# EDGAR Filing Document

**Accession Number:** 0000778207
**File Stem:** 0001193125-23-048625
**Filing Date:** 2023-2
**Character Count:** 3146516
**Document Hash:** b702493ddb4dca392455c15cad056e71
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-048625.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0001193125-23-048625

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 42

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRANSAMERICA SERIES TRUST
- **CENTRAL INDEX KEY:** 0000778207
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04419
- **FILM NUMBER:** 23666365

**BUSINESS ADDRESS:**
- **STREET 1:** 1801 CALIFORNIA STREET
- **STREET 2:** SUITE 5200
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202
- **BUSINESS PHONE:** 720-482-8836

**MAIL ADDRESS:**
- **STREET 1:** 1801 CALIFORNIA STREET
- **STREET 2:** SUITE 5200
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AEGON/TRANSAMERICA SERIES TRUST
- **DATE OF NAME CHANGE:** 20050511

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AEGON/TRANSAMERICA SERIES FUND INC
- **DATE OF NAME CHANGE:** 20010501

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WRL SERIES FUND INC
- **DATE OF NAME CHANGE:** 19920703
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRANSAMERICA SERIES TRUST
- **CENTRAL INDEX KEY:** 0000778207
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-00507
- **FILM NUMBER:** 23666364

**BUSINESS ADDRESS:**
- **STREET 1:** 1801 CALIFORNIA STREET
- **STREET 2:** SUITE 5200
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202
- **BUSINESS PHONE:** 720-482-8836

**MAIL ADDRESS:**
- **STREET 1:** 1801 CALIFORNIA STREET
- **STREET 2:** SUITE 5200
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AEGON/TRANSAMERICA SERIES TRUST
- **DATE OF NAME CHANGE:** 20050511

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AEGON/TRANSAMERICA SERIES FUND INC
- **DATE OF NAME CHANGE:** 20010501

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WRL SERIES FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Transamerica Aegon Core Bond VP (formerly Transamerica JPMorgan Core Bond VP) (Series ID: S000007896)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021437 | Initial      |  |
| C000021438 | Service      |  |

### Transamerica BlackRock Global Real Estate Securities VP (Series ID: S000007898)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021441 | Initial      |  |
| C000021442 | Service      |  |

### Transamerica Aegon Bond VP (formerly Transamerica PIMCO Total Return VP) (Series ID: S000007911)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021467 | Initial      |  |
| C000021468 | Service      |  |

### Transamerica Goldman Sachs Managed Risk-Balanced ETF VP (formerly Transamerica Managed Risk - Balanced ETF VP) (Series ID: S000021746)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000062365 | Initial      |  |
| C000062366 | Service      |  |

### Transamerica Goldman Sachs Managed Risk-Growth ETF VP (formerly Transamerica Managed Risk - Growth ETF VP) (Series ID: S000021747)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000062367 | Initial      |  |
| C000062368 | Service      |  |

### Transamerica Goldman Sachs Managed Risk-Conservative ETF VP (Transamerica Managed Risk - Conservative ETF VP) (Series ID: S000026902)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000080975 | Initial      |  |
| C000080976 | Service      |  |

As filed with the Securities and Exchange Commission on February 24, 2023

1933 Act Registration No. 033-00507

1940 Act Registration No. 811-04419

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-1A** 

---

| | |
|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | ☑ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-Effective Amendment No. | ☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post-Effective Amendment No. 170 | ☑ |
|  | and/or |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | ☑ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment No. 171 |  |

---

(Check appropriate box or boxes.)

<u>TRANSAMERICA SERIES TRUST</u> 

(Exact Name of Registrant as Specified in Charter)

<u>1801 California St., Suite 5200, Denver, Colorado 80202</u> 

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: <u>1-800-851-9777</u>

<u>Dennis P. Gallagher, Esq., 1801 California St., Suite 5200, Denver, Colorado 80202</u> 

(Name and Address of Agent for Service)

---

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

---

This Amendment to the Registration Statement of Transamerica Series Trust relates only to Transamerica Aegon Bond VP (formerly, Transamerica PIMCO Total Return VP), Transamerica Aegon Core Bond VP (formerly, Transamerica JPMorgan Core Bond VP), Transamerica BlackRock Real Estate Securities VP (formerly, Transamerica BlackRock Global Real Estate Securities VP), Transamerica Goldman Sachs Managed Risk – Balanced ETF VP (formerly, Transamerica Managed Risk – Balanced ETF VP), Transamerica Goldman Sachs Managed Risk – Conservative ETF VP (formerly, Transamerica Managed Risk – Conservative ETF VP) and Transamerica Goldman Sachs Managed Risk – Growth ETF VP (formerly, Transamerica Managed Risk – Growth ETF VP). The prospectus and statement of additional information for the other series and classes of Transamerica Series Trust, as previously filed with the Securities and Exchange Commission, are incorporated herein by reference.

------

Transamerica Series Trust<br>

Prospectus [May 1, 2023]

![](g396518tf_blacknotrust.jpg)

---

| | |
|:---|:---|
| **Portfolio** | **Class** |
| Transamerica Aegon Bond VP (formerly, Transamerica PIMCO Total Return VP) | Initial and Service |
| Transamerica Aegon Core Bond VP (formerly, Transamerica JPMorgan Core Bond VP) | Initial and Service |
| Transamerica BlackRock Real Estate Securities VP (formerly, Transamerica BlackRock Global <br> Real Estate Securities VP)<br>| Initial and Service |
| Transamerica Goldman Sachs Managed Risk – Balanced ETF VP (formerly, Transamerica <br> Managed Risk – Balanced ETF VP)<br>| Initial and Service |
| Transamerica Goldman Sachs Managed Risk – Conservative ETF VP (formerly, Transamerica <br> Managed Risk – Conservative ETF VP)<br>| Initial and Service |
| Transamerica Goldman Sachs Managed Risk – Growth ETF VP (formerly, Transamerica <br> Managed Risk – Growth ETF VP)<br>| Initial and Service |

---

**None of the portfolios of Transamerica Series Trust have a ticker symbol.**

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

Neither the U.S. Securities and Exchange Commission nor U.S. Commodity Futures Trading Commission has approved or disapproved these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.

TST0523

------

**TABLE OF CONTENTS** <br>

---

| | |
|:---|:---|
|  | **Page** |
| [Transamerica Aegon Bond VP](#xx_01940ec7-eefd-4d7d-8689-d1fd58fb1f1c_1)[(formerly, Transamerica PIMCO Total Return VP)](#xx_01940ec7-eefd-4d7d-8689-d1fd58fb1f1c_1) | 1  |
| [Transamerica Aegon Core Bond VP](#xx_66753990-f2dd-4bca-b619-1d5b16d323ff_1)[(formerly, Transamerica JPMorgan Core Bond VP)](#xx_66753990-f2dd-4bca-b619-1d5b16d323ff_1) | 8  |
| [Transamerica BlackRock Real Estate Securities VP](#xx_7e79f5fa-5834-4f0b-a579-ecec103ca262_1)[(formerly, Transamerica BlackRock Global Real Estate](#xx_7e79f5fa-5834-4f0b-a579-ecec103ca262_1)<br> [Securities VP)](#xx_7e79f5fa-5834-4f0b-a579-ecec103ca262_1)<br>| 15  |
| [Transamerica Goldman Sachs Managed Risk – Balanced ETF VP (formerly, Transamerica Managed Risk –](#xx_41201790-70a7-44ab-9040-65cef940685c_1)<br> [Balanced ETF VP)](#xx_41201790-70a7-44ab-9040-65cef940685c_1)<br>| 21  |
| [Transamerica Goldman Sachs Managed Risk – Conservative ETF VP (formerly, Transamerica Managed Risk –](#xx_c6e44a23-0af2-4b7b-a1a6-1a4853bfd817_1)<br> [Conservative ETF VP)](#xx_c6e44a23-0af2-4b7b-a1a6-1a4853bfd817_1)<br>| 26  |
| [Transamerica Goldman Sachs Managed Risk – Growth ETF VP (formerly, Transamerica Managed Risk –](#xx_49570784-ff6f-4c68-bd65-7d4692359266_1)<br> [Growth ETF VP)](#xx_49570784-ff6f-4c68-bd65-7d4692359266_1)<br>| 31  |
| [More on Each Portfolio's Strategies and Investments](#xx_285b71ce-f552-461a-bb63-cb2031cfe61c_1) | 36  |
| [More on the Risks of Investing in Each Portfolio](#xx_4e6d8b81-a8eb-4600-9795-36f7a06e3764_1) | 42  |
| [Shareholder Information](#xx_f0d7836a-cd9a-416e-ae54-16d88310dad4_1) | 63 |
| &nbsp;&nbsp;&nbsp; [Management of Transamerica Series Trust](#xx_f0d7836a-cd9a-416e-ae54-16d88310dad4_1) | 63  |
| &nbsp;&nbsp;&nbsp; [Investment Manager](#xx_f0d7836a-cd9a-416e-ae54-16d88310dad4_1) | 63  |
| &nbsp;&nbsp;&nbsp; [Sub-Adviser(s)](#xx_f0d7836a-cd9a-416e-ae54-16d88310dad4_2) | 64  |
| &nbsp;&nbsp;&nbsp; [Portfolio Manager(s)](#xx_f0d7836a-cd9a-416e-ae54-16d88310dad4_3) | 65  |
| &nbsp;&nbsp;&nbsp; [Disclosure of Portfolio Holdings](#xx_f0d7836a-cd9a-416e-ae54-16d88310dad4_5) | 67  |
| &nbsp;&nbsp;&nbsp; [Fund Expenses](#xx_f0d7836a-cd9a-416e-ae54-16d88310dad4_5) | 67  |
| [Features and Policies](#xx_f0d7836a-cd9a-416e-ae54-16d88310dad4_5) | 67  |
| [Pricing of Shares](#xx_f0d7836a-cd9a-416e-ae54-16d88310dad4_7) | 69  |
| [Distribution of Shares](#xx_f0d7836a-cd9a-416e-ae54-16d88310dad4_9) | 71  |
| [Distributions and Taxes](#xx_f0d7836a-cd9a-416e-ae54-16d88310dad4_10) | 72  |
| [Financial Highlights](#xx_f0d7836a-cd9a-416e-ae54-16d88310dad4_12) | 74  |

---

------

**Transamerica Aegon Bond VP** <br> **(formerly, Transamerica PIMCO Total Return VP)**

**Investment Objective:** Seeks to provide high total return through a combination of current income and capital appreciation.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the portfolio, but it does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, fees would be higher.

------

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

---

| | | |
|:---|:---|:---|
| **Class:** | **Initial**  | **Service**  |
| Maximum sales charge (load) imposed on purchases <br> (as a percentage of offering price)<br>| None | None |
| Maximum deferred sales charge (load) (as a <br> percentage of purchase price or redemption <br> proceeds, whichever is lower)<br>| None | None |

---

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

---

| | | |
|:---|:---|:---|
| **Class:** | **Initial** | **Service** |
| Management fees<sup>1</sup> <br>| 0.49% | 0.49% |
| Distribution and service (12b-1) fees |  | 0.25% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| Total annual fund operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| Fee waiver and/or expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| Total annual fund operating expenses after fee <br> waiver and/or expense reimbursement<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

---

Management fees have been restated to reflect a reduction in management fees effective November 1, 2022.

**Example:** This Example is intended to help you compare the cost of investing in the portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the portfolio for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the portfolio's operating expenses remain the same. The Example does not reflect charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, costs would be higher. 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** |
| Initial Class | $[ ] | $[ ] | $[ ] | $[ ] |
| Service Class | $[ ] | $[ ] | $[ ] | $[ ] |

---

**Portfolio Turnover:** The portfolio 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. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the portfolio's performance.

During the most recent fiscal year, the portfolio turnover rate for the portfolio was [ ]% of the average value of its portfolio.

**Principal Investment Strategies:** The portfolio's sub-adviser, Aegon USA Investment Management, LLC (the "sub-adviser"), invests, under normal circumstances, at least 80% of the portfolio's net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities, which may include dollar rolls, U.S. government and foreign government bonds and notes (including emerging markets), mortgage-backed, commercial mortgage-backed, and asset-backed securities (including collateralized mortgage obligations), corporate bonds of issuers in the U.S. and foreign countries (including emerging markets), convertible bonds and other convertible securities, bank loans and loan participations, structured notes, and preferred securities. The sub-adviser considers emerging market countries as countries that major international financial institutions, such as the World Bank, generally consider to be less economically mature than developed nations.

Under normal circumstances, at least 50% of the portfolio's net assets will be invested in (a) debt securities rated investment grade or higher (rated at least BBB by Standard & Poor's or Fitch or Baa by Moody's) by at least two rating agencies or, if unrated, are determined to be of comparable quality by the sub-adviser; (b) securities issued or guaranteed by the U.S. government or its agencies or instrumentalities; (c) commercial paper rated Prime, Prime-1 or Prime-2 by NCO/Moody's Commercial Paper Division, or A-1 or A-2 by Standard & Poor's; and/or (d) cash or cash equivalents. Up to 50% of the portfolio's net assets may be invested in debt securities that do not meet the investment grade criteria referred to above (commonly known as "junk bonds"). Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the portfolio's sub-adviser). The portfolio may invest up to 20% of its net assets in equity securities, such as common stocks, rights, warrants or preferred stock. The portfolio may invest in securities of any maturity and does not have a target average duration.

The sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environments and global asset classes and proprietary "bottom-up" research of sectors, industries, issuers and individual securities. In the sub-adviser's "top-down" approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movement and relative value of markets and securities prices worldwide. In its proprietary "bottom-up" research of corporate and sovereign debt and other fixed-income securities, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined "top-down" and "bottom-up" approach to determine asset class, sector, security, yield curve and duration positions for the portfolio. The sub-adviser's research analysts also generally integrate environmental, social and governance ("ESG") matters within their analytical process for foreign government bonds and notes (including emerging markets), private residential mortgage-backed securities,

------

commercial mortgage-backed securities, certain asset-backed securities (including collateralized mortgage obligations), corporate bonds of issuers in the U.S. and foreign countries (including emerging markets), structured notes, certain preferred securities, certain cash equivalents (including corporate commercial paper) and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in dollar rolls, U.S. government bonds and notes, U.S. agency securities, convertible bonds, other convertible securities, certain bank loans and loan participations, asset-backed commercial paper, cash, certain cash equivalent securities, equity securities, common stocks, rights, warrants, derivatives, repurchase agreements and money market instruments. Consideration of ESG matters is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the portfolio.

The portfolio may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the portfolio's portfolio (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes.

The portfolio may purchase securities on a when-issued, delayed delivery, to be announced or forward commitment basis.

The portfolio may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the portfolio's performance, including those described below. The value of your investment in the portfolio, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the portfolio or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the portfolio. An investment in the portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this portfolio.**

**Market** – The market prices of the portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade

disputes or other factors, political developments, armed conflicts, economic sanctions, cybersecurity events, investor sentiment, public health events such as the spread of infectious disease, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the portfolio's securities and assets fall, the value of your investment in the portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the portfolio's investments may go down.

In recent years, the COVID-19 pandemic, the large expansion of government deficits and debt as a result of government actions to mitigate the effects of the pandemic, the Russian invasion of Ukraine and the rise of inflation have resulted in extreme volatility in the global economy and in global financial markets. These events could be prolonged and could continue to adversely affect the value and liquidity of the portfolio's investments, impair the portfolio's ability to satisfy redemption requests, and negatively impact the portfolio's performance.

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the portfolio falls, the value of your investment will go down. The portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Credit** – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the portfolio or a counterparty to a financial contract with the portfolio is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the portfolio may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the portfolio's investments. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions

------

from the portfolio. Increased redemptions could cause the portfolio to sell securities at inopportune times or depressed prices and result in further losses.

**Mortgage-Related and Asset-Backed Securities –** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the portfolio. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the portfolio.

**Inflation –** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the portfolio's assets can decline as can the value of the portfolio's distributions.

**Liquidity** – The portfolio may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate environments. If the portfolio is forced to sell an illiquid investment to meet redemption requests or other cash needs, the portfolio may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the portfolio to sell. This may prevent the portfolio from limiting losses.

**Counterparty** – The portfolio could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the portfolio do not fulfill their contractual obligations. In addition, the portfolio may incur costs and may be hindered or delayed in enforcing its rights against a counterparty.

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the portfolio will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Bank Obligations –** Banks are sensitive to changes in money market and general economic conditions. Banks are highly regulated. Decisions by regulators may limit the loans banks make, affect the interest rates and fees they charge and reduce bank profitability.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The portfolio may purchase and sell securities without regard to the length of time held. Active trading may be more pronounced during periods of market volatility and may have a negative impact on performance.

**Convertible Securities** – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

**Currency** – The value of a portfolio's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A portfolio may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Currency Hedging –** The portfolio may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a portfolio may be worse off than if it had not used a hedging

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strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, valuation risk, market risk, counterparty risk, credit risk, operational risk and legal risk. Use of derivatives can increase portfolio losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the portfolio. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the portfolio's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the portfolio. In certain cases, the portfolio may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. The portfolio may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. New Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes new requirements and restrictions on portfolios using derivatives. Rule 18f-4 could have an adverse impact on the portfolio's performance and its ability to implement its investment strategies as it has historically and may increase costs related to the portfolio's use of derivatives. It is not currently clear what impact, if any, the rule will have on the availability, liquidity or performance of derivatives. The rule may not be effective to limit the risk of loss from derivatives.

**Distressed or Defaulted Securities –** Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative. The portfolio may incur costs to protect its investment, and the portfolio could lose its entire investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

**Dollar Rolls –** The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money. Dollar roll transactions involve the risk that the market value of the securities the portfolio is required to purchase may decline below the agreed upon repurchase price of those

securities. If the broker/dealer to whom the portfolio sells securities becomes insolvent, the portfolio's ability to purchase or repurchase securities may be restricted.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the portfolio from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. In addition, emerging market securities may have low trading volumes and may be or become illiquid.

**Equity Securities** – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The value of equity securities fluctuates based on real or perceived changes in a company's financial condition, factors affecting a particular industry or industries, and overall market, economic and political conditions. If the market prices of the equity securities owned by the portfolio fall, the value of your investment in the portfolio will decline. The portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Floating Rate Loans** – Floating rate loans are often made to borrowers whose financial condition is troubled or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to "High-Yield Debt Securities" risk. There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. Floating rate loans may have trade settlement periods in excess of seven days, which may result in the portfolio not receiving proceeds from the sale of a loan for an extended period. As a result, the portfolio may be subject to greater "Liquidity" risk than a fund that does not invest in floating rate loans and the portfolio may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates as payment obligations increase.

**Focused Investing –** To the extent the portfolio invests in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the portfolio will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the portfolio's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank

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support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Hedging** – The portfolio may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The portfolio's hedging strategies may not work as intended, and the portfolio may be in a less favorable position than if it had not used a hedging instrument.

**Inflation-Protected Securities –** Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in "real" interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

**Large Shareholder –** A significant portion of the portfolio's shares may be owned by other portfolios sponsored by Transamerica. Transactions by these portfolios may be disruptive to the management of the portfolio. For example, the portfolio may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the portfolio's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains. In addition, sizeable redemptions could cause the portfolio's total expenses to increase.

**Leveraging** – To the extent that the portfolio borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the portfolio would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the portfolio's assets. The portfolio also may have to sell assets at inopportune times to satisfy its obligations.

**LIBOR –** Many financial instruments, financings or other transactions to which the portfolio may be a party use or may use a floating rate based on the London Interbank Offered Rate ("LIBOR"). The UK Financial Conduct Authority and LIBOR's administrator announced that the use of LIBOR will be phased out; most LIBOR rates are no longer published as of the end of 2021 and a majority of U.S. dollar LIBOR rates will no longer be published after June 30, 2023. It is possible that a subset of LIBOR rates may be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the portfolio, issuers of instruments in which the

portfolio invests, and financial markets generally. As such, the potential effect of a transition away from LIBOR on the portfolio or the portfolio's investments cannot yet be determined.

**Loans –** Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The portfolio's investments in loans are also subject to prepayment or call risk.

**Municipal Securities –** The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the portfolio invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenue, or that relate to a sector or industry, the portfolio will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen.

Investment in municipal securities of issuers in Guam, Puerto Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.

**Preferred Stock –** Preferred stock's right to dividends and liquidation proceeds is junior to the rights of a company's debt securities. The value of preferred stock may be subject to factors that affect fixed-income and equity securities. The value of preferred stock tends to vary more with fluctuations in the underlying common stock and less with fluctuations in interest rates and tends to exhibit greater volatility.

**Privately Placed and Other Restricted Securities –** Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a portfolio prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a portfolio could adversely affect the marketability of such securities and a portfolio might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a portfolio's overall liquidity and performance. Restricted securities may

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not be listed on an exchange and may have no active trading market. A portfolio may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the portfolio.

**Repurchase Agreements –** In a repurchase agreement, the portfolio purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the portfolio at a later date, and at a specified price. The securities purchased serve as the portfolio's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the portfolio is entitled to sell the securities, but the portfolio may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the portfolio will not have a right to the securities, or the immediate right to sell the securities.

**Sovereign Debt –** Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established 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.

**Structured Instruments –** The portfolio may invest in, or have exposure to, various types of structured instruments, including securities that have demand, tender or put features, or interest rate reset features. Structured instruments are a type of derivative instrument and the payment and credit qualities of these instruments derive from the assets embedded in the structure from which they are issued. Structured instruments may be leveraged and may behave in ways not anticipated by the portfolio, or they may not receive tax, accounting or regulatory treatment anticipated by the portfolio. Structured instruments may also be less liquid and more difficult to value accurately than more traditional securities and instruments.

**Sustainability and/or Environmental, Social and Governance ("ESG") Considerations –** The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the portfolio. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as "ESG integration." The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the portfolio's investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser's investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the portfolio's security selection process may impact the sub-adviser's investment decisions. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability

and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the portfolio's performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser's ability to consider sustainability and/or ESG criteria as part of its investment process.

**To Be Announced (TBA) Transactions** – Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the portfolio may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the portfolio to further losses.

**U.S. Government and Agency Obligations** – Government agency obligations have different levels of credit support and, therefore, different degrees of credit risk. Securities issued by agencies and instrumentalities of the U.S. government that are supported by the full faith and credit of the U.S. government generally present a lesser degree of credit risk than securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the issuer's right to borrow from the U.S. Treasury and securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the credit of the issuing agencies. A security backed by the "full faith and credit" of the U.S. government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price.

**Valuation** – The sales price the portfolio could receive for any particular portfolio investment may differ from the portfolio's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. These differences may increase significantly and affect portfolio investments more broadly during periods of market volatility. Investors who purchase or redeem portfolio shares on days when the portfolio is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the portfolio had not fair-valued securities or had used a different valuation methodology. The portfolio's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Warrants and Rights –** Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased, and they do not represent any rights in the assets of the issuing company. If the

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warrant is not exercised before the expiration date, it generally expires without any value and the portfolio will lose any amount it paid for the warrant.

**Yield –** The amount of income received by the portfolio will go up or down depending on day-to-day variations in short-term interest rates, and the portfolio's expenses could absorb all or a significant portion of the portfolio's income. If interest rates increase, the portfolio's yield may not increase proportionately.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the portfolio. The bar chart shows how the portfolio's performance has varied from year to year. The table shows how the portfolio's average annual total returns for different periods compare to the returns of a broad measure of market performance.

The performance calculations do not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, performance would be lower.

Prior to November 1, 2022, the portfolio was named Transamerica PIMCO Total Return VP, had a different sub-adviser and used different investment strategies. The performance set forth prior to that date is attributable to that previous sub-adviser.

As with all mutual funds, past performance is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/annuities-performance-center or by calling 1-800-851-9777.

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**Annual Total Returns (calendar years ended December 31) - Initial Class**

**[BAR CHART TO BE UPDATED]**

![](g396518ptrvp.jpg)

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

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**Average Annual Total Returns (periods ended December 31, 2022)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Inception**<br> **Date**<br>|
| Initial Class  | [ ]% | [ ]% | [ ]% | 5/1/2002 |
| Service Class  | [ ]% | [ ]% | [ ]% | 5/1/2003 |
| Bloomberg US Aggregate Bond Index <br> (reflects no deduction for fees, <br> expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |  |

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**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc. <br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc. <br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc. <br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* |
| Bradley D. Doyle, CFA | Portfolio Manager | since November 2022 |
| Tyler A. Knight, CFA | Portfolio Manager | since November 2022 |
| Brian W. Westhoff, CFA | Portfolio Manager | since November 2022 |
| Sivakumar N. Rajan | Portfolio Manager | since December 2022 |

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**Purchase and Sale of Portfolio Shares:** Shares of the portfolio may only be purchased or redeemed through variable life insurance policies and variable annuity contracts offered by the separate accounts of participating life insurance companies. Please refer to the corresponding prospectus of the policy or annuity contract that you have chosen for more information about the terms of the offering. Shares of the portfolio may also be sold to the asset allocation portfolios and to other funds of funds.

The portfolio does not have any initial or subsequent investment minimums. However, your insurance company may impose investment minimums.

The portfolio will not be charged and does not intend to pay any 12b-1 fees on Initial Class shares through May 1, 2024. The maximum 12b-1 fee on Initial Class shares is 0.15%. The portfolio reserves the right to pay such fees after that date.

**Tax Information:** Distributions made by the portfolio to an insurance company separate account, and exchanges and redemptions of portfolio shares made by the separate account, ordinarily do not cause the owners of insurance policies and annuity contracts invested in the separate account to recognize income or gain for federal income tax purposes. Please refer to the corresponding prospectus of the policy or annuity contract that you have chosen for more information regarding the tax consequences of your investment.

**Payments to Broker-Dealers and Other Financial Intermediaries:** The portfolio is generally only available as an underlying investment option for separate accounts of Transamerica life insurance companies to fund benefits under variable life insurance policies and variable annuity contracts. The portfolio and/or its affiliates may make payments to a Transamerica insurance company (or its affiliates) and to broker-dealers and other financial intermediaries for the sale of variable contracts (and thus, indirectly, the portfolio's shares) and related services. These payments may create a conflict of interest by influencing the Transamerica insurance company or other intermediary to recommend the variable contracts that invest in the portfolio. Ask your salesperson or visit your financial intermediary's website for more information.

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**Transamerica Aegon Core Bond VP** <br> **(formerly, Transamerica JPMorgan Core Bond VP)**

**Investment Objective:** Seeks to achieve maximum total return.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the portfolio, but it does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, fees would be higher.

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

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| | | |
|:---|:---|:---|
| **Class:** | **Initial**  | **Service**  |
| Maximum sales charge (load) imposed on purchases <br> (as a percentage of offering price)<br>| None | None |
| Maximum deferred sales charge (load) (as a <br> percentage of purchase price or redemption <br> proceeds, whichever is lower)<br>| None | None |

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

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| | | |
|:---|:---|:---|
| **Class:** | **Initial** | **Service** |
| Management fees<sup>1</sup> <br>| 0.42% | 0.42% |
| Distribution and service (12b-1) fees |  | 0.25% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| Total annual fund operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| Fee waiver and/or expense reimbursement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| Total annual fund operating expenses after fee <br> waiver and/or expense reimbursement<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

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Management fees have been restated to reflect a reduction in management fees effective November 1, 2022.

**Example:** This Example is intended to help you compare the cost of investing in the portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the portfolio for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the portfolio's operating expenses remain the same. The Example does not reflect charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Initial Class | $[ ] | $[ ] | $[ ] | $[ ] |
| Service Class | $[ ] | $[ ] | $[ ] | $[ ] |

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**Portfolio Turnover:** The portfolio 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. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the portfolio's performance.

During the most recent fiscal year, the portfolio turnover rate for the portfolio was [ ]% of the average value of its portfolio.

**Principal Investment Strategies:**

The portfolio's sub-adviser, Aegon USA Investment Management, LLC (the "sub-adviser"), seeks to achieve the portfolio's objective by investing, under normal circumstances, primarily in investment grade debt securities, which may include: investment grade corporate securities, U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, and private residential mortgage-backed securities. Under normal circumstances, the portfolio invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities. Investment grade debt securities carry a rating of at least BBB from Standard & Poor's or Fitch or Baa from Moody's or are of comparable quality as determined by the sub-adviser. The portfolio's portfolio weighted average duration will typically range from 3 to 10 years. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. The portfolio may also invest in U.S. Treasury and agency securities, municipal bonds, asset-backed securities (including collateralized loan obligations ("CLOs"), collateralized bond obligations ("CBOs") and collateralized debt obligations ("CDOs")), commercial mortgage-backed securities ("CMBS"), high quality short-term debt obligations, dollar rolls and repurchase agreements. The portfolio's investments may include debt securities of foreign issuers, including emerging market debt securities. The portfolio may invest in securities that are denominated in U.S. dollars and in foreign currencies.

The portfolio may invest up to 10% of its net assets in emerging market debt securities and up to 10% of its net assets in high-yield debt securities (commonly referred to as "junk bonds"), but may invest no more than 15% of its net assets in emerging market debt securities and high-yield debt securities combined. The sub-adviser considers emerging market countries as countries that major international financial institutions, such as the World Bank, generally consider to be less economically mature than developed nations. Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the portfolio's sub-adviser).

The sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environment and proprietary "bottom-up" research of corporate, government and agency debt, and other debt instruments. In the sub-adviser's "top-down" approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movements of markets and securities prices worldwide. In its proprietary "bottom-up" research, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined "top-down" and "bottom-up" approach to determine sector, security, yield curve, and duration positions for the portfolio. The sub-adviser's research analysts also generally integrate environmental, social and governance ("ESG") matters within their analytical process for investment grade corporate debt securities, foreign government bonds and notes (including emerging markets),

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private residential mortgage-backed securities, certain asset-backed securities (including CLOs, CBOs and CDOs), CMBS, certain cash equivalents (including corporate commercial paper) and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, U.S. Treasury and agency securities, municipal bonds, asset-backed commercial paper, dollar rolls, repurchase agreements, derivatives, cash, certain cash equivalent securities and money market instruments. Consideration of ESG matters is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the portfolio.

The portfolio may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the portfolio's portfolio (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes.

The portfolio may purchase securities on a when-issued, delayed delivery, to be announced or forward commitment basis.

The portfolio may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the portfolio's performance, including those described below. The value of your investment in the portfolio, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the portfolio or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the portfolio. An investment in the portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this portfolio.**

**Market** – The market prices of the portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes or other factors, political developments, armed conflicts, economic sanctions, cybersecurity events, investor sentiment,

public health events such as the spread of infectious disease, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the portfolio's securities and assets fall, the value of your investment in the portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the portfolio's investments may go down.

In recent years, the COVID-19 pandemic, the large expansion of government deficits and debt as a result of government actions to mitigate the effects of the pandemic, the Russian invasion of Ukraine and the rise of inflation have resulted in extreme volatility in the global economy and in global financial markets. These events could be prolonged and could continue to adversely affect the value and liquidity of the portfolio's investments, impair the portfolio's ability to satisfy redemption requests, and negatively impact the portfolio's performance.

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the portfolio falls, the value of your investment will go down. The portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the portfolio's investments. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the portfolio. Increased redemptions could cause the portfolio to sell securities at inopportune times or depressed prices and result in further losses.

**Credit** – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the portfolio or a counterparty to a financial contract with the portfolio is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain

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market environments. In addition, the portfolio may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Mortgage-Related and Asset-Backed Securities –** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the portfolio. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.

**Inflation –** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the portfolio's assets can decline as can the value of the portfolio's distributions.

**Liquidity** – The portfolio may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate environments. If the portfolio is forced to sell an illiquid investment to meet redemption requests or other cash needs, the portfolio may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the portfolio to sell. This may prevent the portfolio from limiting losses.

**Counterparty** – The portfolio could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the portfolio do not fulfill their contractual obligations. In addition, the portfolio may incur costs and may be hindered or delayed in enforcing its rights against a counterparty.

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the portfolio will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Focused Investing –** To the extent the portfolio invests in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related

businesses or that are subject to related operating risks, the portfolio will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The portfolio may purchase and sell securities without regard to the length of time held. Active trading may be more pronounced during periods of market volatility and may have a negative impact on performance.

**Currency** – The value of a portfolio's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A portfolio may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Currency Hedging –** The portfolio may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a portfolio may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, valuation risk, market risk, counterparty risk, credit risk, operational risk and legal risk. Use of derivatives can increase portfolio losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the portfolio. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the portfolio's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the portfolio. In certain cases, the portfolio may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the

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risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. The portfolio may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. New Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes new requirements and restrictions on portfolios using derivatives. Rule 18f-4 could have an adverse impact on the portfolio's performance and its ability to implement its investment strategies as it has historically and may increase costs related to the portfolio's use of derivatives. It is not currently clear what impact, if any, the rule will have on the availability, liquidity or performance of derivatives. The rule may not be effective to limit the risk of loss from derivatives.

**Dollar Rolls –** The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money. Dollar roll transactions involve the risk that the market value of the securities the portfolio is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the portfolio sells securities becomes insolvent, the portfolio's ability to purchase or repurchase securities may be restricted.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the portfolio from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. In addition, emerging market securities may have low trading volumes and may be or become illiquid.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the portfolio's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Hedging** – The portfolio may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The portfolio's hedging strategies may not work as intended, and the portfolio may be in a less favorable position than if it had not used a hedging instrument.

**High-Yield Debt Securities** – High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" or are of comparable quality. Changes in interest rates, the market's perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the portfolio.

**Inflation-Protected Securities –** Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in "real" interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

**Large Shareholder –** A significant portion of the portfolio's shares may be owned by other portfolios sponsored by Transamerica. Transactions by these portfolios may be disruptive to the management of the portfolio. For example, the portfolio may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the portfolio's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains. In addition, sizeable redemptions could cause the portfolio's total expenses to increase.

**Leveraging** – To the extent that the portfolio borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the portfolio would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the portfolio's assets. The portfolio also may have to sell assets at inopportune times to satisfy its obligations.

**LIBOR –** Many financial instruments, financings or other transactions to which the portfolio may be a party use or may use a floating rate based on the London Interbank Offered Rate ("LIBOR"). The UK Financial Conduct Authority and LIBOR's administrator announced that the use of LIBOR will be phased out; most LIBOR rates are no longer published as of the end of 2021 and a majority of U.S. dollar LIBOR rates will no longer be published after June 30, 2023. It is possible that a subset of LIBOR rates may be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. There remains uncertainty regarding the nature of any replacement rate and the impact of the transition from LIBOR on the portfolio, issuers of instruments in which the

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portfolio invests, and financial markets generally. As such, the potential effect of a transition away from LIBOR on the portfolio or the portfolio's investments cannot yet be determined.

**Loans –** Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The portfolio's investments in loans are also subject to prepayment or call risk.

**Municipal Securities –** The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the portfolio invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenue, or that relate to a sector or industry, the portfolio will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen.

Investment in municipal securities of issuers in Guam, Puerto Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.

**Privately Placed and Other Restricted Securities –** Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a portfolio prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a portfolio could adversely affect the marketability of such securities and a portfolio might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a portfolio's overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A portfolio may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the portfolio.

**Repurchase Agreements –** In a repurchase agreement, the portfolio purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the portfolio at a later date, and at a specified price. The securities purchased serve as the portfolio's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the portfolio is entitled to sell the securities, but the portfolio may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the portfolio will not have a right to the securities, or the immediate right to sell the securities.

**Sovereign Debt –** Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established 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.

**Sustainability and/or Environmental, Social and Governance ("ESG") Considerations –** The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the portfolio. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as "ESG integration." The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the portfolio's investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser's investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the portfolio's security selection process may impact the sub-adviser's investment decisions. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the portfolio's performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser's ability to consider sustainability and/or ESG criteria as part of its investment process.

**To Be Announced (TBA) Transactions** – Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the portfolio may be less favorable than what was anticipated when

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entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the portfolio to further losses.

**U.S. Government and Agency Obligations** – Government agency obligations have different levels of credit support and, therefore, different degrees of credit risk. Securities issued by agencies and instrumentalities of the U.S. government that are supported by the full faith and credit of the U.S. government generally present a lesser degree of credit risk than securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the issuer's right to borrow from the U.S. Treasury and securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the credit of the issuing agencies. A security backed by the "full faith and credit" of the U.S. government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price.

**Valuation** – The sales price the portfolio could receive for any particular portfolio investment may differ from the portfolio's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. These differences may increase significantly and affect portfolio investments more broadly during periods of market volatility. Investors who purchase or redeem portfolio shares on days when the portfolio is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the portfolio had not fair-valued securities or had used a different valuation methodology. The portfolio's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Yield –** The amount of income received by the portfolio will go up or down depending on day-to-day variations in short-term interest rates, and the portfolio's expenses could absorb all or a significant portion of the portfolio's income. If interest rates increase, the portfolio's yield may not increase proportionately.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the portfolio. The bar chart shows how the portfolio's performance has varied from year to year. The table shows how the portfolio's average annual total returns for different periods compare to the returns of a broad measure of market performance.

The performance calculations do not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, performance would be lower.

Prior to November 1, 2022, the portfolio was named Transamerica JPMorgan Core Bond VP, had a different sub-adviser and used different investment strategies. The performance set forth prior to that date is attributable to that previous sub-adviser.

As with all mutual funds, past performance is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/annuities-performance-center or by calling 1-800-851-9777.

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**Annual Total Returns (calendar years ended December 31) - Initial Class**

**[BAR CHART TO BE UPDATED]**

![](g396518jpmcbvp.jpg)

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

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**Average Annual Total Returns (periods ended December 31, 2022)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Inception**<br> **Date**<br>|
| Initial Class  | [ ]% | [ ]% | [ ]% | 10/2/1986 |
| Service Class  | [ ]% | [ ]% | [ ]% | &nbsp;&nbsp; 5/1/2003 |
| Bloomberg US Aggregate Bond Index <br> (reflects no deduction for fees, <br> expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |  |

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**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Aegon USA Investment Management, LLC<br> *Portfolio Managers:* |
| Bradley D. Doyle, CFA | Portfolio Manager | since November 2022 |
| Tyler A. Knight, CFA | Portfolio Manager | since November 2022 |
| Sivakumar N. Rajan | Portfolio Manager | since November 2022 |
| Brian W. Westhoff, CFA | Portfolio Manager | since November 2022 |

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**Purchase and Sale of Portfolio Shares:** Shares of the portfolio may only be purchased or redeemed through variable life insurance policies and variable annuity contracts offered by the separate accounts of participating life insurance companies. Please refer to the corresponding prospectus of the policy or annuity contract that you have chosen for more information about the terms of the offering. Shares of the portfolio may also be sold to the asset allocation portfolios and to other funds of funds.

The portfolio does not have any initial or subsequent investment minimums. However, your insurance company may impose investment minimums.

The portfolio will not be charged and does not intend to pay any 12b-1 fees on Initial Class shares through May 1, 2024. The maximum 12b-1 fee on Initial Class shares is 0.15%. The portfolio reserves the right to pay such fees after that date.

**Tax Information:** Distributions made by the portfolio to an insurance company separate account, and exchanges and redemptions of portfolio shares made by the separate account, ordinarily

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do not cause the owners of insurance policies and annuity contracts invested in the separate account to recognize income or gain for federal income tax purposes. Please refer to the corresponding prospectus of the policy or annuity contract that you have chosen for more information regarding the tax consequences of your investment.

**Payments to Broker-Dealers and Other Financial Intermediaries:** The portfolio is generally only available as an underlying investment option for separate accounts of Transamerica life insurance companies to fund benefits under variable life insurance policies and variable annuity contracts. The portfolio and/or its affiliates may make payments to a Transamerica insurance company (or its affiliates) and to broker-dealers and other financial intermediaries for the sale of variable contracts (and thus, indirectly, the portfolio's shares) and related services. These payments may create a conflict of interest by influencing the Transamerica insurance company or other intermediary to recommend the variable contracts that invest in the portfolio. Ask your salesperson or visit your financial intermediary's website for more information.

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**Transamerica BlackRock Real Estate Securities VP** <br> **(formerly, Transamerica BlackRock Global Real Estate Securities VP)**

**Investment Objective:** Seeks to maximize total return.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the portfolio, but it does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, fees would be higher.

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

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| | | |
|:---|:---|:---|
| **Class:** | **Initial**  | **Service**  |
| Maximum sales charge (load) imposed on purchases <br> (as a percentage of offering price)<br>| None | None |
| Maximum deferred sales charge (load) (as a <br> percentage of purchase price or redemption <br> proceeds, whichever is lower)<br>| None | None |

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

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| | | |
|:---|:---|:---|
| **Class:** | **Initial** | **Service** |
| Management fees | 0.74% | 0.74% |
| Distribution and service (12b-1) fees |  | 0.25% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| Total annual fund operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

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**Example:** This Example is intended to help you compare the cost of investing in the portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the portfolio for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the portfolio's operating expenses remain the same. The Example does not reflect charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Initial Class | $[ ] | $[ ] | $[ ] | $[ ] |
| Service Class | $[ ] | $[ ] | $[ ] | $[ ] |

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**Portfolio Turnover:** The portfolio 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. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the portfolio's performance.

During the most recent fiscal year, the portfolio turnover rate for the portfolio was [ ]% of the average value of its portfolio.

**Principal Investment Strategies:** Under normal conditions, the portfolio's sub-adviser, BlackRock Investment Management, LLC, and the portfolio's sub-sub-advisers, BlackRock International Limited and BlackRock (Singapore) Limited (collectively, the "sub-adviser"), will invest at least 80% of the portfolio's net assets (plus the amount of borrowings, if any, for investment purposes)

in equity securities of issuers that are principally engaged in the real estate industry. The sub-adviser considers issuers principally engaged in the real estate industry to be companies that derive their intrinsic value from the ownership, operation, development, construction, financing, management, or sale of commercial, industrial or residential real estate and similar activities. These companies may include real estate investment trusts ("REITs"), real estate operating companies whose businesses and services are related to the real estate industry and real estate holding companies. The portfolio may invest in securities of non-U.S. issuers, including issuers located in emerging market or developing countries. The portfolio primarily buys common stock, but also can invest in preferred stock and convertible securities. The portfolio may also invest in securities classified as American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), American Depositary Shares ("ADSs") or Global Depositary Shares ("GDSs"), non-U.S. dollar denominated securities that are traded on a U.S. exchange and local shares of non-U.S. issuers.

The sub-adviser may engage in frequent and active trading of portfolio investments to achieve the portfolio's investment objective. The portfolio does not directly invest in real estate.

As a part of its fundamental investment process, the sub-adviser also considers the impact of environmental, social and governance ("ESG") factors on certain issuers and assesses the materiality of such ESG factors when making related investment decisions for the portfolio. These considerations affect REITs, real estate operating companies, foreign issuers (including emerging markets), and issuers of common stock, preferred stock and contracts for a difference. ESG factors are not the sole considerations when making such investment decisions for the portfolio and the sub-adviser may conclude that other attributes of such issuers outweigh ESG factors. The sub-adviser's evaluation of ESG factors is subjective and may change over time.

The sub-adviser may, when consistent with the portfolio's investment objective, use futures, options, contracts for difference, forward contracts and/or swaps, including interest rate swaps and credit default swaps (collectively, commonly known as derivatives), for purposes of managing risk or to enhance total return. The portfolio may use foreign exchange swaps, spots and forward contracts to maintain the currency exposure against the benchmark. The portfolio may also use derivatives for leverage.

The portfolio concentrates its investments in securities of issuers in the real estate industry.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the portfolio's performance, including those described below. The value of your investment in the portfolio, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the portfolio or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the portfolio. An investment

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in the portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this portfolio.**

**Market** – The market prices of the portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes or other factors, political developments, armed conflicts, economic sanctions, cybersecurity events, investor sentiment, public health events such as the spread of infectious disease, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the portfolio's securities and assets fall, the value of your investment in the portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the portfolio's investments may go down.

In recent years, the COVID-19 pandemic, the large expansion of government deficits and debt as a result of government actions to mitigate the effects of the pandemic, the Russian invasion of Ukraine and the rise of inflation have resulted in extreme volatility in the global economy and in global financial markets. These events could be prolonged and could continue to adversely affect the value and liquidity of the portfolio's investments, impair the portfolio's ability to satisfy redemption requests, and negatively impact the portfolio's performance.

**Real Estate Securities –** Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in laws and regulations affecting real estate, operating expenses, property taxes and interest rates. If the portfolio's real estate-related investments are concentrated in one geographic area or one property type, the portfolio will also be subject to the risks associated with that one area or property type. The value of the portfolio's real estate-related securities will not necessarily track the value of the underlying investments of the issuers of such securities.

**REITs** – Investing in real estate investment trusts ("REITs") involves unique risks. When the portfolio invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the portfolio will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related

rules and requirements; and a U.S. REIT's failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the portfolio.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the portfolio's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Equity Securities** – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The value of equity securities fluctuates based on real or perceived changes in a company's financial condition, factors affecting a particular industry or industries, and overall market, economic and political conditions. If the market prices of the equity securities owned by the portfolio fall, the value of your investment in the portfolio will decline. The portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Focused Investing –** To the extent the portfolio invests in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the portfolio will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Industry Concentration –** The portfolio concentrates its investments in a specific industry or industries. Concentration in a particular industry heightens the risks associated with that industry. As a result, the portfolio may be subject to greater price volatility and risk of loss as a result of adverse economic, business or other developments affecting that industry than portfolios investing in a broader range of industries.

**Liquidity** – The portfolio may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate environments. If the portfolio is forced to sell an illiquid investment to meet redemption requests or other cash needs, the portfolio may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly,

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particularly during times of market turmoil, and those investments may be difficult or impossible for the portfolio to sell. This may prevent the portfolio from limiting losses.

**Valuation** – The sales price the portfolio could receive for any particular portfolio investment may differ from the portfolio's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. These differences may increase significantly and affect portfolio investments more broadly during periods of market volatility. Investors who purchase or redeem portfolio shares on days when the portfolio is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the portfolio had not fair-valued securities or had used a different valuation methodology. The portfolio's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The portfolio may purchase and sell securities without regard to the length of time held. Active trading may be more pronounced during periods of market volatility and may have a negative impact on performance.

**Convertible Securities** – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

**Counterparty** – The portfolio could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the portfolio do not fulfill their contractual obligations. In addition, the portfolio may incur costs and may be hindered or delayed in enforcing its rights against a counterparty.

**Credit** – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the portfolio or a counterparty to a financial contract with the portfolio is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the portfolio may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Currency** – The value of a portfolio's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A portfolio may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Currency Hedging –** The portfolio may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a portfolio may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.

**Depositary Receipts** – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the portfolio to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.

**Derivatives** – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, valuation risk, market risk, counterparty risk, credit risk, operational risk and legal risk. Use of derivatives can increase portfolio losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the portfolio. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the portfolio's clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the portfolio. In certain cases, the portfolio may incur costs and may be hindered or delayed in enforcing its rights against or closing

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out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. The portfolio may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. New Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes new requirements and restrictions on portfolios using derivatives. Rule 18f-4 could have an adverse impact on the portfolio's performance and its ability to implement its investment strategies as it has historically and may increase costs related to the portfolio's use of derivatives. It is not currently clear what impact, if any, the rule will have on the availability, liquidity or performance of derivatives. The rule may not be effective to limit the risk of loss from derivatives.

