equivalent of

$10 billion (USD) or more at the time of the transaction.

Access and Advisory Persons are <u>not</u> required to preclear transactions in the following types of securities:

&nbsp;&nbsp;&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;&nbsp;&nbsp;▪ Money market instruments such as shares of money market funds, commercial paper, repurchase agreements, bankers' acceptances and bank certificates of deposit, and other high quality short-term debt instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Currencies and commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ "Cryptocurrency" or "digital assets" that are not otherwise considered initial or limited coin offerings;

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<sup>5</sup> Trade preclearance requests in conflict with the Holding Period Rule (Section 7) and issuers listed on applicable restricted lists will generally be denied.

<sup>6</sup> "Transaction amounts" means the number of shares sold *<u>plus</u>* the number of shares bought, i.e., sells *<u>do</u> <u>not</u>* offset buys.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ ETFs not managed by Virtus or any Firm (single stock ETFs are prohibited and options on

ETFs must still be precleared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Other Exchange Traded Products (ETPs), such as Exchange Traded Notes (ETNs), that are not managed by Virtus or any Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Open-end funds and unit investment trusts invested in open-end funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchases pursuant to an automatic investment or dividend reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchases upon the exercise of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent the rights were acquired from the issuer, and sales of such rights so acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Participation in an employee stock purchase plan ("ESPP"), unless otherwise restricted under the Virtus Insider Trading Policy and related guidelines (however all sales of stock accumulated through an ESPP must be pre-cleared);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Non-volitional transactions (such as stock splits, dividends, corporate actions, etc.); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transactions in Managed Accounts, with the exception of IPOs and private placement transactions, provided that prior to the transaction Compliance has approved the classification of the account as a Managed Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2Preclearance, transaction and account requirements for Virtus Securities**

Supervised Persons, including those also designated as Access and Advisory Persons, must preclear transactions in Virtus common shares (ticker: VRTS) and any other type of security Virtus may issue, including, but not limited to, preferred stock, convertible debentures, and warrants (collectively, with Virtus common shares, "Virtus Securities").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Employees must comply with the **Insider Trading Policy** and employees designated as Restricted Insiders must also comply with the related **Trading Restrictions and Pre-Clearance Guidelines Applicable to Restricted Insiders** ("Trading Guidelines"), both of which are available on VirtusNet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Unless otherwise indicated, preclearance approvals for Virtus Securities are valid until 5 pm (ET) of the next business day, regardless of the employee's specific geographic location. An order (including limit orders) not executed within that time must be re-submitted for preclearance approval. Once designated as an approved Managed Account by Compliance, transactions in Virtus Securities within such Managed Accounts are not subject to preclearance requirements; provided, however, employees who are deemed Restricted Insiders pursuant to the Virtus Insider Trading Policy and related Trading Guidelines must take reasonable action to have VRTS restricted in a Managed Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Employees may not engage in short sales of Virtus Securities or transact in any derivatives (such as puts, calls or futures) of Virtus Securities. Additionally, employees may not engage in hedging or monetization strategies of Virtus Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Employees who are designated Restricted Insiders may not hold Virtus Securities in a brokerage account with margin capabilities or pledge Virtus Securities as collateral for a loan without Legal and Compliance pre-approval.

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&nbsp;&nbsp;&nbsp;&nbsp;**5.Blackout Rule for Advisory Persons**

In addition to the preclearance requirements of *Section 4. - Trade Preclearance Requirements*, Advisory Persons may not transact in any Reportable Security on the same day as, or seven (7) calendar days before or after, a trade in securities of the same issuer that is also traded in any client account(s) advised or traded by the Advisory Person.

The Blackout Rule does <u>not</u> apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ When the transaction is in a Reportable Security that is exempt from the preclearance requirements of Section 4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ When the client account transaction is a result of unforeseen portfolio changes resulting from a quantitative investment process, portfolio cash flows, liquidations or account openings or closings; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ When the rule would be contrary to the Advisory Person's fiduciary duty to always act in the client's best interest. However, this exception is not automatic. The Advisory Person must promptly contact Compliance when trading or recommending trading for a client account within seven days of their personal trade. Compliance will then review the facts and provide instructions consistent with the purpose of the rule.

Advisory Persons are encouraged to avoid transacting in securities held or likely to be held in a client account of the Firm to prevent potential conflicts. Advisory Persons will be required to surrender undue profits from any related violation.

&nbsp;&nbsp;&nbsp;&nbsp;**6.Other Restrictions for Access and Advisory Persons**

Access and Advisory Persons are at all times prohibited from engaging in any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchasing or selling ETFs based upon the performance of a single stock or issuer ("single-stock ETFs");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchasing or selling single-stock futures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchasing or selling options on (referencing) a single name/issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Taking short positions on a single stock or issuer other than on approved ETFs. A list of approved ETFs, tracking broad-based indices, is available on VirtusNet and additions may be approved by Compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchasing or otherwise acquiring securities in an IPO, the substantial equivalent of an IPO, or in so-called initial coin (cryptocurrency) offerings, unless otherwise approved by Compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Participating in an Investment Club or similar entity, absent an exception from Compliance; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Using a derivative or synthetic instrument or using any other means to circumvent a restriction in the Code.

In addition to the above, Advisory Persons are further prohibited from engaging in the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Taking a short position on any Reportable Security, including ETFs, that is held long in a client account of a Firm the employee is an Advisory Person of;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Serving on the board of directors of any publicly traded company, absent the prior approval of the Chief Executive Officer and Chief Legal Officer of Virtus, based on a determination that such service will not conflict with the interests of any Firms or their clients; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Purchasing a private placement or limited offering in client accounts where there exists a personal interest in the same issuer without preapproval from Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.Holding Period Rule for Access and Advisory Persons**

Unless an exception applies, Access and Advisory Persons must hold all Reportable Securities for no less than thirty (30) days (the "Holding Period Rule"). The Holding Period Rule prohibits the purchase or sale of options with an expiration date that is within thirty (30) days of the transaction date, as well as the sale of covered calls on securities held for less than thirty (30) days.