**Emerging Markets** – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the portfolio from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. In addition, emerging market securities may have low trading volumes and may be or become illiquid.

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Growth Stocks** – Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Large Capitalization Companies –** The portfolio's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Large Shareholder –** A significant portion of the portfolio's shares may be owned by other portfolios sponsored by Transamerica. Transactions by these portfolios may be disruptive to the management of the portfolio. For example, the portfolio may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the portfolio's brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains. In addition, sizeable redemptions could cause the portfolio's total expenses to increase.

**Leveraging** – To the extent that the portfolio borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the portfolio would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the portfolio's assets. The portfolio also may have to sell assets at inopportune times to satisfy its obligations.

**Medium Capitalization Companies –** The portfolio will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Mortgage-Related and Asset-Backed Securities –** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the portfolio. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.

**Preferred Stock –** Preferred stock's right to dividends and liquidation proceeds is junior to the rights of a company's debt securities. The value of preferred stock may be subject to factors that affect fixed-income and equity securities. The value of preferred

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stock tends to vary more with fluctuations in the underlying common stock and less with fluctuations in interest rates and tends to exhibit greater volatility.

**Small Capitalization Companies –** The portfolio will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

**Sustainability and/or Environmental, Social and Governance ("ESG") Considerations –** The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the portfolio. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as "ESG integration." The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the portfolio's investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser's investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the portfolio's security selection process may impact the sub-adviser's investment decisions. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the portfolio's performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser's ability to consider sustainability and/or ESG criteria as part of its investment process.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the portfolio. The bar chart shows how the portfolio's performance has varied from year to year. The table shows how the portfolio's average annual total returns for different periods compare to the returns of a broad measure of market performance.

The performance calculations do not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, performance would be lower.

As with all mutual funds, past performance is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/annuities-performance-center or by calling 1-800-851-9777.

Prior to May 1, 2023, the portfolio was named Transamerica BlackRock Global Real Estate Securities VP and used different investment strategies. The performance set forth prior to that date is attributable to those previous investment strategies.

Prior to November 1, 2018, the portfolio was named Transamerica Clarion Global Real Estate Securities VP, had a different sub-adviser, a different investment objective and used different investment strategies. The performance set forth prior to that date is attributable to the previous sub-adviser.

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**Annual Total Returns (calendar years ended December 31) - Initial Class**

![](g396518cgresvp.jpg)

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

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**Average Annual Total Returns (periods ended December 31, 2022)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Inception**<br> **Date**<br>|
| Initial Class  | [ ]% | [ ]% | [ ]% | 5/1/1998 |
| Service Class  | [ ]% | [ ]% | [ ]% | 5/1/2003 |
| S&P Developed Property Net Total <br> Return Index (reflects no deduction for <br> fees, expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |  |

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**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* BlackRock Investment Management, LLC<br> *Sub-Sub-Adviser:* BlackRock International Limited<br> *Sub-Sub-Adviser:* BlackRock (Singapore) Limited<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* BlackRock Investment Management, LLC<br> *Sub-Sub-Adviser:* BlackRock International Limited<br> *Sub-Sub-Adviser:* BlackRock (Singapore) Limited<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* BlackRock Investment Management, LLC<br> *Sub-Sub-Adviser:* BlackRock International Limited<br> *Sub-Sub-Adviser:* BlackRock (Singapore) Limited<br> *Portfolio Managers:* |
| Alastair Gillespie, CFA\* | Portfolio Manager | since November 2018 |
| Mark Howard-Johnson, <br> CFA<br>| Portfolio Manager | since November 2018 |
| Raj Rehan, CFA | Portfolio Manager | since May 2023 |
| James Wilkinson | Portfolio Manager | since November 2018 |
| \* Mr. Gillespie is an employee of BlackRock Investment Management Australia <br> ("BIMA"), a foreign affiliate of the sub-adviser. BIMA has entered into a participating <br> affiliate arrangement with the sub-adviser. | \* Mr. Gillespie is an employee of BlackRock Investment Management Australia <br> ("BIMA"), a foreign affiliate of the sub-adviser. BIMA has entered into a participating <br> affiliate arrangement with the sub-adviser. | \* Mr. Gillespie is an employee of BlackRock Investment Management Australia <br> ("BIMA"), a foreign affiliate of the sub-adviser. BIMA has entered into a participating <br> affiliate arrangement with the sub-adviser. |

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**Purchase and Sale of Portfolio Shares:** Shares of the portfolio may only be purchased or redeemed through variable life insurance policies and variable annuity contracts offered by the separate accounts of participating life insurance companies. Please refer to the corresponding prospectus of the policy or annuity contract

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that you have chosen for more information about the terms of the offering. Shares of the portfolio may also be sold to the asset allocation portfolios and to other funds of funds.

The portfolio does not have any initial or subsequent investment minimums. However, your insurance company may impose investment minimums.

The portfolio will not be charged and does not intend to pay any 12b-1 fees on Initial Class shares through May 1, 2024. The maximum 12b-1 fee on Initial Class shares is 0.15%. The portfolio reserves the right to pay such fees after that date.

**Tax Information:** Distributions made by the portfolio to an insurance company separate account, and exchanges and redemptions of portfolio shares made by the separate account, ordinarily do not cause the owners of insurance policies and annuity contracts invested in the separate account to recognize income or gain for federal income tax purposes. Please refer to the corresponding prospectus of the policy or annuity contract that you have chosen for more information regarding the tax consequences of your investment.

**Payments to Broker-Dealers and Other Financial Intermediaries:** The portfolio is generally only available as an underlying investment option for separate accounts of Transamerica life insurance companies to fund benefits under variable life insurance policies and variable annuity contracts. The portfolio and/or its affiliates may make payments to a Transamerica insurance company (or its affiliates) and to broker-dealers and other financial intermediaries for the sale of variable contracts (and thus, indirectly, the portfolio's shares) and related services. These payments may create a conflict of interest by influencing the Transamerica insurance company or other intermediary to recommend the variable contracts that invest in the portfolio. Ask your salesperson or visit your financial intermediary's website for more information.

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**Transamerica Goldman Sachs Managed Risk – Balanced ETF VP** <br>**(formerly, Transamerica Managed Risk – Balanced ETF VP)**

**Investment Objective:** Seeks to balance capital appreciation and income.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the portfolio, but it does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, fees would be higher.

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

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| | | |
|:---|:---|:---|
| **Class:** | **Initial**  | **Service**  |
| Maximum sales charge (load) imposed on purchases <br> (as a percentage of offering price)<br>| None | None |
| Maximum deferred sales charge (load) (as a <br> percentage of purchase price or redemption <br> proceeds, whichever is lower)<br>| None | None |

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

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| | | |
|:---|:---|:---|
| **Class:** | **Initial** | **Service** |
| Management fees | 0.30% | 0.30% |
| Distribution and service (12b-1) fees |  | 0.25% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| Acquired fund fees and expenses<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| Total annual fund operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

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Acquired fund fees and expenses reflect the portfolio's pro rata share of the fees and expenses incurred by investing in other investment companies. Acquired fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the portfolio's prospectus.

**Example:** This Example is intended to help you compare the cost of investing in the portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the portfolio for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the portfolio's operating expenses remain the same. The Example does not reflect charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Initial Class | $[ ] | $[ ] | $[ ] | $[ ] |
| Service Class | $[ ] | $[ ] | $[ ] | $[ ] |

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**Portfolio Turnover:** The portfolio 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. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the portfolio's performance.

During the most recent fiscal year, the portfolio turnover rate for the portfolio was [ ]% of the average value of its portfolio.

**Principal Investment Strategies:** The portfolio is a fund of funds. The portfolio's sub-adviser, Goldman Sachs Asset Management, L.P. (the "sub-adviser"), seeks to achieve the portfolio's objective by investing its assets primarily in a combination of underlying third-party exchange traded funds ("ETFs").

In seeking to achieve its investment objective, the portfolio follows these investment strategies:

• Under normal circumstances, the portfolio will invest at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in ETFs. The portfolio expects to allocate substantially all of its assets among underlying ETFs that track the performance of a benchmark index in seeking to achieve targeted exposure to domestic equities, international equities and domestic bonds. The portfolio's goal is to achieve a mix over time of approximately 50% of net assets in ETFs that invest primarily in equities ("equity ETFs") and 50% of net assets in ETFs that invest primarily in fixed income securities ("fixed income ETFs"). The sub-adviser may adjust these percentage allocations as market conditions change based on the sub-adviser's risk management calculations.

• The portfolio employs a managed risk strategy in an effort to manage return volatility. The sub-adviser uses a proprietary model incorporating realized and forecasted short-term volatility to adjust the portfolio's weightings if this short-term volatility measure is above a certain threshold. The strategy also aims to reduce the impact of sustained market declines by reducing equity exposure. In implementing this strategy, based on the level of volatility in equity and fixed income markets, changes in volatility of the portfolio, and drawdowns experienced by the portfolio, the sub-adviser is permitted to increase exposure to equity ETFs to approximately 70% of net assets or decrease exposure to equity ETFs to approximately 25% of net assets and is permitted to increase exposure to fixed income ETFs to approximately 75% of net assets or decrease exposure to fixed income ETFs to approximately 30% of net assets. This means at any time the portfolio's asset mix may be significantly different than its stated asset mix goal.

• The sub-adviser decides how much of the portfolio's assets to allocate to each underlying ETF based on what it considers to be prudent diversification principles and other factors, such as historical performance and volatility in the equity and fixed income markets.

• The sub-adviser may periodically adjust the portfolio's allocations to favor investments in those underlying ETFs that are expected to provide the most favorable outlook for achieving the portfolio's investment objective.

Each underlying ETF has its own investment objective, principal investment strategies and investment risks. The portfolio's ability to achieve its investment objective depends partly (or in part) on the performance of the underlying ETFs.

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It is not possible to predict the extent to which the portfolio will be invested in a particular underlying ETF at any time. The portfolio may also invest in institutional mutual funds. The portfolio may be a significant shareholder in certain underlying ETFs.

The sub-adviser may change the portfolio's asset allocations and underlying ETFs at any time without investor approval and without notice to investors.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the portfolio's performance, including those described below. The value of your investment in the portfolio, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the portfolio or your investment may not perform as well as other similar investments. The portfolio, through its investments in underlying portfolios, is subject to the risks of the underlying portfolios. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the portfolio (either directly or through its investments in underlying portfolios). Each risk described below may not apply to each underlying portfolio and an underlying portfolio may be subject to additional or different risks than those described below. An investment in the portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this portfolio.**

**Market** – The market prices of the portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes or other factors, political developments, armed conflicts, economic sanctions, cybersecurity events, investor sentiment, public health events such as the spread of infectious disease, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the portfolio's securities and assets fall, the value of your investment in the portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the portfolio's investments may go down.

In recent years, the COVID-19 pandemic, the large expansion of government deficits and debt as a result of government actions to mitigate the effects of the pandemic, the Russian invasion of Ukraine and the rise of inflation have resulted in extreme volatility in the global economy and in global financial markets. These events could be prolonged and could continue to adversely affect the value and liquidity of the portfolio's investments, impair the portfolio's ability to satisfy redemption requests, and negatively impact the portfolio's performance.

**Managed Risk Strategy –** The portfolio employs a managed risk strategy. The strategy attempts to stabilize the volatility of the portfolio around a target volatility level and manage downside exposure during periods of significant market declines but may not work as intended. Because market conditions change, sometimes rapidly and unpredictably, the success of the strategy also will be subject to the sub-adviser's ability to implement the strategy in a timely and efficient manner. The strategy may result in periods of underperformance and may fail to protect against market declines. The strategy may limit the portfolio's ability to participate in up markets, may cause the portfolio to underperform its benchmark in up markets, may increase transaction costs at the portfolio and/or underlying ETF level and may result in substantial losses if it does not work as intended. For example, if the portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises sharply and quickly, there may be a delay in increasing the portfolio's equity exposure, causing the portfolio to forgo gains from the market rebound. Managing the portfolio pursuant to the strategy may result in the portfolio not achieving its stated asset mix goal due to unforeseen or unanticipated market conditions. The strategy also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The strategy also may have the effect of limiting the amount of guaranteed benefits. The portfolio's performance may be lower than similar funds that are not subject to a managed risk strategy.

**Model and Data –** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the portfolio.

**Equity Securities** – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The value of equity securities fluctuates based on real or perceived changes in a company's financial condition, factors affecting a particular industry or industries, and overall market, economic and political conditions. If the market prices of the equity securities owned by the portfolio fall, the value of your investment in the portfolio will decline. The portfolio may lose its

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entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the portfolio falls, the value of your investment will go down. The portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Asset Allocation –** The portfolio's investment performance is significantly impacted by the portfolio's asset allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes and select a mix of underlying ETFs may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying ETF or other issuer is incorrect. The available underlying ETFs selected by the sub-adviser may underperform the market or similar portfolios.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The portfolio may purchase and sell securities without regard to the length of time held. Active trading may be more pronounced during periods of market volatility and may have a negative impact on performance.

**Asset Class Variation** – The underlying ETFs invest principally in the securities constituting their asset class (i.e., equity or fixed-income) or underlying index components. However, an underlying ETF may vary the percentage of its assets in these securities (subject to any applicable regulatory requirements). Depending upon the percentage of securities in a particular asset class held by the underlying ETFs at any given time, and the percentage of the portfolio's assets invested in various underlying ETFs, the

portfolio's actual exposure to the securities in a particular asset class may vary substantially from its target allocation for that asset class, and this in turn may adversely affect the portfolio's performance.

**Counterparty** – The portfolio could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the portfolio do not fulfill their contractual obligations. In addition, the portfolio may incur costs and may be hindered or delayed in enforcing its rights against a counterparty.

**Credit** – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the portfolio or a counterparty to a financial contract with the portfolio is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the portfolio may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Currency** – The value of a portfolio's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A portfolio may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the portfolio's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Inflation –** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the portfolio's assets can decline as can the value of the portfolio's distributions.

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**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the portfolio's investments. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the portfolio. Increased redemptions could cause the portfolio to sell securities at inopportune times or depressed prices and result in further losses.

**Liquidity** – The portfolio may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate environments. If the portfolio is forced to sell an illiquid investment to meet redemption requests or other cash needs, the portfolio may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the portfolio to sell. This may prevent the portfolio from limiting losses.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the portfolio will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Underlying Exchange Traded Funds** – Because the portfolio invests its assets in various underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the portfolio invests more of its assets in one underlying ETF than in another, the portfolio will have greater exposure to the risks of that underlying ETF. In addition, the portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

Equity-based ETFs are subject to risks similar to those of stocks; fixed income-based ETFs are subject to risks similar to those of fixed-income securities. An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. The price of an ETF can fluctuate up and down, and the portfolio could lose money investing in an ETF if the prices of the securities owned by the ETF go down. In addition, ETFs are subject to the following risks that do not apply to conventional funds: (i) the market price of an ETF's shares may be above or below the shares' net asset value; (ii) during periods of market volatility, the share prices of ETFs may deviate significantly from their NAVs; (iii) an active trading market for an ETF's shares may not develop or be maintained; and (iv) trading

of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are delisted from the exchange, the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally, or trading in one or more of the ETF's underlying securities is halted, which could result in the ETF being more volatile. In the event substantial market or other disruptions affecting ETFs should occur in the future, the liquidity and value of the portfolio's shares could also be substantially and adversely affected.

**Valuation** – The sales price the portfolio could receive for any particular portfolio investment may differ from the portfolio's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. These differences may increase significantly and affect portfolio investments more broadly during periods of market volatility. Investors who purchase or redeem portfolio shares on days when the portfolio is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the portfolio had not fair-valued securities or had used a different valuation methodology. The portfolio's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the portfolio. The bar chart shows how the portfolio's performance has varied from year to year. The table shows how the portfolio's average annual total returns for different periods compare to the returns of a broad measure of market performance, as well as comparison to one or more secondary indices.

The performance calculations do not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, performance would be lower.

As with all mutual funds, past performance is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/annuities-performance-center or by calling 1-800-851-9777.

Prior to November 1, 2022, the portfolio was named Transamerica Managed Risk – Balanced ETF VP, had a different sub-adviser and used different investment strategies. The performance set forth from July 1, 2015 to October 31, 2022 is attributable to that previous sub-adviser.

Prior to July 1, 2015, the portfolio was named Transamerica Vanguard ETF Portfolio - Balanced VP, had a different sub-adviser and used different investment strategies. The performance set forth prior to that date is attributable to that previous sub-adviser.

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**Annual Total Returns (calendar years ended December 31) - Initial Class**

**[BAR CHART TO BE UPDATED]**

![](g396518vetfpbvp.jpg)

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

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**Average Annual Total Returns (periods ended December 31, 2022)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Inception**<br> **Date**<br>|
| Initial Class  | [ ]% | [ ]% | [ ]% | 5/1/2008 |
| Service Class  | [ ]% | [ ]% | [ ]% | 5/1/2008 |
| Bloomberg US Aggregate Bond Index <br> (reflects no deduction for fees, <br> expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |  |
| Transamerica Goldman Sachs Managed <br> Risk – Balanced ETF VP Blended <br> Benchmark<sup>1</sup> (reflects no deduction for <br> fees, expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |  |

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<sup>1</sup> The Transamerica Goldman Sachs Managed Risk – Balanced ETF VP Blended Benchmark consists of the following: Bloomberg US Aggregate Bond Index, 50%; MSCI U.S. Broad Market Index, 34%; and MSCI All Country World ex-U.S. Index, 16%.

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Goldman Sachs Asset Management, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Goldman Sachs Asset Management, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Goldman Sachs Asset Management, L.P.<br> *Portfolio Managers:* |
| Neill Nuttall | Portfolio Manager | since November 2022 |
| Alexandra <br> Wilson-Elizondo<br>| Portfolio Manager | since November 2022 |
| Wael Younan | Portfolio Manager | since November 2022 |
| Siwen Wu | Portfolio Manager | since November 2022 |

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**Purchase and Sale of Portfolio Shares:** Shares of the portfolio may only be purchased or redeemed through variable life insurance policies and variable annuity contracts offered by the separate accounts of participating life insurance companies. Please refer to the corresponding prospectus of the policy or annuity contract that you have chosen for more information about the terms of the offering. Shares of the portfolio may also be sold to the asset allocation portfolios and to other funds of funds.

The portfolio does not have any initial or subsequent investment minimums. However, your insurance company may impose investment minimums.

The portfolio will not be charged and does not intend to pay any 12b-1 fees on Initial Class shares through May 1, 2024. The maximum 12b-1 fee on Initial Class shares is 0.15%. The portfolio reserves the right to pay such fees after that date.

**Tax Information:** Distributions made by the portfolio to an insurance company separate account, and exchanges and redemptions of portfolio shares made by the separate account, ordinarily do not cause the owners of insurance policies and annuity contracts invested in the separate account to recognize income or gain for federal income tax purposes. Please refer to the corresponding prospectus of the policy or annuity contract that you have chosen for more information regarding the tax consequences of your investment.

**Payments to Broker-Dealers and Other Financial Intermediaries:** The portfolio is generally only available as an underlying investment option for separate accounts of Transamerica life insurance companies to fund benefits under variable life insurance policies and variable annuity contracts. The portfolio and/or its affiliates may make payments to a Transamerica insurance company (or its affiliates) and to broker-dealers and other financial intermediaries for the sale of variable contracts (and thus, indirectly, the portfolio's shares) and related services. These payments may create a conflict of interest by influencing the Transamerica insurance company or other intermediary to recommend the variable contracts that invest in the portfolio. Ask your salesperson or visit your financial intermediary's website for more information.

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**Transamerica Goldman Sachs Managed Risk – Conservative ETF VP** <br>**(formerly, Transamerica Managed Risk – Conservative ETF VP)**

**Investment Objective:** Seeks current income and preservation of capital.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the portfolio, but it does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, fees would be higher.

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

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| | | |
|:---|:---|:---|
| **Class:** | **Initial**  | **Service**  |
| Maximum sales charge (load) imposed on purchases <br> (as a percentage of offering price)<br>| None | None |
| Maximum deferred sales charge (load) (as a <br> percentage of purchase price or redemption <br> proceeds, whichever is lower)<br>| None | None |

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

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| | | |
|:---|:---|:---|
| **Class:** | **Initial** | **Service** |
| Management fees | 0.31% | 0.31% |
| Distribution and service (12b-1) fees |  | 0.25% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| Acquired fund fees and expenses<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| Total annual fund operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

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Acquired fund fees and expenses reflect the portfolio's pro rata share of the fees and expenses incurred by investing in other investment companies. Acquired fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the portfolio's prospectus.

**Example:** This Example is intended to help you compare the cost of investing in the portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the portfolio for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the portfolio's operating expenses remain the same. The Example does not reflect charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Initial Class | $[ ] | $[ ] | $[ ] | $[ ] |
| Service Class | $[ ] | $[ ] | $[ ] | $[ ] |

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**Portfolio Turnover:** The portfolio 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. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the portfolio's performance.

During the most recent fiscal year, the portfolio turnover rate for the portfolio was [ ]% of the average value of its portfolio.

**Principal Investment Strategies:** The portfolio is a fund of funds. The portfolio's sub-adviser, Goldman Sachs Asset Management, L.P. (the "sub-adviser"), seeks to achieve the portfolio's objective by investing its assets primarily in a combination of underlying third-party exchange traded funds ("ETFs").

In seeking to achieve its investment objective, the portfolio follows these investment strategies:

• Under normal circumstances, the portfolio will invest at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in ETFs. The portfolio expects to allocate substantially all of its assets among underlying ETFs that track the performance of a benchmark index in seeking to achieve targeted exposure to domestic equities, international equities and domestic bonds. The portfolio's goal is to achieve a mix over time of approximately 35% of its net assets in ETFs that invest primarily in equities ("equity ETFs") and 65% of its net assets in ETFs that invest primarily in fixed income securities ("fixed income ETFs"). The sub-adviser may adjust these percentage allocations as market conditions change based on the sub-adviser's risk management calculations.

• The portfolio employs a managed risk strategy in an effort to manage return volatility. The sub-adviser uses a proprietary model incorporating realized and forecasted short-term volatility to adjust the portfolio's weightings if this short-term volatility measure is above a certain threshold. In implementing this strategy, based on the level of volatility in equity and fixed income markets, changes in volatility of the portfolio, and drawdowns experienced by the portfolio, the sub-adviser is permitted to increase exposure to equity ETFs to approximately 50% of net assets or decrease exposure to equity ETFs to approximately 15% of net assets and is permitted to increase exposure to fixed income ETFs to approximately 85% of net assets or decrease exposure to fixed income ETFs to approximately 50% of net assets. This means at any time the portfolio's asset mix may be significantly different than its stated asset mix goal.

• The sub-adviser decides how much of the portfolio's assets to allocate to each underlying ETF based on what it considers to be prudent diversification principles and other factors, such as historical performance and volatility in the equity and fixed income markets.

• The sub-adviser may periodically adjust the portfolio's allocations to favor investments in those underlying ETFs that are expected to provide the most favorable outlook for achieving the portfolio's investment objective.

Each underlying ETF has its own investment objective, principal investment strategies and investment risks. The portfolio's ability to achieve its investment objective depends partly (or in part) on the performance of the underlying ETFs.

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It is not possible to predict the extent to which the portfolio will be invested in a particular underlying ETF at any time. The portfolio may also invest in institutional mutual funds. The portfolio may be a significant shareholder in certain underlying ETFs.

The sub-adviser may change the portfolio's asset allocations and underlying ETFs at any time without investor approval and without notice to investors.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the portfolio's performance, including those described below. The value of your investment in the portfolio, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the portfolio or your investment may not perform as well as other similar investments. The portfolio, through its investments in underlying portfolios, is subject to the risks of the underlying portfolios. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the portfolio (either directly or through its investments in underlying portfolios). Each risk described below may not apply to each underlying portfolio and an underlying portfolio may be subject to additional or different risks than those described below. An investment in the portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this portfolio.**

**Market** – The market prices of the portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes or other factors, political developments, armed conflicts, economic sanctions, cybersecurity events, investor sentiment, public health events such as the spread of infectious disease, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the portfolio's securities and assets fall, the value of your investment in the portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the portfolio's investments may go down.

In recent years, the COVID-19 pandemic, the large expansion of government deficits and debt as a result of government actions to mitigate the effects of the pandemic, the Russian invasion of Ukraine and the rise of inflation have resulted in extreme volatility in the global economy and in global financial markets. These events could be prolonged and could continue to adversely affect the value and liquidity of the portfolio's investments, impair the portfolio's ability to satisfy redemption requests, and negatively impact the portfolio's performance.

**Managed Risk Strategy –** The portfolio employs a managed risk strategy. The strategy attempts to stabilize the volatility of the portfolio around a target volatility level and manage downside exposure during periods of significant market declines but may not work as intended. Because market conditions change, sometimes rapidly and unpredictably, the success of the strategy also will be subject to the sub-adviser's ability to implement the strategy in a timely and efficient manner. The strategy may result in periods of underperformance and may fail to protect against market declines. The strategy may limit the portfolio's ability to participate in up markets, may cause the portfolio to underperform its benchmark in up markets, may increase transaction costs at the portfolio and/or underlying ETF level and may result in substantial losses if it does not work as intended. For example, if the portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises sharply and quickly, there may be a delay in increasing the portfolio's equity exposure, causing the portfolio to forgo gains from the market rebound. Managing the portfolio pursuant to the strategy may result in the portfolio not achieving its stated asset mix goal due to unforeseen or unanticipated market conditions. The strategy also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The strategy also may have the effect of limiting the amount of guaranteed benefits. The portfolio's performance may be lower than similar funds that are not subject to a managed risk strategy.

**Model and Data –** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the portfolio.

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other

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obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the portfolio falls, the value of your investment will go down. The portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Equity Securities** – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The value of equity securities fluctuates based on real or perceived changes in a company's financial condition, factors affecting a particular industry or industries, and overall market, economic and political conditions. If the market prices of the equity securities owned by the portfolio fall, the value of your investment in the portfolio will decline. The portfolio may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Asset Allocation –** The portfolio's investment performance is significantly impacted by the portfolio's asset allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes and select a mix of underlying ETFs may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying ETF or other issuer is incorrect. The available underlying ETFs selected by the sub-adviser may underperform the market or similar portfolios.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The portfolio may purchase and sell securities without regard to the length of time held. Active trading may be more pronounced during periods of market volatility and may have a negative impact on performance.

**Asset Class Variation** – The underlying ETFs invest principally in the securities constituting their asset class (i.e., equity or fixed-income) or underlying index components. However, an underlying ETF may vary the percentage of its assets in these securities (subject to any applicable regulatory requirements). Depending upon the percentage of securities in a particular asset class held by the underlying ETFs at any given time, and the percentage of the portfolio's assets invested in various underlying ETFs, the

portfolio's actual exposure to the securities in a particular asset class may vary substantially from its target allocation for that asset class, and this in turn may adversely affect the portfolio's performance.

**Counterparty** – The portfolio could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the portfolio do not fulfill their contractual obligations. In addition, the portfolio may incur costs and may be hindered or delayed in enforcing its rights against a counterparty.

**Credit** – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the portfolio or a counterparty to a financial contract with the portfolio is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the portfolio may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Currency** – The value of a portfolio's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A portfolio may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the portfolio's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Inflation –** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the portfolio's assets can decline as can the value of the portfolio's distributions.

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**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the portfolio's investments. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the portfolio. Increased redemptions could cause the portfolio to sell securities at inopportune times or depressed prices and result in further losses.

**Liquidity** – The portfolio may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate environments. If the portfolio is forced to sell an illiquid investment to meet redemption requests or other cash needs, the portfolio may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the portfolio to sell. This may prevent the portfolio from limiting losses.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the portfolio will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Underlying Exchange Traded Funds** – Because the portfolio invests its assets in various underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the portfolio invests more of its assets in one underlying ETF than in another, the portfolio will have greater exposure to the risks of that underlying ETF. In addition, the portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

Equity-based ETFs are subject to risks similar to those of stocks; fixed income-based ETFs are subject to risks similar to those of fixed-income securities. An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. The price of an ETF can fluctuate up and down, and the portfolio could lose money investing in an ETF if the prices of the securities owned by the ETF go down. In addition, ETFs are subject to the following risks that do not apply to conventional funds: (i) the market price of an ETF's shares may be above or below the shares' net asset value; (ii) during periods of market volatility, the share prices of ETFs may deviate significantly from their NAVs; (iii) an active trading market for an ETF's shares may not develop or be maintained; and (iv) trading

of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are delisted from the exchange, the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally, or trading in one or more of the ETF's underlying securities is halted, which could result in the ETF being more volatile. In the event substantial market or other disruptions affecting ETFs should occur in the future, the liquidity and value of the portfolio's shares could also be substantially and adversely affected.

**Valuation** – The sales price the portfolio could receive for any particular portfolio investment may differ from the portfolio's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. These differences may increase significantly and affect portfolio investments more broadly during periods of market volatility. Investors who purchase or redeem portfolio shares on days when the portfolio is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the portfolio had not fair-valued securities or had used a different valuation methodology. The portfolio's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the portfolio. The bar chart shows how the portfolio's performance has varied from year to year. The table shows how the portfolio's average annual total returns for different periods compare to the returns of a broad measure of market performance, as well as comparison to one or more secondary indices.

The performance calculations do not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, performance would be lower.

As with all mutual funds, past performance is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/annuities-performance-center or by calling 1-800-851-9777.

Prior to November 1, 2022, the portfolio was named Transamerica Managed Risk – Conservative ETF VP, had a different sub-adviser and used different investment strategies. The performance set forth from July 1, 2015 to October 31, 2022 is attributable to that previous sub-adviser. <br>

Prior to July 1, 2015, the portfolio was named Transamerica Vanguard ETF Portfolio - Conservative VP, had a different sub-adviser and used different investment strategies. The performance set forth prior to that date is attributable to that previous sub-adviser.

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**Annual Total Returns (calendar years ended December 31) - Initial Class**

**[BAR CHART TO BE UPDATED]**

![](g396518vetfpcvp.jpg)

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

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**Average Annual Total Returns (periods ended December 31, 2022)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Inception**<br> **Date**<br>|
| Initial Class  | [ ]% | [ ]% | [ ]% | 11/19/2009 |
| Service Class  | [ ]% | [ ]% | [ ]% | 11/19/2009 |
| Bloomberg US Aggregate Bond Index <br> (reflects no deduction for fees, <br> expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |  |
| Transamerica Goldman Sachs <br> Managed Risk – Conservative ETF <br> VP Blended Benchmark<sup>1</sup> (reflects no <br> deduction for fees, expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |  |

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<sup>1</sup> The Transamerica Goldman Sachs Managed Risk – Conservative ETF VP Blended Benchmark consists of the following: Bloomberg US Aggregate Bond Index, 65%; MSCI U.S. Broad Market Index, 25%; and MSCI All Country World ex-U.S. Index, 10%.

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Goldman Sachs Asset Management, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Goldman Sachs Asset Management, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Goldman Sachs Asset Management, L.P.<br> *Portfolio Managers:* |
| Neill Nuttall | Portfolio Manager | since November 2022 |
| Alexandra <br> Wilson-Elizondo<br>| Portfolio Manager | since November 2022 |
| Wael Younan | Portfolio Manager | since November 2022 |
| Siwen Wu | Portfolio Manager | since November 2022 |

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**Purchase and Sale of Portfolio Shares:** Shares of the portfolio may only be purchased or redeemed through variable life insurance policies and variable annuity contracts offered by the separate accounts of participating life insurance companies. Please refer to the corresponding prospectus of the policy or annuity contract that you have chosen for more information about the terms of the offering. Shares of the portfolio may also be sold to the asset allocation portfolios and to other funds of funds.

The portfolio does not have any initial or subsequent investment minimums. However, your insurance company may impose investment minimums.

The portfolio will not be charged and does not intend to pay any 12b-1 fees on Initial Class shares through May 1, 2024. The maximum 12b-1 fee on Initial Class shares is 0.15%. The portfolio reserves the right to pay such fees after that date.

**Tax Information:** Distributions made by the portfolio to an insurance company separate account, and exchanges and redemptions of portfolio shares made by the separate account, ordinarily do not cause the owners of insurance policies and annuity contracts invested in the separate account to recognize income or gain for federal income tax purposes. Please refer to the corresponding prospectus of the policy or annuity contract that you have chosen for more information regarding the tax consequences of your investment.

**Payments to Broker-Dealers and Other Financial Intermediaries:** The portfolio is generally only available as an underlying investment option for separate accounts of Transamerica life insurance companies to fund benefits under variable life insurance policies and variable annuity contracts. The portfolio and/or its affiliates may make payments to a Transamerica insurance company (or its affiliates) and to broker-dealers and other financial intermediaries for the sale of variable contracts (and thus, indirectly, the portfolio's shares) and related services. These payments may create a conflict of interest by influencing the Transamerica insurance company or other intermediary to recommend the variable contracts that invest in the portfolio. Ask your salesperson or visit your financial intermediary's website for more information.

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**Transamerica Goldman Sachs Managed Risk – Growth ETF VP** <br>**(formerly, Transamerica Managed Risk – Growth ETF VP)**

**Investment Objective:** Seeks capital appreciation as a primary objective and income as a secondary objective.

**Fees and Expenses:** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the portfolio, but it does not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, fees would be higher.

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

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| | | |
|:---|:---|:---|
| **Class:** | **Initial**  | **Service**  |
| Maximum sales charge (load) imposed on purchases <br> (as a percentage of offering price)<br>| None | None |
| Maximum deferred sales charge (load) (as a <br> percentage of purchase price or redemption <br> proceeds, whichever is lower)<br>| None | None |

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

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| | | |
|:---|:---|:---|
| **Class:** | **Initial** | **Service** |
| Management fees | 0.30% | 0.30% |
| Distribution and service (12b-1) fees |  | 0.25% |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| Acquired fund fees and expenses<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |
| Total annual fund operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ ]% |

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Acquired fund fees and expenses reflect the portfolio's pro rata share of the fees and expenses incurred by investing in other investment companies. Acquired fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the portfolio's prospectus.

**Example:** This Example is intended to help you compare the cost of investing in the portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the portfolio for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the portfolio's operating expenses remain the same. The Example does not reflect charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, costs would be higher. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Initial Class | $[ ] | $[ ] | $[ ] | $[ ] |
| Service Class | $[ ] | $[ ] | $[ ] | $[ ] |

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**Portfolio Turnover:** The portfolio 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. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the portfolio's performance.

During the most recent fiscal year, the portfolio turnover rate for the portfolio was [ ]% of the average value of its portfolio.

**Principal Investment Strategies:** The portfolio is a fund of funds. The portfolio's sub-adviser, Goldman Sachs Asset Management, L.P. (the "sub-adviser"), seeks to achieve the portfolio's objective by investing its assets primarily in a combination of underlying third-party exchange traded funds ("ETFs").

In seeking to achieve its investment objective, the portfolio follows these investment strategies:

• Under normal circumstances, the portfolio will invest at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in ETFs. The portfolio expects to allocate substantially all of its assets among underlying ETFs that track the performance of a benchmark index in seeking to achieve targeted exposure to domestic equities, international equities and domestic bonds. The portfolio's goal is to achieve a mix over time of approximately 75% of net assets in ETFs that invest primarily in equities ("equity ETFs") and 25% of net assets in ETFs that invest primarily in fixed income securities ("fixed income ETFs"). The sub-adviser may adjust these percentage allocations as market conditions change based on the sub-adviser's risk management calculations.

• The portfolio employs a managed risk strategy in an effort to manage return volatility. The sub-adviser uses a proprietary model incorporating realized and forecasted short-term volatility to adjust the portfolio's weightings if this short-term volatility measure is above a certain threshold. The strategy also aims to reduce the impact of sustained market declines by reducing equity exposure. In implementing this strategy, based on the level of volatility in equity and fixed income markets, changes in volatility of the portfolio, and drawdowns experienced by the portfolio, the sub-adviser is permitted to increase exposure to equity ETFs to approximately 100% of net assets or decrease exposure to equity ETFs to approximately 35% of net assets, and is permitted to increase exposure to fixed income ETFs to approximately 65% of net assets or decrease exposure to fixed income ETFs to approximately 0% of net assets. This means at any time the portfolio's asset mix may be significantly different than its stated asset mix goal.

• The sub-adviser decides how much of the portfolio's assets to allocate to each underlying ETF based on what it considers to be prudent diversification principles and other factors, such as historical performance and volatility in the equity and fixed income markets.

• The sub-adviser may periodically adjust the portfolio's allocations to favor investments in those underlying ETFs that are expected to provide the most favorable outlook for achieving the portfolio's investment objective.

Each underlying ETF has its own investment objective, principal investment strategies and investment risks. The portfolio's ability to achieve its investment objective depends partly (or in part) on the performance of the underlying ETFs.

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It is not possible to predict the extent to which the portfolio will be invested in a particular underlying ETF at any time. The portfolio may also invest in institutional mutual funds. The portfolio may be a significant shareholder in certain underlying ETFs.

The sub-adviser may change the portfolio's asset allocations and underlying ETFs at any time without investor approval and without notice to investors.

**Principal Risks:** Risk is inherent in all investing. Many factors and risks affect the portfolio's performance, including those described below. The value of your investment in the portfolio, as well as the amount of return you receive on your investment, may fluctuate significantly day to day and over time. You may lose part or all of your investment in the portfolio or your investment may not perform as well as other similar investments. The portfolio, through its investments in underlying portfolios, is subject to the risks of the underlying portfolios. The following is a summary description of principal risks (in alphabetical order after certain key risks) of investing in the portfolio (either directly or through its investments in underlying portfolios). Each risk described below may not apply to each underlying portfolio and an underlying portfolio may be subject to additional or different risks than those described below. An investment in the portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. **You may lose money if you invest in this portfolio.**

**Market** – The market prices of the portfolio's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes or other factors, political developments, armed conflicts, economic sanctions, cybersecurity events, investor sentiment, public health events such as the spread of infectious disease, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the portfolio's securities and assets fall, the value of your investment in the portfolio could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the portfolio's investments may go down.

In recent years, the COVID-19 pandemic, the large expansion of government deficits and debt as a result of government actions to mitigate the effects of the pandemic, the Russian invasion of Ukraine and the rise of inflation have resulted in extreme volatility in the global economy and in global financial markets. These events could be prolonged and could continue to adversely affect the value and liquidity of the portfolio's investments, impair the portfolio's ability to satisfy redemption requests, and negatively impact the portfolio's performance.

**Managed Risk Strategy –** The portfolio employs a managed risk strategy. The strategy attempts to stabilize the volatility of the portfolio around a target volatility level and manage downside exposure during periods of significant market declines but may not work as intended. Because market conditions change, sometimes rapidly and unpredictably, the success of the strategy also will be subject to the sub-adviser's ability to implement the strategy in a timely and efficient manner. The strategy may result in periods of underperformance and may fail to protect against market declines. The strategy may limit the portfolio's ability to participate in up markets, may cause the portfolio to underperform its benchmark in up markets, may increase transaction costs at the portfolio and/or underlying ETF level and may result in substantial losses if it does not work as intended. For example, if the portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises sharply and quickly, there may be a delay in increasing the portfolio's equity exposure, causing the portfolio to forgo gains from the market rebound. Managing the portfolio pursuant to the strategy may result in the portfolio not achieving its stated asset mix goal due to unforeseen or unanticipated market conditions. The strategy also serves to reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The strategy also may have the effect of limiting the amount of guaranteed benefits. The portfolio's performance may be lower than similar funds that are not subject to a managed risk strategy.

**Model and Data –** If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data") prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the portfolio to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the portfolio.

**Equity Securities** – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The value of equity securities fluctuates based on real or perceived changes in a company's financial condition, factors affecting a particular industry or industries, and overall market, economic and political conditions. If the market prices of the equity securities owned by the portfolio fall, the value of your investment in the portfolio will decline. The portfolio may lose its

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entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Fixed-Income Securities** – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the portfolio falls, the value of your investment will go down. The portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Asset Allocation –** The portfolio's investment performance is significantly impacted by the portfolio's asset allocation and reallocation from time to time. The sub-adviser's decisions whether and when to tactically overweight or underweight asset classes and select a mix of underlying ETFs may not produce the desired results. These actions may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying ETF or other issuer is incorrect. The available underlying ETFs selected by the sub-adviser may underperform the market or similar portfolios.

**Management** – The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Active Trading** – The portfolio may purchase and sell securities without regard to the length of time held. Active trading may be more pronounced during periods of market volatility and may have a negative impact on performance.

**Asset Class Variation** – The underlying ETFs invest principally in the securities constituting their asset class (i.e., equity or fixed-income) or underlying index components. However, an underlying ETF may vary the percentage of its assets in these securities (subject to any applicable regulatory requirements). Depending upon the percentage of securities in a particular asset class held by the underlying ETFs at any given time, and the percentage of the portfolio's assets invested in various underlying ETFs, the

portfolio's actual exposure to the securities in a particular asset class may vary substantially from its target allocation for that asset class, and this in turn may adversely affect the portfolio's performance.

**Counterparty** – The portfolio could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the portfolio do not fulfill their contractual obligations. In addition, the portfolio may incur costs and may be hindered or delayed in enforcing its rights against a counterparty.

**Credit** – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the portfolio or a counterparty to a financial contract with the portfolio is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the portfolio may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.

**Currency** – The value of a portfolio's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A portfolio may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.

**Extension** – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.

**Foreign Investments** – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the portfolio's foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.

**Inflation –** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the portfolio's assets can decline as can the value of the portfolio's distributions.

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**Interest Rate** –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates also may affect the liquidity of the portfolio's investments. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the portfolio. Increased redemptions could cause the portfolio to sell securities at inopportune times or depressed prices and result in further losses.

**Liquidity** – The portfolio may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate environments. If the portfolio is forced to sell an illiquid investment to meet redemption requests or other cash needs, the portfolio may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the portfolio to sell. This may prevent the portfolio from limiting losses.

**Prepayment or Call** – Many issuers have a right to prepay their fixed-income securities. If this happens, the portfolio will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.

**Underlying Exchange Traded Funds** – Because the portfolio invests its assets in various underlying ETFs, its ability to achieve its investment objective depends largely on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of the portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the portfolio invests more of its assets in one underlying ETF than in another, the portfolio will have greater exposure to the risks of that underlying ETF. In addition, the portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

Equity-based ETFs are subject to risks similar to those of stocks; fixed income-based ETFs are subject to risks similar to those of fixed-income securities. An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. The price of an ETF can fluctuate up and down, and the portfolio could lose money investing in an ETF if the prices of the securities owned by the ETF go down. In addition, ETFs are subject to the following risks that do not apply to conventional funds: (i) the market price of an ETF's shares may be above or below the shares' net asset value; (ii) during periods of market volatility, the share prices of ETFs may deviate significantly from their NAVs; (iii) an active trading market for an ETF's shares may not develop or be maintained; and (iv) trading

of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are delisted from the exchange, the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally, or trading in one or more of the ETF's underlying securities is halted, which could result in the ETF being more volatile. In the event substantial market or other disruptions affecting ETFs should occur in the future, the liquidity and value of the portfolio's shares could also be substantially and adversely affected.

**Valuation** – The sales price the portfolio could receive for any particular portfolio investment may differ from the portfolio's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. These differences may increase significantly and affect portfolio investments more broadly during periods of market volatility. Investors who purchase or redeem portfolio shares on days when the portfolio is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the portfolio had not fair-valued securities or had used a different valuation methodology. The portfolio's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Performance:** The bar chart and the table below provide some indication of the risks of investing in the portfolio. The bar chart shows how the portfolio's performance has varied from year to year. The table shows how the portfolio's average annual total returns for different periods compare to the returns of a broad measure of market performance, as well as comparison to one or more secondary indices.

The performance calculations do not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, performance would be lower.

As with all mutual funds, past performance is not a prediction of future results. Updated performance information is available on our website at www.transamerica.com/annuities-performance-center or by calling 1-800-851-9777.

Prior to November 1, 2022, the portfolio was named Transamerica Managed Risk – Growth ETF VP, had a different sub-adviser and used different investment strategies. The performance set forth from July 1, 2015 to October 31, 2022 is attributable to that previous sub-adviser.

Prior to July 1, 2015, the portfolio was named Transamerica Vanguard ETF Portfolio - Growth VP, had a different sub-adviser and used different investment strategies. The performance set forth prior to that date is attributable to that previous sub-adviser.

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**Annual Total Returns (calendar years ended December 31) - Initial Class**

**[BAR CHART TO BE UPDATED]**

![](g396518vetfpgvp.jpg)

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

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**Average Annual Total Returns (periods ended December 31, 2022)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Inception**<br> **Date**<br>|
| Initial Class  | [ ]% | [ ]% | [ ]% | 5/1/2008 |
| Service Class  | [ ]% | [ ]% | [ ]% | 5/1/2008 |
| MSCI U.S. Broad Market Index <br> (reflects no deduction for fees, <br> expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |  |
| Transamerica Goldman Sachs Managed <br> Risk – Growth ETF VP Blended <br> Benchmark<sup>1</sup> (reflects no deduction for <br> fees, expenses or taxes)<br>| [ ]% | [ ]% | [ ]% |  |

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<sup>1</sup> The Transamerica Goldman Sachs Managed Risk – Growth ETF VP Blended Benchmark consists of the following: MSCI U.S. Broad Market Index, 52%; Bloomberg US Aggregate Bond Index, 25%; and MSCI All Country World ex-U.S. Index, 23%.

**Management:** 

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| | | |
|:---|:---|:---|
| *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Goldman Sachs Asset Management, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Goldman Sachs Asset Management, L.P.<br> *Portfolio Managers:* | *Investment Manager:* Transamerica Asset Management, Inc.<br> *Sub-Adviser:* Goldman Sachs Asset Management, L.P.<br> *Portfolio Managers:* |
| Neill Nuttall | Portfolio Manager | since November 2022 |
| Alexandra <br> Wilson-Elizondo<br>| Portfolio Manager | since November 2022 |
| Wael Younan | Portfolio Manager | since November 2022 |
| Siwen Wu | Portfolio Manager | since November 2022 |

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**Purchase and Sale of Portfolio Shares:** Shares of the portfolio may only be purchased or redeemed through variable life insurance policies and variable annuity contracts offered by the separate accounts of participating life insurance companies. Please refer to the corresponding prospectus of the policy or annuity contract that you have chosen for more information about the terms of the offering. Shares of the portfolio may also be sold to the asset allocation portfolios and to other funds of funds.

The portfolio does not have any initial or subsequent investment minimums. However, your insurance company may impose investment minimums.

The portfolio will not be charged and does not intend to pay any 12b-1 fees on Initial Class shares through May 1, 2024. The maximum 12b-1 fee on Initial Class shares is 0.15%. The portfolio reserves the right to pay such fees after that date.

**Tax Information:** Distributions made by the portfolio to an insurance company separate account, and exchanges and redemptions of portfolio shares made by the separate account, ordinarily do not cause the owners of insurance policies and annuity contracts invested in the separate account to recognize income or gain for federal income tax purposes. Please refer to the corresponding prospectus of the policy or annuity contract that you have chosen for more information regarding the tax consequences of your investment.

**Payments to Broker-Dealers and Other Financial Intermediaries:** The portfolio is generally only available as an underlying investment option for separate accounts of Transamerica life insurance companies to fund benefits under variable life insurance policies and variable annuity contracts. The portfolio and/or its affiliates may make payments to a Transamerica insurance company (or its affiliates) and to broker-dealers and other financial intermediaries for the sale of variable contracts (and thus, indirectly, the portfolio's shares) and related services. These payments may create a conflict of interest by influencing the Transamerica insurance company or other intermediary to recommend the variable contracts that invest in the portfolio. Ask your salesperson or visit your financial intermediary's website for more information.

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**More on Each Portfolio's Strategies and Investments**

The following provides additional information regarding each portfolio's strategies and investments described at the front of the prospectus. Information contained in this prospectus may apply to portfolios of Transamerica Series Trust not offered in your policy or contract. Except as otherwise expressly stated for a particular portfolio in this prospectus or in the statement of additional information or as required by law, there is no limit on the amount of a portfolio's assets that may be invested in a particular type of security or investment. Each portfolio's investment objective may be changed by the Board without shareholder approval.

**Transamerica Aegon Bond VP:** The portfolio's sub-adviser, Aegon USA Investment Management, LLC (the "sub-adviser"), invests, under normal circumstances, at least 80% of the portfolio's net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities, which may include dollar rolls, U.S. government and foreign government bonds and notes (including emerging markets), mortgage-backed, commercial mortgage-backed, and asset-backed securities (including collateralized mortgage obligations), corporate bonds of issuers in the U.S. and foreign countries (including emerging markets), convertible bonds and other convertible securities, bank loans and loan participations, structured notes, and preferred securities. The sub-adviser considers emerging market countries as countries that major international financial institutions, such as the World Bank, generally consider to be less economically mature than developed nations.

Under normal circumstances, at least 50% of the portfolio's net assets will be invested in (a) debt securities rated investment grade or higher (rated at least BBB by Standard & Poor's or Fitch or Baa by Moody's) by at least two rating agencies or, if unrated, are determined to be of comparable quality by the sub-adviser; (b) securities issued or guaranteed by the U.S. government or its agencies or instrumentalities; (c) commercial paper rated Prime, Prime-1 or Prime-2 by NCO/Moody's Commercial Paper Division, or A-1 or A-2 by Standard & Poor's; and/or (d) cash or cash equivalents. Up to 50% of the portfolio's net assets may be invested in debt securities that do not meet the investment grade criteria referred to above (commonly known as "junk bonds"). Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the portfolio's sub-adviser). The portfolio may invest up to 20% of its net assets in equity securities, such as common stocks, rights, warrants or preferred stock. The portfolio may invest in securities of any maturity and does not have a target average duration.

The sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environments and global asset classes and proprietary "bottom-up" research of sectors, industries, issuers, and individual securities. In the sub-adviser's "top-down" approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movement and relative value of markets and securities prices worldwide. In its proprietary "bottom-up" research of corporate and sovereign debt and other fixed-income securities, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined "top-down" and "bottom-up" approach to determine asset class, sector, security, yield curve and duration positions for the portfolio. The sub-adviser's research analysts also generally integrate environmental, social and governance ("ESG") matters within their analytical process for foreign government bonds and notes (including emerging markets), private residential mortgage-backed securities, commercial mortgage-backed securities, certain asset-backed securities (including collateralized mortgage obligations), corporate bonds of issuers in the U.S. and foreign countries (including emerging markets), structured notes, certain preferred securities, certain cash equivalents (including corporate commercial paper) and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in dollar rolls, U.S. government bonds and notes, U.S. agency securities, convertible bonds, other convertible securities, certain bank loans and loan participations, asset-backed commercial paper, cash, certain cash equivalent securities, equity securities, common stocks, rights, warrants, derivatives, repurchase agreements and money market instruments. ESG factors considered can vary across issuers and industries and may include, but are not limited to, greenhouse gas emissions, biodiversity impacts, product and employee safety, labor management and corporate governance. For asset-backed and mortgage-backed securities, ESG considerations may also include, but are not limited to, affordability and energy efficiency of collateral, underwriting standards and policies, alignment of interest and control provisions. Consideration of ESG matters is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the portfolio.

The portfolio may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the portfolio's portfolio (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes.

The portfolio may purchase securities on a when-issued, delayed delivery, to be announced or forward commitment basis.

The portfolio may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

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The sub-adviser may sell a security for different reasons, including due to changes in credit outlook or security values.

The portfolio may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the portfolio may take temporary defensive positions in cash and short-term debt securities without limit. Although the portfolio would do this only in seeking to avoid losses, the portfolio may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the portfolio has any uninvested cash, the portfolio would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Aegon Core Bond VP:** The portfolio's sub-adviser, Aegon USA Investment Management, LLC (the "sub-adviser"), seeks to achieve the portfolio's objective by investing, under normal circumstances, primarily in investment grade debt securities, which may include: investment grade corporate securities, U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, and private residential mortgage-backed securities. Under normal circumstances, the portfolio invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities. Investment grade debt securities carry a rating of at least BBB from Standard & Poor's or Fitch or Baa from Moody's or are of comparable quality as determined by the sub-adviser. The portfolio's portfolio weighted average duration will typically range from 3 to 10 years. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. The portfolio may also invest in U.S. Treasury and agency securities, municipal bonds, asset-backed securities (including collateralized loan obligations ("CLOs"), collateralized bond obligations ("CBOs") and collateralized debt obligations ("CDOs")), commercial mortgage-backed securities ("CMBS"), high quality short-term debt obligations, dollar rolls and repurchase agreements. The portfolio's investments may include debt securities of foreign issuers, including emerging market debt securities. The portfolio may invest in securities that are denominated in U.S. dollars and in foreign currencies.

The portfolio may invest up to 10% of its net assets in emerging market debt securities and up to 10% of its net assets in high-yield debt securities (commonly referred to as "junk bonds"), but may invest no more than 15% of its net assets in emerging market debt securities and high-yield debt securities combined. The sub-adviser considers emerging market countries as countries that major international financial institutions, such as the World Bank, generally consider to be less economically mature than developed nations. Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poor's or Fitch or below Baa by Moody's or, if unrated, determined to be of comparable quality by the portfolio's sub-adviser).

The sub-adviser uses a combination of a global "top-down" analysis of the macroeconomic and interest rate environment and proprietary "bottom-up" research of corporate, government and agency debt, and other debt instruments. In the sub-adviser's "top-down" approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movements of markets and securities prices worldwide. In its proprietary "bottom-up" research, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined "top-down" and "bottom-up" approach to determine sector, security, yield curve, and duration positions for the portfolio. The sub-adviser's research analysts also generally integrate environmental, social and governance ("ESG") matters within their analytical process for investment grade corporate debt securities, foreign government bonds and notes (including emerging markets), private residential mortgage-backed securities, certain asset-backed securities (including CLOs, CBOs and CDOs), CMBS, certain cash equivalents (including corporate commercial paper) and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, U.S. Treasury and agency securities, municipal bonds, asset-backed commercial paper, dollar rolls, repurchase agreements, derivatives, cash, certain cash equivalent securities and money market instruments. ESG factors considered can vary across issuers and industries and may include, but are not limited to, greenhouse gas emissions, biodiversity impacts, product and employee safety, labor management and corporate governance. For asset-backed securities and mortgage-backed, ESG considerations may also include, but are not limited to, affordability and energy efficiency of collateral, underwriting standards and policies, alignment of interest and control provisions. Consideration of ESG matters is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment in the portfolio.

The portfolio may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the portfolio's portfolio (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes.

The portfolio may purchase securities on a when-issued, delayed delivery, to be announced or forward commitment basis.

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The portfolio may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended.

The sub-adviser may sell a security for different reasons, including due to changes in credit outlook or security values.

The portfolio may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the portfolio may take temporary defensive positions in cash and short-term debt securities without limit. Although the portfolio would do this only in seeking to avoid losses, the portfolio may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the portfolio has any uninvested cash, the portfolio would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica BlackRock Real Estate Securities VP:** Under normal conditions, the portfolio's sub-adviser, BlackRock Investment Management, LLC, and the portfolio's sub-sub-advisers, BlackRock International Limited and BlackRock (Singapore) Limited (collectively, the "sub-adviser"), will invest at least 80% of the portfolio's net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of issuers that are principally engaged in the real estate industry. The sub-adviser considers issuers principally engaged in the real estate industry to be companies that derive their intrinsic value from the ownership, operation, development, construction, financing, management, or sale of commercial, industrial or residential real estate and similar activities. These companies may include real estate investment trusts ("REITs"), real estate operating companies whose businesses and services are related to the real estate industry and real estate holding companies. The portfolio may invest in securities of non-U.S. issuers, including issuers located in emerging market or developing countries. The sub-adviser considers the following to be non-U.S. issuers: (i) foreign government issuers, (ii) issuers organized or located outside the U.S., (iii) issuers which primarily trade in a market located outside the U.S., or (iv) issuers doing a substantial amount of business outside the U.S., which the sub-adviser considers to be companies that derive at least 50% of their revenue or profits from business outside the U.S. or have at least 50% of their sales or assets outside the U.S. The portfolio primarily buys common stock, but also can invest in preferred stock and convertible securities. The portfolio may also invest in securities classified as American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), American Depositary Shares ("ADSs") or Global Depositary Shares ("GDSs"), non-U.S. dollar denominated securities that are traded on a U.S. exchange and local shares of non-U.S. issuers.

The sub-adviser may engage in frequent and active trading of portfolio investments to achieve the portfolio's investment objective. The portfolio does not directly invest in real estate.

As a part of its fundamental investment process, the sub-adviser also considers the impact of environmental, social and governance ("ESG") factors on certain issuers and assesses the materiality of such ESG factors when making related investment decisions for the portfolio. These considerations affect REITs, real estate operating companies, foreign issuers (including emerging markets), and issuers of common stock, preferred stock and contracts for a difference. ESG factors are not the sole considerations when making such investment decisions for the portfolio and the sub-adviser may conclude that other attributes of such issuers outweigh ESG factors. The sub-adviser's evaluation of ESG factors is subjective and may change over time.

The sub-adviser may, when consistent with the portfolio's investment objective, use futures, options, contracts for difference, forward contracts and/or swaps, including interest rate swaps and credit default swaps (collectively, commonly known as derivatives), for purposes of managing risk or to enhance total return. The portfolio may use foreign exchange swaps, spots and forward contracts to maintain the currency exposure against the benchmark. The portfolio may also use derivatives for leverage.

The portfolio concentrates its investments in securities of issuers in the real estate industry.

The sub-adviser calculates the expected upside of each investment within the portfolio's investment universe by comparing current pricing with indicative value or estimate of the spot fair market value. As existing positions approach their indicative value, the sub-adviser's projected upside decreases and the investment looks less attractive. As an investment becomes less attractive, it is automatically raised as a potential source of funds for more compelling investment ideas. The sub-adviser then raises the sale of the stock for discussion and determines whether the valuation case has changed or what stocks offer more attractive upside. The sub-adviser then considers any stock changes within the context of the portfolio and decides upon any portfolio change.

The portfolio may invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the portfolio may take temporary defensive positions in cash and short-term debt securities without limit. Although the portfolio would do this only in seeking to avoid losses, the portfolio may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the portfolio has any uninvested cash, the portfolio would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Goldman Sachs Managed Risk – Balanced ETF VP:** The portfolio is a fund of funds. The portfolio's sub-adviser, Goldman Sachs Asset Management, L.P. (the "sub-adviser"), seeks to achieve the portfolio's objective by investing its assets primarily in a combination of underlying third-party exchange traded funds ("ETFs").

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In seeking to achieve its investment objective, the portfolio follows these investment strategies:

• Under normal circumstances, the portfolio will invest at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in ETFs. The portfolio expects to allocate substantially all of its assets among underlying ETFs that track the performance of a benchmark index in seeking to achieve targeted exposure to domestic equities, international equities and domestic bonds. The portfolio's goal is to achieve a mix over time of approximately 50% of net assets in ETFs that invest primarily in equities ("equity ETFs") and 50% of net assets in ETFs that invest primarily in fixed income securities ("fixed income ETFs"). The sub-adviser may adjust these percentage allocations as market conditions change based on the sub-adviser's risk management calculations.

• The portfolio employs a managed risk strategy in an effort to manage return volatility. The sub-adviser uses a proprietary model incorporating realized and forecasted short-term volatility to adjust the portfolio's weightings if this short-term volatility measure is above a certain threshold. The strategy also aims to reduce the impact of sustained market declines by reducing equity exposure. In implementing this strategy, based on the level of volatility in equity and fixed income markets, changes in volatility of the portfolio, and drawdowns experienced by the portfolio, the sub-adviser is permitted to increase exposure to equity ETFs to approximately 70% of net assets or decrease exposure to equity ETFs to approximately 25% of net assets and is permitted to increase exposure to fixed income ETFs to approximately 75% of net assets or decrease exposure to fixed income ETFs to approximately 30% of net assets. This means at any time the portfolio's asset mix may be significantly different than its stated asset mix goal.

• The sub-adviser decides how much of the portfolio's assets to allocate to each underlying ETF based on what it considers to be prudent diversification principles and other factors, such as historical performance and volatility in the equity and fixed income markets.

• The sub-adviser may periodically adjust the portfolio's allocations to favor investments in those underlying ETFs that are expected to provide the most favorable outlook for achieving the portfolio's investment objective.

Each underlying ETF has its own investment objective, principal investment strategies and investment risks. The portfolio's ability to achieve its investment objective depends partly (or in part) on the performance of the underlying ETFs.

It is not possible to predict the extent to which the portfolio will be invested in a particular underlying ETF at any time. The portfolio may also invest in institutional mutual funds. The portfolio may be a significant shareholder in certain underlying ETFs.

The sub-adviser may change the portfolio's asset allocations and underlying ETFs at any time without investor approval and without notice to investors.

The portfolio may invest its assets directly, or through ETFs, in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the portfolio may take temporary defensive positions in cash and short-term debt securities without limit. Although the portfolio would do this only in seeking to avoid losses, the portfolio may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the portfolio has any uninvested cash, the portfolio would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Goldman Sachs Managed Risk – Conservative ETF VP:** The portfolio is a fund of funds. The portfolio's sub-adviser, Goldman Sachs Asset Management, L.P. (the "sub-adviser"), seeks to achieve the portfolio's objective by investing its assets primarily in a combination of underlying third-party exchange traded funds ("ETFs").

In seeking to achieve its investment objective, the portfolio follows these investment strategies:

• Under normal circumstances, the portfolio will invest at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in ETFs. The portfolio expects to allocate substantially all of its assets among underlying ETFs that track the performance of a benchmark index in seeking to achieve targeted exposure to domestic equities, international equities and domestic bonds. The portfolio's goal is to achieve a mix over time of approximately 35% of its net assets in ETFs that invest primarily in equities ("equity ETFs") and 65% of its net assets in ETFs that invest primarily in fixed income securities ("fixed income ETFs"). The sub-adviser may adjust these percentage allocations as market conditions change based on the sub-adviser's risk management calculations.

• The portfolio employs a managed risk strategy in an effort to manage return volatility. The sub-adviser uses a proprietary model incorporating realized and forecasted short-term volatility to adjust the portfolio's weightings if this short-term volatility measure is above a certain threshold. In implementing this strategy, based on the level of volatility in equity and fixed income markets, changes in volatility of the portfolio, and drawdowns experienced by the portfolio, the sub-adviser is permitted to increase exposure to equity ETFs to approximately 50% of net assets or decrease exposure to equity ETFs to approximately 15% of net assets and is permitted to increase exposure to fixed income ETFs to approximately 85% of net assets or decrease exposure to fixed income ETFs to approximately 50% of net assets. This means at any time the portfolio's asset mix may be significantly different than its stated asset mix goal.

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• The sub-adviser decides how much of the portfolio's assets to allocate to each underlying ETF based on what it considers to be prudent diversification principles and other factors, such as historical performance and volatility in the equity and fixed income markets.

• The sub-adviser may periodically adjust the portfolio's allocations to favor investments in those underlying ETFs that are expected to provide the most favorable outlook for achieving the portfolio's investment objective.

Each underlying ETF has its own investment objective, principal investment strategies and investment risks. The portfolio's ability to achieve its investment objective depends partly (or in part) on the performance of the underlying ETFs.

It is not possible to predict the extent to which the portfolio will be invested in a particular underlying ETF at any time. The portfolio may also invest in institutional mutual funds. The portfolio may be a significant shareholder in certain underlying ETFs.

The sub-adviser may change the portfolio's asset allocations and underlying ETFs at any time without investor approval and without notice to investors.

The portfolio may invest its assets directly, or through ETFs, in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the portfolio may take temporary defensive positions in cash and short-term debt securities without limit. Although the portfolio would do this only in seeking to avoid losses, the portfolio may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the portfolio has any uninvested cash, the portfolio would also be subject to risk with respect to the depository institution holding the cash.

**Transamerica Goldman Sachs Managed Risk – Growth ETF VP:** The portfolio is a fund of funds. The portfolio's sub-adviser, Goldman Sachs Asset Management, L.P. (the "sub-adviser"), seeks to achieve the portfolio's objective by investing its assets primarily in a combination of underlying third-party exchange traded funds ("ETFs").

In seeking to achieve its investment objective, the portfolio follows these investment strategies:

• Under normal circumstances, the portfolio will invest at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in ETFs. The portfolio expects to allocate substantially all of its assets among underlying ETFs that track the performance of a benchmark index in seeking to achieve targeted exposure to domestic equities, international equities and domestic bonds. The portfolio's goal is to achieve a mix over time of approximately 75% of net assets in ETFs that invest primarily in equities ("equity ETFs") and 25% of net assets in ETFs that invest primarily in fixed income securities ("fixed income ETFs"). The sub-adviser may adjust these percentage allocations as market conditions change based on the sub-adviser's risk management calculations.

• The portfolio employs a managed risk strategy in an effort to manage return volatility. The sub-adviser uses a proprietary model incorporating realized and forecasted short-term volatility to adjust the portfolio's weightings if this short-term volatility measure is above a certain threshold. The strategy also aims to reduce the impact of sustained market declines by reducing equity exposure. In implementing this strategy, based on the level of volatility in equity and fixed income markets, changes in volatility of the portfolio, and drawdowns experienced by the portfolio, the sub-adviser is permitted to increase exposure to equity ETFs to approximately 100% of net assets or decrease exposure to equity ETFs to approximately 35% of net assets, and is permitted to increase exposure to fixed income ETFs to approximately 65% of net assets or decrease exposure to fixed income ETFs to approximately 0% of net assets. This means at any time the portfolio's asset mix may be significantly different than its stated asset mix goal.

• The sub-adviser decides how much of the portfolio's assets to allocate to each underlying ETF based on what it considers to be prudent diversification principles and other factors, such as historical performance and volatility in the equity and fixed income markets.

• The sub-adviser may periodically adjust the portfolio's allocations to favor investments in those underlying ETFs that are expected to provide the most favorable outlook for achieving the portfolio's investment objective.

Each underlying ETF has its own investment objective, principal investment strategies and investment risks. The portfolio's ability to achieve its investment objective depends partly (or in part) on the performance of the underlying ETFs.

It is not possible to predict the extent to which the portfolio will be invested in a particular underlying ETF at any time. The portfolio may also invest in institutional mutual funds. The portfolio may be a significant shareholder in certain underlying ETFs.

The sub-adviser may change the portfolio's asset allocations and underlying ETFs at any time without investor approval and without notice to investors.

The portfolio may invest its assets directly, or through ETFs, in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Under adverse or unstable market, economic or political conditions, the portfolio may take temporary defensive positions in cash and short-term debt securities without limit. Although the portfolio would do

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this only in seeking to avoid losses, the portfolio may be unable to pursue its investment objective during that time, and it could reduce the benefit from any upswing in the market. To the extent that the portfolio has any uninvested cash, the portfolio would also be subject to risk with respect to the depository institution holding the cash.

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**More on the Risks of Investing in Each Portfolio**

The value of your investment in a portfolio changes with the values of that portfolio's investments. Many factors and risks can affect those values, including the risks described below. There is no guarantee that a portfolio will be able to achieve its investment objective. It is possible to lose money by investing in a portfolio.

Some of the risks of investing in the portfolios, including the principal risks of the portfolios, are discussed below. Each portfolio may be subject to factors and risks other than those identified in this prospectus, and these other factors and risks could adversely affect the portfolio's investment results. More information about risks appears in the Statement of Additional Information ("SAI"). Before investing, you should carefully consider the risks that you will assume.

**Absence of Regulation:** A portfolio may engage in over-the-counter ("OTC") transactions, which trade in a dealer network, rather than on an exchange. In general, there is less governmental regulation and supervision of transactions in the OTC markets than of transactions entered into on organized exchanges. Transactions in the OTC markets also are subject to the credit risk of the counterparty.

**Active Trading:** Certain portfolios may purchase and sell securities without regard to the length of time held. Active trading may have a negative impact on performance. During periods of market volatility, active trading may be more pronounced.

**Asset Allocation:** A portfolio's investment performance is significantly impacted by the portfolio's asset allocation and reallocation from time to time. The Investment Manager's and/or sub-adviser's decisions may not produce the desired results. The allocations may be unsuccessful in maximizing return and/or avoiding investment losses. The value of your investment may decrease if the Investment Manager's and/or sub-adviser's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique, strategy or issuer is incorrect.

For certain portfolios, the Investment Manager's and/or sub-adviser's decisions regarding whether and when to tactically overweight or underweight asset classes, create and apply formulas for de-risking or ending de-risking may not produce the desired results.

**Asset Class Variation:** Certain portfolios may invest in underlying portfolios and/or ETFs. The underlying portfolios and/or ETFs invest principally in the securities constituting their asset class (*i.e.*, equity or fixed-income) or underlying index components. However, an underlying portfolio or ETF may vary the percentage of its assets in these securities (subject to any applicable regulatory requirements). Depending upon the percentage of securities in a particular asset class held by the underlying portfolios and ETFs at any given time, and the percentage of the portfolio's assets invested in the various underlying portfolios and ETFs, the portfolio's actual exposure to the securities in a particular asset class may vary substantially from its target allocation for that asset class, and this in turn may adversely affect the portfolio's performance.

**Bank Obligations:** Bank obligations include certificates of deposit, fixed time deposits, bankers' acceptances, and other debt and deposit-type instruments issued by banks. To the extent a portfolio invests in bank obligations, the portfolio will be more susceptible to negative events affecting the banking industry. Banks are sensitive to changes in money market and general economic conditions, as well as regulatory and political conditions. Banks are highly regulated, and decisions by regulators may limit the loans banks make, affect the interest rates and fees they charge and reduce bank profitability.

**Cash Management and Defensive Investing:** The value of investments held by a portfolio for cash management or defensive investing purposes can fluctuate. Like other fixed-income securities, cash and cash equivalent securities are subject to risk, including market, interest rate and credit risk. If a portfolio holds cash uninvested, the portfolio will be subject to the credit risk of the depository institution holding the cash, it will not earn income on the cash and the portfolio's yield will go down. If a significant amount of a portfolio's assets are used for cash management or defensive investing purposes, it may not achieve its investment objective.

**Conflicts of Interest:** Transamerica Asset Management, Inc. ("TAM") and its affiliates directors, officers, employees and personnel (collectively, for purposes of this risk, "Transamerica") are engaged in a variety of businesses and have interests other than those related to managing the portfolios. Transamerica is a diversified global financial services company with many lines of business providing a wide range of financial services to a sizeable and diversified client base. The broad range of activities and interests of Transamerica gives rise to actual, potential and perceived conflicts of interest that could affect the portfolios and their shareholders.

Certain actual and potential conflicts of interest are described below. A further discussion of conflicts of interest appears in the SAI. These discussions are not, and are not intended to be, a complete enumeration or description of all the actual and potential conflicts that Transamerica has now or may have in the future. Other conflicts may arise from time to time.

TAM and the portfolios have adopted practices, policies and procedures that are intended to identify, manage and, where possible, mitigate conflicts of interest. There is no assurance, however, that these practices, policies and procedures will be effective, and these practices, policies and procedures may limit or restrict the portfolios' investment activities and adversely affect their performance.

*Activities on Behalf of Other Funds and Accounts.* Transamerica manages or advises other funds and products in addition to the portfolios, including Transamerica's own accounts and accounts in which Transamerica or its personnel have an interest. Certain other funds and products have investment objectives similar to, the same as or opposite to those of the portfolios and/or engage in

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transactions in the same types of securities or other instruments, sectors or strategies as the portfolios. Such transactions could affect the prices and availability of the securities and instruments in which a portfolio invests, and could have an adverse impact on the portfolio's performance. These other accounts and products may buy or sell positions while the portfolios are undertaking the same or a differing, including potentially opposite, strategy, which could disadvantage the portfolios. A position taken by Transamerica, on behalf of one or more other funds or products, may be contrary to a position taken on behalf of a portfolio or may be adverse to a company or issuer in which the portfolio has invested. A portfolio on the one hand, and Transamerica or other funds or products, on the other hand, may vote differently on matters affecting, or take or refrain from taking different actions with respect to, the same security, which are disadvantageous to the portfolio. The results of the investment activities of a portfolio may differ significantly from the results achieved for other funds or products. Transamerica may receive more compensation, including a performance allocation, with respect to certain other funds or products than is received with respect to a portfolio.

*Selection of Service Providers.* TAM and certain of its affiliates provide services including investment management, administration, sub-advisory, shareholder servicing, distribution, and transfer agency services to the portfolios and earn fees from these relationships with the portfolios. TAM and its affiliates face conflicts of interest when the portfolios select affiliated service providers because TAM and/or its affiliates receive greater compensation when they are used. The portfolios expect to engage unaffiliated service providers that in certain cases also provide services to Transamerica or other funds or products or that hire Transamerica to provide services to the service providers' clients. These service providers may have business, financial or other relationships with Transamerica, which may influence TAM's recommendation of these service providers for the portfolios.

*Sales Incentives and Relationships.* Transamerica and other financial service providers have conflicts associated with their promotion of the portfolios or other dealings with the portfolios that would create incentives for them to promote the portfolios. Transamerica will benefit from increased amounts of assets under management. Transamerica and its personnel have relationships (both involving and not involving the portfolios) with distributors, consultants and others who sell or recommend the portfolios or other funds or products, and such parties may receive compensation from Transamerica or the portfolios or other accounts in connection with such relationships. Transamerica and/or the portfolios' sub-advisers or their affiliates, make revenue sharing payments to brokers and other financial intermediaries to promote the distribution of the portfolios. Transamerica also receives revenue sharing and/or 12b-1 payments from certain of the portfolios' sub-advisers or their affiliates. These payments present certain conflicts of interest and provide a disincentive for TAM to recommend the termination of such sub-advisers.

*Transamerica Insurance Companies.* The performance of certain portfolios impacts Transamerica's financial exposure under guarantees that the Transamerica insurance companies provide as issuers of certain variable insurance contracts. TAM's investment decisions and the design of the applicable portfolios may be influenced by these factors. Certain non-public portfolio holdings and certain analytical information and algorithm and trade data concerning certain portfolios is disclosed to the Transamerica insurance companies solely to allow them to hedge their obligations under the variable insurance contracts. This information may only be provided in accordance with procedures approved by the portfolios' Board of Trustees governing the sharing of such information.

*Transamerica Asset Allocation Fund Allocations.* TAM serves as investment manager to and is responsible for all aspects of the day-to-day investment advice and management of certain portfolios and other funds which operate as funds of funds that invest in underlying Transamerica portfolios and/or other funds and is subject to conflicts of interest in allocating the funds of funds' assets among the underlying portfolios. For certain other funds of funds, TAM has hired a sub-adviser and benefits when the sub-adviser allocates the fund of funds' assets to a Transamerica portfolio and/or fund. TAM has established an investment program for certain funds of funds whereby all or a substantial portion of the fund of funds' assets are invested in underlying Transamerica portfolios and/or funds. This means that TAM or the fund of funds' sub-adviser does not, nor does it expect to, consider unaffiliated funds as underlying investment options for the fund of funds, even if unaffiliated funds have better investment performance or lower total expenses. TAM and its affiliates will receive more revenue when TAM or a sub-adviser selects a Transamerica portfolio or fund rather than an unaffiliated fund for inclusion in a fund of funds and could result in the selection of portfolios and/or funds with relatively lower historical investment results. TAM has an incentive for the funds of funds' assets to be allocated to those underlying portfolios and funds for which the net management fees payable to TAM are higher than the fees payable by other underlying portfolios or funds or to those underlying portfolios and funds for which an affiliate of TAM serves as the sub-adviser. TAM also has an incentive for a fund of funds' assets to be allocated to subscale underlying Transamerica portfolios and funds to provide scale and reduce amounts waived and/or reimbursed by TAM to maintain applicable expense caps. Sub-advisers to certain funds of funds also have conflicts of interest in allocating the funds of funds' assets among underlying portfolios and/or funds. TAM Compliance monitors allocation changes by the funds of funds.

*Portfolio Structuring and Changes.* TAM may have a financial incentive to implement or not to implement certain changes to the portfolios. For example, TAM may, from time to time, recommend a change in sub-adviser or the combination of two or more portfolios. Transamerica will benefit to the extent that an affiliated sub-adviser replaces an unaffiliated sub-adviser or additional assets are combined into a portfolio having a higher net management fee payable to TAM and/or that is sub-advised by an affiliate of TAM. TAM will also benefit to the extent that it replaces a sub-adviser with a new sub-adviser with a lower sub-advisory fee.

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*Aggregation of Assets.* The aggregation of assets of multiple portfolios and/or other funds or products for purposes of calculating breakpoints or discounts in sub-advisory fees based on the level of assets allocated to a sub-adviser across portfolios or otherwise, as applicable, give rise to actual, potential and/or perceived conflicts of interest that could disadvantage the portfolios and their shareholders.

*Valuation of Investments.* TAM has been designated as the portfolios' valuation designee with responsibility for fair valuation subject to oversight by the portfolios' Board of Trustees. TAM's service as valuation designee is expressly permitted by applicable regulations. TAM performs such valuation services in accordance with valuation policies and procedures of the portfolios and TAM. TAM may value an identical asset differently than a Transamerica affiliate. This is particularly the case in respect of difficult-to-value assets. TAM faces a conflict with respect to valuations generally because of their effect on TAM's fees and other compensation. Valuation decisions by TAM may also result in improved performance of the portfolios.

*Other Relationships and Benefits.* Transamerica has existing and may have potential future other business dealings or relationships with current or proposed sub-advisers or other portfolio service providers (or their affiliates) recommended by TAM. Such other business dealings or relationships present conflicts of interest that could influence TAM's selection and retention or termination of sub-advisers or service providers. For example, TAM has an incentive to hire as a sub-adviser or other service provider an entity with which TAM or one or more of its affiliates have, or would like to have, significant or other business dealings or arrangements, and TAM has a disincentive to recommend the termination of such a sub-adviser or service provider when doing so could be adverse to TAM's and/or its affiliates' relationships or other business dealings with such parties.

*Sub-Advisers.* The range of activities, services and interests of a sub-adviser gives rise to actual, potential and/or perceived conflicts of interest that could disadvantage a portfolio and its shareholders. Such conflicts of interest are in some cases similar to and in other cases different from or supplement those described above relating to Transamerica. For example, a sub-adviser's portfolio managers may manage multiple portfolios and accounts for multiple clients which gives rise to actual or potential conflicts of interest. A sub-adviser and/or its respective affiliates also may derive ancillary benefits from providing investment sub-advisory services to a portfolio.

In recognition of the revenue it earns from investment by the Transamerica BlackRock iShares Allocation portfolios and the Transamerica BlackRock iShares Edge portfolios in underlying iShares ETFs, BlackRock has agreed to waive, with respect to each Transamerica BlackRock iShares Allocation portfolio and Transamerica BlackRock iShares Edge portfolio, all of the sub-advisory fees to be paid by TAM for so long as the portfolio invests all or substantially all (meaning 80% or more) of its net assets (excluding cash and cash equivalents) in underlying ETFs sponsored or advised by BlackRock or its affiliates. This arrangement gives rise to actual or potential conflicts of interest. For example, BlackRock has an incentive to allocate a portion of a portfolio's assets away from BlackRock's ETFs so as to then be entitled to a sub-advisory fee from TAM. In doing so, however, BlackRock would lose fee revenue earned from a portfolio's investment in those ETFs. In addition, TAM has an incentive to restrict BlackRock from investing a portfolio's assets in non-BlackRock funds.

**Convertible Securities:** Convertible securities share investment characteristics of both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer's actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities may include corporate notes or preferred stock, but ordinarily are a long-term debt obligation of the issuer convertible at a stated exchange rate into common stock of the issuer. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Convertible securities are normally "junior" securities, meaning that the issuers usually must first make payments on non-convertible securities before making payments on convertible securities. If the issuer of a convertible security stops making payments, these securities may become worthless.

**Counterparty:** A portfolio could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the portfolio do not fulfill their contractual obligations. Adverse changes to counterparties may cause the value of financial contracts to go down. If a counterparty becomes bankrupt or otherwise fails to perform its obligations, the value of your investment in the portfolio may decline. In addition, the portfolio may incur costs and may be hindered or delayed in enforcing its rights against a counterparty.

**Credit:** The value of your investment in a portfolio could decline if the issuer of a security held by the portfolio or another obligor for that security (such as a party providing insurance or other credit enhancement) fails to pay, otherwise defaults, is perceived (whether by market participants, ratings agencies or otherwise) to be less creditworthy, becomes insolvent or files for bankruptcy. Changes in actual or perceived creditworthiness may occur quickly. The value of your investment in a portfolio could also decline if the credit rating of a security held by the portfolio is downgraded or the credit quality or value of any assets underlying the security declines. A decline may be rapid and/or significant, particularly in certain market environments. If a single entity provides credit enhancement to more than one of the portfolio's investments, the adverse effects resulting from the downgrade or default will increase the adverse effects on a portfolio. If a portfolio enters into financial contracts (such as certain derivatives, repurchase agreements, reverse

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repurchase agreements, and when-issued, delayed delivery, to be announced and forward commitment transactions), the portfolio will be subject to the credit risk presented by the counterparty. In addition, a portfolio may incur expenses and may be hindered or delayed in an effort to protect the portfolio's interests or to enforce its rights. The degree of credit risk of a security or financial contract depends upon, among other things, the financial condition of the issuer and the terms of the security or contract. Credit risk may be broadly gauged by the credit ratings of the securities in which a portfolio invests. However, ratings are only the opinions of the companies issuing them and are not guarantees as to quality. Credit rating may also be influenced by conflicts of interest. Securities rated in the lowest category of investment grade (Baa/BBB or Baa-/BBB-) may possess certain speculative characteristics, and a portfolio is subject to greater credit risk to the extent it invests in below investment grade securities (that is, securities rated below the Baa/BBB categories or unrated securities of comparable quality), or "junk" bonds. Credit risk is also greater to the extent a portfolio uses leverage or derivatives in connection with the management of the portfolio.

A portfolio may invest in securities which are subordinated to more senior securities of the issuer, or which represent interests in pools of such subordinated securities. A portfolio is more likely to suffer a credit loss on subordinated securities than on non-subordinated securities of the same issuer. If there is a default, bankruptcy or liquidation of the issuer, most subordinated securities are paid only if sufficient assets remain after payment of the issuer's non-subordinated securities. In addition, any recovery of interest or principal may take more time. As a result, even a perceived decline in creditworthiness of the issuer is likely to have a greater impact on subordinated securities.

**Currency:** The value of a portfolio's investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the revenue earned by issuers of these securities may also be impacted by changes in the issuer's local currency. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time, and they are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A portfolio may be positively or negatively affected by government strategies intended to make the U.S. dollar, or other currencies to which the portfolio has exposure, stronger or weaker. Currency markets generally are not as regulated as securities markets, and currency risk may be particularly high to the extent the portfolio invests in foreign securities or currencies that are economically tied to emerging market or frontier market countries. A portfolio may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective. Derivatives that provide exposure to foreign currencies are also subject to these risks.

**Currency Hedging:** A portfolio may use currency futures, forwards or options to hedge against declines in the value of securities denominated in, or whose value is tied to, a currency other than the U.S. dollar or to reduce the impact of currency fluctuation on purchases and sales of such securities. Hedging strategies and/or these instruments may not always work as intended, and a portfolio may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments. Shifting a portfolio's currency exposure from one currency to another may remove a portfolio's opportunity to profit from the original currency and involves a risk of increased losses for a portfolio if the sub-adviser's projection of future exchange rates is inaccurate.

**Cybersecurity and Operations:** A portfolio, and its service providers and distribution platforms, and your ability to transact with a portfolio, may be negatively impacted by, among other things, human error, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to portfolio assets, shareholder data (including private shareholder information), and/or proprietary information, or cause a portfolio, TAM, a sub-adviser and/or its service providers (including, but not limited to, fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. A cybersecurity incident or operational issue may disrupt the processing of portfolio or shareholder transactions, impact a portfolio's ability to calculate its net asset values, prevent shareholders from redeeming their shares, or result in financial losses to a portfolio and its shareholders. Issuers of securities in which a portfolio invests are also subject to cybersecurity risks, and the value of those securities could decline if the issuers experience cybersecurity incidents or operational issues. In addition, other significant events (e.g., natural disasters or global health emergencies), and measures taken to respond to them and mitigate their effects, could result in disruptions to the services provided to a portfolio by its service providers.

**Depositary Receipts:** Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the portfolio to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary

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receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa. Such restrictions may cause equity shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts.

The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the United States, considered material. Therefore, there may be less information available regarding those issuers and there may not be a correlation between such information and the market value of the depositary receipts.

**Derivatives:** Derivatives involve special risks and costs which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds and may result in losses. Risks of derivatives include leverage risk, liquidity risk, valuation risk, market risk, counterparty risk, credit risk, operational risk (such as documentation issues and settlement issues) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, or issues with the legality or enforceability of a contract). Use of derivatives can increase portfolio losses, increase costs, reduce opportunities for gains, increase portfolio volatility, and not produce the result intended. Even a small investment in derivatives can have a disproportionate impact on a portfolio. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. This risk is greater for forward currency contracts, swaps and other over-the-counter traded derivatives. The other parties to derivatives transactions present the same types of credit risk as issuers of fixed-income securities. Derivatives also tend to involve greater liquidity risk and they may be difficult to value. A portfolio may be unable to terminate or sell its derivative positions. In fact, many over-the-counter derivatives will not have liquidity except through the counterparty to the instrument. Derivatives are generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. A portfolio's use of derivatives may also increase the amount of taxes payable by shareholders.

The U.S. government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing and on-facility execution of certain derivatives, margin and reporting requirements. New Rule 18f-4 under the 1940 Act governs the use of derivative investments by funds. Among other things, Rule 18f-4 requires funds that invest in derivatives above a specified amount to adopt and implement a derivatives risk management program that a derivatives risk manager administers and that the portfolio's Board of Trustees oversees, and to comply with an outer limit on portfolio leverage risk based on value at risk. Portfolios that use derivative instruments in a limited amount will not be subject to the full requirements of Rule 18f-4,but will have to adopt and implement policies and procedures reasonably designed to manage the portfolio's derivatives risk. Portfolios are subject to reporting and recordkeeping requirements regarding their derivatives use. Rule 18f-4 could have an adverse impact on a portfolio's performance and ability to implement its investment strategies as it has historically and may increase costs related to a portfolio's use of derivatives. It is not currently clear what impact, if any, the rule will have on the availability, liquidity or performance of derivatives. The rule may not be effective to limit the risk of loss from derivatives.

A portfolio may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. If a portfolio were unable to close out its position in a derivatives contract, it might continue to maintain such assets or accounts or make such payments until the position expired or matured. These actions might impair a portfolio's ability to sell a portfolio security or make an investment at a time when it would otherwise be favorable to do so, or cause a portfolio to sell a portfolio security at a disadvantageous time. Also, a portfolio would be exposed to loss both on the derivative instruments and on the assets used to cover its obligations.

Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance, or disrupt markets. For derivatives that are required to be cleared by a regulated clearinghouse, a portfolio may be exposed to risks arising from its relationship with a brokerage firm through which it would submit derivatives trades for clearing. A portfolio would also be exposed to counterparty risk with respect to the clearinghouse. In certain cases, a portfolio may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses.

Derivatives may be used by a portfolio for a variety of purposes, including:

• As a hedging technique in an attempt to manage risk in the portfolio's portfolio;

• As a means of changing investment characteristics of the portfolio's portfolio;

• As a means of attempting to enhance returns;

• As a means of providing additional exposure to types of investments or market factors;

• As a substitute for buying or selling securities; or

• As a cash flow management technique.

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Using derivatives, especially for non-hedging purposes, may involve greater risks to a portfolio than investing directly in securities, particularly as these instruments may be very complex and may not behave in the manner anticipated by the portfolio. Risks associated with the use of derivatives are magnified to the extent that a large portion of the portfolio's assets are committed to derivatives in general or are invested in just one or a few types of derivatives. Use of derivatives or similar instruments may have different tax consequences for a portfolio than an investment in the underlying asset or indices, and those differences may affect the amount, timing and character of income distributed to shareholders.

Using derivatives for hedging purposes can reduce or eliminate losses, but doing so can also reduce or eliminate gains. In addition, there can be no assurance that a portfolio's hedging transactions will be effective.

A portfolio could lose the entire amount of its investment in a derivative and, in some cases, could lose more than the principal amount invested.

Derivatives may include, but are not limited to, the following:

• *Options*. An option is an agreement that, for a premium payment or fee, gives the option holder (the buyer) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying asset (or settle for cash an amount based on an underlying asset, rate or index) at a specified price (the exercise price) during a period of time or on a specified date. Investments in options are considered speculative. The portfolio may lose the premium paid for them if the price of the underlying security or other asset decreased or remained the same (in the case of a call option) or increased or remained the same (in the case of a put option). If a put or call option purchased by the portfolio were permitted to expire without being sold or exercised, its premium would represent a loss to the portfolio. Investments in foreign currency options may substantially change a portfolio's exposure to currency exchange rates and could result in losses to the portfolio if currencies do not perform as a sub-adviser expects. There is a risk that such transactions could reduce or preclude the opportunity for gain if the value of the currency moves in the direction opposite to the position taken. Options on foreign currencies are affected by all of those factors which influence foreign exchange rates and foreign investment generally. Unanticipated changes in currency prices may result in losses to a portfolio and poorer overall performance for the portfolio than if it had not entered into such contracts. Options on foreign currencies are traded primarily in the OTC market, but may also be traded on U.S. and foreign exchanges. Foreign currency options contracts may be used for hedging purposes or non-hedging purposes in pursuing a portfolio's investment objective, such as when a sub-adviser anticipates that particular non-U.S. currencies will appreciate or depreciate in value, even though securities denominated in those currencies are not then held in the portfolio's investment portfolio. Investing in foreign currencies for purposes of gaining from projected changes in exchange rates, as opposed to only hedging currency risks applicable to a portfolio's holdings, further increases the portfolio's exposure to foreign securities losses. There is no assurance that a sub-adviser's use of currency derivatives will benefit a portfolio or that they will be, or can be, used at appropriate times.

• *Forwards and Futures Contracts*. The use of futures contracts is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. A futures contract is a sales contract between a buyer (holding the "long" position) and a seller (holding the "short" position) for an asset with delivery deferred until a future date. The buyer agrees to pay a fixed price at the agreed future date and the seller agrees to deliver the asset. The seller hopes that the market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. The liquidity of the futures markets depends on participants entering into off-setting transactions rather than making or taking delivery. To the extent participants decide to make or take delivery, liquidity in the futures market could be reduced. In addition, futures exchanges often impose a maximum permissible price movement on each futures contract for each trading session. The portfolio may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement. Moreover, to the extent the portfolio engages in futures contracts on foreign exchanges, such exchanges may not provide the same protection as US exchanges. The loss that may be incurred in entering into futures contracts may exceed the amount of the premium paid and may be potentially unlimited. Futures markets are highly volatile and the use of futures may increase the volatility of the portfolio's NAV. Additionally, as a result of the low collateral deposits normally involved in futures trading, a relatively small price movement in a futures contract may result in substantial losses to the portfolio. Investment in these instruments involve risks, including counterparty risk (i.e., the counterparty to the instrument will not perform or be able to perform in accordance with the terms of the instrument), hedging risk (i.e., a hedging strategy may not eliminate the risk that it is intended to offset, and may offset gains, which may lead to losses within the portfolio) and pricing risk (i.e., the instrument may be difficult to value).

• *Foreign Currency Forward Exchange Contracts.* In connection with its investments in foreign securities, a portfolio also may enter into contracts with banks, brokers or dealers to purchase or sell securities or foreign currencies at a future date. A foreign currency forward exchange contract is a negotiated agreement between the contracting parties to exchange a specified amount of currency at a specified future time at a specified rate. The rate can be higher or lower than the spot rate between the currencies that are the subject of the contract. Foreign currency forward exchange contracts may be used to protect against uncertainty in the level of future foreign currency exchange rates or to gain or modify exposure to a particular currency. In addition, a portfolio may use cross currency hedging or proxy hedging with respect to currencies in which the portfolio has or expects to have portfolio or currency exposure. Cross currency hedges involve the sale of one currency against the positive exposure to a different currency and may be used for hedging purposes or to establish an active exposure to the exchange rate between any two currencies.

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Investments in foreign currency forward exchange contracts may substantially change a portfolio's exposure to currency exchange rates and could result in losses to the portfolio if currencies do not perform as its sub-adviser expects. A sub-adviser's success in these transactions will depend principally on its ability to predict accurately the future exchange rates between foreign currencies and the U.S. dollar. Foreign currency forward exchange contracts may be used for non-hedging purposes in seeking to meet the applicable portfolio's investment objectives, such as when the sub-adviser anticipates that particular non-U.S. currencies will appreciate or depreciate in value, even though securities denominated in those currencies are not then held in the portfolio's investment portfolio. Investing in foreign currency forward exchange contracts for purposes of gaining from projected changes in exchange rates, as opposed to hedging currency risks applicable to a portfolio's holdings, further increases the portfolio's exposure to foreign securities losses. There is no assurance that a sub-adviser's use of currency derivatives will benefit a portfolio or that they will be, or can be, used at appropriate times.