Compliance with the Holding Period Rule will be determined using a last in, first out methodology applied across all Reportable Accounts unless otherwise exempted by Compliance, and Access and Advisory Persons may not sell any share(s) of a Reportable Security until a minimum of thirty

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) days have passed since the last purchase of the same security in any of their Reportable Accounts.

Exceptions: The Holding Period Rule does <u>not</u> apply to transactions in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Reportable Securities not subject to preclearance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Open-end funds that are managed by any Firm (although "market timing" restrictions imposed by such funds must be observed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Shares of VRTS received upon the vesting of RSU grants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ VRTS options through exercising and selling the shares, where such options have been provided as grants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Approved Managed Accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Digital assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.Duty to Report Violations**

Employees must promptly report any known violations of this Code to Compliance and should contact Compliance if they have reason to believe that a violation may have occurred or is reasonably likely to occur. Failure to report such matters is itself a violation of this Code. If the matter involves a member of Compliance, the report should be made directly to Virtus' Global Chief Compliance Officer. In the event the reported event involves the Global Chief Compliance Officer, the report should be made directly to the Virtus' Chief Legal Officer. Employees may also report such matters using the Virtus Whistleblower Hotline.<sup>7</sup>

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<sup>7</sup> Instructions for using the Virtus Whistleblower Hotline are available on VirtusNet.

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&nbsp;&nbsp;&nbsp;&nbsp;**9.Sanctions for Violations of the Code**

In the event of a violation of the Code by any Supervised Person, including those further designated as Access or Advisory Persons, Compliance may impose appropriate sanctions considering the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The seriousness of the violation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether the violation was willful or inadvertent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Whether the violation was self-reported;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ The employee's job function and classification as a Supervised, Access or Advisory Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Prior violations of the Code; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Any other factor(s) that Compliance may consider important under the specific circumstances.

Sanctions may include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Verbal and/or written admonishment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Re-training on the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Notice to the person's manager and/or members of Firm management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Fines and/or reversal of trades, with the fines and disgorgement of profits (or losses avoided) donated to a charity designated by Compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Partial or full restriction of personal trading for a period of time (which may be the remainder of the Person's employment); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Suspension or termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.Waivers, Temporary Exemption from Code Application, and Extensions**

Compliance may, from time to time, grant waivers to provisions of this Code for equitable or other reasons. Compliance will maintain reasonable documentation of any such waivers. The waivers may be granted to individuals or classes of individuals with respect to particular transactions or classes of transactions and may apply to past as well as future transactions. No waiver will be granted if Compliance is aware or reasonably believes that doing so will result in a violation of applicable federal securities laws or the principles of this Code.

Employees on approved leaves of absence (e.g., leaves for medical, active military service, bereavement, FMLA, etc.) may be temporarily exempt from the preclearance and reporting provisions of the Code, provided that the following requirements are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ They do not participate in, obtain information with respect to, or make recommendations as to, the purchase or sale of securities on behalf of any client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ They do not have access to information regarding the day-to-day investment activities of the Firm including but not limited to IT systems and Firm email; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ They do not devote significant time to the activities of the Firm.

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Employees must complete quarterly transaction reports promptly upon their return to work after an approved leave of absence.

In addition to the above, Compliance may grant extensions to quarterly reporting deadlines in cases of hardship, illness, system unavailability or other circumstances. Any such circumstances that could result in submission of reports beyond thirty (30) days after quarter end must be discussed with the Chief Compliance Officer. Any such extension shall not be deemed a waiver of the Code's provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.Responsibilities of Compliance**

In addition to those responsibilities described in the foregoing, Compliance is responsible for the following:

Determining which employees are classified as Supervised, Access or Advisory Persons and notifying employees of their classification. In doing so, Compliance may determine whether any temporary employees, consultants, interns or the equivalent should be treated as Supervised, Access or Advisory Persons under this Code.

Maintaining records regarding the Code and its administration as required by Rule 204-2 of the Advisers Act and Rule 31a-2 of the Investment Company Act. Such records will be maintained in a readily accessible place for at least five (5) years, with the first two (2) years in a Firm office. Required records include the following for the past five (5) years:

-&nbsp;&nbsp;&nbsp;&nbsp;A copy of each Code in effect;

-&nbsp;&nbsp;&nbsp;&nbsp;Records of any violations of the Code and action taken in response thereto;

-&nbsp;&nbsp;&nbsp;&nbsp;Records of Supervised Persons' written acknowledgements of the Code;

-&nbsp;&nbsp;&nbsp;&nbsp;A list of all Supervised Persons who have been required to make reports pursuant to the Code;

-&nbsp;&nbsp;&nbsp;&nbsp;Records of decisions to approve transactions in private placements and the basis for such approvals; and

-&nbsp;&nbsp;&nbsp;&nbsp;Copies of all reports made by the Chief Compliance Officer of each Firm and by the Chief Compliance Officer of the Virtus Funds regarding the administration of the Code as required by the Advisers Act or the Investment Company Act.

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***<u>Schedule</u> <u>A</u>***

The following regulated entities have adopted this Code of Ethics:

AlphaSimplex Group, LLC

Ceredex Value Advisors LLC

Duff & Phelps Investment Management Co.