• *Swaps*. Swap contracts, including credit default swaps, involve heightened risks and may result in losses to the portfolio. Swaps may in some cases be illiquid and difficult to value, and they increase credit risk since the portfolio has exposure to both the issuer of the referenced obligation and the counterparty to the swap. If the portfolio buys a credit default swap, it will be subject to the risk that the credit default swap may expire worthless, as the credit default swap would only generate income in the event of a default on the underlying debt security or other specified event. As a buyer, the portfolio would also be subject to credit risk relating to the seller's payment of its obligations in the event of a default (or similar event). If the portfolio sells a credit default swap, it will be exposed to the credit risk of the issuer of the obligation to which the credit default swap relates. As a seller, the portfolio would also be subject to leverage risk, because it would be liable for the full notional amount of the swap in the event of default (or similar event). Swaps may be difficult to unwind or terminate. Credit default swaps may in some cases be illiquid, and they increase credit risk since the portfolio has exposure to the issuer of the referenced obligation and either their counterparty to the credit default swap or, if it is a cleared transaction, the brokerage firm through which the trade was cleared and the clearing organization that is the counterparty to that trade. Certain index-based credit default swaps are structured in tranches, whereby junior tranches assume greater default risk than senior tranches. The absence of a central exchange or market for swap transactions may lead, in some instances, to difficulties in trading and valuation, especially in the event of market disruptions. New regulations require many kinds of swaps to be executed through a centralized exchange or regulated facility and be cleared through a regulated clearinghouse. Although this clearing mechanism is generally expected to reduce counterparty credit risk, it may disrupt or limit the swap market and may not result in swaps being easier to trade or value. As swaps become more standardized, the portfolio may not be able to enter into swaps that meet its investment needs. The portfolio also may not be able to find a clearinghouse willing to accept the swaps for clearing. In a cleared swap, a central clearing organization will be the counterparty to the transaction. The portfolio will assume the risk that the clearinghouse may be unable to perform its obligations. The new regulations may make using swaps more costly, may limit their availability, or may otherwise adversely affect their value or performance.

• *Contracts for Difference.* Contracts for differences ("CFDs") are subject to liquidity risk because the liquidity of CFDs is based on the liquidity of the underlying instrument, and are subject to counterparty risk, i.e., the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its ﬁnancial obligations under the terms of the contract. To the extent that there is an imperfect correlation between the return on the portfolio's obligation to its counterparty under the CFD and the return on related assets in its portfolio, the CFD transaction may increase the portfolio's ﬁnancial risk. CFDs, like many other derivative instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require the portfolio to deposit additional sums to cover this, and this may be at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss for which the portfolio is liable. CFDs are not registered with the Securities and Exchange Commission or any U.S. regulator, and are not subject to U.S. regulation.

**Distressed or Defaulted Securities:** Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative. A portfolio may suffer significant losses if a reorganization or restructuring is not completed as anticipated. A portfolio will generally not receive interest payments on the distressed securities. Repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties. A portfolio may incur costs to protect its investment, and the portfolio could lose its entire investment. Distressed or defaulted securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

**Dollar Rolls:** A dollar roll transaction involves a sale by a portfolio of a mortgage-backed or other security concurrently with an agreement by the portfolio to repurchase a similar security at a later date at an agreed-upon price. The securities that are repurchased will bear the same interest rate and similar maturity as those sold, but pools of mortgages collateralizing those securities may have different prepayment histories than those sold.

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The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money. Dollar roll transactions involve the risk that the market value of the securities a portfolio is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom a portfolio sells securities becomes insolvent, the portfolio's ability to purchase or repurchase securities may be restricted.

**Early Close/Late Close/Trading Halt:** An exchange or market may close early, close late or issue trading halts generally or on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may result in a portfolio being unable to buy or sell securities or financial instruments. In these circumstances, a portfolio may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses.

**Emerging Markets:** Investments in securities of issuers located or doing business in emerging markets bear heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Emerging market countries typically have less developed and less stable economic and political systems and regulatory and accounting standards, potentially making it difficult to evaluate issuers. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation, and may be based on only a few industries. Such countries typically have fewer medical and economic resources than more developed countries, and thus they may be less able to control or mitigate the effects of a public health emergency or natural disaster. Certain emerging markets may also face other significant internal or external risks, including the risk of war or terrorism, and ethnic, religious or racial conflicts. Emerging market countries may have policies that restrict investment by foreigners or that prevent foreign investors from withdrawing their money at will, and such investors are more likely to experience nationalization, expropriation and confiscatory taxation. Such policies may change abruptly. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Some emerging market countries are especially vulnerable to economic conditions in other countries. Low trading volumes may result in a lack of liquidity and extreme price volatility, which could make security valuations more difficult. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a portfolio's net asset value. A portfolio investing in emerging market countries may be required to establish special custody or other arrangements before investing, and the portfolio may experience problems or delays with the clearing and settling of trades that are not typically experienced in more developed markets. Investments in emerging markets countries may have restrictions that make it difficult or impossible for a portfolio to exercise rights, pursue legal remedies, and obtain judgments in foreign courts. Some securities issued by emerging market governments or their subdivisions, agencies and instrumentalities may not be backed by the full faith and credit of such governments. Even where a security is backed by the full faith and credit of a government, it may be difficult for a portfolio to pursue its rights against the government. An investment in emerging market securities should be considered speculative. Investments in emerging markets countries may be subject to political, economic, legal, market and currency risks. The risks may include less protection of property rights and uncertain political and economic policies, greater vulnerability to market manipulation, the imposition of capital controls and/or foreign investment limitations by a country, nationalization of businesses and the imposition of sanctions by other countries, such as the United States.

**Equity Securities:** Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer, and generally have greater risk of loss than debt securities. Equity securities include, among others, common and preferred stocks, convertible securities, and warrants or rights. Stock markets are volatile. Equity securities may have greater price volatility than other asset classes, such as fixed-income securities, and fluctuate in price based on real or perceived changes in a company's financial condition, factors affecting a particular industry or industries, and overall market, economic and political conditions. Because a company's equity securities rank junior in priority to the interests of bond holders and other creditors, a company's equity securities will usually react more strongly than its bonds and other debt to actual or perceived changes in the company's financial condition or prospects. If the market prices of the equity securities owned by a portfolio fall, the value of your investment in the portfolio will decline. If a portfolio holds equity securities in a company that becomes insolvent, the portfolio's interests in the company will rank junior in priority to the interests of debtholders and general creditors of the company, and the portfolio may lose its entire investment in the company. These risks are generally magnified for investments in equity securities of distressed companies. A portfolio may lose its entire investment in the equity securities of an issuer.

**Expenses:** Your actual costs of investing in a portfolio may be higher than the expenses shown in this prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease, or if a fee limitation is changed or terminated, or with respect to a newly offered portfolio or class, if average net assets are lower than estimated. Net assets are more likely to decrease and portfolio expense ratios are more likely to increase when markets are volatile.

**Extension:** When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, extending the effective duration of these fixed-income securities at below market interest rates and causing their market prices to decline more than they would have declined due to the rise in interest rates alone. This may cause a portfolio's share price to be more volatile or go down.

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**Fixed-Income Securities:** Fixed-income securities are subject to risks including credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by a portfolio falls, the value of your investment will go down. The prices of fixed-income securities will generally go down when interest rates rise. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions from the portfolio. A rise in rates also tends to have a greater impact on the prices of longer term or duration securities. A portfolio may lose its entire investment in the fixed-income securities of an issuer.

**Floating Rate Loans:** Floating rate loans are often made to borrowers whose financial condition is troubled or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to "High-Yield Debt Securities" risk. There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. Floating rate loans may have trade settlement periods in excess of seven days, which may result in a portfolio not receiving proceeds from the sale of a loan for an extended period. As a result, a portfolio may be subject to greater "Liquidity" risk than a fund that does not invest in floating rate loans and the portfolio may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates as payment obligations increase. Certain courts have determined that floating rate loans are not securities and, therefore, purchasers such as a portfolio may not be entitled to the anti-fraud protections of the federal securities laws, including the prohibitions on insider trading. Some floating rate loans may be tied to the London Interbank Offered Rate ("LIBOR"), and thus would be subject to LIBOR risk.

Floating rate loans may have restrictive covenants limiting the ability of a borrower to further encumber its assets. However, in periods of high demand by lenders like a portfolio for floating rate loan investments, borrowers may limit these covenants and weaken a lender's ability to access collateral securing the loan; reprice the credit risk associated with the borrower; and mitigate potential loss. A portfolio may experience greater losses or delays and expenses in enforcing its rights with respect to floating rate loans with fewer restrictive covenants.

**Focused Investing:** To the extent a portfolio invests in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the portfolio will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.

**Foreign Investments:** Investments in securities of foreign issuers (including those denominated in U.S. dollars) or issuers with significant exposure to foreign markets are subject to additional risks. Foreign markets can be less liquid, less regulated and more volatile than U.S. markets. The value of a portfolio's foreign investments may decline, sometimes rapidly and unpredictably, because of factors affecting the particular issuers as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, tariffs and trade disruptions, political or financial instability, social unrest or other adverse economic or political developments. Values may also be affected by restrictions on receiving the investment proceeds from a foreign country.

Less information may be publicly available about foreign companies than about U.S. companies. Foreign companies are generally not subject to the same accounting, auditing and financial reporting standards as U.S. companies are. Some securities issued by non-U.S. governments or their subdivisions, agencies and instrumentalities may not be backed by the full faith and credit of such governments. Even where a security is backed by the full faith and credit of a government, it may be difficult or impossible for the portfolio to pursue its rights against the government. Some non-U.S. governments have defaulted on principal and interest payments. In certain foreign markets, settlement and clearance procedures may result in an inability to execute transactions or delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments. Such settlement issues could affect a portfolio's performance and the liquidity of its portfolio. Dividends or interest on, or proceeds from the sale or disposition of, foreign securities may be subject to non-U.S. withholding or other taxes, and special U.S. tax considerations may apply.

Certain foreign markets may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular country or countries, organizations, entities and/or individuals, changes in international trading patterns, trade barriers, and other protectionist or retaliatory measures. Economic sanctions could, among other things, effectively restrict or eliminate a portfolio's ability to purchase or sell securities or groups of securities for a substantial period of time, and may make the portfolio's investments in such securities harder to value. International trade barriers or economic sanctions against foreign countries, organizations, entities and/or individuals, may adversely affect a portfolio's foreign holdings or exposures. Investments in foreign markets may also be adversely affected by unfavorable governmental actions such as the imposition of capital and price controls; nationalization of companies or industries; currency exchange controls,

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currency blockage, or restrictions on the expatriation of foreign currency; expropriation of assets; confiscatory taxation; or the imposition of punitive taxes. In the event of nationalization, expropriation or other confiscation, a portfolio could lose its entire investment in foreign securities. Governmental actions can have a significant effect on the economic conditions in foreign countries, which also may adversely affect the value and liquidity of a portfolio's investments. For example, the governments of certain countries may prohibit or impose substantial restrictions on foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign government may limit or cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. dollar value and/or liquidity of investments denominated in that currency. Any of these actions could severely affect security prices, impair the portfolio's ability to purchase or sell foreign securities or transfer a portfolio's assets back into the United States, or otherwise adversely affect the portfolio's operations. Certain foreign investments may become less liquid in response to market developments or adverse investor perceptions, or become illiquid after purchase by a portfolio, particularly during periods of market turmoil. When a portfolio holds illiquid investments, its portfolio may be harder to value.

Investment in securities of foreign issuers may also be subject to foreign custody risk which refers to the risks inherent in the process of clearing and settling trades and to the holding of securities, cash and other assets by banks, agents and depositories in securities markets outside the United States. In addition, it is often more expensive for a portfolio to buy, hold, and sell securities in certain foreign markets than in the United States. Low trading volumes and volatile prices in less developed markets make trades harder to complete and settle, and governments or trade groups may compel non-U.S. agents to hold securities in designated depositories that may not be subject to independent evaluation. The laws of certain countries may place limitations on the ability to recover assets if a non-U.S. bank, agent or depository becomes insolvent or enters bankruptcy. Non-U.S. agents are held only to the standards of care of their local markets, and thus may be subject to limited or no government oversight. In general, the less developed a country's securities markets are, or the more difficult communication is with that location, the greater the likelihood of custody issues arising.

American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs"), and European Depositary Receipts ("EDRs") are generally subject to all of the risks that direct investments in foreign securities are.

China and other developing market countries may be subject to considerable degrees of economic, political and social instability. China's economic health is largely dependent upon exports, and may be dependent upon the economies of other Asian countries. Investments in Chinese and other Asian issuers could be adversely affected by changes in government policies, or trade or political disputes with major trading partners, including the U.S. China's growing trade surplus with the U.S. has given rise to trade disputes and the imposition of tariffs. The Chinese economy could be adversely affected by supply chain disruptions. An economic slowdown in China could adversely affect economies of other emerging market countries that trade with China, as well as companies operating in those countries.

Sanctions or other government actions against certain countries could negatively impact a portfolio's investments in securities that have exposure to that country. Circumstances that impact one country could have profound impacts on other countries and on global economies or markets. China and other developing market countries may be subject to considerable degrees of economic, political and social instability. In addition, the U.S. government has imposed restrictions on U.S. investor participation in certain Chinese investments designated as related to the Chinese military. These matters could adversely affect China's economy and the value of Chinese companies, and cause a portfolio to incur losses.

**Growth Stocks:** Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks can be volatile for several reasons. Since growth companies usually reinvest a high proportion of their earnings in their own businesses, they may lack the dividends often associated with value stocks that could cushion their decline in a falling market. The values of growth stocks also tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Also, since investors buy growth stocks because of their expected superior earnings growth, earnings disappointments often result in sharp price declines. Certain types of growth stocks, particularly technology stocks, can be extremely volatile and subject to greater price swings than the broader market. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors "value" stocks.

**Hedging:** A portfolio may buy and sell futures contracts, put and call options, forward contracts, and other instruments as a hedge. Some hedging strategies could hedge a portfolio's portfolio against price fluctuations. Other hedging strategies would tend to increase a portfolio's exposure to the securities market. Forward contracts could be used to try to manage foreign currency risks on a portfolio's foreign investments. A portfolio's hedging strategies may not work as intended, and the portfolio may be in a less favorable position than if it had not used a hedging instrument.

**High-Yield Debt Securities:** High-yield debt securities, commonly referred to as "junk" bonds, are securities that are rated below "investment grade" (that is, securities rated below Baa/BBB) or are unrated securities of comparable quality. A portfolio that invests in high-yield debt securities may be subject to greater levels of credit risk, liquidity risk, and market risk than portfolios that do not invest in such securities. High-yield debt securities typically have a higher risk of issuer default because, among other reasons, issuers of junk bonds often have more debt in relation to total capitalization than issuers of investment grade securities. These securities are

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considered speculative, tend to be volatile and less liquid, and are more difficult to value than higher rated securities and may involve major risk of exposure to adverse conditions and negative sentiments, which may result in losses for the portfolio. These securities may be in default or in danger of default as to principal and interest. High-yield debt securities range from those for which the prospect for repayment of principal and interest is predominantly speculative to those which are currently in default on principal or interest payments or in bankruptcy. In the event of an issuer's bankruptcy, claims of other creditors may have priority over the claims of high-yield debt holders, leaving few or no assets available to repay high-yield debt holders. This could result in the portfolio losing its entire investment. High-yield securities are not generally meant for short-term investing. Unrated securities of comparable quality share these risks.

**Industry Concentration:** Certain portfolios concentrate their investments in specific industries. Concentration in a particular industry heightens the risks associated with that industry. As a result, a portfolio may be subject to greater price volatility and risk of loss as a result of adverse economic, business or other developments affecting that industry than portfolios investing in a broader range of industries.

**Inflation:** The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of a portfolio's assets can decline as can the value of the portfolio's distributions.

**Inflation-Protected Securities:** Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in "real" interest rates. Real interest rates represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation. The market for U.S. Treasury inflation-protected securities ("TIPS") and corporate inflation-protected securities ("CIPS") may be less developed or liquid, and more volatile, than certain other securities markets. Also, the inflation index utilized by a particular inflation-protected security may not accurately reflect the true rate of inflation, in which case the market value of the security could be adversely affected.

**Interest Rate:** When interest rates rise, the value of fixed-income securities will generally fall. A change in interest rates will not have the same impact on all fixed-income securities. Generally, the longer the maturity or duration of a fixed-income security, the greater the impact of a rise in interest rates on the security's value. In addition, different interest rate measures (such as short- and long-term interest rates and U.S. and foreign interest rates), or interest rates on different types of securities or securities of different issuers, may not necessarily change in the same amount or in the same direction. A portfolio may not be able to hedge against changes in interest rates, may choose not to do so for cost or other reasons, and even if the portfolio does, the hedge may not work as intended. A significant or rapid rise in rates may result in losses. Changes in interest rates also may affect the liquidity of a portfolio's investments. When interest rates go down, the income received by a portfolio, and the portfolio's yield, may decline. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the portfolio. Increased redemptions could cause the portfolio to sell securities at inopportune times or depressed prices and result in further losses. The maturity of a security may be significantly longer than its duration. A security's maturity and other features may be more relevant than its duration in determining the security's sensitivity to other factors affecting the issuer or markets generally such as changes in credit quality or in the yield premium that the market may establish for certain types of securities.

Duration is a measure of the expected life of a fixed-income security that is used to determine the sensitivity of a security's price to changes in interest rates. Fixed-income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Similarly, a portfolio with a longer average portfolio duration will generally be more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration. By way of example, the price of a bond portfolio with an average duration of five years would be expected to fall approximately 5% if interest rates rose by one percentage point.

Certain fixed-income securities pay interest at variable or floating rates. Variable rate securities tend to reset at specified intervals, while floating rate securities may reset whenever there is a change in a specified index rate. In most cases, these reset provisions reduce the impact of changes in market interest rates on the value of the security. However, some securities do not track the underlying index directly, but reset based on formulas that may produce a leveraging effect; others may also provide for interest payments that vary inversely with market rates. The market prices of these securities may fluctuate significantly when interest rates change. If the portfolio holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of the portfolio's shares. Some variable and floating rate securities are tied to the London Interbank Offered Rate ("LIBOR"), and thus they also subject the portfolio to "LIBOR" risk.

**Large Capitalization Companies:** A portfolio's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion. As a result, a portfolio's value may not rise as much as, or may fall more than, the value of portfolios that focus on companies with smaller market capitalizations.

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**Large Shareholder:** The Transamerica JPMorgan Asset Allocation portfolios designated Conservative, Growth, Moderate Growth, Moderate and International Moderate Growth, and Transamerica 60/40 Allocation VP, Transamerica Goldman Sachs 70/30 Allocation VP and Transamerica BlackRock Tactical Allocation VP, each a separate series of Transamerica Series Trust, are asset allocation funds (the "Asset Allocation Funds") that invest in certain series of Transamerica Funds and may own a significant portion of the shares of an underlying portfolio.

Transactions by the Asset Allocation Funds may be disruptive to the management of an underlying portfolio. An underlying portfolio may experience large redemptions or investments due to transactions in portfolio shares by the Asset Allocation Funds. While it is impossible to predict the overall effect of these transactions over time, there could be an adverse impact on an underlying portfolio's performance. In the event of such redemptions or investments, an underlying portfolio could be required to sell securities or to invest cash at a time when it may not otherwise desire to do so. Such transactions may increase an underlying portfolio's brokerage and/or other transaction costs. In addition, when an Asset Allocation Fund owns a substantial portion of an underlying portfolio's shares, a large redemption by the Asset Allocation Fund could cause actual expenses to increase, or could result in the underlying portfolio's current expenses being allocated over a smaller asset base, leading to an increase in the underlying portfolio's expense ratio.

Redemptions of underlying portfolio shares could also accelerate the realization of taxable capital gains in an underlying portfolio if sales of securities result in capital gains. The impact of these transactions is likely to be greater when an Asset Allocation Fund purchases, redeems, or owns a substantial portion of an underlying portfolio's shares.

When possible, TAM and/or the sub-adviser will consider how to minimize these potential adverse effects, and may take such actions as it deems appropriate to address potential adverse effects, including carrying out the transactions over a period of time, although there can be no assurance that such actions will be successful.

**Legal and Regulatory:** Legal and regulatory changes could occur that may adversely affect a portfolio, its investments, and its ability to pursue its investment strategies and/or increase the costs of implementing such strategies. New or revised laws or regulations may be imposed by the U.S. Securities and Exchange Commission, the U.S. Commodity Futures Trading Commission, the Internal Revenue Service, the U.S. Federal Reserve or other governmental regulatory authorities or self-regulatory organizations that could adversely affect a portfolio. A portfolio also may be adversely affected by changes in the enforcement or interpretation of existing statutes and rules by governmental regulatory authorities or self-regulatory organizations.

New derivatives regulations require a portfolio, to the extent it uses derivatives to a material extent, to, among other things, comply with certain overall limits on leverage. These regulations may limit the ability of a portfolio to pursue its investment strategies and may not be effective to mitigate a portfolio's risk of loss from derivatives.

**LIBOR:** Many financial instruments, financings or other transactions to which a portfolio may be a party use or may use a floating rate based on the London Interbank Offered Rate ("LIBOR"). LIBOR is widely used in financial markets. In 2017, the United Kingdom Financial Conduct Authority announced that it will no longer encourage nor require banks to submit rates for the calculation of LIBOR after 2021. The UK Financial Conduct Authority and LIBOR's administrator announced that the use of LIBOR will be phased out; most LIBOR rates are no longer published as of the end of 2021 and a majority of U.S. dollar LIBOR rates will no longer be published after June 30, 2023. It is possible that a subset of LIBOR rates may be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Based on the recommendations of the New York Federal Reserve's Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), the U.S. Federal Reserve began publishing a Secured Overnight Funding Rate ("SOFR") that is intended to replace U.S. Dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication, such as Sterling Overnight Indexed Average ("SONIA") in the United Kingdom. Markets are slowly developing in response to these new rates, and transition planning is at a relatively early stage. Neither the effect of the transition process nor its ultimate success is known. The transition process may lead to increased volatility and illiquidity in markets for instruments the terms of which are based on LIBOR. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based investments. The effect of any changes to, or discontinuation of, LIBOR on a portfolio will vary depending on, among other things, provisions in individual contracts and whether, how, and when industry participants develop and adopt new reference rates and alternative reference rates for both legacy and new products and instruments. Any of these factors may adversely affect a portfolio's performance or NAV.

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**Liquidity:** A portfolio may make investments that are illiquid or that become illiquid after purchase. Investments may become illiquid due to the lack of an active market, a reduced number of traditional market participants, legal or contractual restrictions on resale, or reduced capacity of traditional market participants to make a market in securities. Regulations such as the Volcker Rule or future regulations may further constrain the ability of market participants to create liquidity, particularly in times of increased volatility. As a general matter, a reduction in the willingness or ability of dealers and other institutional investors to make markets in fixed-income securities may result in even less liquidity in certain markets. Liquidity risk may be magnified in rising interest rate environments. Illiquid investments can be difficult to value. If a portfolio is forced to sell less liquid or illiquid investments to meet redemption requests or other cash needs, the portfolio may be forced to sell at a substantial loss (or may not be able to sell at all), and such sale may involve additional costs. In addition, securities, once sold by a portfolio, may not settle for an extended period (for example, several weeks or even longer). The portfolio will not receive its sales proceeds until that time, which may constrain the portfolio's ability to meet its obligations (including obligations to redeeming shareholders). Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for a portfolio to sell. This may prevent a portfolio from limiting losses. Further, when there is illiquidity in the market for certain investments, a portfolio, due to limitations on illiquid investments, may be unable to achieve its desired level of exposure to a certain sector or asset class. A portfolio is required by law to maintain a liquidity risk management program to assess and manage the portfolio's liquidity risk. This program is intended to reduce liquidity risk, but may not achieve the desired results. Analyses and judgments made under the program may be incorrect, and changes in market conditions, which may be rapid and unexpected, may adversely affect the program.

**Loans:** Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. In the event of bankruptcy of a borrower, a portfolio could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing a loan.

A portfolio may invest in certain commercial loans, including loans generally known as "syndicated bank loans," by acquiring participations or assignments in such loans. The lack of a liquid secondary market for such securities may have an adverse impact on the value of the securities and a portfolio's ability to dispose of particular assignments or participations when necessary to meet redemptions of shares or to meet a portfolio's liquidity needs. When purchasing a participation, a portfolio may be subject to the credit risks of both the borrower and the lender that is selling the participation. When purchasing a loan assignment, a portfolio acquires direct rights against the borrowers, but only to the extent of those held by the assigning lender. Investment in loans through a direct assignment from the financial institution's interests with respect to a loan may involve additional risks to a portfolio.

Junior loans, which have a lower place in the borrower's capital structure than senior loans and may be unsecured, involve a higher degree of overall risk than senior loans of the same borrower. Second lien loans are secured by the assets of the issuer. In a typical structure, the claim on collateral and right of payment of second lien loans are junior to those of first-lien loans. Subordinated bridge loans are loans that are intended to provide short-term financing to provide a "bridge" to an asset sale, bond offering, stock offering, or divestiture. Generally, bridge loans are provided by arrangers as part of an overall financing package. Typically, the issuer will agree to increasing interest rates if the loan is not repaid as expected. A subordinated bridge loan is junior to a senior bridge loan in right of payment.

There may be no active trading market for loans. Loans may have settlement periods in excess of seven days. Failure to receive sales proceeds on a timely basis may constrain a portfolio's ability to meet its obligations (including obligations to redeeming shareholders).

Certain courts have determined that loans are not securities and, therefore, purchasers such as a portfolio may not be entitled to the anti-fraud protections of the federal securities laws, including the prohibitions on insider trading.

Loans may have restrictive covenants limiting the ability of a borrower to further encumber its assets. However, in periods of high demand by lenders like a portfolio for loan investments, borrowers may limit these covenants and weaken a lender's ability to access collateral securing the loan; reprice the credit risk associated with the borrower; and mitigate potential loss. A portfolio may experience greater losses or delays and expenses in enforcing its rights with respect to loans with fewer restrictive covenants.

**Managed Risk Strategy:** Certain portfolios employ a managed risk strategy. The strategy attempts to stabilize the volatility of the portfolios around a target volatility level and manage downside exposure during periods of significant market declines but may not work as intended. Because market conditions change, sometimes rapidly and unpredictably, the success of the strategy also will be subject to the sub-adviser's ability to implement the strategy in a timely and efficient manner. The strategy may result in periods of underperformance. The strategy may limit the portfolios' ability to participate in up markets, may increase transaction costs at the portfolios and/or underlying ETF or underlying portfolios level and may result in substantial losses if it does not work as intended. For example, if the portfolio has reduced its equity exposure to avoid losses in certain market conditions, and the market rises sharply and quickly, there may be a delay in increasing the portfolio's equity exposure, causing the portfolio to forgo gains from the market rebound. The strategy may fail to protect against market declines. Managing the portfolios pursuant to the strategy may result in the portfolios not achieving its stated asset mix goal due to unforeseen or unanticipated market conditions. The strategy also serves to

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reduce the risk to the Transamerica insurance companies that provide guaranteed benefits under certain variable contracts from equity market volatility and to facilitate their provision of those guaranteed benefits. The strategy also may have the effect of limiting the amount of guaranteed benefits. A portfolio's performance may be lower than similar portfolios that are not subject to a managed risk strategy.

**Management:** The value of your investment in a portfolio may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results. For example, the value of your investment in a portfolio may go down if its investment manager's or sub-adviser's judgment about the quality, relative yield or value of, or market trends affecting, a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates, is incorrect. A portfolio may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, or the analyses employed or relied on, by its investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly, fail to produce the desired results or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. A portfolio's investment strategies may not work as intended or may otherwise fail to produce the desired results. In addition, a portfolio's investment strategies or policies may change from time to time. Legislative, regulatory or tax developments may also affect the investment techniques available to an investment manager or sub-adviser in connection with managing a portfolio. Those changes and developments may not lead to the results intended by the investment manager or sub-adviser and could have an adverse effect on the value or performance of the portfolio. Any of these things could cause a portfolio to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Market:** The market prices of a portfolio's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes or other factors, political developments, armed conflicts, economic sanctions, cybersecurity events, investor sentiment, the public health events such as the spread of infectious disease, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the portfolio's securities and assets fall, the value of your investment will go down. A portfolio may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. As a result, whether or not a portfolio invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of a portfolio's investments may go down. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including a portfolio's securities.

*Recent Market Events*

Although its effects have begun to dissipate, the COVID-19 pandemic resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, reduced liquidity of many instruments. The COVID-19 pandemic also caused significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; large expansion of government deficits and debt as a result of government actions to mitigate the effects of the pandemic; and widespread uncertainty regarding the duration and long-term effects of the pandemic.

Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The duration, extent and repercussions of Russia's military actions are not yet fully known and may not be for some time. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not a portfolio invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of a portfolio's investments.

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Rates of inflation have recently risen. Inflation has affected the global economy and global financial markets. Inflation occurs when prices increase and the purchasing power of money decreases. The value of assets or income from an investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of a portfolio's assets can decline as can the value of a portfolio's distributions. Inflation often is accompanied or followed by a recession, or period of decline in economic activity, which may include job loss and other hardships and may cause the value of securities to go down generally. Governments around the world, including the U.S. government, have taken steps designed to manage inflation, including raising interest rates, and interest rates may remain elevated or may rise further.

**Medium Capitalization Companies:** Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. Such companies usually do not pay significant dividends that could cushion returns in a falling market.

**Model and Data:** Certain sub-advisers may utilize quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) ("Models") or information or data supplied by third parties ("Data"). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging a portfolio's investments.

If Models and Data prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose a portfolio to additional risks. For example, by utilizing Models or Data, a sub-adviser may buy certain investments at prices that are priced too high, to sell certain other investments at prices that are too low, or to miss favorable opportunities altogether. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. A portfolio bears the risk that Models or Data used by its sub-adviser will not be successful in determining the size, direction, and/or weighting of investment positions that will enable the portfolio to achieve its investment objective.

Models can be predictive in nature. The use of predictive Models has inherent risks. For example, such Models may incorrectly forecast future behavior, leading to potential losses on a cash flow and/or a mark-to-market basis. In addition, in unforeseen or certain low-probability scenarios (often involving a market disruption of some kind), such Models may produce unexpected results, which can result in losses for a portfolio. Furthermore, the success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model's development, implementation and maintenance, the Model's assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data.

Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. To address these issues, a sub-adviser evaluates the performance of the Models utilized, including Model prices and outputs versus recent transactions or similar securities, and as a result, such Models may be modified from time to time. There also can be no assurance that the use of Models will result in effective investment decisions for a portfolio.

**Mortgage-Related and Asset-Backed Securities:** The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the portfolio's net asset value. Mortgage-backed securities may be issued by private issuers, by government-sponsored entities such as Fannie Mae (formally known as Federal National Mortgage Association) or Freddie Mac (formally known as Federal Home Loan Mortgage Corporation) or by agencies of the U.S. government, such as the Government National Mortgage Association ("Ginnie Mae"). Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Unlike mortgage-related securities issued or guaranteed by agencies of the U.S. government or government-sponsored entities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. Certain asset-backed securities present a heightened level of risk because, in the event of default, the liquidation value of the underlying assets may be inadequate to pay any unpaid principal or interest.

The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Some of these securities may receive little or no collateral protection from the underlying assets. The risk of default is generally higher in the case of mortgage-backed investments that include so-called "sub-prime"

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mortgages. For mortgage-backed securities, when market conditions result in an increase in the default rates on the underlying mortgages and the foreclosure values of the underlying real estate are below the outstanding amount of the underlying mortgages, collection of the full amount of accrued interest and principal on these investments may be doubtful.

Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. The structure of some of these securities may be complex and there may be less available information than for other types of debt securities. Upon the occurrence of certain triggering events or defaults, a portfolio may become the holder of underlying assets at a time when those assets may be difficult to sell or may be sold only at a loss.

**Municipal Securities:** Issuers of municipal securities tend to derive a significant portion of their revenue from taxes, particularly property and income taxes, and decreases in personal income levels and property values and other unfavorable economic factors, such as a general economic recession, adversely affect municipal securities. Municipal issuers may also be adversely affected by rising health care costs, increasing unfunded pension liabilities and by the phasing out of federal programs providing financial support. Where municipal securities are issued to finance particular projects, especially those relating to education, health care, transportation, housing, water or sewer and utilities, issuers often depend on revenues from those projects to make principal and interest payments. Adverse conditions and developments in those sectors can result in lower revenues to issuers of municipal securities and can also have an adverse effect on the broader municipal securities market. To the extent a portfolio invests significantly in a single state, or in securities the payments on which are dependent upon a single project or source of revenues, or that relate to a sector or industry, such as health care, the portfolio will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen.

There may be less public information available on municipal issuers or projects than other issuers, and valuing municipal securities may be more difficult. In addition, the secondary market for municipal securities is less well developed and liquid than other markets, and dealers may be less willing to offer and sell municipal securities in times of market turbulence. Changes in the financial condition of one or more individual municipal issuers (or one or more insurers of municipal issuers), or one or more defaults by municipal issuers or insurers, can adversely affect liquidity and valuations in the overall market for municipal securities. The value of municipal securities can also be adversely affected by regulatory and political developments affecting the ability of municipal issuers to pay interest or repay principal, actual or anticipated tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors.

The rate of interest paid on municipal securities normally is lower than the rate of interest paid on fully taxable securities. Some municipal securities, such as general obligation issues, are backed by the issuer's taxing authority, while other municipal securities, such as revenue issues, are backed only by revenues from certain facilities or other sources and not by the issuer itself.

The municipal market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening.

To the extent that a portfolio invests in municipal securities whose issuers are located in a single state, such as California, the portfolio will be more susceptible to economic, political and other developments that may adversely affect issuers in that state than are portfolios whose portfolios are more geographically diverse. These developments may include state or local legislation or policy changes, voter-passed initiatives, erosion of the tax base or reduction in revenues of the state or one or more local governments, the effects of terrorist acts or the threat of terrorist acts, the effects of possible natural disasters, or other economic or credit problems affecting the state generally or any individual locality. The major sources of revenues for local government, property taxes and sales taxes, as well as fees based on real estate development, are all adversely affected by the recent economic recession. Unfavorable developments in any economic sector may adversely affect a particular state's overall municipal market. Historically, California's economy has been more volatile than that of the nation as a whole. Although California has a relatively diversified economy, California has concentrations in high technology, trade, entertainment, agriculture, manufacturing, tourism, construction, government and services.

Investment in municipal securities of issuers in U.S. territories may have more risks than in tax-exempt securities issued by other issuers. Municipal securities issued by the Commonwealth of Puerto Rico or its agencies carry substantial risks. From 2017-2022, the Commonwealth, its Sales Tax Financing Corporation, Highways and Transportation Authority, Employees' Retirement System, Public Buildings Authority, and Aqueduct and Sewer Authority, were subject to the equivalent of municipal bankruptcy proceedings, known as "PROMESA" cases. During those proceedings, these municipal entities were unable to issue new municipal securities or repay existing municipal debt. At this time, Puerto Rico's Electric Power Authority ("PREPA") remains in such proceedings and subject to such restrictions. Moreover, the validity of PREPA's debt instruments (and thus whether the holders are entitled to any recovery at all) has been called into question and may be litigated as part of its PROMESA case. PROMESA is a novel federal law and many of its provisions have been disputed. Those agencies of the Commonwealth that are not currently debtors in PROMESA proceedings at this

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time may enter such proceedings in the future and, in any event, can be expected to be subject to many of the same stressors that caused the proceedings mentioned above. For these and other reasons, the timing and rate of recovery on municipal securities that have been or will be issued by the Commonwealth of Puerto Rico or any of its agencies are highly unpredictable.

**Operational:** Your ability to transact with a portfolio or the valuation of your investment may be negatively impacted because of the operational risks arising from factors such as processing errors and human errors, inadequate or failed internal or external processes, failures in systems and technology (including as a result of cybersecurity incidents), changes in personnel, and errors caused by third party service providers or trading counterparties. It is not possible to identify all of the operational risks that may affect a portfolio or to develop processes and controls that completely eliminate or mitigate the occurrence of such failures. A portfolio and its shareholders could be negatively impacted as a result.

**Preferred Stock:** Preferred stock represents an interest in a company that generally entitles the holder to receive, in preference to the holders of the company's common stock, dividends and a fixed share of the proceeds resulting from any liquidation of the company. Preferred stock's right to dividends and liquidation proceeds is junior to the rights of a company's debt securities. Preferred stocks may pay fixed or adjustable rates of return. The value of preferred stock may be subject to factors that affect fixed-income and equity securities, including changes in interest rates and in a company's creditworthiness. The value of preferred stock tends to vary more with fluctuations in the underlying common stock and less with fluctuations in interest rates and tends to exhibit greater volatility. Shareholders of preferred stock may suffer a loss of value if dividends are not paid. Preferred stock does not generally carry voting rights.

**Prepayment or Call:** Many fixed-income securities give the issuer the option to repay or call the security prior to its maturity date. Issuers often exercise this right when interest rates fall. Accordingly, if a portfolio holds a fixed-income security subject to prepayment or call risk, it will not benefit fully from the increase in value that other fixed-income securities generally experience when interest rates fall. Upon prepayment of the security, a portfolio would also be forced to reinvest the proceeds at then current yields, which would be lower than the yield of the security that was paid off. This may adversely affect a portfolio's net asset value. In addition, if a portfolio purchases a fixed-income security at a premium (at a price that exceeds its stated par or principal value), the portfolio may lose the amount of the premium paid in the event of prepayment.

**Privately Placed and Other Restricted Securities**: Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a portfolio prefers. Restricted Securities include securities eligible for resale pursuant to Rule 144A, and securities of U.S. and non-U.S. issuers initially offered and sold outside the United States pursuant to Regulation S. Restricted securities also include private placements of securities with agreed upon contractual restrictions on the resale of such securities that are in addition to applicable legal restrictions.

Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale. Restricted securities may be difficult to value because market quotations may not be readily available, and the securities may have significant volatility. Also, a portfolio may get only limited information about the issuer of a given restricted security, and therefore may be less able to predict a loss. Restricted securities may involve a high degree of business and financial risk, which may result in substantial losses.

An insufficient number of eligible buyers interested in purchasing restricted securities held by a portfolio could adversely affect the marketability of such securities and a portfolio might be unable to dispose of such securities promptly or at reasonable prices. For this reason, restricted securities may adversely affect a portfolio's overall liquidity if eligible buyers are or become uninterested in buying them at a particular time.

Restricted securities may not be listed on an exchange and may have no active trading market. A portfolio may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. A portfolio may incur additional expense when disposing of restricted securities, including all or a portion of the cost to register the securities for resale, and other transaction costs which may be higher for restricted securities than unrestricted securities.

**Real Estate Securities:** Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks may include, without limitation:

• declining real estate value

• risks relating to general and local economic conditions

• over-building

• increased competition for assets in local and regional markets

• increases in property taxes

• increases in operating expenses or interest rates

• change in neighborhood value or the appeal of properties to tenants

• insufficient levels of occupancy

• inadequate rents to cover operating expenses

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The performance of securities issued by companies in the real estate industry also may be affected by prudent management of insurance risks, adequacy of financing available in capital markets, competent management, changes in applicable laws and government regulations (including zoning, environmental, and tax laws) and social and economic trends.

If the portfolio's real estate-related investments are concentrated in one geographic area or one property type, the portfolio will also be subject to the risks associated with that one area or property type. The value of the portfolio's real estate-related securities will not necessarily track the value of the underlying investments of the issuers of such securities.

**Redemption:** A portfolio may experience periods of heavy redemptions that could cause the portfolio to liquidate its assets at inopportune times or at a loss or depressed value, particularly during periods of declining or illiquid markets. In that event, the value of your investment in the portfolio would go down. If a portfolio is required to liquidate assets to accommodate redemptions, the liquidation could accelerate the recognition of capital gains by the portfolio, and any capital gains recognized by the portfolio generally need to be distributed to shareholders in order to avoid portfolio-level taxation. The non-redeeming shareholders could receive a disproportionate amount of those taxable distributions, even though the capital gains were recognized as a result of the redeeming shareholders. Redemption risk is greater to the extent that a portfolio has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. In addition, redemption risk is heightened during periods of overall market turmoil. The redemption by one or more large shareholders of their holdings in a portfolio could hurt performance and/or cause the remaining shareholders in the portfolio to lose money. Further, a portfolio's redemption risk is increased if one decision maker has control of portfolio shares owned by separate portfolio shareholders, including clients or affiliates of the investment manager and/or sub-adviser.

**Regulatory:** In recent years, the U.S. government adopted and implemented regulations governing derivatives markets, including mandatory clearing of certain derivatives as well as margin, reporting and registration requirements. Additional U.S. or other regulations may make derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the value or performance of derivatives. The Dodd-Frank Wall Street Reform Act (the "Reform Act") substantially increased regulation of the over-the-counter ("OTC") derivatives market and participants in that market, including imposing clearing and reporting requirements on transactions involving instruments that fall within the Reform Act's definition of "swap" and "security-based swap," which terms generally include OTC derivatives, and imposing registration and potential substantive requirements on certain swap and security-based swap market participants. In addition, under the Reform Act, a portfolio may be subject to additional recordkeeping and reporting requirements. New Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by registered investment companies, such as a portfolio, and set limits on a portfolio's investments in derivatives. New Rule 12d1-4 under the 1940 Act provides an enhanced regulatory framework applicable to fund of fund arrangements. New Rule 2a-5 under the 1940 Act establishes an updated regulatory framework for registered investment company valuation practices. The ultimate impact of the new rules remains unclear. Legislation or regulation may also change the way in which a portfolio itself is regulated. The impact of any new governmental regulation that may be implemented on the ability of a portfolio to use swaps or any other financial derivative product is not known at this time, and there can be no assurance that any new government regulation will not adversely affect the portfolio's ability to achieve its investment objective.

**REITs:** Investing in real estate investment trusts ("REITs") involves unique risks. When a portfolio invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT's performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. A decline in rental income could occur because of extended vacancies, increased competition from other properties, tenants' failure to pay rent or poor management. A REIT's performance also depends on the company's ability to finance property purchases and renovations and manage its cash flows. Because REITs are typically invested in a limited number of projects or in a particular market segment, they are more susceptible to adverse developments affecting a single project or market segment than more broadly diversified investments. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, a portfolio will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements. A failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs, or changes in the treatment of U.S. REITs under U.S. federal tax law, could adversely affect the value of a particular U.S. REIT or the market for U.S. REITs as a whole.

**Repurchase Agreements:** In a repurchase agreement, a portfolio purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the portfolio at a later date, and at a specified price, which is typically higher than the purchase price paid by the portfolio. The securities purchased serve as the portfolio's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the portfolio is entitled to sell the securities, but the portfolio may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the portfolio will not have a right to the securities, or the immediate right to sell the securities.

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**Securities Lending:** Each portfolio, except as noted below, may lend securities to other financial institutions that provide cash or U.S. government or agency securities as collateral. When a portfolio lends portfolio securities, its investment performance will continue to reflect changes in the value of the securities loaned, and the portfolio will also receive a fee or interest on the collateral. Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, a portfolio may lose money and there may be a delay in recovering the loaned securities. A portfolio could also lose money if it does not recover the securities and/or the value of the cash or non-cash collateral falls, including the value of investments made with cash collateral.

**Small Capitalization Companies:** Investing in small capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of small capitalization companies generally are more volatile than those of larger capitalization companies and are more likely to be adversely affected than larger capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. Small capitalization companies often have limited product lines, markets, or financial resources and their management may lack depth and experience. Such companies usually do not pay significant dividends that could cushion returns in a falling market.

**Sovereign Debt:** Sovereign debt instruments, which are debt obligations issued or guaranteed by a foreign governmental entity, are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on debt that it has issued or guaranteed, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, relationships with other lenders such as commercial banks, 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, the debt may be restructured, or it may ask for forgiveness of interest or principal on its existing debt. Unlike most corporate debt restructurings, the fees and expenses of financial and legal advisers to the creditors in connection with a restructuring may be borne by the holders of the sovereign debt securities instead of the sovereign entity itself. On the other hand, a governmental entity may be unwilling to renegotiate the terms of its sovereign debt. There is no established legal process for a U.S. bondholder (such as a portfolio) to enforce its rights against a governmental entity that does not fulfill its obligations, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

Certain countries in Europe currently have large sovereign debts and/or fiscal deficits which has led to significant uncertainties in the market as to whether or not the governments of those countries will be able pay in full and on time the amounts due in respect of those debts.

**Strategies and Styles:** Investment strategies and styles with different characteristics tend to shift in and out of favor depending upon market and economic conditions as well as investor sentiment. A portfolio may outperform or underperform other funds that employ a different strategy or style. A portfolio may employ a combination of strategies and/or styles that impact its risk characteristics.

**Structured Instruments:** A portfolio may invest in, or have exposure to, various types of structured instruments, including securities that have demand, tender or put features, or interest rate reset features. These may include instruments issued by structured investment or special purpose vehicles or conduits, and may be asset-backed or mortgage-backed securities. Structured instruments may take the form of participation interests or receipts in underlying securities or other assets, and in some cases are backed by a financial institution serving as a liquidity provider. Some of these instruments may have an interest rate swap feature which substitutes a floating or variable interest rate for the fixed-interest rate on an underlying security, and some may be asset-backed or mortgage-backed securities. Structured instruments are a type of derivative instrument and the payment and credit qualities of these instruments derive from the assets embedded in the structure from which they are issued. For structured securities that have embedded leverage features, small changes in interest or prepayment rates may cause large and sudden price movements. Structured instruments may be less liquid and therefore more difficult to value accurately than more traditional securities and instruments. Structured instruments may behave in ways not anticipated by a portfolio, or they may not receive the tax, accounting or regulatory treatment anticipated by a portfolio.

**Sustainability and/or Environmental, Social and Governance ("ESG") Considerations (Transamerica Aegon Bond VP, Transamerica Aegon Core Bond VP and Transamerica BlackRock Real Estate Securities VP):** For certain portfolios, the sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the portfolio. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as "ESG integration." A sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the portfolio's investments. A sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in a sub-adviser's investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of a portfolio's security selection process may impact a sub-adviser's investment decisions. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors

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can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact a portfolio's performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company's sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact a sub-adviser's ability to consider sustainability and/or ESG criteria as part of its investment process.

**Tax:** In order to qualify for treatment as a regulated investment company (a "RIC") under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), a portfolio must meet certain requirements regarding the composition of its income, the diversification of its assets, and the amounts of its distributions. In particular, a portfolio must generally diversify its holdings so that, at the end of each quarter of each taxable year, at least 50% of the value of the portfolio's total assets is represented by (1) cash and cash items, U.S. government securities, securities of other regulated investment companies, and (2) other securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of the value of the portfolio's total assets and to not more than 10% of the outstanding voting securities of such issuer. If a portfolio were to fail to meet any of these requirements, the portfolio might not be eligible for treatment as a RIC, in which case it would be subject to federal income tax on its net income at the applicable corporate rate (without reduction for distributions to shareholders). The portfolio may be able to preserve its RIC qualification by meeting certain conditions, in which case it may be subject to certain additional taxes.

Any income a portfolio derives from investments in certain hard asset ETFs, such as certain commodity ETFs, and from other non-qualifying sources must be limited to a maximum of 10% of the portfolio's gross income. If a portfolio fails to meet the 10% requirement, the portfolio may be subject to the federal income tax consequences described in the preceding paragraph. A portfolio may invest no more than 25% of its total assets in the securities of entities treated as qualified publicly traded partnerships for federal income tax purposes. If a portfolio fails to meet the 25% requirement, the portfolio may be subject to the federal income tax consequences described in the preceding paragraph.

**To Be Announced (TBA) Transactions:** Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by a portfolio may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing a portfolio to further losses. Whether or not a portfolio takes delivery of the securities at the termination date of a TBA transaction, it will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement.

**Underlying Exchange-Traded Funds:** To the extent a portfolio invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects a portfolio to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which a portfolio may invest has its own investment risks, and those risks can affect the value of the underlying ETFs' shares and therefore the value of a portfolio's investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that a portfolio invests more of its assets in one underlying ETF than in another, the portfolio will have greater exposure to the risks of that underlying ETF. In addition, the portfolio will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.

An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. The price of an ETF can fluctuate up and down, and a portfolio could lose money investing in an ETF if the prices of the securities owned by the ETF go down. In addition, ETFs are subject to certain risks that do not apply to conventional funds, including: (i) the market price of an ETF's shares may be above or below the shares' net asset value; (ii) during periods of market volatility, the share prices of ETFs may deviate significantly from their NAVs; (iii) an active trading market for an ETF's shares may not develop or be maintained; (iv) trading of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are delisted from the exchange, the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally, or trading in one or more of the ETF's underlying securities is halted, which could result in the ETF being more volatile; or (v) a limited number of institutions may act as authorized participants to create or redeem block-sized units of ETF shares. In the event substantial market or other disruptions affecting ETFs should occur in the future, the liquidity and value of a portfolio's shares could also be substantially and adversely affected.

**U.S. Government and Agency Obligations:** Government agency obligations have different levels of credit support and, therefore, different degrees of credit risk. Securities issued by agencies and instrumentalities of the U.S. government that are supported by the full faith and credit of the U.S. government, such as the Federal Housing Administration and Ginnie Mae, present little credit risk. Other securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the issuer's right to borrow from the U.S. Treasury, subject to certain limitations, such as securities issued by Federal Home Loan Banks and securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the credit of the issuing agencies, such as Freddie Mac and Fannie Mae, are subject to a greater degree of credit risk. A security backed by the "full faith and credit" of the U.S. government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price.

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**Valuation:** Many factors may influence the price at which a portfolio could sell any particular portfolio investment. The sales price may well differ — higher or lower — from a portfolio's last valuation, and such differences could be significant, particularly for illiquid securities, securities priced based upon valuations provided by third party pricing services that use matrix or evaluated pricing systems, securities that trade in relatively thin or volatile markets, or securities that are valued using a fair value methodology. These differences may increase significantly and affect portfolio investments more broadly during periods of market volatility. If market conditions make it difficult to value some investments, a portfolio may value these investments using more subjective methods, such as fair value methodologies. Investors who purchase or redeem portfolio shares on days when a portfolio is holding fair-valued securities may receive a greater or lesser number of shares, or greater or lower redemption proceeds, than they would have received if the portfolio had not fair-valued the securities or had used a different valuation methodology. The value of foreign securities, certain fixed-income securities and currencies, as applicable, may be materially affected by events after the close of the markets on which they are traded, but before a portfolio determines its net asset value. A portfolio's ability to value its investments may be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.

**Warrants and Rights:** Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased, and they do not represent any rights in the assets of the issuing company. Also, the value of a warrant or right does not necessarily change with the value of the underlying securities. If the warrant or right is not exercised before the expiration date, it generally expires without any value and the portfolio will lose any amount it paid for the warrant or right.

**Yield:** The amount of income received by the portfolio will go up or down depending on day-to-day variations in short-term interest rates, and the portfolio's expenses could absorb all or a significant portion of the portfolio's income. If interest rates increase, the portfolio's yield may not increase proportionately.

Please note that there are other factors that could adversely affect your investment in a portfolio and that could prevent the portfolio from achieving its investment objective. More information about risks appears in the SAI. Before investing, you should carefully consider the risks that you will assume.

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**Shareholder Information**

**Management of Transamerica Series Trust**

The Board of Trustees is responsible for overseeing the management and business affairs of Transamerica Series Trust. It oversees the operation of Transamerica Series Trust by its officers. It also reviews the management of each portfolio's assets by the investment manager and any sub-adviser(s). Information about the Trustees and executive officers of Transamerica Series Trust is contained in the SAI.

**Investment Manager**

Transamerica Asset Management, Inc. ("TAM"), located at 1801 California Street, Suite 5200, Denver, CO 80202, serves as investment manager for Transamerica Series Trust. TAM provides continuous and regular investment management services to the portfolios. For each of the other portfolios, TAM currently acts as a "manager of managers" and hires investment sub-advisers to furnish investment advice and recommendations and has entered into a sub-advisory agreement with each portfolio's sub-adviser. In acting as a manager of managers, TAM provides investment management services that include, without limitation, selection, proactive oversight and monitoring of sub-advisers, daily monitoring of the sub-advisers' buying and selling of securities for the portfolios and regular review and evaluation of sub-adviser performance and adherence to investment style and process. TAM's management services include, among other things, the provision of supervisory, compliance and administrative services to each portfolio. More information on the investment management services rendered by TAM is included in the SAI. TAM is paid investment management fees for its service as investment manager to each portfolio. These fees are calculated on the average daily net assets of each portfolio.

TAM has been a registered investment adviser since 1996. As of December 31, 2022, TAM has approximately $62.9 billion in total assets under management. TAM is also registered as a commodity pool operator under the Commodity Exchange Act with respect to [certain portfolios]. The remaining portfolios are operated by TAM pursuant to an exclusion from registration as a commodity pool operator under the Commodity Exchange Act.

TAM is directly owned by Transamerica Life Insurance Company ("TLIC") (77%) and AUSA Holding, LLC ("AUSA") (23%), both of which are indirect, wholly owned subsidiaries of Aegon NV. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Information contained in this prospectus may apply to portfolios of Transamerica Series Trust not offered in your policy or contract.

TAM acts as a manager of managers for the portfolios pursuant to an exemptive order from the U.S. Securities and Exchange Commission ("SEC") (Release IC- 23379 dated August 5, 1998). TAM has responsibility, subject to oversight by the Board of Trustees, to, among other matters, oversee and monitor sub-advisers, recommend selection of sub-advisers and recommend changes to sub-advisers where it believes appropriate or advisable. The exemptive order permits TAM, subject to certain conditions including the approval of the Board of Trustees, but without the approval of the applicable portfolio's shareholders, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) employ a new unaffiliated sub-adviser for a portfolio pursuant to the terms of a new investment sub-advisory agreement, either as a replacement for an existing sub-adviser or as an additional sub-adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) materially change the terms of any sub-advisory agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) continue the employment of an existing sub-adviser on sub-advisory contract terms where a contract has been assigned because of a change of control of the sub-adviser.

Pursuant to the exemptive order, each portfolio has agreed to provide certain information about new sub-advisers and new sub-advisory agreements to its shareholders.

**Management Fees Paid for the Fiscal Year Ended December 31, 2022**

For the fiscal year ended December 31, 2022, each portfolio paid the following management fee as a percentage of its average daily net assets:

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

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| | |
|:---|:---|
| **Name of Fund** | **Management** <br> **Fees (after** <br> **waivers/expense** <br> **reimbursements** <br> **and recapture)**<br>|
| Transamerica Aegon Bond VP | _.__% |
| Transamerica Aegon Core Bond VP | _.__% |
| Transamerica BlackRock Real Estate Securities VP | _.__% |
| Transamerica Goldman Sachs Managed Risk – Balanced ETF VP | _.__% |
| Transamerica Goldman Sachs Managed Risk – Conservative ETF VP | _.__% |
| Transamerica Goldman Sachs Managed Risk – Growth ETF VP | _.__% |

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**Recent Management Fee Changes**

**Transamerica Aegon Bond VP:** Effective November 1, 2022, the management fee is 0.51% of the first $500 million; 0.49% over $500 million up to $1 billion; 0.48% over $1 billion up to $1.5 billion; and 0.475% in excess of $1.5 billion in average daily net assets. Prior to November 1, 2022, the management fee was 0.68% of the first $250 million; 0.67% over $250 million up to $500 million; 0.66% over $500 million up to $750 million; 0.63% over $750 million up to $1 billion; 0.60% over $1 billion up to $3 billion; and 0.57% in excess of $3 billion in average daily net assets.

**Transamerica Aegon Core Bond VP:** Effective November 1, 2022, the management fee is 0.42% of the first $1 billion; 0.38% over $1 billion up to $2 billion; 0.365% over $2 billion up to $3.5 billion; 0.36% over $3.5 billion up to $5 billion; and 0.355% in excess of $5 billion in average daily net assets. Prior to November 1, 2022, the management fee was 0.45% of the first $750 million; 0.39% over $750 million up to $1 billion; 0.375% over $1 billion up to $1.5 billion; 0.37% over $1.5 billion up to $3 billion; and 0.365% in excess of $3 billion in average daily net assets.

**Transamerica Goldman Sachs Managed Risk – Balanced ETF VP** <br>**Transamerica Goldman Sachs Managed Risk – Conservative ETF VP** <br>**Transamerica Goldman Sachs Managed Risk – Growth ETF VP**

Effective November 1, 2022, the management fee of each portfolio is 0.34% of the first $50 million; 0.32% over $50 million up to $250 million; 0.30% over $250 million up to $5 billion; 0.29% over $5 billion up to $7 billion; 0.2875% over $7 billion up to $9 billion; and 0.28% in excess of $9 billion in average daily net assets. Prior to November 1, 2022, the management fee was 0.34% of the first $50 million; 0.32% over $50 million up to $250 million; and 0.30% in excess of $250 million in average daily net assets.

***Trustees' Approval of Investment Management Agreement***

A discussion regarding the Board of Trustees' renewal of each portfolio's investment management agreement is available in each portfolio's semi-annual report for the period ended June 30, 2022.

**Sub-Adviser(s)**

Pursuant to an Investment Sub-advisory Agreement between TAM and each sub-adviser on behalf of the respective portfolio, each sub-adviser shall provide day-to-day investment advice and recommendations for the applicable portfolio.

Each sub-adviser receives compensation from TAM.

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| | | |
|:---|:---|:---|
| **Portfolio** | **Sub-Adviser** | **Sub-Adviser Address** |
| Transamerica Aegon Bond VP | &nbsp;&nbsp; Aegon USA Investment Management, <br> LLC | &nbsp;&nbsp; 6300 C Street SW <br> Cedar Rapids, IA 52499 |
| Transamerica Aegon Core Bond VP | &nbsp;&nbsp; Aegon USA Investment Management, <br> LLC | &nbsp;&nbsp; 6300 C Street SW <br> Cedar Rapids, IA 52499 |
| Transamerica BlackRock Real Estate Securities VP | &nbsp;&nbsp; BlackRock Investment Management, <br> LLC<br>| &nbsp;&nbsp; 1 University Square Drive <br> Princeton, NJ 08540-6455<br>|
| &nbsp;&nbsp; Transamerica Goldman Sachs Managed Risk – Balanced ETF <br> VP<br>| &nbsp;&nbsp; Goldman Sachs Asset Management, <br> L.P.<br>| &nbsp;&nbsp; 200 West Street <br> New York, NY 10282<br>|
| &nbsp;&nbsp; Transamerica Goldman Sachs Managed Risk – Conservative <br> ETF VP<br>|  |  |
| &nbsp;&nbsp; Transamerica Goldman Sachs Managed Risk – Growth ETF <br> VP<br>|  |  |

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**Further Information About Each Sub-Adviser**

Aegon USA Investment Management, LLC, a wholly-owned and indirect subsidiary of Aegon N.V., has been a registered investment adviser since December 2001. As of December 31, 2022, Aegon USA Investment Management, LLC had approximately $85.5 billion in total assets under management.

BlackRock Investment Management, LLC, a wholly owned and indirect subsidiary of BlackRock, Inc., has been a registered investment adviser since 1988. As of December 31, 2022, BlackRock, Inc. had approximately $8.59 trillion in total assets under management.

BlackRock International Limited and BlackRock (Singapore) Limited, each a registered investment adviser, serve as sub-sub-advisers to Transamerica BlackRock Real Estate Securities VP. BlackRock International Limited is located at Exchange Place One, 1 Semple Street, Edinburgh, EH3 8BL, United Kingdom. BlackRock (Singapore) Limited is located at 20 Anson Road, #18-01, Singapore, 079912. BlackRock International Limited and BlackRock (Singapore) Limited are both wholly-owned subsidiaries of BlackRock, Inc. and each serve as sub-sub-advisers pursuant to a Sub-Sub-Advisory Agreement with BlackRock Investment Management, LLC.

Goldman Sachs Asset Management, L.P., an affiliate of Goldman Sachs & Co. LLC, has been a registered investment adviser since 1990. As of December 31, 2022, Goldman Sachs Asset Management, L.P. had approximately $2.3 trillion in total assets under supervision.

**Portfolio Manager(s)**

Each portfolio is managed by the portfolio manager(s) listed below. The SAI provides additional information about each portfolio manager's compensation, other accounts managed by the portfolio manager, and the portfolio manager's ownership in each portfolio they manage.

**Transamerica Aegon Bond VP** <br> **Transamerica Aegon Core Bond VP** 

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | **Positions Over Past Five Years** |
| Bradley D. Doyle, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the portfolio since 2022; <br> Portfolio Manager with Aegon USA Investment <br> Management, LLC since 2004; Co-Head of <br> Investment Grade Credit from 2015-2017 and <br> Head of Investment Grade Credit since 2017<br>|
| Tyler A. Knight, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the portfolio since 2022; <br> Portfolio Manager with Aegon USA Investment <br> Management, LLC since 2008; Head of Structured <br> Finance since 2018<br>|
| Brian W. Westhoff, CFA | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the portfolio since 2022; <br> Portfolio Manager with Aegon USA Investment <br> Management, LLC since 2011; Head of <br> Multi-Sector Portfolio Management since 2018<br>|
| Sivakumar N. Rajan | Aegon USA Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the portfolio since 2022; <br> Portfolio Manager with Aegon USA Investment <br> Management, LLC since 2015<br>|

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**Transamerica BlackRock Real Estate Securities VP** 

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | **Positions Over Past Five Years** |
| Alastair Gillespie, CFA\* | BlackRock (Singapore) Limited | &nbsp;&nbsp; Portfolio Manager of the portfolio since 2018; <br> Portfolio Manager with BlackRock (Singapore) <br> Limited since 2013; Global Chief Investment <br> Officer of the Global Infrastructure and Real <br> Estate Securities Group<br>|
| Mark Howard-Johnson, CFA | BlackRock Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the portfolio since 2018; <br> Portfolio Manager with BlackRock Investment <br> Management, LLC since 2012; Chairman of the <br> Global Infrastructure and Real Estate Securities <br> Group<br>|

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | **Positions Over Past Five Years** |
| Raj Rehan, CFA | BlackRock Investment Management, LLC | &nbsp;&nbsp; Portfolio Manager of the portfolio since 2023; <br> Managing Director; Portfolio Manager with <br> BlackRock Investment Management, LLC since <br> 2013; Head of Real Estate Securities Americas for <br> the Global Infrastructure and Real Estate Securities <br> Group<br>|
| James Wilkinson | BlackRock International Limited | &nbsp;&nbsp; Portfolio Manager of the portfolio since 2018; <br> Portfolio Manager with BlackRock International <br> Limited since 2013; Global Head of the Global <br> Infrastructure and Real Estate Securities Group<br>|

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\* In rendering investment sub-advisory services to the portfolio, BlackRock Investment Management, LLC uses the portfolio management, research and other resources of BlackRock Investment Management Australia ("BIMA"), a foreign (non-U.S.) affiliate of BlackRock Investment Management, LLC that is not registered under the Investment Advisers Act of 1940, as amended, and provides services to the portfolio through a "participating affiliate" arrangement, as that term is used in relief granted by the staff of the SEC allowing U.S. registered investment advisers to use portfolio management or research resources of advisory affiliates subject to the regulatory supervision of the registered investment adviser. Mr. Gillespie is an employee of BIMA.

**Transamerica Goldman Sachs Managed Risk – Balanced ETF VP** <br> **Transamerica Goldman Sachs Managed Risk – Conservative ETF VP** <br> **Transamerica Goldman Sachs Managed Risk – Growth ETF VP** 

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| | | |
|:---|:---|:---|
| **Name** | **Sub-Adviser** | **Positions Over Past Five Years** |
| Neill Nuttall | Goldman Sachs Asset Management, L.P. | &nbsp;&nbsp; Portfolio Manager of the portfolio since 2022; <br> Managing Director and Co-Chief Investment <br> Officer of the Multi-Asset Solutions Group; <br> employed with Goldman Sachs Asset Management, <br> L.P. since 2014<br>|
| Alexandra Wilson-Elizondo | Goldman Sachs Asset Management, L.P. | &nbsp;&nbsp; Portfolio Manager of the portfolio since 2022; <br> Head of multi-asset funds and model portfolio <br> management within the Multi-Asset Solutions <br> Group; employed with Goldman Sachs Asset <br> Management, L.P. since 2021; prior to 2021, <br> employed by MacKay Shields since 2015<br>|
| Wael Younan | Goldman Sachs Asset Management, L.P. | &nbsp;&nbsp; Portfolio Manager of the portfolio since 2022; <br> Managing Director of the Multi-Asset Solutions <br> Group; employed with Goldman Sachs Asset <br> Management, L.P. since 2010<br>|
| Siwen Wu | Goldman Sachs Asset Management, L.P. | &nbsp;&nbsp; Portfolio Manager of the portfolio since 2022; Vice <br> President of the Multi-Asset Solutions Group; <br> employed with Goldman Sachs Asset Management, <br> L.P. since 2014<br>|

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***Trustee's Approval of Sub-Advisory Agreements***

With the exception of Transamerica BlackRock Real Estate Securities VP, a discussion regarding the Board of Trustees' approval of each portfolio's investment sub-advisory agreement is available in the portfolio's semi-annual report for the period ended June 30, 2022.

A discussion regarding the Board of Trustees' renewal of Transamerica BlackRock Real Estate Securities VP's investment sub-advisory agreement is available in the portfolio's semi-annual report for the period ended June 30, 2022.

**Disclosure of Portfolio Holdings**

A detailed description of each portfolio's policies and procedures with respect to the disclosure of its portfolio holdings is available in the SAI.

**Fund Expenses**

During times of market volatility or decline, assets of your portfolio may decline significantly, causing total annual fund operating expenses (as a percentage of the value of your investment) to become higher than the numbers shown in your portfolio's Annual Fund Operating Expenses table under "Fees and Expenses" in this prospectus. In addition, the total annual fund operating expenses shown in your portfolio's Annual Fund Operating Expenses table may not correlate to the ratios of expenses to average net assets shown in the Financial Highlights section of the prospectus, which reflect the operating expenses of your portfolio and do not include certain expenses such as acquired (i.e., underlying) funds' fees and expenses.

The "Other expenses" items in the Annual Fund Operating Expenses table for your portfolio include fees for custodial and legal services. "Other expenses" also include various other expenses applicable to each share class of your portfolio.

**Features and Policies**

**Share Classes**

Transamerica Series Trust ("TST") has two classes of shares, an Initial Class and a Service Class. Initial Class shares and Service Class shares have different expense structures. Initial Class shares can have up to a maximum Rule 12b-1 fee equal to an annual rate of 0.15% (expressed as a percentage of average daily net assets of the portfolio), but the portfolios have not been charged and do not intend to pay any distribution fees for Initial Class shares through May 1, 2024. The portfolios reserve the right to pay such fees after that date.

Service Class shares have a maximum Rule 12b-1 fee equal to an annual rate of 0.25% (expressed as a percentage of average daily net assets of the portfolio). Because these fees are paid out of the portfolio's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

**Opening an Account**

Federal regulations may require the portfolio to obtain, verify and record certain information from you and persons authorized to act on your behalf in order to establish an account. Required information includes name, date of birth (for an individual), permanent residential address or principal place of business and Social Security Number or Employer Identification Number. The portfolio may also ask to see other identifying documents. If you do not provide the information, the portfolio may not be able to open your account. Identifying information must be provided for each trader on an account. The portfolio may also place limits on account transactions while it is in the process of verifying your identity. If the portfolio is unable to verify your identity, or that of another person(s) authorized to act on your behalf, or if the portfolio believes it has identified potentially criminal activity, the portfolio reserves the right to take action it deems appropriate or as required by law, which may include redeeming your shares and closing your account.

**Purchase and Redemption of Shares**

Shares of the portfolios are intended to be sold to the Asset Allocation Funds offered through their respective prospectuses and to separate accounts of insurance companies, including certain separate accounts of Transamerica Life Insurance Company and Transamerica Financial Life Insurance Company. Transamerica Series Trust currently does not foresee any disadvantages to investors if a portfolio serves as an investment medium for both variable annuity contracts and variable life insurance policies. However, it is theoretically possible that the interest of owners of annuity contracts and insurance policies for which a portfolio serves as an investment medium might at some time be in conflict due to differences in tax treatment or other considerations. The Board of Trustees and each participating insurance company would be required to monitor events to identify any material conflicts between variable annuity contract owners and variable life insurance policy owners, and would have to determine what action, if any, should be

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taken in the event of such a conflict. If such a conflict occurred, an insurance company participating in a portfolio might be required to redeem the investment of one or more of its separate accounts from the portfolio, which might force the portfolio to sell securities at disadvantageous prices.

Shares are purchased and redeemed at their net asset value per share ("NAV") without the imposition of any sales commission or redemption charge. (However, certain sales or other charges may apply to the policies or annuity contracts, as described in the product prospectus.)

Payment for shares redeemed is normally made within two business days after receipt of a notice of redemption in good order, except that payments of redemptions may be postponed beyond seven days under certain circumstances, such as when the New York Stock Exchange is closed (other than on weekends or holidays) or trading is restricted, if an emergency exists, or otherwise as permitted by order of the SEC or authorized by law.

Under normal circumstances, the portfolios expect to meet redemption requests by using cash or cash equivalents and/or selling a portfolio's securities to generate cash. The portfolios also may pay redemption proceeds using cash obtained through borrowing arrangements that may be available from time to time.

Shares will normally be redeemed for cash, although each portfolio retains the right to wholly or partly redeem its shares in kind, under unusual circumstances (such as adverse or unstable market, economic, or political conditions), in an effort to protect the interests of shareholders by the delivery of securities selected from its assets at its discretion. On the same redemption date, some shareholders may be paid in whole or in part in securities (which may differ among those shareholders), while other shareholders may be paid entirely in cash. The disposal of the securities received in-kind may be subject to brokerage costs and, until sold, such securities remain at market risk and liquidity risk, including the risk that such securities are or become difficult to sell. If the portfolio pays your redemption with illiquid or less liquid securities, you will bear the risk of not being able to sell such securities. The portfolios may pay redemption proceeds with cash obtained through short-term borrowing arrangements, if available. Please see the SAI for more details.

**Market Timing/Excessive Trading**

Some investors try to profit from various short-term or frequent trading strategies known as market timing. Examples of market timing include switching money into portfolios when their share prices are expected to rise and taking money out when their share prices are expected to fall, and switching from one portfolio to another and then back again after a short period of time. As money is shifted in and out, a portfolio may incur expenses for buying and selling securities. Excessive purchases, redemptions or exchanges of portfolio shares may disrupt portfolio management, hurt portfolio performance and drive portfolio expenses higher. For example, a portfolio may be forced to liquidate investments as a result of short-term trading and incur increased brokerage costs or realize capital gains without attaining any investment advantage. These costs are generally borne by all shareholders, including long-term investors who do not generate these costs.

The Board of Trustees has approved policies and procedures that are designed to discourage market timing or excessive trading, which include limitations on the number of transactions in portfolio shares. If you intend to engage in such practices, we request that you do not purchase shares of any of the portfolios. Each portfolio reserves the right to reject any request to purchase shares, including purchases in connection with an exchange transaction, which the portfolio reasonably believes to be in connection with market timing or excessive trading.

The portfolios rely on the insurance companies that offer shares of the portfolios as investment options for variable contracts to monitor market timing and disruptive trading by their customers. The portfolios seek periodic certifications from the insurance companies that they have policies and procedures in place designed to monitor and prevent market timing and disruptive trading activity by their customers, and that they will use their best efforts to prevent market timing and disruptive trading activity that appears to be in contravention of the portfolios' policies on market timing or disruptive trading as disclosed in this prospectus. The portfolios also may instruct from time to time the insurance companies to scrutinize purchases, including purchases in connection with exchange transactions, that exceed a certain size. Each portfolio reserves the right, in its sole discretion and without prior notice, to reject, delay, restrict or refuse, in whole or in part, any request to purchase shares, including purchases in connection with an exchange transaction and orders that have been accepted by an intermediary, which it reasonably determines to be in connection with market timing or disruptive trading by a contract or policy owner (a "contract owner") or by accounts of contract owners under common control (for example, related contract owners, or a financial adviser with discretionary trading authority over multiple accounts). The portfolios apply these policies and procedures to all investors on a uniform basis and do not make special arrangements or grant exceptions to accommodate market timing or disruptive trading.

While the portfolios discourage market timing and excessive short-term trading, the portfolios cannot always recognize or detect such trading. The portfolios' distributor has entered into agreements with intermediaries requiring the intermediaries to provide certain information to help identify harmful trading activity and to prohibit further purchases or exchanges by a shareholder identified as having engaged in excessive trading. There is no guarantee that the procedures used by financial intermediaries will be able to curtail frequent, short-term trading activity. For example, shareholders who seek to engage in frequent, short-term trading activity may use a

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variety of strategies to avoid detection, and the financial intermediaries' ability to deter such activity may be limited by the capabilities of operational and information systems. Due to the risk that the portfolios and financial intermediaries may not detect all harmful trading activity, it is possible that shareholders may bear the risks associated with such activity. Investors should also review the prospectus that describes the variable contracts that they are purchasing to learn more about the policies and procedures used by insurance companies to detect and deter frequent, short-term trading.

Reallocations in underlying portfolios by an Asset Allocation Fund in furtherance of a portfolio's objective are not considered to be market timing or excessive trading.

**Additional Information**

This prospectus and the SAI provide information concerning the portfolios that you should consider in determining whether to purchase shares of a portfolio. A portfolio may make changes to this information from time to time. Each portfolio's investment strategies and policies may be changed from time to time without shareholder approval, unless specifically stated otherwise in this prospectus or in the SAI.

A portfolio that has a policy of investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the particular type of securities suggested by its name will provide its shareholders with at least 60 days' prior written notice before making changes to such policy. Such notice will comply with the conditions set forth in any applicable SEC rules then in effect.

Neither this prospectus nor the SAI is intended to give rise to any contract rights or other rights of any shareholder, other than rights conferred by federal or state securities laws.

The portfolios enter into contractual arrangements with various parties, including the portfolios' investment manager, who provides services to the portfolios. Shareholders are not parties to, or intended (or "third party") beneficiaries of those contractual arrangements.

To the extent authorized by law, the portfolios reserve the right to discontinue offering shares at any time, to merge or liquidate a class of shares or to cease operations entirely.

**Abandoned or Unclaimed Property**

Every state has unclaimed property laws that generally provide for escheatment to the state of unclaimed property under various circumstances. In addition to the state unclaimed property laws, we may be required to escheat property pursuant to regulatory demand, finding, agreement or settlement. To help prevent such escheatment, it is important that you keep your contact and other information on file with us up to date, including the names, contact information and identifying information for customers, beneficiaries and other payees. Such updates should be communicated in a form and manner satisfactory to us. Individual states may have their own requirements. For more information regarding escheatment and unclaimed property in your state, ask your salesperson or visit your financial intermediary's website.

**Sending Forms and Transaction Requests in Good Order**

We cannot process your requests for transactions relating to the portfolios until they are received in good order. "Good order" means the actual receipt of the instructions relating to the requested transaction in writing (or, when appropriate, by telephone or electronically), along with all forms, information and supporting legal documentation necessary to effect the transaction. This information and documentation generally includes, to the extent applicable to the transaction: your completed application; the transaction amount (in dollars, shares or percentage terms); the names, portfolio and account number(s) and allocations to and/or from the portfolio accounts affected by the requested transaction; the signatures of all owners (exactly as registered on the account) if necessary; Social Security Number or Taxpayer I.D.; and any other information or supporting documentation that we may require, including any spousal or joint owner's consents and signature guarantees. With respect to purchase requests, "good order" also generally includes receipt of sufficient funds to effect any purchase. We may, in our sole discretion, determine whether any particular transaction request is in good order, and we reserve the right to change or waive any good order requirements at any time. "Received" or receipt in good order generally means that everything necessary must be received by the portfolios, at our mailing address specified in this prospectus. We reserve the right to reject electronic transactions that do not meet our requirements.

**Pricing of Shares**

**How Share Price Is Determined**

The price at which shares are purchased or redeemed is the NAV that is next calculated following receipt and acceptance of a purchase order in good order or receipt of a redemption request by the portfolios' distributor (or other agent).

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**When Share Price Is Determined**

The NAV of each portfolio (or class thereof) is determined on each day the NYSE is open for business as of the scheduled close of regular trading (normally 4:00 p.m. Eastern time). If the NYSE closes at another time, each portfolio will calculate a NAV for each class of shares as of the scheduled closing time. The NAV is not determined on days when the NYSE is closed (generally New Year's Day, Martin Luther King Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving and Christmas). Foreign securities may trade in their primary markets on weekends or other days when a portfolio does not price its shares (therefore, the value of a portfolio's foreign securities may change on days when shareholders will not be able to buy or sell shares of the portfolios). These securities will be valued pursuant to the portfolios' Pricing and Valuation procedures for such securities.

Purchase orders received in good order and accepted, and redemption orders received in good order, as of the scheduled close of regular trading of the NYSE, usually 4:00 p.m. Eastern Time, receive the NAV determined as of the close of the NYSE that day. Purchase and redemption requests received after the NYSE is closed receive the NAV determined as of the close of the NYSE the next day the NYSE is open.

Purchase orders for shares of the Asset Allocation Funds that are received in good order and accepted, as of the scheduled close of regular trading on the NYSE receives the NAV determined as of the close of the NYSE that day. Purchase orders for shares of the underlying constituent portfolios will be placed as determined by the portfolio's sub-adviser (and such asset allocation portfolio will receive the price for shares of the underlying portfolios on the day the order is placed).

**How NAV Is Calculated**

The NAV of each portfolio (or class thereof) is calculated by taking the value of its net assets and dividing by the number of shares of the portfolio (or class) that are then outstanding.

The value of a portfolio's securities and other assets for purposes of determining the portfolio's NAV is determined pursuant to valuation procedures of the portfolios and TAM. TAM has been designated as the portfolios' valuation designee with responsibility for fair valuation subject to oversight by the portfolios' Board. TAM has formed a valuation committee to assist with its designated responsibilities as valuation designee (the "Valuation Committee").

In general, securities and other investments are valued based on prices at the close of regular trading on the NYSE.

Equity securities, swaps, and options listed or traded on securities exchanges (except for the securities traded on NASDAQ/NMS), including ETFs, dollar-denominated foreign securities and ADRs, are normally valued at the closing price on the exchange or system where the security is principally traded. With respect to securities traded on the NASDAQ/NMS, such closing price will generally be the NASDAQ Official Closing Price ("NOCP").

The market price for debt obligations (except short-term obligations that will mature in 60 days or less) and for swaps that are not traded on a securities exchange is generally the price supplied by an independent third-party pricing service, which may use market prices or quotations or a variety of fair value techniques and methodologies to identify the market value of the security or instrument.

Short-term debt obligations that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investment's fair value.

Foreign securities are generally priced as described above for the particular type of security (*i.e.*, equity securities or debt securities). The prices for foreign securities are converted from the local currency into U.S. dollars using current exchange rates.

Market quotations for securities prices may be obtained from automated pricing services.

Shares of open-end funds (other than ETF shares) are generally valued at the NAV reported by that investment company.

ETF shares are normally valued at the most recent sale price or official closing price on the exchange on which they are traded.

When an authorized pricing service does not provide a price or the price provided is believed by the Valuation Committee to be unreliable, the value of that security may be determined using quotations from one or more broker-dealers. When such a price or quotation for a security is not readily available, or is believed by the Valuation Committee to be unreliable, then the Valuation Committee will fair value such portfolio investment, in good faith, in accordance with fair valuation procedures.

The types of securities for which such fair value pricing may be required include, but are not limited to: foreign securities, where a significant event occurs after the close of the foreign market on which such security principally trades that is likely to have changed the value of such security, or the closing value is otherwise deemed unreliable; securities of an issuer that has entered into a restructuring; securities whose trading has been halted or suspended; fixed-income securities that have gone into default and for which there is no current market value quotation; and securities that are restricted as to transfer or resale. The portfolios use a fair value model developed by an independent third party pricing service to price foreign equity securities on days when there is a certain percentage change in the value of a domestic equity security index, as such percentage may be determined by TAM from time to time.

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Valuing securities in accordance with fair valuation procedures involves greater reliance on judgment than valuing securities based on readily available market quotations. The Valuation Committee makes fair value determinations in good faith in accordance with the valuation procedures. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service. There can be no assurance that a portfolio could obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the portfolio determines its NAV.

The prices that a portfolio uses may differ from the amounts that would be realized if the investments were sold and the differences could be significant, particularly for securities that trade in relatively thin markets and/or markets that experience extreme volatility.

**Distribution of Shares**

**Distributor**

Transamerica Capital, Inc. ("TCI"), located at 1801 California Street, Suite 5200, Denver, CO 80202, underwrites and distributes all classes of portfolio shares and bears the expenses of offering these shares to the public. TCI is an affiliate of the investment manager and the portfolios.

**Distribution Plan**

Each portfolio has adopted a Rule 12b-1 Plan under the Investment Company Act of 1940 (the "Plan") for each class of shares.

The Plan permits the use of portfolio assets to pay distribution and service fees for the sale and distribution of its shares. These fees are used to pay TCI, broker-dealers, financial intermediaries and other professionals who sell portfolio shares and provide ongoing services to shareholders and to pay other marketing and advertising expenses.

Under the Plan, each portfolio pays the following distribution and service fees (as a percentage of the portfolio's average daily net assets):

• Initial Class - Up to 0.15%

• Service Class - Up to 0.25%

As of the date of this prospectus, the portfolios have not been charged and have not paid any 12b-1 fees with respect to Initial Class shares, and will not be charged or pay any 12b-1 fees on Initial Class shares through May 1, 2024. You will receive written notice prior to the charging and payment of any fees under the Plan relating to Initial Class shares. Each portfolio may, however, be charged and pay fees relating to Service Class shares.

Because these fees are paid out of each portfolio's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

**Other Distribution and Service Arrangements**

The insurance companies that selected the portfolios as investment options for the variable annuity contracts and variable life insurance policies that they issue and distribute, Transamerica Financial Life Insurance Company and Transamerica Life Insurance Company (together, the "Transamerica Insurance Companies"), are affiliated with TAM.

TCI, TAM and their affiliates may enter into arrangements with affiliated entities, including the Transamerica Insurance Companies, that provide administrative, recordkeeping and other services with respect to one or more of the portfolios. Payment for these services is made by TCI, TAM and their affiliates out of past profits and other available sources and may take the form of internal credit, recognition or cash payments. TCI, TAM and their affiliates may also enter into similar arrangements with unaffiliated entities.

If a portfolio is sub-advised by an affiliate of Transamerica Insurance Companies and TAM, the Transamerica group of companies may retain more revenue than on those portfolios sub-advised by non-affiliated entities. TAM is a majority-owned subsidiary of Transamerica Life Insurance Company and is affiliated with other Transamerica Insurance Companies, and TAM's business profits (from managing the portfolios) may directly benefit Transamerica Life Insurance Company and the other Transamerica Insurance Companies. Also, management personnel of the Transamerica Insurance Companies could receive additional compensation if the amount of investments in the portfolios meets certain levels, or increases over time. These affiliations, methods and arrangements may provide incentives for the Transamerica Insurance Companies to make the portfolios' shares available to current or prospective variable contract owners to the detriment of other potential investment options.

TAM, the Transamerica Insurance Companies, TCI, and/or portfolio sub-advisers, directly or through TCI, out of their past profits and other available sources, typically provide cash payments or non-cash compensation to the Transamerica Insurance Companies, brokers and other financial intermediaries as a means to promote the distribution and wholesaling of variable contracts (and thus, indirectly, the portfolios' shares). Such payments and compensation are in addition to the Rule 12b-1 Plan fees, service fees and other fees that may be paid, directly or indirectly, to such brokers and other financial intermediaries. These arrangements are sometimes referred to as

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"revenue sharing" arrangements. The amount of revenue sharing payments is substantial, may be substantial to any given recipient and may exceed the costs and expenses incurred by the recipient for any portfolio-related distribution or shareholder servicing activities. The presence of these payments and the basis on which an intermediary compensates its registered representatives or salespersons may create an incentive for a particular intermediary, registered representative or salesperson to highlight, feature or recommend the variable contracts, that invest in the portfolios at least in part, based on the level of compensation paid. Revenue sharing arrangements are separately negotiated. Revenue sharing payments are not an additional charge to the portfolios.

Such additional cash payments may be made to the Transamerica Insurance Companies, brokers and other financial intermediaries that provide services to the portfolios and/or contract holders, including (without limitation) shareholder servicing, marketing support and/or access to meetings and/or events, sales representatives and management representatives of the broker or other financial intermediaries. These cash payments may take a variety of forms. Revenue sharing payments can be calculated: (i) as a percentage of gross or net sales; (ii) as a percentage of gross or net assets under management; and/or (iii) as a fixed or negotiated flat fee dollar amount. These payments are made on a periodic basis, such as monthly or quarterly. To the extent permitted by applicable law, TCI and other parties may pay or allow other incentives and compensation to brokers and other financial intermediaries. TCI, TAM and the other parties making these payments generally assess the advisability of continuing making these payments periodically.

From time to time, TCI, its affiliates, the Transamerica Insurance Companies and/or TAM and/or portfolio sub-advisers may, to the extent permitted by applicable law, pay non-cash compensation to brokers and other financial intermediaries and their sales representatives in the form of, for example: (i) occasional gifts or prizes; (ii) occasional meals, tickets or other entertainment; and/or (iii) sponsorship support of broker marketing events, programs, sales contests, promotions or other activities. They may also make payments in connection with the sponsorship by Transamerica or its affiliates of special events which may be attended by brokers and other financial intermediaries. Such non-cash compensation may also include, in part, assistance with the costs and expenses associated with travel, lodging, and educational sales and promotional meetings, seminars, programs and conferences, entertainment and meals to the extent permitted by law.

Certain portfolios are funds of funds that invest in affiliated underlying funds, unaffiliated underlying funds, or a combination of both. TAM will receive more revenue when it selects an affiliated fund rather than an unaffiliated fund for the inclusion in a fund of funds. This conflict may result in affiliated funds that have performed or are expected to perform worse than unaffiliated funds being included in the fund of funds. The inclusion of affiliated funds will also permit TAM to make increased revenue sharing payments, including to TCI, Transamerica Insurance Companies and/or their affiliates. The affiliates of certain unaffiliated underlying funds, including those advised by the sub-adviser to the investing funds, may make revenue sharing payments to TCI and its affiliates for the provision of services to investors and distribution activities.

Investors should consult the prospectus of the separate accounts that issue the variable contracts that they have purchased to learn about specific incentives and financial interests that their insurance agent, broker or other financial intermediaries may receive when they sell variable contracts to you and to learn about revenue sharing arrangements relevant to the insurance company sponsor of the separate account.

Investors may also obtain more information about these arrangements, including the conflicts of interests that such arrangements may create, from their insurance agents, brokers and other financial intermediaries, and should so inquire if they would like additional information. Intermediaries may categorize and disclose these arrangements to their clients and to members of the public in a manner different from the disclosures in this prospectus and the SAI. An investor should ask his/her insurance agent, broker or financial intermediary how he/she will be compensated for investments made in the portfolios. Revenue sharing payments, as well as payments under the shareholder services and distribution plan (where applicable), also benefit TAM, the Transamerica Insurance Companies, TCI and their affiliates and portfolio sub-advisers to the extent the payments result in more assets being invested in the portfolios on which fees are being charged.

Revenue sharing arrangements may encourage insurers and other financial intermediaries to render services to variable contract owners and qualified plan participants, and may also provide incentives for the insurers and other financial intermediaries to make the portfolios' shares available to current or prospective variable contract owners to the detriment of other potential investment options.

**Distributions and Taxes**

**Dividends and Distributions** 

Each portfolio intends to distribute all or substantially all of its net investment income and net capital gains, if any, to its shareholders each year. Dividends will be reinvested in additional shares unless you elect to take your dividends in cash. Each portfolio generally pays any distributions of net capital gains annually. Each portfolio generally pays any dividends from net investment income annually.

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**Taxes on Distributions in General**

Shares of each portfolio are offered only to the separate accounts of Transamerica Life Insurance Company and its affiliates, and to the Asset Allocation Funds [offered in a separate prospectus]. Separate accounts are insurance company separate accounts that fund variable insurance policies and annuity contracts. Certain separate accounts are required to meet diversification requirements under Section 817(h) of the Internal Revenue Code and the regulations thereunder in order for insurance policies and annuity contracts funded by those separate accounts to qualify for their expected tax treatment. If a portfolio qualifies as a regulated investment company and is owned only by separate accounts and certain other qualified investors (including the Asset Allocation Funds [offered in a separate prospectus] if they are owned only by separate accounts and certain other qualified investors), the separate accounts invested in that portfolio will be allowed to look through to the portfolio's investments in order to satisfy the separate account diversification requirements. Each portfolio intends to comply with those diversification requirements. If a portfolio fails to meet the diversification requirements under Section 817(h) of the Internal Revenue Code, fails to qualify as a regulated investment company or fails to limit sales of portfolio shares to the permitted investors described above, then income earned with respect to the insurance policies and annuity contracts invested in that portfolio could become currently taxable to the owners of the policies and contracts, and income for prior periods with respect to the policies and contracts could also be taxable in the year in which that failure occurs.

**Other Tax Information**

This tax discussion is for general information only. More information is provided in the SAI of the relevant portfolio. You should also consult your own tax adviser for information regarding all tax consequences applicable to your investment in the relevant portfolio. For a discussion of the taxation of separate accounts and variable annuity and life insurance contracts, see "Federal Income Tax Considerations" included in the respective prospectuses for the policies and contracts.

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**Financial Highlights**

The Financial Highlights table is intended to help you understand a portfolio's performance for the past five years or since its inception if less than five years. Certain information reflects financial results for a single portfolio share. The total returns in the table represent the rate an investor would have earned (or lost) on an investment in the portfolio for the period shown, assuming reinvestment of all dividends and distributions. Information has been derived from financial statements audited by __________, an Independent Registered Public Accounting firm, whose reports, along with the portfolios' financial statements, are included in the December 31, 2022 Annual Report to Shareholders, which is available to you upon request.

**[TO BE UPDATED IN A SUBSEQUENT AMENDMENT]**

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Transamerica Series Trust <br>1801 California Street, Suite 5200 <br>Denver, CO 80202 <br>Customer Service: 1-800-851-9777

ADDITIONAL INFORMATION about these portfolios is contained in the Statement of Additional Information dated [May 1, 2023], as may be supplemented or revised from time to time, and in the annual and semi-annual reports to shareholders. The Statement of Additional Information is incorporated by reference into this prospectus.

Information about the portfolios (including the Statement of Additional Information) has been filed with and is available from the SEC. Copies of this information may be obtained upon payment of a duplication fee, by electronic request at the following e-mail address, publicinfo@sec.gov. Reports and other information about the portfolios are also available on the SEC's Internet site at http://www.sec.gov.

To obtain a copy of the Statement of Additional Information or the annual and semi-annual reports, without charge, or to request other information or make other inquiries about the portfolios, call or write to Transamerica Series Trust at the phone number or address above or visit Transamerica Series Trust's website at www.transamericaseriestrust.com. In the Transamerica Series Trust's annual reports, you will find a discussion of the market conditions and investment strategies that significantly affected the portfolios' performance during the last fiscal year. Additional information about the portfolios' investments is available in the portfolios' annual and semi-annual reports to shareholders.

Each portfolio's most-recently calculated current net asset value per share is available on our website at www.transamerica.com/annuities-performance-center.

www.transamericaseriestrust.com <br> Sales Support: 1-800-851-7555 <br>Distributor: Transamerica Capital, Inc.

The Investment Company Act File Number for Transamerica Series Trust is 811-04419.