Kayne Anderson Rudnick Investment Management, LLC

NFJ Investment Group, LLC

Seix CLO Management LLC

Silvant Capital Management LLC

Sustainable Growth Advisors, LP

Virtus Advisers, LLC

Virtus Alternative Investment Advisers, LLC

Virtus Capital Advisers, LLC

Virtus Fixed Income Advisers, LLC divisions:

- Newfleet Asset Management

- Seix Investment Advisors

- Stone Harbor Investment Partners

Virtus International Management, LLP

Virtus Investment Advisers, LLC

VP Distributors, LLC

Westchester Capital Management, LLC

Westchester Capital Partners, LLC

*This Schedule will be updated from time to time without being considered an amendment to the Code of Ethics.*

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***<u>Schedule</u> <u>B</u>***

This Schedule last updated: April 1, 2023

**Digital Assets Exempted from the Code of Ethics Reporting Requirements**

The following digital assets are specifically exempted from Code reporting requirements:

Bitcoin currency code "BTC" <u>and</u> "XBT"

*This Schedule will be updated from time to time without being considered an amendment to the Code of Ethics.*

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***<u>Appendix</u> <u>–</u> <u>Individual</u> <u>Firm</u> <u>Modifications</u>***

Certain Firms may, from time to time, attach to this Code an Appendix describing any unique provisions the Firm has made to provide additional requirements or modify requirements set forth by this Code. Modifications appended will not be considered an amendment to any other Firm's Code, other than the one to which the Appendix specifically applies.

**Duff & Phelps Investment Management Company**

**Section 4.1 Preclearance Requirements for non-Virtus Securities (applies to Access and Advisory Persons)** is supplemented with the additional requirements that Access and Advisory Persons:

oMay not purchase securities on the Duff & Phelps Investable Universe List; and

oMay only sell securities on the Duff & Phelps Investable Universe List upon approval from the applicable Duff & Phelps Investment Group Head.

**Kayne Anderson Rudnick Investment Management, LLC**

**Section 4.1 Preclearance Requirements for non-Virtus Securities (applies to Access and Advisory Persons)** is supplemented with the additional requirement that Access and Advisory Persons:

oMay not purchase or sell a Reportable Security for their own account at times in which any investment team is considering initiating a buy or sell program for a security of the same issuer.

**Sustainable Growth Advisers, LP**

**Section 4.1 Preclearance Requirements for non-Virtus Securities (applies to Access and Advisory Persons)** is supplemented with the additional requirement that Access and Advisory Persons:

oMay not purchase any single name equities or derivatives thereof (i.e. options or convertible bonds);

oMust pre-clear purchases or sales of mutual funds sub-advised by SGA;

oAre not required to pre-clear purchases or sales of fixed income securities; and

oAre not required to pre-clear transactions in futures that are permitted under the Code.

**Virtus International Management, LLP**

The UK Supplement includes FCA rules on personal account dealings and clarifies which securities apply to them under **Section 3.2: Reportable Securities and Reportable Accounts** and Section **4.1: Preclearance Requirements for non-Virtus Securities for Access and Advisory Persons**.

## Ex-99.(P)(27)

**WESTFIELD CAPITAL MANAGEMENT COMPANY, L.P.** 

**Code of Ethics**

Date Approved: October 21, 2025

In accordance with Rule 204A-1 of the Investment Advisers Act of 1940 and with Rule 17j-1 of the Investment Company Act of 1940, as amended, Westfield Capital Management Company, L.P. ("Westfield") has developed and implemented this Code of Ethics (the "Code") to set forth standards for business conduct and personal activities. The Code serves many purposes. Among them are to:

• educate employees of Westfield's expectations and the laws governing their conduct;

• remind employees that they are in a position of trust and must act with complete propriety at all times;

• protect the reputation of Westfield;

• guard against violations of securities laws;

• protect Westfield's clients by deterring misconduct; and

• establish procedures for employees to follow so Westfield can assess whether employees are complying with our ethical principles.

**Key terms used throughout this Code are defined in Appendix A.** 

**Persons Covered by the Code**

All permanent Westfield employees are covered under the Code. All employees are deemed an "Access Person". Compliance will deem an Access Person also as an "Investment Person" if the person makes or participates in making investment recommendations for client accounts. Investment Persons may be required to provide additional information for certain personal activities and may be subject to additional transactional restrictions than non-Investment Persons. At any time, employees may check their status by contacting Compliance.

Temporary employees may be subject to either all or certain provisions within the Code. Compliance may also deem a temporary employee an Access Person.

**Waivers to Code**

The Chief Compliance Officer (the "CCO") and the Deputy Chief Compliance Officer (the "Deputy CCO") have the authority to grant written waivers of the provisions of this Code in appropriate instances. However, Westfield expects that waivers will be granted only in rare instances. Compliance will document any waivers granted. No waivers shall be granted on any provisions of the Code that are mandated by the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC").

**Ethical Principles**

As a fiduciary for its clients, Westfield owes its clients the utmost duty of loyalty, good faith, and fair dealing. As an employee of Westfield, you are obligated to uphold these important duties. Westfield expects every employee to uphold these principles when acting on behalf of the firm or in any capacity that may affect the firm's advisory business.

• Employees must act with honesty, integrity, and professionalism in all aspects of our business.

• Employees are to place the interests of Westfield's clients first, at all times.

• Employees must not take advantage of their positions or of investment opportunities that would otherwise be available for Westfield's clients.

• Employees must treat all information concerning clients (e.g., trading, holdings, investment recommendations, and financial situations) confidential.

• Employees must exercise independent, unbiased judgment in the investment decision-making process.

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**Standards of Business Conduct**

The following standards govern all conduct, whether or not the conduct is covered by more specific provisions in the Code or other Westfield policies.

• Employees must comply with applicable federal securities laws.

• Employees must not:

• Defraud any Westfield client in any manner.