![](g396518tf_blacknotrust.jpg)

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Transamerica Series Trust

Statement of Additional Information

**[May 1, 2023]** 

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| | |
|:---|:---|
| **Portfolio** | **Class** |
| Transamerica 60/40 Allocation VP | Service |
| Transamerica Aegon Bond VP (formerly, Transamerica PIMCO Total Return VP) | Initial and Service |
| Transamerica Aegon Core Bond VP (formerly, Transamerica JPMorgan Core Bond VP) | Initial and Service |
| Transamerica Aegon High Yield Bond VP | Initial and Service |
| Transamerica Aegon Sustainable Equity Income VP  | Initial and Service |
| Transamerica Aegon U.S. Government Securities VP | Initial and Service |
| Transamerica American Funds Managed Risk VP | Service |
| Transamerica BlackRock Government Money Market VP  | Initial and Service |
| Transamerica BlackRock iShares Active Asset Allocation – Conservative VP  | Initial and Service |
| Transamerica BlackRock iShares Active Asset Allocation – Moderate Growth VP  | Initial and Service |
| Transamerica BlackRock iShares Active Asset Allocation – Moderate VP  | Initial and Service |
| Transamerica BlackRock iShares Dynamic Allocation – Balanced VP  | Initial and Service\* |
| Transamerica BlackRock iShares Dynamic Allocation – Moderate Growth VP | Initial and Service\* |
| Transamerica BlackRock iShares Edge 40 VP  | Initial and Service |
| Transamerica BlackRock iShares Edge 50 VP  | Service |
| Transamerica BlackRock iShares Edge 75 VP  | Service |
| Transamerica BlackRock iShares Edge 100 VP  | Service |
| Transamerica BlackRock Real Estate Securities VP (formerly, Transamerica BlackRock Global Real Estate Securities VP) | Initial and Service |
| Transamerica BlackRock Tactical Allocation VP | Initial and Service |
| Transamerica Goldman Sachs 70/30 Allocation VP | Service |
| Transamerica Goldman Sachs Managed Risk – Balanced ETF VP (formerly, Transamerica Managed Risk – Balanced ETF VP) | Initial and Service |
| Transamerica Goldman Sachs Managed Risk – Conservative ETF VP (formerly, Transamerica Managed Risk – Conservative <br> ETF VP)<br>| Initial and Service |
| Transamerica Goldman Sachs Managed Risk – Growth ETF VP (formerly, Transamerica Managed Risk – Growth ETF VP)  | Initial and Service |
| Transamerica International Focus VP | Initial and Service |
| Transamerica Janus Balanced VP | Initial and Service |
| Transamerica Janus Mid-Cap Growth VP | Initial and Service |
| Transamerica JPMorgan Asset Allocation – Conservative VP  | Initial and Service |
| Transamerica JPMorgan Asset Allocation – Growth VP  | Initial and Service |
| Transamerica JPMorgan Asset Allocation – Moderate Growth VP  | Initial and Service |
| Transamerica JPMorgan Asset Allocation – Moderate VP  | Initial and Service |
| Transamerica JPMorgan Enhanced Index VP | Initial and Service |
| Transamerica JPMorgan International Moderate Growth VP  | Initial and Service |
| Transamerica JPMorgan Mid Cap Value VP | Initial and Service |
| Transamerica JPMorgan Tactical Allocation VP | Initial and Service |
| Transamerica Madison Diversified Income VP | Initial and Service\* |
| Transamerica Market Participation Strategy VP | Initial and Service\* |
| Transamerica Morgan Stanley Capital Growth VP | Initial and Service |
| Transamerica Morgan Stanley Global Allocation VP  | Initial and Service |
| Transamerica Morgan Stanley Global Allocation Managed Risk – Balanced VP  | Initial and Service\* |
| Transamerica MSCI EAFE Index VP  | Initial and Service |
| Transamerica Multi-Managed Balanced VP | Initial and Service |
| Transamerica PIMCO Tactical – Balanced VP  | Initial and Service |
| Transamerica PIMCO Tactical – Conservative VP  | Initial and Service |
| Transamerica PIMCO Tactical – Growth VP | Initial and Service |
| Transamerica PineBridge Inflation Opportunities VP  | Initial and Service |
| Transamerica ProFund UltraBear VP | Initial and Service\* |
| Transamerica Rothschild & Co Large Cap Value VP  | Initial and Service\* |
| Transamerica S&P 500 Index VP  | Initial and Service |
| Transamerica Small/Mid Cap Value VP | Initial and Service |
| Transamerica T. Rowe Price Small Cap VP | Initial and Service |
| Transamerica TS&W International Equity VP  | Initial and Service |
| Transamerica WMC US Growth VP  | Initial and Service |

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\* The portfolio does not currently offer Initial Class shares.

**None of the portfolios of Transamerica Series Trust have a ticker symbol.** 

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

Each of the portfolios listed above is a series of Transamerica Series Trust. This Statement of Additional Information ("SAI") is not a prospectus, and should be read in conjunction with the portfolios' prospectus dated May 1, 2023, as it may be supplemented or amended from time to time.

This SAI is incorporated by reference in its entirety into the prospectus. The prospectus and this SAI may be obtained free of charge by writing or calling the portfolios at the below address or toll-free telephone number. This SAI sets forth information that may be of interest to shareholders, but that is not necessarily included in the prospectus. Additional information about the portfolios' investments is available in the portfolios' Annual and Semi-Annual Reports to shareholders, which may be obtained free of charge by writing or calling the portfolios at the below address or telephone number.

The Annual Report contains financial statements that are incorporated herein by reference.

**Investment Manager: Transamerica Asset Management, Inc.**

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

1801 California Street, Suite 5200

Denver, CO 80202

Customer Service (800) 851-9777 (toll free)

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**TABLE OF CONTENTS** 

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

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| | |
|:---|:---|
|  | **Page**  |
| [General Description of the Trust and the Portfolios](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_1)  | 1  |
| [Investment Objectives, Policies, Practices and Associated Risk Factors](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_3)  | 3  |
| &nbsp;&nbsp;&nbsp; [Investment Policies](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_3)  | 3  |
| &nbsp;&nbsp;&nbsp; [Additional Information Regarding Investment Practices](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_5)  | 5  |
| &nbsp;&nbsp;&nbsp; [Portfolio Turnover](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_39)  | 39  |
| &nbsp;&nbsp;&nbsp; [Disclosure of Portfolio Holdings](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_39)  | 39  |
| &nbsp;&nbsp;&nbsp; [Commodity Exchange Act Registration](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_43)  | 43  |
| [Management of the Trust](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_43)  | 43  |
| &nbsp;&nbsp;&nbsp; [Board Members and Officers](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_43)  | 43  |
| &nbsp;&nbsp;&nbsp; [Trustee Ownership of Equity Securities](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_50)  | 50  |
| &nbsp;&nbsp;&nbsp; [Trustee Compensation](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_50)  | 50  |
| &nbsp;&nbsp;&nbsp; [Shareholder Communication Procedures with the Board of Trustees](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_52)  | 52  |
| &nbsp;&nbsp;&nbsp; [Code of Ethics](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_52)  | 52  |
| &nbsp;&nbsp;&nbsp; [Proxy Voting Policies and Procedures](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_52)  | 52  |
| [Investment Management and Other Services](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_52)  | 52  |
| &nbsp;&nbsp;&nbsp; [The Investment Manager](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_52)  | 52  |
| &nbsp;&nbsp;&nbsp; [Conflicts of Interest](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_60)  | 60  |
| &nbsp;&nbsp;&nbsp; [Sub-Advisers](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_64)  | 64  |
| &nbsp;&nbsp;&nbsp; [Portfolio Manager Information](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_70)  | 70  |
| &nbsp;&nbsp;&nbsp; [Transfer Agent](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_70)  | 70  |
| &nbsp;&nbsp;&nbsp; [Custodian](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_70)  | 70  |
| &nbsp;&nbsp;&nbsp; [Securities Lending Activities](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_70)  | 70  |
| &nbsp;&nbsp;&nbsp; [Independent Registered Public Accounting Firm](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_70)  | 70  |
| [Distributor and Distribution Plan](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_70)  | 70  |
| [Purchase, Redemption and Pricing of Shares](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_72)  | 72  |
| &nbsp;&nbsp;&nbsp; [Shareholder Accounts](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_72)  | 72  |
| &nbsp;&nbsp;&nbsp; [Net Asset Valuation ("NAV") Determination](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_72)  | 72  |
| &nbsp;&nbsp;&nbsp; [Redemption of Shares](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_73)  | 73  |
| [Brokerage](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_74)  | 74  |
| [Principal Shareholders and Control Persons](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_82)  | 82  |
| [Further Information About the Trust and the Portfolios](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_82)  | 82  |
| [Taxes](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_85)  | 85  |
| [Financial Statements](#xx_877af6e0-ba7e-4f85-9458-773d4ac22a63_88)  | 88  |
| [Appendix A – Proxy Voting Policies](#xx_c2e2d064-9433-4e11-abb0-b47a123065d6_1)  | A-1  |
| [Appendix B – Portfolio Managers](#xx_80e61303-71c6-4e51-8c17-f4e367c05c9d_1)  | B-1  |
| [Appendix C – Securities Lending Activities](#xx_02debe5d-c914-4d61-b660-bf70de4e79a2_1)  | C-1  |

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**General Description of the Trust and the Portfolios**

Transamerica Series Trust (the "Trust") is an open-end management investment company that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"). Shares of the Trust are currently divided into separate series (each, a "portfolio" or together, the "portfolios") described herein. Each portfolio offers one or more classes. The Trust may create additional series and classes from time to time.

The Trust was organized as a Delaware statutory trust on April 21, 2005. Prior to May 1, 2008 the Trust's name was AEGON/Transamerica Series Trust. The Trust is the successor to a corporation formed under the laws of the State of Maryland in 1985.

Each portfolio is classified as diversified under the 1940 Act, except for Transamerica American Funds Managed Risk VP, Transamerica Market Participation Strategy VP, Transamerica Morgan Stanley Global Allocation Managed Risk – Balanced VP and Transamerica ProFund UltraBear VP, which are classified as non-diversified.

Transamerica Asset Management, Inc. ("TAM" or the "Investment Manager") is the investment manager for each portfolio.

The Trust is intended to be sold to the separate accounts of life insurance companies to fund benefits under variable life policies ("Policies") or variable annuity contracts ("Contracts") (collectively, the "Separate Accounts") (owners of the Separate Accounts, the "Policyowners") issued by Transamerica Life Insurance Company ("Transamerica") and Transamerica Financial Life Insurance Company ("TFLIC") (the "Life Companies"), and to Transamerica 60/40 Allocation VP, Transamerica BlackRock Tactical Allocation VP, Transamerica Goldman Sachs 70/30 Allocation VP, Transamerica JPMorgan Asset Allocation – Conservative VP, Transamerica JPMorgan Asset Allocation – Growth VP, Transamerica JPMorgan Asset Allocation – Moderate Growth VP, Transamerica JPMorgan Asset Allocation – Moderate VP and Transamerica JPMorgan International Moderate Growth VP (the "Asset Allocation Portfolios") as underlying portfolios in which the Asset Allocation Portfolios may invest. As such, the Life Companies and the Asset Allocation Portfolios are the only shareholders of the investment portfolios offered by TST. If a Life Company offers a portfolio of TST in its respective products, and you own a Policy or a Contract of one of those Life Companies, you should consult with your Life Company about its voting policies. Shares may be offered to other life insurance companies and as investment options for additional portfolios in the future.

Although the only shareholders of the portfolios are the Separate Accounts of the Life Companies and the Asset Allocation Portfolios, and Policyowners are not shareholders of the portfolios, for ease of reference shareholders and Policyowners are collectively referred in this SAI as "shareholders."

During the last five years, the names of certain portfolios have changed as follows:

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| | |
|:---|:---|
| **Portfolio Name** | **Portfolio Name History** |
| Transamerica 60/40 Allocation VP | N/A |
| Transamerica Aegon Bond VP  | &nbsp;&nbsp; Transamerica PIMCO Total Return VP was renamed Transamerica Aegon Bond VP <br> on November 1, 2022.<br>|
| Transamerica Aegon Core Bond VP  | &nbsp;&nbsp; Transamerica JPMorgan Core Bond VP was renamed Transamerica Aegon Core <br> Bond VP on November 1, 2022.<br>|
| Transamerica Aegon High Yield Bond VP | N/A  |
| Transamerica Aegon Sustainable Equity Income VP | &nbsp;&nbsp; Transamerica Barrow Hanley Dividend Focused VP was renamed Transamerica <br> Aegon Sustainable Equity Income VP on December 1, 2020.<br>|
| Transamerica Aegon U.S. Government Securities VP | N/A  |
| Transamerica American Funds Managed Risk VP | N/A |
| Transamerica BlackRock Government Money Market VP | &nbsp;&nbsp; Transamerica Aegon Government Money Market VP was renamed Transamerica <br> BlackRock Government Money Market VP on November 1, 2018.<br>|
| Transamerica BlackRock iShares Active Asset Allocation – Conservative VP | &nbsp;&nbsp; Transamerica QS Investors Active Asset Allocation - Conservative VP was renamed <br> Transamerica BlackRock iShares Active Asset Allocation – Conservative VP on <br> November 1, 2021.<br>|
| Transamerica BlackRock iShares Active Asset Allocation – Moderate Growth VP | &nbsp;&nbsp; Transamerica QS Investors Active Asset Allocation - Moderate Growth VP was <br> renamed Transamerica BlackRock iShares Active Asset Allocation – Moderate <br> Growth VP on November 1, 2021.<br>|
| Transamerica BlackRock iShares Active Asset Allocation – Moderate VP | &nbsp;&nbsp; Transamerica QS Investors Active Asset Allocation - Moderate VP was renamed <br> Transamerica BlackRock iShares Active Asset Allocation – Moderate VP on <br> November 1, 2021.<br>|
| Transamerica BlackRock iShares Dynamic Allocation – Balanced VP | &nbsp;&nbsp; Transamerica Legg Mason Dynamic Allocation - Balanced VP was renamed <br> Transamerica BlackRock iShares Dynamic Allocation - Balanced VP on November <br> 1, 2021.<br>|
| Transamerica BlackRock iShares Dynamic Allocation – Moderate Growth VP | &nbsp;&nbsp; Transamerica Legg Mason Dynamic Allocation - Growth VP was renamed <br> Transamerica BlackRock iShares Dynamic Allocation – Moderate Growth VP on <br> November 1, 2021.<br>|
| Transamerica BlackRock iShares Edge 40 VP | &nbsp;&nbsp; Transamerica AB Dynamic Allocation VP was renamed Transamerica BlackRock <br> Smart Beta 40 VP on November 1, 2018. Transamerica BlackRock Smart Beta 40 <br> VP was renamed Transamerica BlackRock iShares Edge 40 VP on November 1, <br> 2019. <br>|

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| | |
|:---|:---|
| **Portfolio Name** | **Portfolio Name History** |
| Transamerica BlackRock iShares Edge 50 VP | &nbsp;&nbsp; Transamerica BlackRock Smart Beta 50 VP was renamed Transamerica BlackRock <br> iShares Edge 50 VP on November 1, 2019.<br>|
| Transamerica BlackRock iShares Edge 75 VP | &nbsp;&nbsp; Transamerica BlackRock Smart Beta 75 VP was renamed Transamerica BlackRock <br> iShares Edge 75 VP on November 1, 2019.<br>|
| Transamerica BlackRock iShares Edge 100 VP | &nbsp;&nbsp; Transamerica BlackRock Equity Smart Beta 100 VP was renamed Transamerica <br> BlackRock iShares Edge 100 VP on November 1, 2019.<br>|
| Transamerica BlackRock Real Estate Securities VP | &nbsp;&nbsp; Transamerica Clarion Global Real Estate Securities VP was renamed Transamerica <br> BlackRock Global Real Estate Securities VP on November 1, 2018. Transamerica <br> BlackRock Global Real Estate Securities VP was renamed Transamerica BlackRock <br> Real Estate Securities VP on May 1, 2023.<br>|
| Transamerica BlackRock Tactical Allocation VP | N/A |
| Transamerica Goldman Sachs 70/30 Allocation VP<sup>1</sup> <br>| N/A |
| Transamerica Goldman Sachs Managed Risk – Balanced ETF VP  | &nbsp;&nbsp; Transamerica Managed Risk – Balanced ETF VP was renamed Transamerica <br> Goldman Sachs Managed Risk – Balanced ETF VP on November 1, 2022<br>|
| Transamerica Goldman Sachs Managed Risk – Conservative ETF VP  | &nbsp;&nbsp; Transamerica Managed Risk – Conservative ETF VP was renamed Transamerica <br> Goldman Sachs Managed Risk – Conservative ETF VP on November 1, 2022<br>|
| Transamerica Goldman Sachs Managed Risk – Growth ETF VP  | &nbsp;&nbsp; Transamerica Managed Risk – Growth ETF VP was renamed Transamerica <br> Goldman Sachs Managed Risk – Growth ETF VP on November 1, 2022<br>|
| Transamerica International Focus VP | &nbsp;&nbsp; Transamerica MFS International Equity VP was renamed Transamerica Greystone <br> International Growth VP on May 1, 2018. Transamerica Greystone International <br> Growth VP was renamed Transamerica International Growth VP on May 1, 2020. <br> Transamerica International Growth VP was renamed Transamerica International <br> Focus VP on November 1, 2021.<br>|
| Transamerica Janus Balanced VP | N/A |
| Transamerica Janus Mid-Cap Growth VP | N/A  |
| Transamerica JPMorgan Asset Allocation – Conservative VP | N/A |
| Transamerica JPMorgan Asset Allocation – Growth VP | N/A |
| Transamerica JPMorgan Asset Allocation – Moderate Growth VP | N/A |
| Transamerica JPMorgan Asset Allocation – Moderate VP | N/A |
| Transamerica JPMorgan Enhanced Index VP | N/A |
| Transamerica JPMorgan International Moderate Growth VP | N/A |
| Transamerica JPMorgan Mid Cap Value VP | N/A |
| Transamerica JPMorgan Tactical Allocation VP | N/A |
| Transamerica Madison Diversified Income VP | N/A |
| Transamerica Market Participation Strategy VP | N/A |
| Transamerica Morgan Stanley Capital Growth VP | N/A |
| Transamerica Morgan Stanley Global Allocation VP | &nbsp;&nbsp; Transamerica BlackRock Global Allocation VP was renamed Transamerica Morgan <br> Stanley Global Allocation VP on May 1, 2020.<br>|
| Transamerica Morgan Stanley Global Allocation Managed Risk - Balanced VP | &nbsp;&nbsp; Transamerica BlackRock Global Allocation Managed Risk - Balanced VP was <br> renamed Transamerica Morgan Stanley Global Allocation Managed Risk - Balanced <br> VP on May 1, 2020. <br>|
| Transamerica MSCI EAFE Index VP | &nbsp;&nbsp; Transamerica International Equity Index VP was renamed Transamerica MSCI <br> EAFE Index VP on May 1, 2020.<br>|
| Transamerica Multi-Managed Balanced VP | N/A |
| Transamerica PIMCO Tactical – Balanced VP | N/A |
| Transamerica PIMCO Tactical – Conservative VP | N/A |
| Transamerica PIMCO Tactical – Growth VP | N/A |
| Transamerica PineBridge Inflation Opportunities VP | N/A |
| Transamerica ProFund UltraBear VP | N/A |
| Transamerica Rothschild & Co Large Cap Value VP | &nbsp;&nbsp; Transamerica Levin Large Cap Value VP was renamed Transamerica Rothschild & <br> Co Large Cap Value VP on December 1, 2020.<br>|
| Transamerica S&P 500 Index VP | &nbsp;&nbsp; Transamerica U.S. Equity Index VP was renamed Transamerica S&P 500 Index VP <br> on May 1, 2020.<br>|
| Transamerica Small/Mid Cap Value VP | N/A |
| Transamerica T. Rowe Price Small Cap VP | N/A |
| Transamerica TS&W International Equity VP | N/A |
| Transamerica WMC US Growth VP | N/A |

---

The footnote references below are intended for use as relevant to each applicable table included in this SAI:

<sup>1</sup>

Transamerica Goldman Sachs 70/30 Allocation VP commenced operations on May 1, 2020, and as such, there is no historical information to report prior to that date.

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**Investment Objectives, Policies, Practices and Associated Risk Factors**

The investment objective of each portfolio and the strategies each portfolio employs to achieve its objective are described in each portfolio's prospectus. There can be no assurance that a portfolio will achieve its objective.

State insurance laws and regulations may impose additional limitations on the portfolio's investments, including the portfolio's ability to borrow, lend and use options, futures and other derivative instruments. In addition, such laws and regulations may require that a portfolio's investments meet additional diversification or other requirements.

As indicated in the portfolios' prospectus in the sections entitled "More on Each Portfolio's Strategies and Investments" and "Features and Policies - Additional Information," each portfolio's investment objective and, unless otherwise noted, its investment policies and techniques may be changed by the portfolios' Board of Trustees without approval of shareholders. A change in the investment objective or policies of a portfolio may result in the portfolio having an investment objective or policies different from those which a shareholder deemed appropriate at the time of investment.

**Investment Policies**

**Fundamental Investment Policies**

Fundamental investment policies of each portfolio may not be changed without the vote of a majority of the outstanding voting securities of the portfolio, defined under the 1940 Act as the lesser of (a) 67% or more of the voting securities of the portfolio present at a shareholder meeting, if the holders of more than 50% of the outstanding voting securities of the portfolio are present or represented by proxy, or (b) more than 50% of the outstanding voting securities of the portfolio.

Each portfolio has adopted, except as otherwise noted, the following fundamental policies:

**1. Borrowing**

The portfolio may not borrow money, except as permitted under the 1940 Act, and as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction.

**2. Underwriting Securities**

The portfolio may not engage in the business of underwriting the securities of other issuers except as permitted by the 1940 Act.

**3. Making Loans**

The portfolio may make loans only as permitted under the 1940 Act, and as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time.

**4. Senior Securities**

The portfolio may not issue any senior security, except as permitted under the 1940 Act, and as interpreted, modified or otherwise permitted from time to time by regulatory authority having jurisdiction.

**5. Real Estate**

The portfolio may not purchase or sell real estate except as permitted by the 1940 Act.

**6. Commodities**

The portfolio may not purchase physical commodities or contracts relating to physical commodities, except as permitted from time to time under the 1940 Act, and as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction.

**7. Concentration of Investments**

The portfolio may not make any investment if, as a result, the portfolio's investments will be concentrated in any one industry, as the relevant terms are used in the 1940 Act, as interpreted or modified by regulatory authority having jurisdiction, from time to time.

**The fundamental policy set forth above in (7) relating to concentration does not pertain to Transamerica BlackRock Real Estate Securities VP, Transamerica MSCI EAFE Index VP or Transamerica S&P 500 Index VP.**

**The following fundamental policy pertains to Transamerica BlackRock Real Estate Securities VP:**

The portfolio may not make any investment if, as a result, the portfolio's investments will be concentrated in any one industry, as the relevant terms are used in the 1940 Act, as interpreted or modified by regulatory authority having jurisdiction, from time to time; except that the portfolio will concentrate in securities of issuers in the real estate industry.

**The following fundamental policy pertains to Transamerica MSCI EAFE Index VP and Transamerica S&P 500 Index VP:**

The portfolio may not make any investment if, as a result, the portfolio's investments will be concentrated in any one industry, as the relevant terms are used in the 1940 Act, as interpreted or modified by regulatory authority having jurisdiction, from time to time; provided that the portfolio reserves the right to concentrate in any industry in which the index that the portfolio tracks becomes concentrated to approximately the same degree during the same period.

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Solely for purposes of the above fundamental investment policies, the "1940 Act" shall mean the Investment Company Act of 1940 and the rules and regulations thereunder, all as amended from time to time, or other successor law governing the regulation of investment companies, or interpretations or modifications thereof by the U.S. Securities and Exchange Commission (the "SEC"), SEC staff or other authority, or exemptive or other relief or permission from the SEC, SEC staff or other authority.

**Additional Information about Fundamental Investment Policies**

The following provides additional information about each portfolio's fundamental investment policies. This information does not form part of the portfolios' fundamental investment policies.

With respect to the fundamental policy relating to borrowing money set forth in (1) above, the 1940 Act permits a portfolio to borrow money in amounts of up to one-third of the portfolio's total assets from banks for any purpose, and to borrow up to 5% of the portfolio's total assets from banks or other lenders for temporary purposes (the portfolio's total assets include the amounts being borrowed). To limit the risks attendant to borrowing, the 1940 Act requires the portfolio to maintain at all times an "asset coverage" of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the portfolio's total assets (including amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. In accordance with Rule 18f-4 under the 1940 Act, when a portfolio engages in reverse repurchase agreements and similar financing transactions, the portfolio may either (i) maintain asset coverage of at least 300% with respect to such transactions and any other borrowings in the aggregate, or (ii) treat such transactions as "derivative transactions" under Rule 18f-4 and comply with Rule 18f-4 with respect to such transactions.

With respect to the fundamental policy relating to underwriting set forth in (2) above, the 1940 Act does not prohibit a portfolio from engaging in the underwriting business or from underwriting the securities of other issuers; in fact, the 1940 Act permits a portfolio to have underwriting commitments of up to 25% of its assets under certain circumstances. Those circumstances currently are that the amount of the portfolio's underwriting commitments, when added to the value of the portfolio's investments in issuers where the portfolio owns more than 10% of the outstanding voting securities of those issuers, cannot exceed the 25% cap. A portfolio engaging in transactions involving the acquisition or disposition of portfolio securities may be considered to be an underwriter under the Securities Act of 1933, as amended (the "1933 Act"). Under the 1933 Act, an underwriter may be liable for material omissions or misstatements in an issuer's registration statement or prospectus. Securities purchased from an issuer and not registered for sale under the 1933 Act are considered restricted securities. If these securities are registered under the 1933 Act, they may then be eligible for sale but participating in the sale may subject the seller to underwriter liability. Although it is not believed that the application of the 1933 Act provisions described above would cause a portfolio to be engaged in the business of underwriting, the policy in (2) above will be interpreted not to prevent the portfolio from engaging in transactions involving the acquisition or disposition of portfolio securities, regardless of whether the portfolio may be considered to be an underwriter under the 1933 Act.

With respect to the fundamental policy relating to lending set forth in (3) above, the 1940 Act does not prohibit a portfolio from making loans; however, SEC staff interpretations currently prohibit funds from lending more than one-third of their total assets. Each portfolio will be permitted by this policy to make loans of money, including to other funds, portfolio securities or other assets. Each portfolio has obtained exemptive relief from the SEC to make short term loans to other Transamerica portfolios through a credit facility in order to satisfy redemption requests or to cover unanticipated cash shortfalls; as discussed below under "Additional Information - Interfund Lending". The conditions of the SEC exemptive order permitting interfund lending are designed to minimize the risks associated with interfund lending, however no lending activity is without risk.

With respect to the fundamental policy relating to issuing senior securities set forth in (4) above, "senior securities" are defined as portfolio obligations that have a priority over the portfolio's shares with respect to the payment of dividends or the distribution of portfolio assets. The 1940 Act prohibits a portfolio from issuing senior securities, except that the portfolio may borrow money in amounts of up to one-third of the portfolio's total assets from banks for any purpose. A portfolio also may borrow up to 5% of the portfolio's total assets from banks or other lenders for temporary purposes, and these borrowings are not considered senior securities. The issuance of senior securities by a portfolio can increase the speculative character of the portfolio's outstanding shares through leveraging.

With respect to the fundamental policy relating to real estate set forth in (5) above, the 1940 Act does not prohibit a portfolio from owning real estate; however, a portfolio is limited in the amount of illiquid assets it may purchase. To the extent that investments in real estate are considered illiquid, rules under the 1940 Act generally limit a portfolio's purchases of illiquid investments to 15% of net assets. The policy in (5) above will be interpreted not to prevent a portfolio from investing in real estate-related companies, companies whose businesses consist in whole or in part of investing in real estate, mortgage-backed securities ("MBS") instruments (like mortgages) that are secured by real estate or interests therein, or real estate investment trust securities. Investing in real estate may involve risks, including that real estate is generally considered illiquid and may be difficult to value and sell. In addition, owners of real estate may be subject to various liabilities, including environmental liabilities.

With respect to the fundamental policy relating to commodities set forth in (6) above, the 1940 Act does not prohibit a portfolio from owning commodities, whether physical commodities and contracts related to physical commodities (such as oil or grains and related futures contracts), or financial commodities and contracts related to financial commodities (such as currencies and, possibly, currency futures). However, a portfolio is limited in the amount of illiquid assets it may purchase. To the extent that investments in commodities are considered illiquid, rules under the 1940 Act generally limit a portfolio's purchases of illiquid investments to 15% of net assets.

With respect to the fundamental policy relating to concentration set forth in (7) above, the 1940 Act does not define what constitutes "concentration" in an industry. The SEC staff has taken the position that investment of 25% or more of a portfolio's total assets in one or

------

more issuers conducting their principal activities in the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration could change in the future. The policy in (7) above will be interpreted to refer to concentration as that term may be interpreted from time to time. The policy also will be interpreted to permit investment without limit in the following: securities of the U.S. government and its agencies or instrumentalities; tax-exempt securities of state, territory, possession or municipal governments and their authorities, agencies, instrumentalities or political subdivisions (excluding private activity municipal securities backed principally by non-governmental issuers); and repurchase agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not be considered to be members of any industry. There also will be no limit on investment in issuers based solely on their domicile in a single jurisdiction or country as an issuer's domicile will not be considered an industry for purposes of the policy. A type of investment (e.g., equity securities, fixed-income securities, investment companies, etc.) will not be considered to be an industry under the policy. The policy also will be interpreted to give broad authority to a portfolio as to how to reasonably classify issuers within or among industries. For purposes of determining compliance with its concentration policy, each portfolio will consider the holdings of any underlying Transamerica-sponsored mutual funds in which the portfolio invests. The portfolios intend to comply with the SEC staff's view that securities issued by a foreign government constitute a single industry for purposes of calculating applicable limits on concentration.

The portfolios' fundamental policies are written and will be interpreted broadly. For example, the policies will be interpreted to refer to the 1940 Act and the related rules as they are in effect from time to time, and to interpretations and modifications of or relating to the 1940 Act by the SEC, its staff and others as they are given from time to time. When a policy provides that an investment practice may be conducted as permitted by the 1940 Act, the practice will be considered to be permitted if either the 1940 Act permits the practice or the 1940 Act does not prohibit the practice.

Except for the fundamental policy on borrowing set forth in (1) above, if any percentage restriction described above is complied with at the time of an investment, a later increase or decrease in the percentage resulting from a change in values or assets will not constitute a violation of such restriction.

The investment practices described above involve risks. Please see your portfolio's prospectus and this SAI for a description of certain of these risks.

**Non-Fundamental Policies**

The portfolios have adopted the following non-fundamental policies, which may be changed by the Board of the Trust without shareholder approval.

**1.** **Illiquid investments** *(all portfolios)*

No portfolio may purchase any investment if, as a result, more than 15% of its net assets (5% of total assets with respect to Transamerica BlackRock Government Money Market VP) would be invested in illiquid investments.

**2.** **Purchasing securities on margin** *(all portfolios)*

No portfolio may purchase securities on margin except to obtain such short-term credits as are necessary for the clearance of transactions, provided that margin payments and other deposits made in connection with transactions in options, futures contracts, swaps, forward contracts and other derivative instruments shall not constitute purchasing securities on margin.

**3.** **Underlying funds in funds-of-funds investment limitation** *(applicable portfolios: all portfolios except Transamerica 60/40 Allocation VP, Transamerica BlackRock Tactical Allocation VP, Transamerica Goldman Sachs 70/30 Allocation VP, Transamerica Goldman Sachs Managed Risk – Balanced ETF VP, Transamerica Goldman Sachs Managed Risk – Conservative ETF VP, Transamerica Goldman Sachs Managed Risk – Growth ETF VP, Transamerica JPMorgan Asset Allocation - Conservative VP, Transamerica JPMorgan Asset Allocation - Growth VP, Transamerica JPMorgan Asset Allocation - Moderate Growth VP, Transamerica JPMorgan Asset Allocation - Moderate VP and Transamerica JPMorgan International Moderate Growth VP).* 

No portfolio may acquire any securities of registered open-end investment companies or registered unit investment trusts in reliance on the provisions of Section 12(d)(1)(F) or Section 12(d)(1)(G) of the Investment Company Act of 1940, as amended. This policy does not prevent a portfolio from investing in securities of registered open-end investment companies or registered unit investment trusts in reliance on any other provision of applicable law or regulation.

**Additional Information Regarding Investment Practices**

Each portfolio's principal investment strategies are set forth in its prospectus. This section further explains policies and strategies utilized by the portfolios.

Please refer to each portfolio's prospectus and investment restrictions for the policies and strategies pertinent to a particular portfolio.

Unless otherwise indicated, all limitations applicable to portfolio investments (as stated in the prospectus and elsewhere in this SAI) apply only at the time a transaction is entered into. If a percentage limitation is complied with at the time of an investment, any subsequent change in percentage resulting from a change in values or assets, or a change in credit quality, will not constitute a violation of that limitation. There is no limit on the ability of a portfolio to make any type of investment or to invest in any type of security, except as expressly stated in the prospectus or in this SAI or as imposed by law. Derivative instruments are taken into account when determining compliance with a portfolio's 80% policy and any other investment limitations expressed as a percentage of assets.

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**Debt Securities and Fixed-Income Investing**

Debt securities include securities such as corporate bonds and debentures; commercial paper; trust preferreds, debt securities issued by the U.S. government, its agencies and instrumentalities; or foreign governments; asset-backed securities; collateralized-mortgage obligations ("CMOs"); zero coupon bonds; floating rate, inverse floating rate and index obligations; "strips"; structured notes; and pay-in-kind and step securities.

Fixed-income investing is the purchase of a debt security that maintains a level of income that does not change, at least for some period of time. When a debt security is purchased, the portfolio owns "debt" and becomes a creditor to the company or government.

Consistent with each portfolio's investment policies, a portfolio may invest in debt securities, which may be referred to as fixed-income instruments. These may include securities issued by the U.S. government, its agencies or government-sponsored enterprises; corporate debt securities of U.S. and non-U.S. issuers, including convertible securities and corporate commercial paper; mortgage-backed and other asset-backed securities; inflation-indexed bonds issued both by governments and corporations; structured notes, including hybrid or "indexed" securities, event-linked bonds and loan participations; delayed funding loans and revolving credit facilities; bank certificates of deposit ("CDs"), fixed time deposits and bankers' acceptances; repurchase agreements and reverse repurchase agreements; debt securities issued by state or local governments and their agencies, authorities and other government-sponsored enterprises; obligations of non-U.S. governments or their subdivisions, agencies and government-sponsored enterprises; and obligations of international agencies or supranational entities. Consistent with its investment policies, a portfolio may invest in derivatives based on fixed-income instruments.

Generally, a portfolio uses the terms "debt security," "bond," "fixed-income instrument" and "fixed-income security" interchangeably, and these terms are interpreted broadly by the portfolios and include instruments that are intended to provide one or more of the characteristics of a direct investment in one or more debt securities. As new debt securities are developed, the portfolios may invest in those securities as well.

**Maturity and Duration:** The maturity of a fixed-income security is a measure of the time remaining until the final payment on the security is due. For simple fixed-income securities, duration indicates the average time at which the security's cash flows are to be received. For simple fixed-income securities with interest payments occurring prior to the payment of principal, duration is always less than maturity. For example, a current coupon bullet bond with a maturity of 3.5 years will have a duration of approximately three years. In general, the lower the stated or coupon rate of interest of a fixed-income security, the closer its duration will be to its final maturity; conversely, the higher the stated or coupon rate of interest of a fixed-income security, the shorter its duration will be compared to its final maturity. The determination of duration becomes more complex when fixed-income securities with features like floating coupon payments, optionality, prepayments, and structuring are evaluated. There are differing methodologies for computing effective duration prevailing in the industry. As a result, different investors may estimate duration differently.

Debt and fixed-income securities share three principal risks. First, the level of interest income generated by a portfolio's fixed-income investments may decline due to a decrease in market interest rates. If rates decline, when a portfolio's fixed-income securities mature or are sold, they may be replaced by lower-yielding investments. Second, the values of fixed-income securities fluctuate with changes in interest rates. A decrease in interest rates will generally result in an increase in the value of a portfolio's fixed-income investments. Conversely, during periods of rising interest rates, the value of a portfolio's fixed-income investments will generally decline. However, a change in interest rates will not have the same impact on all fixed rate securities. For example, the magnitude of these fluctuations will generally be greater when a portfolio's duration or average maturity is longer. Third, certain fixed-income securities are subject to credit risk, which is the risk that an issuer of securities will be unable to pay principal and interest when due, or that the value of the security will suffer because investors believe the issuer is unable to pay.

**Mortgage-Backed Securities**

Mortgage-backed securities may be issued or guaranteed by the U.S. government, its agencies or instrumentalities, or private issuers such as banks, insurance companies, and savings and loans. Some of these securities, such as Government National Mortgage Association ("GNMA") certificates, are backed by the full faith and credit of the U.S. Treasury while others, such as Federal Home Loan Mortgage Corporation ("Freddie Mac") and Federated National Mortgage Association ("Fannie Mae") certificates, are not. The U.S. government has provided recent financial support to Fannie Mae and Freddie Mac, but there can be no assurance that it will support these or other government-sponsored entities in the future.

Mortgage-backed securities represent interests in a pool of mortgages. Principal and interest payments made on the mortgages in the underlying mortgage pool are passed through to the portfolio. These securities are often subject to more rapid repayment than their stated maturity dates would indicate as a result of principal prepayments on the underlying loans. This can result in significantly greater price and yield volatility than with traditional fixed-income securities. During periods of declining interest rates, prepayments can be expected to accelerate which will shorten these securities' weighted average life and may lower their return. Conversely, in a rising interest rate environment, a declining prepayment rate will extend the weighted average life of these securities which generally would cause their values to fluctuate more widely in response to changes in interest rates.

The value of these securities also may change because of changes in the market's perception of the creditworthiness of the federal agency or private institution that issued or guarantees them. In addition, the mortgage securities market in general may be adversely affected by changes in governmental regulation or tax policies.

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Mortgage-backed securities that are issued or guaranteed by the U.S. government, its agencies or instrumentalities, are not subject to a portfolio's industry concentration restrictions, by virtue of the exclusion from that test available to all U.S. government securities. In the case of privately issued mortgage-related securities, the portfolios may take the position that mortgage-related securities do not represent interests in any particular "industry" or group of industries.

As noted above, there are a number of important differences among the agencies and instrumentalities of the U.S. government that issue mortgage related securities and among the securities that they issue. Mortgage-related securities issued by GNMA include GNMA Mortgage Pass-Through Certificates (also known as "Ginnie Maes") which are guaranteed as to the timely payment of principal and interest by GNMA and such guarantee is backed by the full faith and credit of the U.S. GNMA is a wholly owned U.S. government corporation within the Department of Housing and Urban Development. GNMA certificates also are supported by the authority of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee. Mortgage-related securities issued by Fannie Mae include Fannie Mae Guaranteed Mortgage Pass-Through Certificates (also known as "Fannie Maes") which are solely the obligations of Fannie Mae and are not backed by or entitled to the full faith and credit of the U.S. Fannie Mae is a government-sponsored organization owned entirely by private stockholders. Fannie Maes are guaranteed as to the timely payment of the principal and interest by Fannie Mae. Mortgage-related securities issued by Freddie Mac include Freddie Mac Mortgage Participation Certificates (also known as "Freddie Macs" or "PCs"). Freddie Mac is a corporate instrumentality of the U.S., created pursuant to an Act of Congress, which is owned entirely by Federal Home Loan Banks. Freddie Macs are not guaranteed by the U.S. or by any Federal Home Loan Banks and do not constitute a debt or obligation of the U.S. or of any Federal Home Loan Bank. Freddie Macs entitle the holder to the timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac guarantees either ultimate collection or the timely payment of all principal payments on the underlying mortgage loans. When Freddie Mac does not guarantee timely payment of principal, Freddie Mac may remit the amount due on account of its guarantee of ultimate payment of principal at any time after default on an underlying mortgage, but in no event later than one year after it becomes payable.

CMOs, which are debt obligations collateralized by mortgage loans or mortgage pass-through securities, provide the holder with a specified interest in the cash flow of a pool of underlying mortgages or other mortgage-backed securities. Issuers of CMOs frequently elect to be taxed as pass-through entities known as real estate mortgage investment conduits. CMOs are issued in multiple classes, each with a specified fixed or floating interest rate and a final distribution date. The relative payment rights of the various CMO classes may be structured in many ways. In most cases, however, payments of principal are applied to the CMO classes in the order of their respective stated maturities, so that no principal payments will be made on a CMO class until all other classes having an earlier stated maturity date are paid in full. The classes may include accrual certificates (also known as "Z-Bonds"), which only accrue interest at a specified rate until other specified classes have been retired and are converted thereafter to interest-paying securities. They may also include planned amortization classes which generally require, within certain limits, that specified amounts of principal be applied on each payment date, and generally exhibit less yield and market volatility than other classes. In many cases, CMOs are issued or guaranteed by the U.S. government or its agencies or instrumentalities or may be collateralized by a portfolio of mortgages or mortgage-related securities guaranteed by such an agency or instrumentality. Certain CMOs in which a portfolio may invest are not guaranteed by the U.S. government or its agencies or instrumentalities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS may be issued by agencies or instrumentalities of the U.S. government, or by private originators of, or investors in, mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose entities of the foregoing.

SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of SMBS will have one class receiving some of the interest and most of the principal from the mortgage assets, while the other class will receive most of the interest and the remainder of the principal. In the most extreme case, one class will receive all of the interest (the "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). The yield to maturity on an IO class is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on a portfolio's yield to maturity from these securities. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a portfolio may fail to recoup some or all of its initial investment in these securities even if the security is in one of the highest rating categories.

The repayment of certain mortgage-related securities depends primarily on the cash collections received from the issuer's underlying asset portfolio and, in certain cases, the issuer's ability to issue replacement securities (such as asset-backed commercial paper). As a result, a portfolio could experience losses in the event of credit or market value deterioration in the issuer's underlying portfolio, mismatches in the timing of the cash flows of the underlying asset interests and the repayment obligations of maturing securities, or the issuer's inability to issue new or replacement securities. This is also true for other asset-backed securities. Upon the occurrence of certain triggering events or defaults, the investors in a security held by a portfolio may become the holders of underlying assets at a time when those assets may be difficult to sell or may be sold only at a loss. If mortgage-backed securities or asset-backed securities are bought at a discount, however, both scheduled payments of principal and unscheduled prepayments will increase current and total returns and will accelerate the recognition of income.

Unlike mortgage-backed securities issued or guaranteed by the U.S. government or one of its sponsored entities, mortgage-backed securities issued by private issuers do not have a government or government-sponsored entity guarantee, but may have credit enhancement provided by external entities such as banks or financial institutions or achieved through the structuring of the transaction itself. Examples of such credit support arising out of the structure of the transaction include the issue of senior and subordinated securities (e.g., the issuance of securities by a special purpose vehicle in multiple classes or "tranches," with one or more classes being senior to other subordinated classes as to the payment of principal and interest, with the result that defaults on the underlying mortgage loans are borne first by the holders of the subordinated class); creation of "reserve funds" (in which case cash or investments, sometimes funded from a portion of the payments on the

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underlying mortgage loans, are held in reserve against future losses); and "over-collateralization" (in which case the scheduled payments on, or the principal amount of, the underlying mortgage loans exceeds that required to make payment of the securities and pay any servicing or other fees). However, there can be no guarantee that credit enhancements, if any, will be sufficient to prevent losses in the event of defaults on the underlying mortgage loans. A portfolio may also buy mortgage-backed securities without insurance or guarantees.

If a portfolio purchases subordinated mortgage-backed securities, the payments of principal and interest on the portfolio's subordinated securities generally will be made only after payments are made to the holders of securities senior to the portfolio's securities. Therefore, if there are defaults on the underlying mortgage loans, a portfolio will be less likely to receive payments of principal and interest, and will be more likely to suffer a loss. Privately issued mortgage-backed securities are not traded on an exchange and there may be a limited market for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors. Without an active trading market, mortgage-backed securities held in a portfolio may be particularly difficult to value because of the complexities involved in assessing the value of the underlying mortgage loans.

In addition, mortgage-backed securities that are issued by private issuers are not subject to the underwriting requirements for the underlying mortgages that are applicable to those mortgage-backed securities that have a government or government-sponsored entity guarantee. As a result, the mortgage loans underlying private mortgage-backed securities may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics than government or government-sponsored mortgage-backed securities and have wider variances in a number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more frequently include second mortgages, high loan-to-value mortgages and manufactured housing loans. The coupon rates and maturities of the underlying mortgage loans in a private-label mortgage-backed securities pool may vary to a greater extent than those included in a government guaranteed pool, and the pool may include subprime mortgage loans. Subprime loans refer to loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments on their loans. For these reasons, the loans underlying these securities have had, in many cases, higher default rates than those loans that meet government underwriting requirements.

The risk of non-payment is greater for mortgage-backed securities that are backed by mortgage pools that contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mortgage loan repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mortgage payments by holders of adjustable rate mortgages.

The portfolios may invest in mortgage-related securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, and by private issuers entities, provided, however, that to the extent that a portfolio purchases mortgage-related securities from such issuers which may, solely for purposes of the 1940 Act, be deemed to be investment companies, the portfolio's investment in such securities will be subject to the limitations on its investment in investment company securities.

**Asset-Backed Securities**

Asset-backed securities are generally issued as pass-through certificates, which represent undivided fractional ownership interests in the underlying pool of assets, or as debt instruments, which are generally issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. The pool of assets generally represents the obligations of a number of different parties.

Asset-backed securities have many of the same characteristics and risks as the mortgage-backed securities described above, except that asset-backed securities may be backed by non-real-estate loans, leases or receivables such as auto, credit card or home equity loans.

Non-mortgage asset-backed securities are not issued or guaranteed by the U.S. government or its agencies or government-sponsored entities; however, the payment of principal and interest on such obligations may be guaranteed up to certain amounts and for a certain time period by a letter of credit issued by a financial institution (such as a bank or insurance company) which may be affiliated or unaffiliated with the issuers of such securities. In addition, such securities generally will have remaining estimated lives at the time of purchase of five years or less.

Asset-backed securities frequently carry credit protection in the form of extra collateral, subordinated certificates, cash reserve accounts, letters of credit or other enhancements. For example, payments of principal and interest may be guaranteed up to certain amounts and for a certain time period by a letter of credit or other enhancement issued by a financial institution. Assets which, to date, have been used to back asset-backed securities include motor vehicle installment sales contracts or installment loans secured by motor vehicles, and receivables from revolving credit (credit card) agreements. Other types of asset-backed securities include those that represent interest in pools of corporate bonds (such as collateralized bond obligations or "CBOs"), bank loans (such as collateralized loan obligations or "CLOs") and other debt obligations (such as collateralized debt obligations or "CDOs").

Asset-backed security values may also be affected by factors such as changes in interest rates, the availability of information concerning the pool and its structure, the creditworthiness of the servicing agent for the loan pool, the originator of the loans, or the financial institution providing any credit enhancement and the exhaustion of any credit enhancement. The risks of investing in asset-backed securities depend upon payment of the underlying loans by the individual borrowers (i.e., the backing asset). In its capacity as purchaser of an asset-backed security, a portfolio would generally have no recourse to the entity that originated the loans in the event of default by the borrower. If a letter of credit or other form of credit enhancement is exhausted or otherwise unavailable, holders of asset-backed securities may experience delays in payments or losses if the full amounts due on underlying assets are not realized. Asset-backed securities may also present certain additional risks related to the particular type of collateral. For example, credit card receivables are generally unsecured and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which give such debtors the right to set off certain amounts owed

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on the credit cards, thereby reducing the balance due. Asset-backed securities are also subject to prepayment risk, which may shorten the weighted average life of such securities and may lower their return. In addition, asset backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.

Asset-backed securities may be subject to greater risk of default during periods of economic downturn than other securities, which could result in possible losses to a portfolio. In addition, the secondary market for asset-backed securities may not be as liquid as the market for other securities which may result in a portfolio's experiencing difficulty in selling or valuing asset-backed securities.

**Corporate Debt Securities**

Corporate debt securities exist in great variety, differing from one another in quality, maturity, and call or other provisions. Lower-grade bonds, whether rated or unrated, usually offer higher interest income, but also carry increased risk of default. Corporate bonds may be secured or unsecured, senior to or subordinated to other debt of the issuer, and, occasionally, may be guaranteed by another entity. In addition, they may carry other features, such as those described under "Convertible Securities" and "Variable or Floating Rate Securities," or have special features such as the right of the holder to shorten or lengthen the maturity of a given debt instrument, rights to purchase additional securities, rights to elect from among two or more currencies in which to receive interest or principal payments, or provisions permitting the holder to participate in earnings of the issuer or to participate in the value of some specified commodity, financial index, or other measure of value.