• Mislead any client, including making a statement that omits material facts or passing along information that is baseless or suspected to be untrue.

• Engage in any act, practice or course of conduct which operates or would operate as a fraud or deceit upon any client (e.g., creating the false appearance of active trading in client accounts).

• Engage in any manipulative practice with respect to any client.

• Engage in any manipulative practice with respect to securities, including price or market manipulation. This includes rumor mongering, which is illegal and can lead to allegations of market manipulation.

• Employees are prohibited from inappropriately favoring the interests of one client over another as it would constitute a breach of fiduciary duty.

• Employees must not use for their own direct or indirect benefit (or the benefit of anyone other than Westfield's clients) information about: (a)Westfield's trading or investment recommendations for client accounts, (b) our relationships with our clients, or (c) our relationships with the brokerage community. Personal securities transactions must be conducted in accordance with applicable provisions in the Code.

• Employees must comply with the spirit and letter of the Code and other internal policies. Technical compliance with the requirements in the Code or other policies does not insulate you from scrutiny for any actions that can create the appearance of a violation or the appearance that you are circumventing the rules.

• Employees must avoid any actual or potential conflicts of interest with Westfield's clients. Employees will be required to complete certifications or questionnaires on such matters. It is the employee's responsibility to promptly notify Compliance of any changes to their responses.

• Employees must ensure that any personal activities (e.g., personal trading) conducted during work hours do not interfere (or appears to interfere) with their daily work.

• Employees must disclose any family members who have senior level positions at public or private companies.

• Employees must not accept from or give to clients or other business contacts any gifts or business entertainment that would present an actual or potential conflict of interest or would be viewed as improper. (See Westfield's policy on Gifts and Business Entertainment)

• Employees may not recommend, implement, or consider any securities transaction for client accounts without having disclosed any material business or personal relationship (e.g., family member is a senior employee) with or beneficial ownership or other material interest in the issuer or its affiliates, to Compliance. If Compliance deems the disclosed interest to present a material conflict, the employee may not participate in any decision-making process regarding that issuer.

• Employees must act in the best interest of Westfield's clients regarding execution and other costs paid by clients for brokerage services. This includes disclosing to Compliance any personal investment in any business or personal (e.g., family member) relationship with brokers utilized by Westfield for client

• transactions or research services. All employees must strictly adhere to Westfield's policies and procedures regarding brokerage services, including those on best execution, research services, and directed brokerage.

• Employees must disclose to Compliance any personal investments or other interests in third-party service providers if the employees negotiate or make decisions on behalf of the firm with such third-party service providers. If any employee has such an interest, Compliance may prohibit the person from negotiating or making decisions regarding Westfield's business with those companies.

• Employees are prohibited from making referrals to clients (e.g., attorneys, accountants) if the employee will benefit in any way.

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<u>Reporting Unethical or Illegal Behavior</u>

If at any time an employee has knowledge of any behavior that might be viewed as unethical, illegal or in violation of internal policies, the employee must report such behavior immediately.

**How to Report.** To promote employee reporting, while protecting the employee and maintaining their identity in confidence, Westfield offers different methods for reporting.

• **Contact the CCO and/or the Deputy CCO**

Employees may report actual or suspected violations by contacting the CCO and/or the Deputy CCO directly (or the Chief Executive Officer if the suspected violation is by the CCO). Employees are not required to report such matters to their managers before contacting the CCO and/or the Deputy CCO.

• **Report via Westfield's Whistleblower Hotline**

Please call (833) 902-0979. Calls are accessible to the CCO and Deputy CCO only. All calls are anonymous. If suspected violation is by the CCO and/or Deputy CCO, employees should contact the CEO directly and not leave a message on the whistleblower hotline.

**What to Report.** Employees should report any: a) noncompliance with applicable laws, rules and regulations, or internal policies such as the Code; b) fraud or illegal acts involving any aspect of the firm's business; c) material misstatements in regulatory filings, internal books and records, client records or reports, and financial statements; d) activity that is harmful to clients; and e) material deviations from required controls and procedures that safeguard clients and the firm.

**Usage of Information Provided.** The CCO and/or the Deputy CCO will take the steps deemed necessary under the circumstances to investigate relevant facts surrounding the information provided, and to take any appropriate corrective measures. Reporting employees typically will not be notified of any actions the firm is taking in response to their comments.

**Guidance.** Employees are encouraged to seek guidance from the CCO and/or the Deputy CCO with respect to any violation and to refrain from any action or transaction that might lead to the appearance of a violation.

Confidentiality. Any report created shall be treated confidentially. Best efforts will be used to ensure that specific details of the report cannot be used to identify the reporting employee.

**Retaliation.** No employee who in good faith reports a suspected unethical or illegal business practice will be subject to retaliation or discipline for having done so, even if such reports ultimately establish that no violation had occurred.

<u>SEC Whistleblower Program</u>

Westfield encourages employees to report unethical or illegal behavior to the firm first, but employees also have an option of directly reporting actual or suspected violations to the SEC's Whistleblower Office. The SEC offers awards and incentives to individuals who voluntarily provide original information that leads to a successful enforcement. There are very specific criteria and procedures that apply when making such a report to the SEC. Regardless of the employee's reporting method, Westfield will utilize the framework described directly above with regards to reported information.

The SEC encourages individuals to submit information in writing by filling out their questionnaire at <u>https://denebleo.sec.gov/TCRExternal/disclaimer.xhtml</u>. Alternatively, you may submit information by mail to the Office of the Whistleblower at 100 F Street, NE, Mail Stop 5971, Washington, D.C. 20549 or by fax to (703) 813-9322.

Employees have the option to directly report actual or suspected violations to the SEC during and after their employment with Westfield.