**Commercial Paper**

Commercial paper refers to short-term unsecured promissory notes issued by commercial and industrial corporations to finance their current operations. Commercial paper may be issued at a discount and redeemed at par, or issued at par with interest added at maturity. The interest or discount rate depends on general interest rates, the credit standing of the issuer, and the maturity of the note, and generally moves in tandem with rates on large CDs and Treasury bills. An established secondary market exists for commercial paper, particularly that of stronger issuers which are rated by Moody's Investors Service ("Moody's") and Standard & Poor's Rating Group ("S&P"). Investments in commercial paper are subject to the risks that general interest rates will rise, that the credit standing or rating of the issuer will fall, or that the secondary market in the issuer's notes will become too limited to permit their liquidation at a reasonable price.

Commercial paper includes asset-backed commercial paper ("ABCP") that is issued by structured investment vehicles or other conduits. These conduits may be sponsored by mortgage companies, investment banking firms, finance companies, hedge funds, private equity firms and special purpose finance entities. ABCP typically refers to a debt security with an original term to maturity of up to 270 days, the payment of which is supported by cash flows from underlying assets, or one or more liquidity or credit support providers, or both. Assets backing ABCP, which may be included in revolving pools of assets with large numbers of obligors, include credit card, car loan and other consumer receivables and home or commercial mortgages, including subprime mortgages. The repayment of ABCP issued by a conduit depends primarily on the cash collections received from the conduit's underlying asset portfolio and the conduit's ability to issue new ABCP. Therefore, there could be losses to a portfolio investing in ABCP in the event of credit or market value deterioration in the conduit's underlying portfolio, mismatches in the timing of the cash flows of the underlying asset interests and the repayment obligations of maturing ABCP, or the conduit's inability to issue new ABCP. To protect investors from these risks, ABCP programs may be structured with various protections, such as credit enhancement, liquidity support, and commercial paper stop-issuance and wind-down triggers. However, there can be no guarantee that these protections will be sufficient to prevent losses to investors in ABCP.

Some ABCP programs provide for an extension of the maturity date of the ABCP if, on the related maturity date, the conduit is unable to access sufficient liquidity through the issue of additional ABCP. This may delay the sale of the underlying collateral, and a portfolio may incur a loss if the value of the collateral deteriorates during the extension period. Alternatively, if collateral for ABCP deteriorates in value, the collateral may be required to be sold at inopportune times or at prices insufficient to repay the principal and interest on the ABCP. ABCP programs may provide for the issuance of subordinated notes as an additional form of credit enhancement. The subordinated notes are typically of a lower credit quality and have a higher risk of default. A portfolio purchasing these subordinated notes will therefore have a higher likelihood of loss than investors in the senior notes.

**Bank Obligations**

Bank obligations include dollar-denominated CDs, time deposits and bankers' acceptances and other short-term debt obligations issued by domestic banks, foreign subsidiaries or foreign branches of domestic banks, domestic and foreign branches of foreign banks, domestic savings and loan associations and other banking institutions. CDs are short-term, unsecured, negotiable obligations of commercial banks. Time deposits are non-negotiable deposits maintained in banks for specified periods of time at stated interest rates. Bankers' acceptances are negotiable time drafts drawn on commercial banks usually in connection with international transactions.

Domestic commercial banks organized under federal law are supervised and examined by the Comptroller of the Currency and are required to be members of the Federal Reserve System and to be insured by the Federal Deposit Insurance Corporation ("FDIC"). Domestic banks organized under state law are supervised and examined by state banking authorities, but are members of the Federal Reserve System only if they elect to join. Most state institutions are insured by the FDIC (although such insurance may not be of material benefit to a portfolio, depending upon the principal amount of obligations of each held by the portfolio) and are subject to federal examination and to a substantial

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body of federal law and regulation. As a result of federal and state laws and regulations, domestic banks are, among other things, generally required to maintain specified levels of reserves and are subject to other supervision and regulation designed to promote financial soundness. However, not all of such laws and regulations apply to the foreign branches of domestic banks.

Obligations of foreign branches and subsidiaries of domestic banks and domestic and foreign branches of foreign banks, such as CDs and time deposits, may be general obligations of the parent bank in addition to the issuing branch, or may be limited by the terms of a specific obligation and governmental regulation. Such obligations are subject to different risks than are those of domestic banks or domestic branches of foreign banks. These risks include foreign economic and political developments, foreign governmental restrictions that may adversely affect payment of principal and interest on the obligations, foreign exchange controls and foreign withholding and other taxes on interest income. Foreign branches of domestic banks and foreign branches of foreign banks are not necessarily subject to the same or similar regulatory requirements that apply to domestic banks, such as mandatory reserve requirements, loan limitations and accounting, auditing and financial recordkeeping requirements. In addition, less information may be publicly available about a foreign branch of a domestic bank or about a foreign bank than about a domestic bank.

Obligations of domestic branches of foreign banks may be general obligations of the parent bank, in addition to the issuing branch, or may be limited by the terms of a specific obligation and by state and federal regulation as well as governmental action in the country in which the foreign bank has its head office. A domestic branch of a foreign bank with assets in excess of $1 billion may or may not be subject to reserve requirements imposed by the Federal Reserve System or by the state in which the branch is located if the branch is licensed in that state. In addition, branches licensed by the Comptroller of the Currency and branches licensed by certain states ("State Branches") may or may not be required to: (i) pledge to the regulator, by depositing assets with a designated bank within the state; and (ii) maintain assets within the state in an amount equal to a specified percentage of the aggregate amount of liabilities of the foreign bank payable at or through all of its agencies or branches within the state. The deposits of State Branches may not necessarily be insured by the FDIC. In addition, there may be less publicly available information about a domestic branch of a foreign bank than about a domestic bank.

The portfolios have established certain minimum credit quality standards for bank obligations in which they invest.

**Bank Capital Securities:** Bank capital securities are issued by banks to help fulfill their regulatory capital requirements. There are two common types of bank capital: Tier I and Tier II. Bank capital is generally, but not always, of investment grade quality. Tier I securities often take the form of trust preferred securities. Tier II securities are commonly thought of as hybrids of debt and preferred stock, are often perpetual (with no maturity date), callable and, under certain conditions, allow for the issuer bank to withhold payment of interest until a later date.

**Collateralized Debt Obligations**

Collateralized debt obligations ("CDOs") include collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust or other special purpose entity ("SPE") which is typically backed by a diversified pool of fixed-income securities (which may include high-risk, below-investment-grade securities). A CLO is a trust or other SPE that is 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. Although certain CDOs may receive credit enhancement in the form of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be present, and may fail to protect a portfolio against the risk of loss on default of the collateral. Certain CDOs may use derivatives contracts to create "synthetic" exposure to assets rather than holding such assets directly. CDOs may charge management fees and administrative expenses, which are in addition to those of a portfolio.

For both CBOs and CLOs, the cashflows from the SPE are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche, which bears the first loss from defaults from the bonds or loans in the SPE and serves to protect the other, more senior tranches from default (though such protection is not complete). Since it is partially protected from defaults, a senior tranche from a CBO trust or CLO trust typically has higher ratings and lower yields than its underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of subordinate tranches, market anticipation of defaults, as well as investor aversion to CBO or CLO securities as a class. Interest on certain tranches of a CDO may be paid in kind (paid in the form of obligations of the same type rather than cash), which involves continued exposure to default risk with respect to such payments.

The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a portfolio invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be characterized by a portfolio as illiquid investments. However, an active dealer market may exist for CDOs allowing a CDO to qualify for Rule 144A transactions. In addition to the risks typically associated with fixed-income securities discussed elsewhere in this SAI and a portfolio's prospectus (e.g., interest rate risk and credit risk), CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the collateral may decline in value or default; (iii) a portfolio may invest in tranches of CDOs that are subordinate to other tranches; (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results; and (v) the CDO's manager may perform poorly.

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**Zero Coupon, Step Coupon, Deferred Payment, Stripped and Pay-In-Kind Securities**

Zero coupon bonds are issued and traded at a discount from their face values. They do not entitle the holder to any periodic payment of interest prior to maturity. Step coupon bonds are issued and trade at a discount from their face values and pay coupon interest. The coupon rate typically is low for an initial period and then increases to a higher coupon rate thereafter. Deferred payment securities are securities that remain zero coupon securities until a predetermined date, at which time the stated coupon rate becomes effective and interest becomes payable at regular intervals. The discount from the face amount or par value depends on the time remaining until cash payments begin, prevailing interest rates, liquidity of the security and the perceived credit quality of the issuer. Stripped securities are securities that are stripped of their interest after the securities are issued, but otherwise are comparable to zero coupon bonds. Pay-in-kind securities may pay all or a portion of their interest or dividends in the form of additional securities. Upon maturity, the holder is entitled to receive the aggregate par value of the securities.

Federal income tax law requires holders of zero coupon, step coupon and deferred payment securities to report the portion of the original issue discount on such securities that accrues that year as interest income, even if prior to the receipt of the corresponding cash payment. In order to avoid a portfolio-level tax, a portfolio must distribute each year substantially all of its taxable income, including original issue discount accrued on zero coupon, step coupon or deferred payment securities. Because a portfolio may not receive full or even any cash payments on a current basis in respect of accrued original-issue discount on zero coupon, step coupon or deferred payment securities, in some years a portfolio may have to distribute cash obtained from other sources in order to satisfy those distribution requirements. A portfolio might obtain such cash from selling other portfolio holdings. These actions may reduce the assets to which a portfolio's expenses could be allocated and may reduce the rate of return for the portfolio. In some circumstances, such sales might be necessary in order to satisfy cash distribution requirements even though investment considerations might otherwise make it undesirable for the portfolio to sell the securities at the time.

Generally, the market prices of zero coupon, step coupon, deferred payment, stripped and pay-in-kind securities are more volatile than the prices of securities that pay interest periodically and in cash and are likely to respond to changes in interest rates to a greater degree than other types of debt securities having similar maturities and credit quality. Investments in zero coupon and step coupon bonds may be more speculative and subject to greater fluctuations in value because of changes in interest rates than bonds that pay interest currently.

**Repurchase Agreements**

In a repurchase agreement, a portfolio 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 reflects the purchase price plus an agreed-upon incremental amount which typically is unrelated to the coupon rate or maturity of the purchased security and represents compensation to the seller for use 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. All repurchase agreements entered into by a portfolio are fully collateralized at all times during the period of the agreement.

Repurchase agreements involve the risk that the seller will fail to repurchase the security, as agreed. In that case, a portfolio will bear the risk of market value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. Repurchase agreements involve risks in the event of default or insolvency of the other party, including possible delays or restrictions upon a portfolio's ability to dispose of the underlying securities, the risk of a possible decline in the value of the underlying securities during the period in which the portfolio seeks to assert its right to them, the risk of incurring expenses associated with asserting those rights and the risk of losing all or part of the income from the agreement.

A portfolio may, together with other registered investment companies managed by the portfolio's sub-adviser or its affiliates, transfer uninvested cash balances into a single joint account, the daily aggregate balance of which will be invested in one or more repurchase agreements, including tri-party subcustody repurchase arrangements.

**Convertible Securities**

Convertible securities are fixed-income securities that may be converted at either a stated price or stated rate into underlying shares of common stock. Convertible securities have general characteristics similar to both fixed-income and equity securities. Although to a lesser extent than with fixed-income securities generally, the market value of convertible securities tends to decline as interest rates increase and, conversely, tends to increase as interest rates decline. In addition, because of the conversion feature, the market value of convertible securities tends to vary with fluctuations in the market value of the underlying common stocks and, therefore, also will react to variations in the general market for equity securities. A significant feature of convertible securities is that as the market price of the underlying common stock declines, convertible securities tend to trade increasingly on a yield basis, and so they may not experience market value declines to the same extent as the underlying common stock. When the market price of the underlying common stock increases, the prices of the convertible securities tend to rise as a reflection of the value of the underlying common stock.

As fixed-income securities, convertible securities provide for a stream of income. The yields on convertible securities generally are higher than those of common stocks. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. However, a convertible security offers the potential for capital appreciation through the conversion feature, enabling the holder to benefit from increases in the market price of the underlying common stock.

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Convertible securities generally are subordinated to other similar but non-convertible securities of the same issuer, although convertible bonds, as corporate debt obligations, enjoy seniority in right of payment to all equity securities, and convertible preferred stock is senior to common stock of the same issuer. Because of the subordination feature, however, convertible securities typically have lower ratings than similar non-convertible securities.

DECS ("Dividend Enhanced Convertible Stock," or "Debt Exchangeable for Common Stock" when-issued as a debt security) offer a substantial dividend advantage with the possibility of unlimited upside potential if the price of the underlying common stock exceeds a certain level. DECS convert to common stock at maturity. The amount received is dependent on the price of the common stock at the time of maturity. DECS contain two call options at different strike prices. The DECS participate with the common stock up to the first call price. They are effectively capped at that point unless the common stock rises above a second price point, at which time they participate with unlimited upside potential.

PERCS ("Preferred Equity Redeemable Stock," convert into an equity issue that pays a high cash dividend, has a cap price and mandatory conversion to common stock at maturity) offer a substantial dividend advantage, but capital appreciation potential is limited to a predetermined level. PERCS are less risky and less volatile than the underlying common stock because their superior income mitigates declines when the common stock falls, while the cap price limits gains when the common stock rises.

In evaluating investment in a convertible security, primary emphasis will be given to the attractiveness of the underlying common stock. The convertible debt securities in which a portfolio may invest are subject to the same rating criteria as the portfolio's investment in non-convertible debt securities.

A portfolio will limit its holdings of convertible debt securities to those that, at the time of purchase, are rated at least B- by S&P or B3 by Moody's or B- by Fitch, Inc., or, if not rated by S&P, Moody's or Fitch, are of equivalent investment quality as determined by the sub-adviser.

**High Yield Securities**

Debt securities rated below investment grade (lower than Baa as determined by Moody's, lower than BBB as determined by S&P or Fitch, Inc.) or, if unrated, determined to be below investment grade by a portfolio's sub-adviser, are commonly referred to as "lower grade debt securities" or "junk bonds." Generally, such securities offer a higher current yield than is offered by higher rated securities, but also are predominantly speculative with respect to the issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations. The market values of certain of these securities also tend to be more sensitive to individual corporate developments and changes in economic conditions than higher quality bonds. In addition, medium and lower rated securities and comparable unrated securities generally present a higher degree of credit risk. Lower grade debt securities generally are unsecured and frequently subordinated to the prior payment of senior indebtedness. In addition, the market value of securities in lower rated categories is more volatile than that of higher quality securities, and the markets in which medium and lower rated securities are traded are more limited than those in which higher rated securities are traded. The existence of limited markets may make it more difficult for a portfolio to obtain accurate market quotations for purposes of valuing its securities and calculating its net asset value. Moreover, the lack of a liquid trading market may restrict the availability of securities for a portfolio to purchase and may also have the effect of limiting the ability of a portfolio to sell securities at their fair value either to meet redemption requests or to respond to changes in the economy or the financial markets.

Lower rated debt securities also present risks based on payment expectations. If an issuer calls the obligation for redemption, a portfolio may have to replace the security with a lower yielding security, resulting in a decreased return for investors. Also, the principal value of bonds moves inversely with movements in interest rates; in the event of rising interest rates, the value of the securities held by a portfolio may decline more than a portfolio consisting of higher rated securities. If a portfolio experiences unexpected net redemptions, it may be forced to sell its higher rated bonds, resulting in a decline in the overall credit quality of the securities held by the portfolio and increasing the exposure of the portfolio to the risks of lower rated securities.

Subsequent to its purchase by a portfolio, an issue of securities may cease to be rated or its rating may be reduced below the minimum required for purchase by a portfolio. Neither event will require sale of these securities by a portfolio, but a sub-adviser will consider the event in determining whether the portfolio should continue to hold the security.

Except for certain portfolios, a portfolio's investments in convertible debt securities and other high-yield, non-convertible debt securities rated below investment grade will comprise less than 35% of the portfolio's net assets. Debt securities rated below the four highest categories are not considered "investment-grade" obligations.

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**Distressed Debt Securities**

Distressed debt securities are debt securities that are purchased in the secondary market and are the subject of bankruptcy proceedings or otherwise in default as to the repayment of principal and/or interest at the time of acquisition by a portfolio or are rated in the lower rating categories (Ca or lower by Moody's and CC or lower by S&P) or which, if unrated, are in the judgment of a sub-adviser of equivalent quality. Investment in distressed debt securities is speculative and involves significant risk. The risks associated with high-yield securities are heightened by investing in distressed debt securities.

A portfolio will generally make such investments only when the portfolio's sub-adviser believes it is reasonably likely that the issuer of the distressed debt securities will make an exchange offer or will be the subject of a plan of reorganization pursuant to which the portfolio will receive new securities (e.g., equity securities). However, there can be no assurance that such an exchange offer will be made or that such a plan of reorganization will be adopted. In addition, a significant period of time may pass between the time at which a portfolio makes its investment in distressed debt securities and the time that any such exchange offer or plan of reorganization is completed. During this period, it is unlikely that the portfolio will receive any interest payments on the distressed debt securities, the portfolio will be subject to significant uncertainty as to whether or not the exchange offer or plan will be completed and the portfolio may be required to bear certain extraordinary expenses to protect or recover its investment. Even if an exchange offer is made or plan of reorganization is adopted with respect to the distressed debt securities held by a portfolio, there can be no assurance that the securities or other assets received by the portfolio in connection with such exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made. Moreover, any securities received by the portfolio upon completion of an exchange offer or plan of reorganization may be restricted as to resale. As a result of a portfolio's participation in negotiations with respect to any exchange offer or plan of reorganization with respect to an issuer of distressed debt securities, the portfolio may be restricted from disposing of such securities.

**Defaulted Securities**

Defaulted securities are debt securities on which the issuer is not currently making interest payments. Generally, a portfolio will invest in defaulted securities only when its sub-adviser believes, based upon analysis of the financial condition, results of operations and economic outlook of an issuer, that there is potential for resumption of income payments, that the securities offer an unusual opportunity for capital appreciation or that other advantageous developments appear likely in the future. Notwithstanding a sub-adviser's belief as to the resumption of income payments, however, the purchase of any security on which payment of interest or dividends is suspended involves a high degree of risk. Such risk includes, among other things, the following:

Investments in securities that are in default involve a high degree of financial and market risks that can result in substantial, or at times even total, losses. Issuers of defaulted securities may have substantial capital needs and may become involved in bankruptcy or reorganization proceedings. Among the problems involved in investments in such issuers is the fact that it may be difficult to obtain information about the condition of such issuers. The market prices of such securities also are subject to abrupt and erratic movements and above average price volatility, and the spread between the bid and asked prices of such securities may be greater than normally expected.

A portfolio will limit holdings of any such securities to amounts that its sub-adviser (if applicable) believes could be readily sold, and its holdings of such securities would, in any event, be limited so as not to limit the portfolio's ability to readily dispose of securities to meet redemptions.

**Structured Notes and Related Instruments**

"Structured" notes and other related instruments are privately negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a benchmark asset, market or interest rate (an "embedded index"), such as selected securities, an index of securities or specified interest rates, or the differential performance of two assets or markets, such as indexes reflecting bonds. Structured instruments may be issued by corporations, including banks, as well as by governmental agencies and frequently are assembled in the form of medium-term notes, but a variety of forms is available and may be used in particular circumstances. The terms of such structured instruments normally provide that their principal and/or interest payments are to be adjusted upwards or downwards (but ordinarily not below zero) to reflect changes in the embedded index while the instruments are outstanding. As a result, the interest and/or principal payments that may be made on a structured product may vary widely, depending on a variety of factors, including the volatility of the embedded index and the effect of changes in the embedded index on principal and/or interest payments. The rate of return on structured notes may be determined by applying a multiplier to the performance or differential performance of the referenced index(es) or other asset(s). Application of a multiplier involves leverage that will serve to magnify the potential for gain and the risk of loss. Investment in indexed securities and structured notes involves certain risks, including the credit risk of the issuer and the normal risks of price changes in response to changes in interest rates. Further, in the case of certain indexed securities or structured notes, a decline in the reference instrument may cause the interest rate to be reduced to zero, and any further declines in the reference instrument may then reduce the principal amount payable on maturity. Finally, these securities may be less liquid than other types of securities, and may be more volatile than their underlying reference instruments.

**U.S. Government Securities**

U.S. Government obligations generally include direct obligations of the U.S. Treasury (such as U.S. Treasury bills, notes, and bonds) and obligations issued or guaranteed by U.S. government agencies or instrumentalities. Examples of the types of U.S. government securities that a portfolio may hold include the Federal Housing Administration, Small Business Administration, General Services Administration, Federal Farm Credit Banks, Federal Intermediate Credit Banks, and Maritime Administration. U.S. government securities may be supported by the

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full faith and credit of the U.S. government (such as securities of the Small Business Administration); by the right of the issuer to borrow from the U.S. Treasury (such as securities of the Federal Home Loan Bank); by the discretionary authority of the U.S. government to purchase the agency's obligations (such as securities of Fannie Mae); or only by the credit of the issuing agency.

Examples of agencies and instrumentalities which may not always receive financial support from the U.S. government are: Federal Land Banks; Central Bank for Cooperatives; Federal Intermediate Credit Banks; Federal Home Loan Banks; Farmers Home Administration; and Fannie Mae.

Obligations guaranteed by U.S. government agencies or government-sponsored entities include issues by non-government-sponsored entities (like financial institutions) that carry direct guarantees from U.S. government agencies as part of government initiatives in response to the market crisis or otherwise. In the case of obligations not backed by the full faith and credit of the U.S., a portfolio must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment and may not be able to assert a claim against the U.S. itself in the event the agency or instrumentality does not meet its commitments. Neither the U.S. government nor any of its agencies or instrumentalities guarantees the market value of the securities they issue. Therefore, the market value of such securities will fluctuate in response to changes in interest rates.

On August 5, 2011, S&P lowered the long-term sovereign credit rating assigned to the U.S. to AA+ with a negative outlook. On June 10, 2013, S&P revised the negative outlook to a stable outlook. The long-term impact of the downgrade or the impact of any potential future downgrades are unknown and could negatively impact the portfolios.

**Variable and Floating Rate Securities**

Variable and floating rate securities provide for a periodic adjustment in the interest rate paid on the obligations. The terms of such obligations provide that interest rates are adjusted periodically based upon an interest rate adjustment index as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event-based, such as based on a change in the prime rate.

The interest rate on a floating rate debt instrument (a "floater") is a variable rate which is tied to another interest rate, such as a corporate bond index or Treasury bill rate. The interest rate on a floater resets periodically, typically every six months. Because of the interest rate reset feature, floaters may provide a portfolio with a certain degree of protection against rising interest rates, although a portfolio will participate in any declines in interest rates as well. A credit spread trade is an investment position relating to a difference in the prices or interest rates of two bonds or other securities or currencies, where the value of the investment position is determined by movements in the difference between the prices or interest rates, as the case may be, of the respective securities or currencies.

The interest rate on an inverse floating rate debt instrument (an "inverse floater") resets in the opposite direction from the market rate of interest to which the inverse floater is indexed. An inverse floating rate security may exhibit greater price volatility than a fixed rate obligation of similar credit quality.

A floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher degree of leverage inherent in some floaters is associated with greater volatility in their market values.

Such 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. The absence of an active secondary market with respect to particular variable and floating rate instruments could make it difficult for a portfolio to dispose of a variable or floating rate note if the issuer defaulted on its payment obligation or during periods that a portfolio is not entitled to exercise its demand rights, and a portfolio could, for these or other reasons, suffer a loss with respect to such instruments. In determining average-weighted portfolio maturity, an instrument will be deemed to have a maturity equal to either the period remaining until the next interest rate adjustment or the time a portfolio involved can recover payment of principal as specified in the instrument, depending on the type of instrument involved.

Variable rate master demand notes are unsecured commercial paper instruments that permit the indebtedness thereunder to vary and provide for periodic adjustment in the interest rate. Because variable rate master demand notes are direct lending arrangements between a portfolio and the issuer, they are not normally traded.

Although no active secondary market may exist for these notes, a portfolio may demand payment of principal and accrued interest at any time or may resell the note to a third party. While the notes are not typically rated by credit rating agencies, issuers of variable rate master demand notes must satisfy a sub-adviser that the ratings are within the two highest ratings of commercial paper.

In addition, when purchasing variable rate master demand notes, a sub-adviser will consider the earning power, cash flows, and other liquidity ratios of the issuers of the notes and will continuously monitor their financial status and ability to meet payment on demand.

In the event an issuer of a variable rate master demand note defaulted on its payment obligations, a portfolio might be unable to dispose of the note because of the absence of a secondary market and could, for this or other reasons, suffer a loss to the extent of the default.

**Municipal Securities**

Municipal securities generally include debt obligations (bonds, notes or commercial paper) issued by or on behalf of any of the 50 states and their political subdivisions, agencies and public authorities, certain other governmental issuers (such as Puerto Rico, the U.S. Virgin Islands

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and Guam) or other qualifying issuers, participation or other interests in these securities and other related investments. Although the interest paid on municipal securities is generally excluded from gross income, a portfolio's distributions of interest paid on municipal securities will be subject to tax when distributed to taxable shareholders unless the portfolio reports the distributions as exempt-interest dividends.

Municipal securities are 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, gas, and electric utilities. They may also be issued to refund outstanding obligations, to obtain funds for general operating expenses, or to obtain funds to loan to other public institutions and facilities and in anticipation of the receipt of revenue or the issuance of other obligations.

The two principal classifications of municipal securities are "general obligation" securities and "limited obligation" or "revenue" securities. General obligation securities are secured by a municipal issuer's pledge of its full faith, credit, and taxing power for the payment of principal and interest. Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest and the repayment of principal when due is affected by the issuer's maintenance of its tax base. Revenue securities are payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue source. Accordingly, the timely payment of interest and the repayment of principal in accordance with the terms of the revenue security is a function of the economic viability of the facility or revenue source. Revenue securities include private activity bonds (described below) which are not payable from the unrestricted revenues of the issuer. Consequently, the credit quality of private activity bonds is usually directly related to the credit standing of the corporate user of the facility involved. Municipal securities may also include "moral obligation" bonds, which are normally issued by special purpose public authorities. If the issuer of moral obligation bonds is unable to meet its debt service obligations from current revenues, it may draw on a reserve fund the restoration of which is a moral commitment but not a legal obligation of the state or municipality which created the issuer.

**Private Activity Bonds:** Private activity bonds are issued by or on behalf of public authorities to provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing construction of privately operated industrial facilities, such as warehouse, office, plant and storage facilities and environmental and pollution control facilities. Such bonds are secured primarily by revenues derived from loan repayments or lease payments due from the entity, which may or may not be guaranteed by a parent company or otherwise secured. Private activity bonds generally are not secured by a pledge of the taxing power of the issuer of such bonds. Therefore, repayment of such bonds generally depends on the revenue of a private entity. The continued ability of an entity to generate sufficient revenues for the payment of principal and interest on such bonds will be affected by many factors, including the size of the entity, its capital structure, demand for its products or services, competition, general economic conditions, government regulation and the entity's dependence on revenues for the operation of the particular facility being financed.

Interest income on certain types of private activity bonds issued after August 7, 1986 to finance non-governmental activities is a specific tax preference item for purposes of the federal alternative minimum tax ("AMT" applicable to individuals). Bonds issued in 2009 and 2010 generally are not treated as private activity bonds, and interest earned on such bonds generally is not treated as a tax preference item. Investors may be subject to a federal AMT to the extent that the portfolio derives interest from private activity bonds. Although exempt-interest dividends derived from interest income on tax-exempt municipal obligations are generally a component of the "current earnings" adjustment item for purposes of the federal corporate AMT, exempt-interest dividends derived from interest income on municipal obligations issued in 2009 and 2010 generally are not included in the current earnings adjustment.

**Industrial Development Bonds:** Industrial development bonds ("IDBs") are issued by public authorities to obtain funds to provide financing for privately-operated facilities for business and manufacturing, housing, sports, convention or trade show facilities, airport, mass transit, port and parking facilities, air or water pollution control facilities, and certain facilities for water supply, gas, electricity or sewerage or solid waste disposal. Although IDBs are issued by municipal authorities, the payment of principal and interest on IDBs is dependent 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 the real and personal property being financed as security for such payments. IDBs are considered municipal securities if the interest paid is exempt from regular federal income tax. Interest earned on IDBs may be subject to the federal AMT applicable to individuals.

**Municipal Notes:** Municipal notes are short-term debt obligations issued by municipalities which normally have a maturity at the time of issuance of six months to three years. Such notes include tax anticipation notes, bond anticipation notes, revenue anticipation notes and project notes. Notes sold in anticipation of collection of taxes, a bond sale or receipt of other revenues are normally obligations of the issuing municipality or agency.

**Municipal Commercial Paper:** Municipal commercial paper is short-term debt obligations issued by municipalities. Although done so infrequently, municipal commercial paper may be issued at a discount (sometimes referred to as Short-Term Discount Notes). These obligations are issued to meet seasonal working capital needs of a municipality or interim construction financing and are paid from a municipality's general revenues or refinanced with long-term debt. Although the availability of municipal commercial paper has been limited, from time to time the amounts of such debt obligations offered have increased, and this increase may continue.

**Participation Interests:** A participation interest in municipal obligations (such as private activity bonds and municipal lease obligations) gives a portfolio an undivided interest in the municipal obligation in the proportion that the portfolio's participation interest bears to the total principal amount of the municipal obligation. Participation interests in municipal obligations may be backed by an irrevocable letter of credit or guarantee of, or a right to put to, a bank (which may be the bank issuing the participation interest, a bank issuing a confirming letter of credit to that of the issuing bank, or a bank serving as agent of the issuing bank with respect to the possible repurchase of the participation interest) or insurance policy of an insurance company. A portfolio has the right to sell the participation interest back to the institution or draw

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on the letter of credit or insurance after a specified period of notice, for all or any part of the full principal amount of the portfolio's participation in the security, plus accrued interest. Purchase of a participation interest may involve the risk that a portfolio will not be deemed to be the owner of the underlying municipal obligation for purposes of the ability to claim tax exemption of interest paid on that municipal obligation.

**Variable Rate Obligations:** The interest rate payable on a variable rate municipal obligation is adjusted either at predetermined periodic intervals or whenever there is a change in the market rate of interest upon which the interest rate payable is based. A variable rate obligation may include a demand feature pursuant to which a portfolio would have the right to demand prepayment of the principal amount of the obligation prior to its stated maturity. The issuer of the variable rate obligation may retain the right to prepay the principal amount prior to maturity.

**Municipal Lease Obligations:** Municipal lease obligations may take the form of a lease, an installment purchase or a conditional sales contract. Municipal lease obligations are issued by state and local governments and authorities to acquire land, equipment and facilities such as state and municipal vehicles, telecommunications and computer equipment, and other capital assets. Interest payments on qualifying municipal leases are exempt from federal income taxes. A portfolio may purchase these obligations directly, or they may purchase participation interests in such obligations. Municipal leases are generally subject to greater risks than general obligation or revenue bonds. State laws set forth requirements that states or municipalities must meet in order to issue municipal obligations; and such obligations may contain a covenant by the issuer to budget for, appropriate, and make payments due under the obligation. However, certain municipal lease obligations may contain "non-appropriation" clauses which provide that the issuer is not obligated to make payments on the obligation in future years unless funds have been appropriated for this purpose each year. Accordingly, such obligations are subject to "non-appropriation" risk. While municipal leases are secured by the underlying capital asset, it may be difficult to dispose of such assets in the event of non-appropriation or other default.

**Tax-Exempt Commercial Paper:** Tax-exempt commercial paper is a short-term obligation with a stated maturity of 270 days or less. It is issued by state and local governments or their agencies to finance seasonal working capital needs or as short term financing in anticipation of longer term financing. While tax-exempt commercial paper is intended to be repaid from general revenues or refinanced, it frequently is backed by a letter of credit, lending arrangement, note repurchase agreement or other credit facility agreement offered by a bank or financial institution.

**Custodial Receipts and Certificates:** Custodial receipts or certificates underwritten by securities dealers or banks evidence ownership of future interest payments, principal payments or both on certain municipal obligations. The underwriter of these certificates or receipts typically purchases municipal obligations and deposits the obligations in an irrevocable trust or custodial account with a custodian bank, which then issues receipts or certificates that evidence ownership of the periodic unmatured coupon payments and the final principal payment on the obligations. Although under the terms of a custodial receipt, a portfolio would be typically authorized to assert its rights directly against the issuer of the underlying obligation, a portfolio could be required to assert through the custodian bank those rights as may exist against the underlying issuer. Thus, in the event the underlying issuer fails to pay principal and/or interest when due, the portfolio may be subject to delays, expenses and risks that are greater than those that would have been involved if the portfolio had purchased a direct obligation of the issuer. In addition, in the event that the trust or custodial account in which the underlying security has been deposited is determined to be an association taxable as a corporation, instead of a non-taxable entity, the yield on the underlying security would be reduced in recognition of any taxes paid.

**Stand-By Commitments:** Under a stand-by commitment a dealer agrees to purchase, at a portfolio's option, specified municipal obligations held by the portfolio at a specified price and, in this respect, stand-by commitments are comparable to put options. A stand-by commitment entitles the holder to achieve same day settlement and to receive an exercise price equal to the amortized cost of the underlying security plus accrued interest, if any, at the time of exercise. A portfolio will be subject to credit risk with respect to an institution providing a stand-by commitment and a decline in the credit quality of the institution could cause losses to the portfolio.

**Tender Option Bonds:** A tender option bond is a municipal bond (generally held pursuant to a custodial arrangement) having a relatively long maturity and bearing interest at a fixed rate substantially higher than prevailing short-term tax-exempt rates, that has been coupled with the agreement of a third party, such as a financial institution, pursuant to which such institution grants the security holders the option, at

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periodic intervals, to tender their securities to the institution and receive the face value thereof. As consideration for providing the option, the institution generally receives periodic fees equal to the difference between the municipal bond's fixed coupon rate and the rate, as determined by a remarketing or similar agent, that would cause the securities, coupled with the tender option, to trade at par. Thus, after payment of this fee, the security holder would effectively hold a demand obligation that bears interest at the prevailing short-term tax-exempt rate.

**Loan Participations and Assignments**

Loan participations typically represent direct participation in a loan to a corporate borrower, and generally are offered by banks or other financial institutions or lending syndicates. A portfolio may participate in such syndications, or can buy part of a loan, becoming a lender. A portfolio's investment in a loan participation typically will result in the portfolio having a contractual relationship only with the lender and not with the borrower. A portfolio will have the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing a participation, a portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any right of set-off against the borrower, and the portfolio may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, a portfolio may be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, a portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower. Some loans may be secured in whole or in part by assets or other collateral. In other cases, loans may be unsecured or may become undersecured by declines in the value of assets or other collateral securing such loan.

When a portfolio purchases a loan assignment from lenders, it will acquire direct rights against the borrowers on the loan. Because assignments are arranged through private negotiations between potential assignees and potential assignors, however, the rights and obligations acquired by a portfolio as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender.

Certain of the participations or assignments acquired by a portfolio may involve unfunded commitments of the lenders or revolving credit facilities under which a borrower may from time to time borrow and repay amounts up to the maximum amount of the facility. In such cases, the portfolio would have an obligation to advance its portion of such additional borrowings upon the terms specified in the loan documentation. A portfolio may acquire loans of borrowers that are experiencing, or are more likely to experience, financial difficulty, including loans of borrowers that have filed for bankruptcy protection. Although loans in which a portfolio may invest generally will be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower's obligation in the event of nonpayment of scheduled interest or principal, or that such collateral could be readily liquidated. In the event of bankruptcy of a borrower, a portfolio could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a senior loan.

Because there is no liquid market for commercial loans, the portfolios anticipate that such securities could be sold only to a limited number of institutional investors. The lack of a liquid secondary market may have an adverse impact on the value of such securities and a portfolio's ability to dispose of particular assignments or participations when necessary to meet redemptions of portfolio shares, to meet the portfolio's liquidity needs or when necessary in response to a specific economic event, such as deterioration in the creditworthiness of the borrower. The lack of a liquid secondary market also may make it more difficult for a portfolio to assign a value to those securities for purposes of valuing the portfolio's investments and calculating its net asset value.

Investments in loans through a direct assignment of the financial institution's interests with respect to the loan may involve additional risks to a portfolio. For example, if a loan is foreclosed, a portfolio could become part owner of any collateral, and would bear the costs and liabilities associated with owning and disposing of the collateral. In addition, it is conceivable that under emerging legal theories of lender liability, a portfolio could be held liable as co-lender. It is unclear whether loans and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. In the absence of definitive regulatory guidance, a portfolio relies on its sub-adviser's research in an attempt to avoid situations where fraud or misrepresentation could adversely affect the portfolio.

**Subordinated Securities**

Subordinated securities are subordinated or "junior" to more senior securities of the issuer, or which represent interests in pools of such subordinated or junior securities. Such securities may include so-called "high yield" or "junk" bonds (i.e., bonds that are rated below investment grade by a rating agency or that are determined by a portfolio's sub-adviser to be of equivalent quality) and preferred stock. Under the terms of subordinated securities, payments that would otherwise be made to their holders may be required to be made to the holders of more senior securities, and/or the subordinated or junior securities may have junior liens, if they have any rights at all, in any collateral (meaning proceeds of the collateral are required to be paid first to the holders of more senior securities). As a result, subordinated or junior securities will be disproportionately adversely affected by a default or even a perceived decline in creditworthiness of the issuer.

**Participation Interests**

A participation interest gives a portfolio an undivided interest in the security in the proportion that the portfolio's participation interest bears to the total principal amount of the security. These instruments may have fixed, floating or variable rates of interest, with remaining maturities of 13 months or less. If the participation interest is unrated, or has been given a rating below that which is permissible for purchase by a portfolio, the participation interest will be backed by an irrevocable letter of credit or guarantee of a bank, or the payment obligation otherwise will be collateralized by U.S. government securities, or, in the case of unrated participation interests, the portfolio's sub-adviser must have determined that the instrument is of comparable quality to those instruments in which the portfolio may invest. For certain

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participation interests, a portfolio will have the right to demand payment, on not more than seven days' notice, for all or any part of the portfolio's participation interest in the security, plus accrued interest. As to these instruments, a portfolio intends to exercise its right to demand payment only upon a default under the terms of the security, as needed to provide liquidity to meet redemptions, or to maintain or improve the quality of its investment portfolio.

**Unsecured Promissory Notes**

A portfolio also may purchase unsecured promissory notes which are not readily marketable and have not been registered under the 1933 Act, provided such investments are consistent with the portfolio's investment objective.

**Guaranteed Investment Contracts**

A portfolio may invest in guaranteed investment contracts ("GICs") issued by insurance companies. Pursuant to such contracts, a portfolio makes cash contributions to a deposit portfolio of the insurance company's general account. The insurance company then credits to the portfolio guaranteed interest. The GICs provide that this guaranteed interest will not be less than a certain minimum rate. The insurance company may assess periodic charges against a GIC for expenses and service costs allocable to it, and the charges will be deducted from the value of the deposit portfolio. Because a portfolio may not receive the principal amount of a GIC from the insurance company on seven days' notice or less, the GIC is considered an illiquid investment. In determining average weighted portfolio maturity, a GIC will be deemed to have a maturity equal to the longer of the period of time remaining until the next readjustment of the guaranteed interest rate or the period of time remaining until the principal amount can be recovered from the issuer through demand.

**Credit-Linked Securities**

Credit-linked securities are issued by a limited purpose trust or other vehicle that, in turn, invests in a basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order to provide exposure to certain high yield or other fixed-income markets. For example, a portfolio may invest in credit-linked securities as a cash management tool in order to gain exposure to the high yield markets and/or to remain fully invested when more traditional income producing securities are not available. Like an investment in a bond, investments in credit-linked securities represent the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the term of the security. However, these payments are conditioned on the trust's receipt of payments from, and the trust's potential obligations to, the counterparties to the derivative instruments and other securities in which the trust invests. For instance, the trust may sell one or more credit default swaps, under which the trust would receive a stream of payments over the term of the swap agreements provided that no event of default has occurred with respect to the referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and the trust would be obligated to pay the counterparty the par (or other agreed upon value) of the referenced debt obligation. This, in turn, would reduce the amount of income and principal that a portfolio would receive as an investor in the trust. A portfolio's investments in these instruments are indirectly subject to the risks associated with derivative instruments, including, among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk and management risk. It is expected that the securities will be exempt from registration under the 1933 Act. Accordingly, there may be no established trading market for the securities and they may constitute illiquid investments.

Certain issuers of structured products may be deemed to be investment companies as defined in the 1940 Act. As a result, a portfolio's investments in these structured products may be subject to limits applicable to investments in investment companies and may be subject to restrictions contained in the 1940 Act.

**Event-Linked Bonds**

A portfolio may invest a portion of its net assets in "event-linked bonds," which are fixed-income securities for which the return of principal and payment of interest is contingent on the non-occurrence of specific "trigger" event, such as a hurricane, earthquake, or other physical or weather-related phenomenon. Some event-linked bonds are commonly referred to as "catastrophe bonds." If a trigger event causes losses exceeding a specific amount in the geographic region and time period specified in a bond, a portfolio investing in the bond may lose a portion or all of its principal invested in the bond. If no trigger event occurs, the portfolio will recover its principal plus interest. For some event-linked bonds, the trigger event or losses may be based on company-wide losses, index-portfolio losses, industry indices, or readings of scientific instruments rather than specified actual losses. Often the event-linked bonds provide for extensions of maturity that are mandatory, or optional at the discretion of the issuer, in order to process and audit loss claims in those cases where a trigger event has, or possibly has, occurred. An extension of maturity may increase volatility. In addition to the specified trigger events, event-linked bonds also may expose a portfolio to certain unanticipated risks including but not limited to issuer risk, credit risk, counterparty risk, adverse regulatory or jurisdictional interpretations, liquidity risk, and adverse tax consequences.

Certain portfolios may invest up to 5% of their net assets in "event-linked bonds".

**Equity Securities and Related Investments**

Equity securities, such as common stock, generally represent an ownership interest in a company. While equity securities have historically generated higher average returns than fixed-income securities, equity securities have also experienced significantly more volatility in those returns. An adverse event, such as an unfavorable earnings report, may depress the value of a particular equity security held by a portfolio. Also, the prices of equity securities, particularly common stocks, are sensitive to general movements in the stock market. A drop in the stock market may depress the price of equity securities held by a portfolio.

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Holders of equity securities are not creditors of the issuer. As such, if an issuer liquidates, holders of equity securities are entitled to their pro rata share of the issuer's assets, if any, after creditors (including the holders of fixed-income securities and senior equity securities) are paid.

There may be little trading in the secondary market for particular equity securities, which may adversely affect a portfolio's ability to value accurately or dispose of such equity securities. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the value and/or liquidity of equity securities.

**Common Stocks:** Common stocks are the most prevalent type of equity security. Common stockholders receive the residual value of the issuer's earnings and assets after the issuer pays its creditors and any preferred stockholders. As a result, changes in an issuer's earnings directly influence the value of its common stock.

**Preferred Stocks:** A portfolio may purchase preferred stock. Preferred stock pays dividends at a specified rate and has preference over common stock in the payment of dividends and the liquidation of an issuer's assets but is junior to the debt securities of the issuer in those same respects. Preferred stock generally pays quarterly dividends. Preferred stocks may differ in many of their provisions. Among the features that differentiate preferred stocks from one another are the dividend rights, which may be cumulative or non-cumulative and participating or non-participating, redemption provisions, and voting rights. Such features will establish the income return and may affect the prospects for capital appreciation or risks of capital loss.

The market prices of preferred stocks are subject to changes in interest rates and are more sensitive to changes in an issuer's creditworthiness than are the prices of debt securities. Shareholders of preferred stock may suffer a loss of value if dividends are not paid. Under ordinary circumstances, preferred stock does not carry voting rights.

**Investments in Initial Public Offerings:** A portfolio may invest in initial public offerings of equity securities. The market for such securities may be more volatile and entail greater risk of loss than investments in more established companies. Investments in initial public offerings may represent a significant portion of a portfolio's investment performance. A portfolio cannot assure that investments in initial public offerings will continue to be available to the portfolio or, if available, will result in positive investment performance. In addition, as a portfolio's portfolio grows in size, the impact of investments in initial public offerings on the overall performance of the portfolio is likely to decrease.

**Warrants and Rights**

A portfolio may invest in warrants and rights. A warrant is a type of security that entitles the holder to buy a given number of common stock at a specified price, usually higher than the market price at the time of issuance, for a period of years or to perpetuity. The purchaser of a warrant expects the market price of the security will exceed the purchase price of the warrant plus the exercise price of the warrant, thus resulting in a profit. Of course, because the market price may never exceed the exercise price before the expiration date of the warrant, the purchaser of the warrant risks the loss of the entire purchase price of the warrant. In contrast, rights, which also represent the right to buy common shares, normally have a subscription price lower than the current market value of the common stock and are offered during a set subscription period.

Warrants and rights are subject to the same market risks as common stocks, but may be more volatile in price. An investment in warrants or rights may be considered speculative. In addition, the value of a warrant or right does not necessarily change with the value of the underlying securities and a warrant or right ceases to have value if it is not exercised prior to its expiration date.

**Derivatives**

The following investments are subject to limitations as set forth in the portfolio's investment restrictions and policies.

A portfolio may utilize options, futures contracts (sometimes referred to as "futures"), options on futures contracts, forward contracts, swaps (including total return swaps, some of which may be known as contracts for difference), swaps on futures contracts, caps, floors, collars, indexed securities, various mortgage-related obligations, structured or synthetic financial instruments and other derivative instruments (collectively, "Financial Instruments"). A portfolio may use Financial Instruments for any purpose, including as a substitute for other investments, to attempt to enhance its portfolio's return or yield and to alter the investment characteristics of its portfolio (including to attempt to mitigate risk of loss in some fashion, or "hedge"). A portfolio may choose not to make use of derivatives for a variety of reasons, and no assurance can be given that any derivatives strategy employed will be successful.

The U.S. government and certain foreign governments have adopted regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. Rule 18f-4 under the 1940 Act governs a portfolio's use of derivative instruments and certain other transactions that create future payment and/or delivery obligations by the portfolio. Rule 18f-4 under the 1940 Act permits a portfolio to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits open-end portfolios, including the portfolios, from issuing or selling any "senior security," other than borrowing from a bank (subject to a requirement to maintain 300% "asset coverage").

Under Rule 18f-4, "Derivatives Transactions" include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which a portfolio is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and non-recourse tender option bonds, and borrowed bonds), if the portfolio

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elects to treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and non-standard settlement cycle securities, unless the portfolio intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.