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<u>Personal Trading</u>

(All references to Access Persons in this section include family members.)

**Preclearance Requirement**

Access Persons must obtain approval from Compliance prior to entering into any personal securities transactions in a Covered Security for a Covered Account, as defined in Appendix A. Written approval must be received prior to executing any personal security transaction.

With limited exceptions, approvals are valid until 4:00pm on the day they were granted. Approvals for certain transactions (e.g., private offering of securities) may be extended with the CCO's or the Deputy CCO's permission. In such instances, the approval is valid until either the transaction is executed or revoked by Compliance. Access Persons are responsible for notifying Compliance when the transaction has been either completed or cancelled.

Because Westfield primarily supervises domestic growth equities, certain transactions and securities pose minimal conflicts with our clients. As such, the following securities also are exempt from the preclearance requirement. (Reporting requirements still apply). If a security or transaction is not listed directly below or excluded from the Covered Security definition in Appendix A, then it must be precleared.

• ETFs and ETNs that are not advised and/or subadvised by Westfield, that are not short the market, a sector, industry, etc.

• Closed-end mutual funds

• Gifting or transferring shares from one account to another

• Municipal bonds

**Submitting Preclearance Requests**

Preclearance requests for securities transactions should be submitted through the online personal transactions system, StarCompliance (the "personal trading system"). Compliance will set up each Access Person in the system and provide training. It is important that Access Persons not share their passwords with anyone as they are responsible for the information created, modified, and deleted from the system under their login information.

Should an Access Person wish to make a personal security transaction but does not have access to the system, the person must contact a senior member of Compliance for preclearance of the transaction. Compliance will enter the transaction into the system, which will send an approval or denial, via email, to the requestor. It is the Access Person's responsibility to ensure that the trade information contained in the email confirmation is complete and accurate (i.e., transaction type, shares requested, brokerage account, and security name) prior to entering into the transaction.

<u>Private Offerings</u>

Any requests to enter into private offerings of securities must first be discussed with a senior member of Compliance. At a minimum, Compliance will request a copy of the offering documents, if applicable and available, in order to obtain the security/issuer name, investment amount, and target investment date. If the offering documents are not available, Compliance will accept written confirmation from the company. Written confirmation should include the security name, investment amount and target investment date. If the transaction is approved, the employee may then submit the preclearance request. Access Persons must receive a written approval via the personal trading system before entering into the transaction.

**Reviewing Preclearance Requests**

Preclearance requests are not reviewed until after 9:30am. Preclearance requests submitted prior to 9:30am will be placed in pending status. Preclearance requests that go into pending after 3:00pm will be reviewed on a best efforts basis. If a response is not received by 4:00pm, Access Persons are not permitted to enter into the trade and must re-enter the preclearance request the following day. Employees must ensure to cancel all limit orders that are not fully executed by 4:00pm each day.

Compliance has full authority to:

• revoke a preclearance any time after it is granted;

• require an Access Person to close out or reverse a transaction; and

• not provide an explanation for a preclearance denial or revocation, especially when the reasons are confidential in nature.

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**Restrictions to Personal Securities Transactions**

The following restrictions and limitations have been placed on personal securities transactions to address actual or possible conflicts arising from personal trading activities.

• **Material, Non-public Information.** Access Persons who possess or have been made aware of material, non-public information regarding a security, or the issuer of a security may not engage in any transaction of such security or related security. (See Westfield's policy on Insider Trading.)

• **Market Manipulation.** Access Persons may not engage in any transactions intended to raise, lower, or maintain the price of any security.

• **Market Timing and Excessive Trading.** Access Persons must not engage in excessive trading or market timing activities with respect to any mutual fund. When placing trades in any mutual fund, whether the trade is placed directly in a personal account, 401(k) account, deferred compensation account, account held with an intermediary or any other account, Access Persons must comply with the rules set forth in the fund's prospectus and SAI regarding the frequency and timing of such trades.

• **Transactions with Clients.** Access Persons are prohibited from knowingly selling to, or purchasing from, a client any security or other property, except publicly traded securities issued by such client.

• **Advised and/or Subadvised Funds.** Access Persons are prohibited from trading in ETFs and mutual funds that are advised and/or subadvised by Westfield without prior Compliance approval.

• **Transactions Likely to Raise Conflicts with Duties to Clients.** Access Persons may not enter into any transactions that: a) may have a negative impact on their attention to their responsibilities to the firm or our clients (e.g., trading frequently in personal accounts), or b) overextend their financial resources or commit them to financial liability that they are unable to meet.

• **Derivatives, Warrants and Rights.** Access Persons are prohibited from trading options, forwards, swaps, warrants, rights, and any other similar security in their Covered Accounts.

• **Private and Limited Offerings (e.g., IPOs).** Typically, if client accounts are participating in a private or limited offering, Access Persons may not participate in the same offering. With prior approval from the CCO and/or DOC, Access Persons may participate alongside client accounts, but the client's interest will always come first. This includes Access Persons invested in Westfield's LPs (e.g., Micro-Cap Fund).

• **Short Selling and Short ETFs/ETNs.** Access Persons are prohibited from short selling securities in their Covered Accounts.

• **30-Day Holding Period.** Covered Security investments made in Covered Accounts must be held for a minimum period of 30 calendar days after purchase (day one starts one day after trade date). ETFs and ETNs are not subject to the 30-day holding period.

**Investment Team Sales in Covered Securities**

All analysts (defined as sector and research analysts) that own securities in their covered accounts that overlap with their sector universe <u>and</u> are owned in a Westfield strategy managed by Westfield's Investment Committee must hold such security or securities until they have been fully liquidated from all strategies. Once the security is fully liquidated, the analyst may sell their personal shares 5 business days following the last client sale.

All individual portfolio managers that own securities in their covered accounts that overlap with the individual portfolios that they manage, must hold such security or securities until they have been fully liquidated from all client accounts under their management. Once the security is fully liquidated; the portfolio manager may sell their personal shares 5 business days following the last client sale.

The above restrictions do not apply to securities that are held due to client restrictions (e.g., tax considerations, retention for proxy voting, etc.). Any exceptions must be approved by the CCO and/or the Deputy CCO. Analysts may continue to trim and/or sell securities for their covered accounts that are not in their sector universe. Portfolio managers may continue to trim/sell securities for their covered accounts that are not held in the portfolios they manage. Any trims/sales will still follow the above personal securities transaction restrictions, front running, and blackout periods as applicable.

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**Front Running and Blackout Periods**

Front running is an illegal practice. Access Persons should not enter into a personal security transaction when the Access Person knows, or has reason to believe, that the security or related security: a) has recently been acted upon, b) may in the near future be recommended for action, or c) may in the near future be acted upon by the firm for client accounts.

• For Covered Securities that have been traded in client accounts, the blackout period begins five business days before the client trade and ends five business days after the last client trade. If the Covered Security was traded for reasons outside of an investment recommendation (e.g., cash flow, rebalancing/dispersion, etc.), the blackout period begins when the trades are placed on the blotter and ends when the trades have been completed.

• For Covered Securities that have been recommended or are "under consideration," the blackout period begins five business days before the day a security was recommended or placed under consideration and typically ends five business days thereafter. Some securities may remain on the restricted list for longer periods of time. Compliance has full discretion to decide whether a security is restricted and for how long.

• ETFs and ETNs that are not advised and/or subadvised by Westfield are not subject to the blackout periods discussed in this section.

**New Employees**

All new employees will be required to be in compliance with Westfield's Code within 10 calendar days from their date of hire (e.g., must cover short positions). New employees may also be allowed to continue to hold put and/or call options until they expire. Compliance will review these on a case by case basis.

New investment team employees will be allowed 10 calendar days to trim/liquidate securities within their sector universe that overlap with a strategy managed by Westfield's Investment Committee. However, all other provisions within the Code must be followed (e.g., must follow preclearance requirements, blackout periods apply).

Initial 401(k) allocations, including open-end mutual Funds sub-advised or advised by Westfield do not require preclearance.

**Reporting Requirements for Personal Securities Transactions**

Unless noted in *Exemptions* in this section, Access Persons must file the reports described below, even if the person has had no holdings, transactions, or accounts to list in the reports.

Reports are submitted through the personal trading system, which will track the dates and times of submissions. All submissions will remain confidential and will not be accessible by anyone other than Compliance and to the extent necessary to implement and enforce the provisions of the Code or to comply with regulatory or legal requirements.

Access Persons are responsible for reviewing and verifying the information on all of their reports prior to submission. You must promptly speak with Compliance about any errors, omissions, or discrepancies on these reports before they are submitted.

**Initial and Annual Holdings Reports.** Access Persons must submit a report of their holdings in Covered Securities within 10 days after the day they become an Access Person and on an annual basis thereafter. Initial holdings information should be current as of a date no more than 45 days prior to the employee's date of becoming an Access Person. Annual holding reports should be as of December 31st and submitted within 30 days after the calendar year-end. For each holding, Access Persons must provide: 1) the title and type of security, 2) as applicable, the exchange ticker symbol or cusip number, 3) the number of shares and principal amount of each reportable security in which the access person has any direct or indirect beneficial ownership, 4) 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 5) the date the access person submits the report.

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**Quarterly Transaction Reports.** Access Persons are required to report Covered Securities transactions for the most recent calendar quarter. Each transaction should indicate: 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 broker, dealer or bank with or through which the transaction was effected, and 5) the date the access person submits the report. Quarterly transaction reports are due within 30 days after the calendar quarter end.

**Initial Investment Account Reports.** Access Persons must submit brokerage statements for all accounts held for their direct or indirect benefit within 10 days after the day they become an Access Person. Compliance will review these statements and determine if the accounts would fall under ongoing reporting requirements (i.e., a Covered Account). Statements should be dated no later than 45 days prior to the employee becoming an Access Person.

Quarterly Investment Account Reports. Access Persons must certify to a list of their Covered Accounts (as defined in Appendix A). Quarterly account reports are due within 30 days after the calendar quarter end.

Access Persons must notify Compliance of any new and closed Covered Accounts as soon as reasonably possible. Closed accounts will remain active in the personal trading system and will be subject to applicable reporting requirements described above unless Compliance has been notified otherwise.

**Duplicate Statements or Confirms.** Duplicate copies of personal transaction confirmations or account statements are required for Covered Accounts. Copies of such documents must be sent directly to Compliance or through an electronic feed into the personal trading system. Employees with accounts set up to receive electronic feeds in the personal trading system are not required to provide paper copies of confirmations or statements as transactions and positions directly feed into the system. If Compliance does not receive the appropriate electronic data or duplicate confirmations and statements, Compliance will request the documents from the Access Person. This requirement does not satisfy the quarterly or annual reporting requirements outlined above.

**Private Investments.** A confirmation of the investment with the invested dollar amount must be submitted to Compliance promptly after the investment is made.

<u>Exemptions</u>

The following transactions are exempt from the preclearance and/or reporting requirements discussed previously. Access Persons should be reminded that these exemptions do not absolve them from violations of other Westfield policies, applicable laws, and regulations, as well as the spirit of the Code.

• **No Knowledge or** Control**.** Transactions where the Access Person has no influence, control or knowledge are exempt from preclearance (e.g., corporate or broker actions).

Subject to Compliance approval, Access Persons can omit any report with respect to securities held in accounts over which the Access Person had no direct or indirect influence or control.

• Managed Accounts. Transactions effected in accounts managed by an external financial adviser are exempt from preclearance and reporting requirements. Access Persons may speak to their adviser about their financial goals and objectives, but they are not permitted to consult with their adviser (or be consulted) on any specific security transactions. To qualify for this exemption, Access Persons must:

Have their financial adviser provide an initial written certification to Westfield on the arrangement and/or provide a copy of the managed account agreement with their financial adviser.

Complete certifications quarterly regarding their influence or control over these accounts.

Annually have their financial adviser provide a written certification to Westfield that they did not consult with their adviser on any specific security transactions and that the adviser did not consult with them on any specific security transactions.

If requested, provide Compliance with copies of holdings and/or transactions made in their account(s).

• **529 Plans or College Savings Plans.** Transactions in 529 Plans or college savings plans are exempt from preclearance and reporting requirements. (Does not apply to Coverdell ESAs that are invested in Covered Securities.)

• **Automatic Investment Plans.** Transactions effected pursuant to an automatic investment plan are exempt from preclearance and reporting requirements.

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• **Prior Employer's Profit Sharing or Retirement Plans.** Transactions executed in a prior employer's profit sharing or retirement plan are exempt from preclearance and reporting. This exemption does not apply to transactions in reportable securities or to any discretionary brokerage account option that may be available from a former employer. Such transactions/accounts are subject to preclearance and reporting requirements.

• **Other.** Transactions in securities determined by Compliance to present a low potential for impropriety or the appearance of impropriety may be exempt from transactional restrictions and preclearance/reporting requirements. Compliance will review these on a case-by-case basis.

**Administration**

**Approval and Distribution**

Compliance will distribute the Code (either as a stand-alone document or as part of the firm's Compliance Manual) to all employees during the first week of hire and at least annually thereafter. Employees are required to acknowledge their having received, read, and complied with the Code.

Material amendments or material revisions made to this Code will be approved by the CCO and the Management Committee. Upon approval, the Code will be distributed to all employees shortly thereafter. Immaterial amendments do not require Management Committee approval and will be distributed either with material amendments or during the annual distribution period. Employees may be required to complete appropriate acknowledgements after distribution.

**Training and Education**

Compliance is responsible for coordinating the training and education of employees regarding the Code. All newly hired employees are required to complete a compliance overview session that includes a review of the Code. They are also required to acknowledge that they have attended the new employee training and have received a copy of the Code (as part of the firm's Compliance Manual). Temporary or contract employees will be required to sign a confidentiality agreement and attend a compliance overview session.

Employees are required to attend all training sessions and read any applicable materials that Compliance deems appropriate. On occasion, it may be necessary for certain departments or individuals to receive additional training. Should this be the case, a member of Compliance will coordinate with the appropriate department managers to discuss particular topics and concerns to address at the training session.

**Personal Transactions Monitoring**

On at least a quarterly basis, a member of Compliance will review and monitor required reports for conformity with all applicable provisions outlined in the personal trading section. Each member of the Compliance

Department will review and monitor each other's reports as required by the Code.

**Annual Review of Code**

The CCO and/or the Deputy CCO will review, at least annually, the adequacy of the Code and the effectiveness of its implementation. Such results are usually recorded in the firm's annual testing program.

**Reports to Management Committee**

At least annually, the CCO will report material Code matters to Westfield's Management Committee. On occasion, the CCO will also report immaterial items to the Management Committee in order to keep them informed of Code matters.

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**Recordkeeping Requirements**

Westfield will maintain the following records in a readily accessible place for a period of not less than seven years.

• A copy of each Code **that is in effect, or at any time within the past seven years;**

• **A record of any violation of the Code, and of any action taken as a result of the violation, for seven years after the end of the fiscal year in which the violation occurred;**

• **A copy of each report and acknowledgement made under the Code for the past seven years after the end of the fiscal year in which the report is made or information is provided;**

• **A list of names of persons, currently or within the past seven years, who are or were Access Persons or Investment Persons;**

• **A record of any decision, and the reasons supporting the decision, for approving the acquisition of IPOs and limited offerings for at least seven years after the end of the fiscal year in which the approval was granted; and**

• **A record of any granted** waivers or exceptions, and supporting reasons, to any provisions of the Code.

**Violations and Sanctions**

Westfield treats violations of the Code (including violations of the spirit of the Code) very seriously. If an employee violates either the letter or the spirit of this Code, Westfield may impose disciplinary actions or fines, or it may make a civil or criminal referral to appropriate regulatory entities (Refer to Appendix B for the sanctions table). Code violations become a part of the employee's employment history at Westfield. Multiple violations within a 12-month period will be reported to Human Resources and appropriate supervisors or managers. Employees should always consult with the CCO and/or the Deputy CCO if they are in doubt of any of the requirements or restrictions in the Code.

A senior member of Compliance will notify employees of any discrepancy between their personal activities and the rules outlined in this Code. Each violation and the circumstances surrounding each violation will be reviewed by a senior member of Compliance. Based on the review, a senior member of Compliance will determine whether the policies established in this Code have been violated, and whether any action should be taken. The CCO and/or the Deputy CCO will determine appropriate sanctions (in accordance with Westfield's sanctions guidelines). Once the sanction has been approved, Compliance will notify the employee. Compliance has the discretion of reporting material Code matters to the Operations & Risk Management Committee and/or the Management Committee.

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<u>Appendix A: Glossary of Terms</u>

Westfield Capital Management Company, L.P.

Date Approved: 10/21/2025

**Access Person** is any Westfield employee or non-employee who meets at least one of the following conditions:

• is an officer, director, or partner

• has access to nonpublic information about client purchases or sales of securities

• makes or participates in making investment recommendations to clients

• has access to client investment recommendations that are non-public

• has access to nonpublic information regarding the portfolio holdings of affiliated mutual funds

**Beneficial Interest** generally refers to the opportunity, directly or indirectly, to profit or share in any profit.

**Business Day** refers to every official Westfield working day of the week.

**Client Account** refers to any account over which Westfield has been granted authority to purchase and/or sell securities on the client's behalf.

**Covered Account** refers to any investment account over which an Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.has direct or indirect beneficial interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.exercises investment control, meaning he or she actually provides input into or makes the security buy and/or sell decisions for the account. The account does not need to be in an Access Person's name; if an Access Person has either joint or sole investment control over an account, it may be considered a Covered Account.

**Covered Security** refers to any security or fund that does not fall under one of the following exceptions:

• Direct obligations of the Government of the United States (e.g., treasury bills, treasury bonds, U.S. savings bonds);

• Bankers' acceptances, bank certificates of deposits, commercial paper, and high-quality short term debt instruments, including repurchase agreements;

• Shares issued by money market funds;

• Shares issued by open-end mutual funds that are not sub-advised or advised by Westfield;

• Shares issued by unit investment trusts ("UITs") that are invested exclusively in one or more open-end mutual funds, none of which are sub-advised or advised by Westfield.

**Employee** means all Westfield personnel who are not hired on a temporary or contract basis.

**Family member** refers to a spouse, children, step-children, grandchildren, parents, step-parents, grandparents, domestic partners, siblings, parents-in-law, children-in-law, as well as adoptive relationships sharing the same household.

**Investment Person** means any Access Person who makes or participates in making investment recommendations for client accounts.

**Reportable Fund** means any pooled fund, regardless of whether it is offered publicly or privately, for which Westfield serves as adviser or sub-adviser. This includes Westfield limited partnerships.

**Short Selling** means selling a security that is not owned in the account.

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<u>Appendix B: Sanctions Guidelines</u>

Westfield Capital Management Company, L.P.

Date Approved: 09/25/2023

Sanctions can be more or less than what is indicated in the table below. Sanctions such as disgorgement of profits (gross of any taxes or transaction costs) and reversal of trades may be considered in addition to or instead of the sanctions indicated in the table below, In recommending sanctions, Compliance will:

• Consider an employee's role and responsibilities, past trading history, facts and circumstances around the violation and other applicable factors

• Impose the highest of all applicable sanctions, if a violation falls within more than one category or if multiple violations occur on the same day

• Review violations not listed in the table on a case-by-case basis

• Consult with the Management Committee or Operations & Risk Management Committee members, if needed

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| | | |
|:---|:---|:---|
| **Violation** | **Management and Investment Committee, Research Analysts, Partners, Traders, Directors** | **All Other Employees** |
| &nbsp;&nbsp;Late Reporting or Certification<br>*All listed fines are per day after due date and per report or certification* | &nbsp;&nbsp;<u>First Offense</u>: $500<br><u>Second Offense</u>: $750 and suspension of personal securities transaction rights (up to 6 months)<br><u>Subsequent Offense</u>: $1,500 and suspension of personal securities transaction rights (up to 12 months) | &nbsp;&nbsp;<u>First Offense</u>: $100<br><u>Second Offense</u>: $200 and suspension of personal securities transaction rights (up to 3 months)<br><u>Subsequent Offense</u>: $300 and suspension of personal securities transaction rights (up to 6 months) |
| &nbsp;&nbsp;Failure to Preclear<br>(includes trading more shares then were precleared) | &nbsp;&nbsp;<u>First Offense</u>: $2,000 per transaction and suspension of personal securities transaction rights for 30 days<br><u>Second Offense</u>: $5,000 per transaction and suspension of personal securities transaction rights for 3 months<br><u>Subsequent Offense</u>: $10,000 per transaction and suspension of personal securities transaction rights for 12 months | &nbsp;&nbsp;<u>First Offense</u>: $500 per transaction<br><u>Second Offense</u>: $1,000 per transaction and suspension of personal securities transaction rights for 30 days<br><u>Subsequent Offense</u>: $2,500 per transaction and suspension of personal securities transaction rights for 6 months |
| &nbsp;&nbsp;Market Timing | &nbsp;&nbsp;Termination of employment and civil or criminal referral | &nbsp;&nbsp;Termination of employment and civil or criminal referral |
| &nbsp;&nbsp;Failure to Make Accurate or Complete Reports | &nbsp;&nbsp;Monetary fines starting at $5,000; suspension of personal securities transaction rights; possible termination of employment | &nbsp;&nbsp;Monetary fines starting at $1,000; suspension of personal securities transaction rights; possible termination of employment |
| &nbsp;&nbsp;Front Running | &nbsp;&nbsp;$2,500 per transaction; temporary or permanent suspension of personal securities transaction rights; possible termination of employment | &nbsp;&nbsp;$2,500 per transaction; temporary or permanent suspension of personal securities transaction rights; possible termination of employment |
| &nbsp;&nbsp;30-day Holding Period | &nbsp;&nbsp;<u>First Offense</u>: 2,000 per transaction<br><u>Second Offense</u>: $5,000 per transaction; suspension of personal transaction rights (up to 6 months)<br><u>Subsequent Offense</u>: $7,500 per transaction; suspension of personal securities transaction rights (up to 12 months) | &nbsp;&nbsp;<u>First Offense</u>: $500 per transaction<br><u>Second Offense</u>: $1,000 per transaction; suspension of personal transaction rights (up to 6 months)<br><u>Subsequent Offense</u>: $2,500 per transaction; suspension of personal securities transaction rights (up to 12 months) |

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