Rule 18f-4 requires a portfolio that invests in Derivatives Transactions above a specified amount adopt and implement a derivatives risk management program administered by a derivatives risk manager that is appointed by and overseen by the portfolio's Board of Trustees, and comply with an outer limit on portfolio leverage risk based on value at risk. A portfolio that uses Derivative Transactions in a limited amount are considered "limited derivatives users," as defined by Rule 18f-4, will not be subject to the full requirements of Rule 18f-4, but will have to adopt and implement policies and procedures reasonably designed to manage the portfolio's derivatives risk. Portfolioss will be subject to reporting and recordkeeping requirements regarding their derivatives use.

The requirements of Rule 18f-4 may limit a portfolio's ability to engage in derivatives transactions as part of its investment strategies. These requirements may also increase the cost of a portfolio's investments and cost of doing business, which could adversely affect the value of a portfolio's investments and/or the performance of a portfolio. The rule also may not be effective to limit a portfolio's risk of loss. In particular, measurements of value at risk rely on historical data and may not accurately measure the degree of risk reflected in a portfolio's derivatives or other investments. There may be additional regulation of the use of derivatives by registered investment companies, such as the portfolios, which could significantly affect their use. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make them more costly, limit their availability or utility, otherwise adversely affect their performance or disrupt markets.

In connection with the adoption of Rule 18f-4, the SEC eliminated the asset segregation and coverage framework arising from prior SEC guidance for covering derivatives and similar instruments. A portfolio may still segregate cash or other liquid or other assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties.

The use of Financial Instruments may be limited by applicable law and any applicable regulations of the SEC, the Commodity Futures Trading Commission (the "CFTC"), or the exchanges on which some Financial Instruments may be traded. (Note, however, that some Financial Instruments that a portfolio may use may not be listed on any exchange and may not be regulated by the SEC or the CFTC.) In addition, a portfolio's ability to use Financial Instruments may be limited by tax considerations.

In addition to the instruments and strategies discussed in this section, a sub-adviser may discover additional opportunities in connection with Financial Instruments and other similar or related techniques. These opportunities may become available as a sub-adviser develops new techniques, as regulatory authorities broaden the range of permitted transactions and as new Financial Instruments or other techniques are developed. A sub-adviser may utilize these opportunities and techniques to the extent that they are consistent with a portfolio's investment objective and permitted by its investment limitations and applicable regulatory authorities. These opportunities and techniques may involve risks different from or in addition to those summarized herein.

This discussion is not intended to limit a portfolio's investment flexibility, unless such a limitation is expressly stated, and therefore will be construed by a portfolio as broadly as possible. Statements concerning what a portfolio may do are not intended to limit any other activity. Also, as with any investment or investment technique, even when the prospectus or this discussion indicates that a portfolio may engage in an activity, it may not actually do so for a variety of reasons, including cost considerations.

The use of Financial Instruments involves special considerations and risks, certain of which are summarized below, and may result in losses to a portfolio. In general, the use of Financial Instruments may increase the volatility of a portfolio and may involve a small investment of cash relative to the magnitude of the risk or exposure assumed. Even a small investment in derivatives may magnify or otherwise increase investment losses to a portfolio. As noted above, there can be no assurance that any derivatives strategy will succeed.

• Financial Instruments are subject to the risk that the market value of the derivative itself or the market value of underlying instruments will change in a way adverse to a portfolio's interest. Many Financial Instruments are complex, and successful use of them depends in part upon the sub-adviser's ability to forecast correctly future market trends and other financial or economic factors or the value of the underlying security, index, interest rate, currency or other instrument or measure. Even if a sub-adviser's forecasts are correct, other factors may cause distortions or dislocations in the markets that result in unsuccessful transactions. Financial Instruments may behave in unexpected ways, especially in abnormal or volatile market conditions.

• A portfolio may segregate cash or other liquid assets to cover the funding of its obligations under Financial Instruments or make margin payments when it takes positions in Financial Instruments involving obligations to third parties. Assets that are segregated or used as cover, margin or collateral may be required to be in the form of cash or liquid securities, and typically may not be sold while the position in the Financial Instrument is open unless they are replaced with other appropriate assets. If markets move against a portfolio's position, the portfolio may be required to maintain or post additional assets and may have to dispose of existing investments to obtain assets acceptable as collateral or margin. This may prevent it from pursuing its investment objective. Assets that are segregated or used as cover, margin or collateral typically are invested, and these investments are subject to risk and may result in losses to a portfolio. These losses may be substantial, and may be in addition to losses incurred by using the Financial Instrument in question. If a portfolio is unable to close out its positions, it may be required to continue to maintain such assets or accounts or make such payments until the positions expire or mature, and the portfolio will continue to be subject to investment risk on the assets. In addition, a portfolio may not be able to recover the full amount of its margin from an intermediary if that intermediary were to experience financial difficulty. Segregation,

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cover, margin and collateral requirements may impair a portfolio's ability to sell a portfolio security or make an investment at a time when it would otherwise be favorable to do so, or require the portfolio to sell a portfolio security or close out a derivatives position at a disadvantageous time or price.

• A portfolio's ability to close out or unwind a position in a Financial Instrument prior to expiration or maturity depends on the existence of a liquid market or, in the absence of such a market, the ability and willingness of the other party to the transaction (the "counterparty") to enter into a transaction closing out the position. If there is no market or a portfolio is not successful in its negotiations, a portfolio may not be able to sell or unwind the derivative position at a particular time or at an anticipated price. This may also be the case if the counterparty to the Financial Instrument becomes insolvent. A portfolio may be required to make delivery of portfolio securities or other assets underlying a Financial Instrument in order to close out a position or to sell portfolio securities or assets at a disadvantageous time or price in order to obtain cash to close out the position. While the position remains open, a portfolio continues to be subject to investment risk on the Financial Instrument. A portfolio may or may not be able to take other actions or enter into other transactions, including hedging transactions, to limit or reduce its exposure to the Financial Instrument.

• Certain Financial Instruments transactions may have a leveraging effect on a portfolio, and adverse changes in the value of the underlying security, index, interest rate, currency or other instrument or measure can result in losses substantially greater than the amount invested in the Financial Instrument itself. When a portfolio engages in transactions that have a leveraging effect, the value of the portfolio is likely to be more volatile and all other risks also are likely to be compounded. This is because leverage generally magnifies the effect of any increase or decrease in the value of an asset and creates investment risk with respect to a larger pool of assets than a portfolio would otherwise have. Certain Financial Instruments have the potential for unlimited loss, regardless of the size of the initial investment.

• Many Financial Instruments may be difficult to value, which may result in increased payment requirements to counterparties or a loss of value to a portfolio.

• Liquidity risk exists when a particular Financial Instrument is difficult to purchase or sell. If a derivative transaction is particularly large or if the relevant market is illiquid, a portfolio may be unable to initiate a transaction or liquidate a position at an advantageous time or price. Certain Financial Instruments, including certain over-the-counter (or "OTC") options and swaps, may be considered illiquid and therefore subject to a portfolio's limitation on illiquid investments.

• In a hedging transaction there may be imperfect correlation, or even no correlation, between the identity, price or price movements of a Financial Instrument and the identity, price or price movements of the investments being hedged. This lack of correlation may cause the hedge to be unsuccessful and may result in a portfolio incurring substantial losses and/or not achieving anticipated gains. Even if the strategy works as intended, a portfolio might have been in a better position had it not attempted to hedge at all.

• Financial Instruments used for non-hedging purposes may result in losses which would not be offset by increases in the value of portfolio holdings or declines in the cost of securities or other assets to be acquired. In the event that a portfolio uses a Financial Instrument as an alternative to purchasing or selling other investments or in order to obtain desired exposure to an index or market, the portfolio will be exposed to the same risks as are incurred in purchasing or selling the other investments directly, as well as the risks of the transaction itself.

• Certain Financial Instruments involve the risk of loss resulting from the insolvency or bankruptcy of the counterparty or the failure by the counterparty to make required payments or otherwise comply with the terms of the contract. In the event of default by a counterparty, a portfolio may have contractual remedies pursuant to the agreements related to the transaction, which may be limited by applicable law in the case of the counterparty's bankruptcy.

• Financial Instruments involve operational risk. There may be incomplete or erroneous documentation or inadequate collateral or margin, or transactions may fail to settle. For Financial Instruments not guaranteed by an exchange or clearinghouse, a portfolio may have only contractual remedies in the event of a counterparty default, and there may be delays, costs or disagreements as to the meaning of contractual terms and litigation, in enforcing those remedies.

• Certain Financial Instruments transactions, including certain options, swaps, forward contracts, and certain options on foreign currencies, are entered into directly by the counterparties and/or through financial institutions acting as market makers ("OTC derivatives"), rather than being traded on exchanges or in markets registered with the CFTC or the SEC. Many of the protections afforded to exchange participants will not be available to participants in OTC derivatives transactions. For example, OTC derivatives transactions are not subject to the guarantee of an exchange, and only OTC derivatives that are either required to be cleared or submitted voluntarily for clearing to a clearinghouse will enjoy the protections that central clearing provides against default by the original counterparty to the trade. In an OTC derivatives transaction that is not cleared, the portfolio bears the risk of default by its counterparty. In a cleared derivatives transaction, the portfolio is instead exposed to the risk of default of the clearinghouse and the risk of default of the broker through which it has entered into the transaction. Information available on counterparty creditworthiness may be incomplete or outdated, thus reducing the ability to anticipate counterparty defaults.

• Swap contracts involve special risks. Swaps may in some cases be illiquid. In the absence of a central exchange or market for swap transactions, they may be difficult to trade or value, especially in the event of market disruptions. The Dodd-Frank Act established a comprehensive new regulatory framework for swaps. Under this framework, regulation of the swap market is divided between the SEC and the CFTC. The SEC and CFTC have approved a number rules and interpretations as part of the establishment of this new regulatory

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regime. It is possible that developments in the swap market, including these new or additional regulations, could adversely affect a portfolio's ability to terminate existing swap agreements or to realize amounts to be received under such agreements. Credit default swaps involve additional risks. For example, credit default swaps increase credit risk since a portfolio has exposure to both the issuer of the referenced obligation (typically a debt obligation) and the counterparty to the credit default swap.

• Certain derivatives, such as interest rate swaps and credit default swaps that are based on an index, are required under applicable law to be cleared by a regulated clearinghouse. Swaps subject to this requirement are typically submitted for clearing through brokerage firms that are members of the clearinghouse. A portfolio would establish an account with a brokerage firm to facilitate clearing such a swap, and the clearinghouse would become the portfolio's counterparty. A brokerage firm would guarantee the portfolio's performance on the swap to the clearinghouse. The portfolio would be exposed to the credit risk of the clearinghouse and the brokerage firm that holds the cleared swap. The brokerage firm also would impose margin requirements with respect to open cleared swap positions held by the portfolio, and the brokerage firm would be able to require termination of those positions in certain circumstances. These margin requirements and termination provisions may adversely affect the portfolio's ability to trade cleared swaps. In addition, the portfolio may not be able to recover the full amount of its margin from a brokerage firm if the firm were to go into bankruptcy. It is also possible that the portfolio would not be able to enter into a swap transaction that is required to be cleared if no clearinghouse will accept the swap for clearing.

• Swaps that are required to be cleared must be traded on a regulated execution facility or contract market that makes them available for trading. The transition from trading swaps bilaterally to trading them on such a facility or market may not result in swaps being easier to trade or value and may present certain execution risks if these facilities and markets do not operate properly. On-facility trading of swaps is also expected to lead to greater standardization of their terms. It is possible that a portfolio may not be able to enter into swaps that fully meet its investment needs, or that the costs of entering into customized swaps, including any applicable margin requirements, will be significant.

• Financial Instruments transactions conducted outside the U.S. may not be conducted in the same manner as those entered into on U.S. exchanges, and may be subject to different margin, exercise, settlement or expiration procedures. Many of the risks of Financial Instruments transactions are also applicable to Financial Instruments used outside the U.S. Financial Instruments used outside the U.S. also are subject to the risks affecting foreign securities, currencies and other instruments.

• Financial Instruments involving currency are subject to additional risks. Currency related transactions may be negatively affected by government exchange controls, blockages, and manipulations. Exchange rates may be influenced by factors extrinsic to a country's economy. Also, there is no systematic reporting of last sale information with respect to foreign currencies. As a result, the information on which trading in currency derivatives is based may not be as complete as, and may be delayed beyond, comparable data for other transactions.

• Use of Financial Instruments involves transaction costs, which may be significant. Use of Financial Instruments also may increase the amount of taxable income to shareholders.

**Hedging:** As stated above, the term "hedging" often is used to describe a transaction or strategy that is intended to mitigate risk of loss in some fashion. Hedging strategies can be broadly categorized as "short hedges" and "long hedges." A short hedge is a purchase or sale of a Financial Instrument intended partially or fully to offset potential declines in the value of one or more investments held in a portfolio's portfolio. In a short hedge, a portfolio takes a position in a Financial Instrument whose price is expected to move in the opposite direction of the price of the investment being hedged.

Conversely, a long hedge is a purchase or sale of a Financial Instrument intended partially or fully to offset potential increases in the acquisition cost of one or more investments that a portfolio intends to acquire. Thus, in a long hedge, a portfolio takes a position in a Financial Instrument whose price is expected to move in the same direction as the price of the prospective investment being hedged. A long hedge is sometimes referred to as an anticipatory hedge. In an anticipatory hedge transaction, a portfolio does not own a corresponding security and, therefore, the transaction does not relate to the portfolio security that a portfolio owns. Rather, it relates to a security that a portfolio intends to acquire. If a portfolio does not complete the hedge by purchasing the security it anticipated purchasing, the effect on the portfolio's portfolio is the same as if the transaction were entered into for speculative purposes.

In hedging transactions, Financial Instruments on securities (such as options and/or futures) generally are used to attempt to hedge against price movements in one or more particular securities positions that a portfolio owns or intends to acquire. Financial Instruments on indices, in contrast, generally are used to attempt to hedge against price movements in market sectors in which a portfolio has invested or expects to invest. Financial Instruments on debt securities generally are used to hedge either individual securities or broad debt market sectors.

**Options – Generally:** A call option gives the purchaser the right to buy, and obligates the writer to sell, the underlying investment at the agreed-upon price during the option period. A put option gives the purchaser the right to sell, and obligates the writer to buy, the underlying investment at the agreed-upon price during the option period. Purchasers of options pay an amount, known as a premium, to the option writer in exchange for the right under the option contract.

Exchange-traded options in the U.S. are issued by a clearing organization affiliated with the exchange on which the option is listed that, in effect, guarantees completion of every exchange-traded option transaction. In contrast, OTC options are contracts between a portfolio and its counterparty (usually a securities dealer or a bank) with no clearing organization guarantee. Unlike exchange-traded options, which are standardized with respect to the underlying instrument, expiration date, contract size, and strike price, the terms of OTC options generally are

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established through negotiation with the other party to the option contract. When a portfolio purchases an OTC option, it relies on the counterparty from whom it purchased the option to make or take delivery of the underlying investment upon exercise of the option. Failure by the counterparty to do so would result in the loss of any premium paid by a portfolio as well as the loss of any expected benefit of the transaction.

Writing put or call options can enable a portfolio to enhance income or yield by reason of the premiums paid by the purchasers of such options. However, a portfolio may also suffer a loss. For example, if the market price of the security underlying a put option written by a portfolio declines to less than the exercise price of the option, minus the premium received, it can be expected that the option will be exercised and a portfolio would be required to purchase the security at more than its market value. If a security appreciates to a price higher than the exercise price of a call option written by a portfolio, it can be expected that the option will be exercised and a portfolio will be obligated to sell the security at less than its market value.

The value of an option position will reflect, among other things, the current market value of the underlying investment, the time remaining until expiration, the relationship of the exercise price to the market price of the underlying investment, the historical price volatility of the underlying investment and general market conditions. Options purchased by a portfolio that expire unexercised have no value, and the portfolio will realize a loss in the amount of the premium paid and any transaction costs. If an option written by a portfolio expires unexercised, the portfolio realizes a gain equal to the premium received at the time the option was written. Transaction costs must be included in these calculations.

A portfolio may effectively terminate its right or obligation under an option by entering into a closing transaction. For example, a portfolio may terminate its obligation under a call or put option that it had written by purchasing an identical call or put option; this is known as a closing purchase transaction. Conversely, a portfolio may terminate a position in a put or call option it had purchased by writing an identical put or call option; this is known as a closing sale transaction. Closing transactions permit a portfolio to realize profits or limit losses on an option position prior to its exercise or expiration. There can be no assurance that it will be possible for a portfolio to enter into any closing transaction.

A type of put that a portfolio may purchase is an "optional delivery standby commitment," which is entered into by parties selling debt securities to a portfolio. An optional delivery standby commitment gives a portfolio the right to sell the security back to the seller on specified terms. This right is provided as an inducement to purchase the security.

Transamerica Aegon High Yield Bond VP may not write covered put and call options or buy put and call options and warrants on securities that are traded on U.S. and foreign securities exchanges and over-the-counter.

**Options on Indices:** Puts and calls on indices are similar to puts and calls on securities (described above) or futures contracts (described below) except that all settlements are in cash and gain or loss depends on changes in the index in question rather than on price movements in individual securities or futures contracts. When a portfolio writes a call on an index, it receives a premium and agrees that, prior to the expiration date, the purchaser of the call, upon exercise of the call, will receive from a portfolio an amount of cash if the closing level of the index upon which the call is based is greater than the exercise price of the call. The amount of cash is equal to the difference between the closing price of the index and the exercise price of the call times a specified multiple ("multiplier"), which determines the total dollar value for each point of such difference. When a portfolio buys a call on an index, it pays a premium and has the same rights as to such call as are indicated above. When a portfolio buys a put on an index, it pays a premium and has the right, prior to the expiration date, to require the seller of the put, upon the portfolio's exercise of the put, to deliver to the portfolio an amount of cash if the closing level of the index upon which the put is based is less than the exercise price of the put, which amount of cash is determined by the multiplier, as described above for calls. When a portfolio writes a put on an index, it receives a premium and the purchaser of the put has the right, prior to the expiration date, to require the portfolio to deliver to it an amount of cash equal to the difference between the closing level of the index and exercise price times the multiplier if the closing level is less than the exercise price.

Options on indices may, depending on the circumstances, involve greater risk than options on securities. Because index options are settled in cash, when a portfolio writes a call on an index it may not be able to provide in advance for its potential settlement obligations by acquiring and holding the underlying securities.

**Futures Contracts and Options on Futures Contracts:** A financial futures contract sale creates an obligation by the seller to deliver the type of Financial Instrument or, in the case of index and similar futures, cash, called for in the contract in a specified delivery month for a stated price. A financial futures contract purchase creates an obligation by the purchaser to take delivery of the asset called for in the contract in a specified delivery month at a stated price. Options on futures give the purchaser the right to assume a position in a futures contract at the specified option exercise price at any time during the period of the option.

Futures strategies can be used to change the duration of a portfolio's portfolio. If a sub-adviser wishes to shorten the duration of the portfolio's portfolio, a portfolio may sell a debt futures contract or a call option thereon, or purchase a put option on that futures contract. If a sub-adviser wishes to lengthen the duration of a portfolio's portfolio, the portfolio may buy a debt futures contract or a call option thereon, or sell a put option thereon.

Futures contracts may also be used for other purposes, such as to simulate full investment in underlying securities while retaining a cash balance for portfolio management purposes, as a substitute for direct investment in a security, to facilitate trading, to reduce transaction costs, or to seek higher investment returns when a futures contract or option is priced more attractively than the underlying security or index.

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No price is paid upon entering into a futures contract. Instead, at the inception of a futures contract a portfolio is required to deposit "initial margin." Margin must also be deposited when writing a call or put option on a futures contract, in accordance with applicable exchange rules. Under certain circumstances, such as periods of high volatility, a portfolio may be required by an exchange to increase the level of its initial margin payment, and initial margin requirements might be increased generally in the future by regulatory action.

Subsequent "variation margin" payments are made to and from the futures broker daily as the value of the futures position varies, a process known as "marking-to-market." Daily variation margin calls could be substantial in the event of adverse price movements. If a portfolio has insufficient cash to meet daily variation margin requirements, it might need to sell securities at a disadvantageous time or price.

Although some futures and options on futures call for making or taking delivery of the underlying securities, currencies or cash, generally those contracts are closed out prior to delivery by offsetting purchases or sales of matching futures or options (involving the same index, currency or underlying security and delivery month). If an offsetting purchase price is less than the original sale price, a portfolio realizes a gain, or if it is more, a portfolio realizes a loss. If an offsetting sale price is more than the original purchase price, a portfolio realizes a gain, or if it is less, a portfolio realizes a loss. A portfolio will also bear transaction costs for each contract, which will be included in these calculations. Positions in futures and options on futures may be closed only on an exchange or board of trade that provides a secondary market. However, there can be no assurance that a liquid secondary market will exist for a particular contract at a particular time. In such event, it may not be possible to close a futures contract or options position.

Under certain circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract or an option on a futures contract can vary from the previous day's settlement price; once that limit is reached, no trades may be made that day at a price beyond the limit. Daily price limits do not limit potential losses because prices could move to the daily limit for several consecutive days with little or no trading, thereby preventing liquidation of unfavorable positions.

If a portfolio were unable to liquidate a futures contract or an option on a futures position due to the absence of a liquid secondary market, the imposition of price limits or otherwise, it could incur substantial losses. A portfolio would continue to be subject to market risk with respect to the position. In addition, except in the case of purchased options, a portfolio would continue to be required to make daily variation margin payments and might be required to maintain the position being hedged by the future or option or to maintain cash or securities in a segregated account.

If an index future is used for hedging purposes the risk of imperfect correlation between movements in the price of index futures and movements in the price of the securities that are the subject of the hedge increases as the composition of a portfolio's portfolio diverges from the securities included in the applicable index. The price of the index futures may move more than or less than the price of the securities being hedged. To compensate for the imperfect correlation of movements in the price of the securities being hedged and movements in the price of the index futures, a portfolio may buy or sell index futures in a greater dollar amount than the dollar amount of the securities being hedged if the historical volatility of the prices of such securities being hedged is more than the historical volatility of the prices of the securities included in the index. It is also possible that, where a portfolio has sold index futures contracts to hedge against a decline in the market, the market may advance and the value of the securities held in the portfolio may decline. If this occurred, a portfolio would lose money on the futures contract and also experience a decline in value of its portfolio securities.

Where index futures are purchased to hedge against a possible increase in the price of securities before a portfolio is able to invest in them in an orderly fashion, it is possible that the market may decline instead. If a sub-adviser then concludes not to invest in them at that time because of concern as to possible further market decline or for other reasons, a portfolio will realize a loss on the futures contract that is not offset by a reduction in the price of the securities it had anticipated purchasing.

**Non-U.S. Currency Strategies:** A portfolio may invest in securities that are denominated in non-U.S. currencies and may engage in a variety of non-U.S. currency exchange transactions to protect against uncertainty in the level of future exchange rates or to earn additional income. A portfolio may use options and futures contracts, swaps and indexed notes relating to non-U.S. currencies and forward currency contracts to attempt to hedge against movements in the values of the non-U.S. currencies in which the portfolio's securities are denominated or to attempt to enhance income or yield. Currency hedges can protect against price movements in a security that a portfolio owns or intends to acquire that are attributable to changes in the value of the currency in which it is denominated. Such hedges do not, however, protect against price movements in the securities that are attributable to other causes.

The value of Financial Instruments on non-U.S. currencies depends on the value of the underlying currency relative to the U.S. dollar. Because non-U.S. currency transactions occurring in the interbank market might involve substantially larger amounts than those involved in the use of such Financial Instruments, a portfolio could be disadvantaged by having to deal in the odd lot market (generally consisting of transactions of less than $1 million) for the underlying non-U.S. currencies at prices that are less favorable than for round lots.

There is no systematic reporting of last sale information for non-U.S. currencies or any regulatory requirement that quotations available through dealers or other market sources be firm or revised on a timely basis. Quotation information generally is representative of very large transactions in the interbank market and thus might not reflect odd-lot transactions where rates might be less favorable. The interbank market in non-U.S. currencies is a global, round-the-clock market. To the extent the U.S. options or futures markets are closed while the markets for the underlying currencies remain open, significant price and rate movements might take place in the underlying markets that cannot be reflected in the markets for the Financial Instruments until they reopen.

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Settlement of transactions involving non-U.S. currencies might be required to take place within the country issuing the underlying currency. Thus, a portfolio might be required to accept or make delivery of the underlying non-U.S. currency in accordance with any U.S. or non-U.S. regulations regarding the maintenance of non-U.S. banking arrangements by U.S. residents and might be required to pay any fees, taxes and charges associated with such delivery assessed in the issuing country.

Generally, OTC non-U.S. currency options used by a portfolio are European-style options. This means that the option is only exercisable immediately prior to its expiration. This is in contrast to American-style options, which are exercisable at any time prior to the expiration date of the option.

**Forward Currency Contracts:** A portfolio may enter into forward currency contracts to purchase or sell non-U.S. currencies for a fixed amount of U.S. dollars or another non-U.S. currency. A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days (term) from the date of the forward currency contract agreed upon by the parties, at a price set at the time of the forward currency contract. These forward currency contracts are traded directly between currency traders (usually large commercial banks) and their customers.

The cost to a portfolio of engaging in forward currency contracts varies with factors such as the currency involved, the length of the contract period and the market conditions then prevailing. Because forward currency contracts are usually entered into on a principal basis, no fees or commissions are involved. When a portfolio enters into a forward currency contract, it relies on the counterparty to make or take delivery of the underlying currency at the maturity of the contract. Failure by the counterparty to do so would result in the loss of any expected benefit of the transaction.

As is the case with futures contracts, parties to forward currency contracts can enter into offsetting closing transactions, similar to closing transactions on futures contracts, by selling or purchasing, respectively, an instrument identical to the instrument purchased or sold. Secondary markets generally do not exist for forward currency contracts, with the result that closing transactions generally can be made for forward currency contracts only by negotiating directly with the counterparty.

If a portfolio engages in a forward currency contract with respect to particular securities, the precise matching of forward currency contract amounts and the value of the securities involved generally will not be possible because the value of such securities, measured in the non-U.S. currency, will change after the forward currency contract has been established. Thus, a portfolio might need to purchase or sell non-U.S. currencies in the spot (cash) market to the extent such non-U.S. currencies are not covered by forward currency contracts.

**Swaps, Caps, Floors and Collars:** A portfolio may enter into swaps, caps, floors and collars to preserve a return or a spread on a particular investment or portion of its portfolio, to protect against any increase in the price of securities the portfolio anticipates purchasing at a later date, to attempt to enhance yield or total return, or as a substitute for other investments. A swap typically involves the exchange by a portfolio with another party of their respective commitments to pay or receive cash flows, e.g., an exchange of floating rate payments for fixed rate payments. The purchase of a cap entitles the purchaser, to the extent that a specified index exceeds a predetermined value, to receive payments on a notional principal amount from the party selling the cap. The purchase of a floor entitles the purchaser, to the extent that a specified index falls below a predetermined value, to receive payments on a notional principal amount from the party selling the floor. A collar combines elements of a cap and a floor.

Swap agreements, including caps, floors and collars, can be individually negotiated and structured to include exposure to a variety of different types of investments or market factors. Depending on their structure, swap agreements may increase or decrease the overall volatility of a portfolio's investments and its share price and yield because, and to the extent, these agreements affect a portfolio's exposure to long- or short-term interest rates, non-U.S. currency values, mortgage-backed or other security values, corporate borrowing rates or other factors such as security prices or inflation rates.

Swap agreements will tend to shift a portfolio's investment exposure from one type of investment to another. Caps and floors have an effect similar to buying or writing options.

If a counterparty's creditworthiness declines, the value of the agreement would be likely to decline, potentially resulting in losses.

A portfolio may enter into credit default swap contracts for investment purposes. As the seller in a credit default swap contract, a portfolio would be required to pay the par (or other agreed-upon) value of a referenced debt obligation to the counterparty in the event of a default by a third party, such as a U.S. or a non-U.S. corporate issuer, on the debt obligation. In return, a portfolio would receive from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, a portfolio would keep the stream of payments and would have no payment obligations. As the seller, a portfolio would be subject to investment exposure on the notional amount of the swap which may be significantly larger than a portfolio's cost to enter into the credit default swap.

A portfolio may purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio, in which case a portfolio would function as the counterparty referenced in the preceding paragraph. This would involve the risk that the investment may expire worthless and would only generate income in the event of an actual default by the issuer of the underlying obligation (or, as applicable, a credit downgrade or other indication of financial instability). It would also involve credit risk – that the seller may fail to satisfy its payment obligations to a portfolio in the event of a default.

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**Contracts for Difference:** A portfolio may enter into contracts for difference ("CFDs"). A CFD is a contract between two parties, typically described as "buyer" and "seller," stipulating that the seller will pay to the buyer the difference between the current value of an asset and its value in the future. (If the difference is negative, then the buyer instead pays the seller.) In effect, CFDs are Financial Instruments that allow a portfolio to take synthetic long or synthetic short positions on underlying assets.

CFDs are subject to liquidity risk because the liquidity of the CFD is based on the liquidity of the underlying instrument, and are subject to counterparty risk, i.e., the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its ﬁnancial obligations under the terms of the contract. To the extent that there is an imperfect correlation between the return on a portfolio's obligation to its counterparty under the CFD and the return on related assets in its portfolio, the CFD transaction may increase the portfolio's ﬁnancial risk. CFDs, like many other Financial Instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require the portfolio to deposit additional sums to cover this, and this may be at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss for which the portfolio is liable. CFDs are not registered with the SEC or any U.S. regulator, and are not subject to U.S. regulation.

**Combined Positions:** A portfolio may purchase and write options in combination with each other, or in combination with other Financial Instruments, to adjust the risk and return characteristics of its overall position. Because combined options positions involve multiple trades, they result in higher transaction costs and may be more difficult to open and close out.

**Turnover:** A portfolio's derivatives activities may affect its turnover rate and brokerage commission payments. The exercise of calls or puts written by a portfolio, and the sale or purchase of futures contracts, may cause it to sell or purchase related investments, thus increasing its turnover rate. Once a portfolio has received an exercise notice on an option it has written, it cannot effect a closing transaction in order to terminate its obligation under the option and must deliver or receive the underlying securities at the exercise price. The exercise of puts purchased by a portfolio may also cause the sale of related investments, also increasing turnover; although such exercise is within a portfolio's control, holding a protective put might cause it to sell the related investments for reasons that would not exist in the absence of the put. A portfolio will pay a brokerage commission each time it buys or sells a put or call or purchases or sells a futures contract. Such commissions may be higher than those that would apply to direct purchases or sales.

**Roll Timing:** A portfolio may engage in roll-timing strategies where the portfolio seeks to extend the expiration or maturity of a position, such as a forward contract, futures contract or to-be-announced ("TBA") transaction, on an underlying asset by closing out the position before expiration and contemporaneously opening a new position with respect to the same underlying asset that has substantially similar terms except for a later expiration date. Such "rolls" enable the portfolio to maintain continuous investment exposure to an underlying asset beyond the expiration of the initial position without delivery of the underlying asset. Similarly, as certain standardized swap agreements transition from over-the-counter trading to mandatory exchange-trading and clearing due to the implementation of Dodd-Frank Act regulatory requirements, a portfolio may "roll" an existing over-the-counter swap agreement by closing out the position before expiration and contemporaneously entering into a new exchange-traded and cleared swap agreement on the same underlying asset with substantially similar terms except for a later expiration date. These types of new positions opened contemporaneous with the closing of an existing position on the same underlying asset with substantially similar terms are collectively referred to as "Roll Transactions."

**Foreign Securities**

The following investments are subject to limitations as set forth in the portfolio's investment restrictions and policies.

A portfolio may invest in foreign securities through the purchase of securities of foreign issuers or of American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs") and Fiduciary Depositary Receipts ("FDRs") or other securities representing underlying shares of foreign companies.

The risks of investing in securities of non-U.S. issuers or issuers with significant exposure to non-U.S. markets may be related, among other things, to (i) differences in size, liquidity and volatility of, and the degree and manner of regulation of, the securities markets of certain non-U.S. markets compared to the securities markets in the U.S.; (ii) economic, political and social factors; and (iii) foreign exchange matters, such as restrictions on the repatriation of capital, fluctuations in exchange rates between the U.S. dollar and the currencies in which a portfolio's portfolio securities are quoted or denominated, exchange control regulations and costs associated with currency exchange. The political and economic structures in certain foreign countries, particularly emerging markets and frontier markets, are expected to undergo significant evolution and rapid development, and such countries may lack the social, political and economic stability characteristic of more developed countries.

Unanticipated political or social developments may affect the values of a portfolio's investments in such countries. The economies and securities and currency markets of many emerging markets have experienced significant disruption and declines. There can be no assurances that these economic and market disruptions will not continue.

Securities of some foreign companies are less liquid, and their prices are more volatile, than securities of comparable domestic companies. Certain foreign countries are known to experience long delays between the trade and settlement dates of securities purchased or sold resulting in increased exposure of a portfolio to market and foreign exchange fluctuations brought about by such delays, and to the corresponding negative impact on portfolio liquidity.

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The interest payable on a portfolio's foreign securities may be subject to foreign withholding taxes, which will reduce the portfolio's return on its investments. In addition, the operating expenses of a portfolio making such investment can be expected to be higher than those of an investment company investing exclusively in U.S. securities, since the costs of investing in foreign securities, such as custodial costs, valuation costs and communication costs, are higher than the costs of investing exclusively in U.S. securities.

There may be less publicly available information about non-U.S. markets and issuers than is available with respect to U.S. securities and issuers. Non-U.S. companies generally are not subject to accounting, auditing and financial reporting standards, practices and requirements comparable to those applicable to U.S. companies. The trading markets for most non-U.S. securities are generally less liquid and subject to greater price volatility than the markets for comparable securities in the U.S. The markets for securities in frontier markets and certain emerging markets are in the earliest stages of their development. Even the markets for relatively widely traded securities in certain non-U.S. markets, including emerging countries, may not be able to absorb, without price disruptions, a significant increase in trading volume or trades of a size customarily undertaken by institutional investors in the U.S. In addition, market making and arbitrage activities are generally less extensive in such markets, which may contribute to increased volatility and reduced liquidity. The less liquid a market, the more difficult it may be for a portfolio to accurately price its portfolio securities or to dispose of such securities at the times determined by a sub-adviser to be appropriate. The risks associated with reduced liquidity may be particularly acute in situations in which a portfolio's operations require cash, such as in order to meet redemptions and to pay its expenses.

A portfolio may invest in securities of emerging market and frontier market countries. Emerging market countries typically have economic and political systems that are less fully developed, and that can be expected to be less stable. Frontier market countries generally have smaller economies and even less developed capital markets than emerging markets countries. These securities may be U.S. dollar denominated or non-U.S. dollar denominated and include: (a) debt obligations issued or guaranteed by foreign national, provincial, state, municipal or other governments with taxing authority or by their agencies or instrumentalities, including Brady Bonds; (b) debt obligations of supranational entities; (c) debt obligations (including dollar and non-dollar denominated) and other debt securities of foreign corporate issuers; and (d) non-dollar denominated debt obligations of U.S. corporate issuers. A portfolio may also invest in securities denominated in currencies of emerging market or frontier market countries. There is no minimum rating criteria for a portfolio's investments in such securities.

Certain non-U.S. countries, including emerging markets and frontier markets, may be subject to a greater degree of economic, political and social instability. Such instability may result from, among other things: (i) authoritarian governments or military involvement in political and economic decision making; (ii) popular unrest associated with demands for improved economic, political and social conditions; (iii) internal insurgencies; (iv) hostile relations with neighboring countries; and (v) ethnic, religious and racial disaffection and conflict. Such economic, political and social instability could significantly disrupt the financial markets in such countries and the ability of the issuers in such countries to repay their obligations. In addition, it may be difficult for the portfolio to pursue claims against a foreign issuer in the courts of a foreign country. Investing in emerging countries also involves the risk of expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and on repatriation of capital invested. In the event of such expropriation, nationalization or other confiscation in any emerging country, a portfolio could lose its entire investment in that country. Certain emerging market countries restrict or control foreign investment in their securities markets to varying degrees. These restrictions may limit a portfolio's investment in those markets and may increase the expenses of a portfolio. In addition, the repatriation of both investment income and capital from certain markets in the region is subject to restrictions such as the need for certain governmental consents. Even where there is no outright restriction on repatriation of capital, the mechanics of repatriation may affect certain aspects of a portfolio's operation. Economies in individual non-U.S. countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rates of inflation, currency valuation, capital reinvestment, resource self-sufficiency and balance of payments positions. Many non-U.S. countries have experienced substantial, and in some cases extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, very negative effects on the economies and securities markets of certain emerging countries. Economies in emerging countries generally are dependent heavily upon international trade and, accordingly, have been and may continue to be affected adversely 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. These economies also have been, and may continue to be, affected adversely and significantly by economic conditions in the countries with which they trade.

Custodian services and other costs relating to investment in international securities markets generally are more expensive than in the U.S. Such markets have settlement and clearance procedures that differ from those in the U.S. 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 such transactions. The inability of a portfolio to make intended securities purchases because of settlement problems could cause a portfolio to miss attractive investment opportunities. Inability to dispose of a portfolio security caused by settlement problems could result either in losses to a portfolio because of a subsequent decline in value of the portfolio security or could result in possible liability to the portfolio. In addition, security settlement and clearance procedures in some emerging countries may not fully protect a portfolio against loss or theft of its assets.

A portfolio may be subject to taxes, including withholding taxes imposed by certain non-U.S. countries on income (possibly including, in some cases, capital gains) earned with respect to the portfolio's investments in such countries. These taxes will reduce the return achieved by a portfolio. Treaties between the U.S. and such countries may reduce the otherwise applicable tax rates.

The value of the securities quoted or denominated in foreign currencies may be adversely affected by fluctuations in the relative currency exchange rates and by exchange control regulations. A portfolio's investment performance may be negatively affected by a devaluation of a

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currency in which the portfolio's investments are quoted or denominated. Further, a portfolio's investment performance may be significantly affected, either positively or negatively, by currency exchange rates because the U.S. dollar value of securities quoted or denominated in another currency will increase or decrease in response to changes in the value of such currency in relation to the U.S. dollar.

The rate of exchange between the U.S. dollar and other currencies is determined by the forces of supply and demand in the foreign exchange markets. Changes in the exchange rate may result over time from the interaction of many factors directly or indirectly affecting economic conditions and political developments in other countries. Of particular importance are rates of inflation, interest rate levels, the balance of payments and the extent of government surpluses or deficits in the U.S. and the particular foreign country. All these factors are in turn sensitive to the monetary, fiscal and trade policies pursued by the governments of the U.S. and other foreign countries important to international trade and finance. Government intervention may also play a significant role. National governments rarely voluntarily allow their currencies to float freely in response to economic forces. Sovereign governments use a variety of techniques, such as intervention by a country's central bank or imposition of regulatory controls or taxes, to affect the exchange rates of their currencies.

**ADRs, EDRs and GDRs:** A portfolio may also purchase ADRs, American Depositary Debentures, American Depositary Notes, American Depositary Bonds, EDRs, GDRs and FDRs, or other securities representing underlying shares of foreign companies. ADRs are publicly traded on exchanges or over-the-counter in the U.S. and are issued through "sponsored" or "unsponsored" arrangements. In a sponsored ADR arrangement, the foreign issuer assumes the obligation to pay some or all of the depository's transaction fees, whereas under an unsponsored arrangement, the foreign issuer assumes no obligation and the depository's transaction fees are paid by the ADR holders. In addition, less information is available in the U.S. about an unsponsored ADR than about a sponsored ADR, and the financial information about a company may not be as reliable for an unsponsored ADR as it is for a sponsored ADR. A portfolio may invest in ADRs through both sponsored and unsponsored arrangements. EDRs and GDRs are securities that are typically issued by foreign banks or foreign trust companies, although U.S. banks or U.S. trust companies may issue them. EDRs and GDRs are structured similarly to the arrangements of ADRs. EDRs, in bearer form, are designed for use in European securities markets.

**Eurodollar or Yankee Obligations:** Eurodollar bank obligations are dollar denominated debt obligations issued outside the U.S. capital markets by foreign branches of U.S. banks and by foreign banks. Yankee obligations are dollar denominated obligations issued in the U.S. capital markets by foreign issuers. Eurodollar (and to a limited extent, Yankee) obligations are subject to certain sovereign risks. One such risk is the possibility that a foreign government might prevent dollar denominated funds from flowing across its borders. Other risks include: adverse political and economic developments in a foreign country; the extent and quality of government regulation of financial markets and institutions; the imposition of foreign withholding taxes; and expropriation or nationalization of foreign issuers.

**Sovereign Government and Supranational Debt:** A portfolio may invest in all types of debt securities of governmental issuers in all countries, including emerging markets. These sovereign debt securities may include: debt securities issued or guaranteed by governments, governmental agencies or instrumentalities and political subdivisions located in emerging market countries; debt securities issued by government owned, controlled or sponsored entities located in emerging market countries; interests in entities organized and operated for the purpose of restructuring the investment characteristics of instruments issued by any of the above issuers; Brady Bonds, which are debt securities issued under the framework of the Brady Plan as a means for debtor nations to restructure their outstanding external indebtedness; participations in loans between emerging market governments and financial institutions; or debt securities issued by supranational entities such as the World Bank or the European Economic Community. A supranational entity is a bank, commission or company established or financially supported by the national governments of one or more countries to promote reconstruction or development.

Sovereign debt is subject to risks in addition to those relating to non-U.S. investments generally. As a sovereign entity, the issuing government may be immune from lawsuits in the event of its failure or refusal to pay the obligations when due. The debtor's willingness or ability to repay in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its non-U.S. reserves, the availability of sufficient non-U.S. exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor's policy toward principal international lenders and the political constraints to which the sovereign debtor may be subject. Sovereign debtors may also be dependent on disbursements or assistance from foreign governments or multinational agencies, the country's access to trade and other international credits, and the country's balance of trade. Assistance may be dependent on a country's implementation of austerity measures and reforms, which measures may limit or be perceived to limit economic growth and recovery. Some sovereign debtors have rescheduled their debt payments, declared moratoria on payments or restructured their debt to effectively eliminate portions of it, and similar occurrences may happen in the future. There is no bankruptcy proceeding by which sovereign debt on which governmental entities have defaulted may be collected in whole or in part.

**Russian Securities**

A portfolio may invest directly in the securities of Russian issuers or may have indirect exposure to Russian securities through its investment in one or more funds with direct investments in Russia. Investment in those securities presents many of the same risks as investing in the securities of emerging country issuers, as described above. The social, political, legal, and operational risks of investing in Russian issuers, and of having assets held in custody within Russia, however, may be particularly pronounced relative to investments in more developed countries. Russia's system of share registration and custody creates certain risks of loss (including the risk of total loss) that are not normally associated with investments in other securities markets.

A risk with respect to direct investment in Russian securities results from the way in which ownership of shares of companies is normally recorded. Ownership of shares (except where shares are held through depositories that meet the requirements of the 1940 Act) is defined according to entries in the company's share register and normally evidenced by "share extracts" from the register or, in certain circumstances,

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by formal share certificates. However, there is no central registration system for shareholders and these services are carried out by the companies themselves or by registrars located throughout Russia. The share registrars are controlled by the issuer of the security, and investors are provided with few legal rights against such registrars. These registrars are not necessarily subject to effective state supervision, nor are they licensed with any governmental entity. It is possible for a portfolio to lose its registration through fraud, negligence, or even mere oversight. Each applicable portfolio will endeavor to ensure that its interest is appropriately recorded, which may involve a custodian or other agent inspecting the share register and obtaining extracts of share registers through regular confirmations. However, these extracts have no legal enforceability and it is possible that a subsequent illegal amendment or other fraudulent act may deprive a portfolio of its ownership rights or improperly dilute its interests. In addition, while applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a portfolio to enforce any rights it may have against the registrar or issuer of the securities in the event of a loss of share registration. Further, significant delays or problems may occur in registering the transfer of securities, which could cause a portfolio to incur losses due to a counterparty's failure to pay for securities the portfolio has delivered or the portfolio's inability to complete its contractual obligations because of theft or other reasons.

Also, although a Russian public enterprise having a certain minimum number of shareholders is required by law to contract out the maintenance of its shareholder register to an independent entity that meets certain criteria, this regulation has not always been strictly enforced in practice. Because of this lack of independence, management of a company may be able to exert considerable influence over who can purchase and sell the company's shares by illegally instructing the registrar to refuse to record transactions in the share register.

In addition, Russia's military invasion of Ukraine in February 2022 resulted in the U.S., other countries and certain international organizations levying broad economic sanctions against Russia. These sanctions froze certain Russian assets and prohibited, among other things, trading in certain Russian securities and doing business with specific Russian corporate entities, large financial institutions, officials and oligarchs. The sanctions also included the removal of some Russian banks from the Society for Worldwide Interbank Financial Telecommunications (SWIFT), the electronic network that connects banks globally, and imposed restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions. The U.S. and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that support Russia's military invasion. A number of large corporations and U.S. states have also announced plans to divest interests or otherwise curtail business dealings with certain Russian businesses. In addition, certain index providers have removed Russian securities from their indices. These actions and any additional sanctions or other intergovernmental actions that may be undertaken against Russia or other countries that support Russia's military invasion in the future may result in the devaluation of Russian or other affected currencies, a downgrade in the sanctioned country's credit rating, and a decline in the value and liquidity of Russian securities and securities of issuers in other countries that support the invasion. In response to sanctions, the Russian Central Bank raised its interest rates and banned sales of local securities by foreigners. Russia may take additional countermeasures or retaliatory actions, which may also impair the value and liquidity of Russian securities and a portfolio's investments. The potential for wider conflict may further decrease the value and liquidity of certain Russian securities and securities of issuers in other countries affected by the invasion. In addition, the ability to price, buy, sell, receive, or deliver such securities is also affected due to these measures. For example, a portfolio may be prohibited from investing in securities issued by companies subject to such sanctions. In addition, the sanctions and/or countermeasures taken by Russia in response to the sanctions may require a portfolio to freeze its existing investments in companies operating in or having dealings with Russia or other sanctioned countries, which would prevent a portfolio from selling these investments, and the value of such investments held by a portfolio could be significantly impacted, which could lead to such investments being valued at zero. Any exposure that a portfolio may have to Russian counterparties or counterparties in other sanctioned countries also could negatively impact a portfolio's portfolio. The extent and duration of Russia's military actions, including any retaliatory actions or countermeasures that may be taken by Russia or others subject to sanctions (such as cyberattacks on other governments, corporations or individuals, restricting natural gas or other exports to other countries, seizure of U.S. and European residents' assets, or undertaking or provoking other military conflict elsewhere in Europe) are unpredictable, but could result in significant market disruptions. These and any related events could significantly impact a portfolio's performance and the value of an investment in a portfolio even beyond any direct exposure a portfolio may have to Russian issuers or issuers in other countries affected by the invasion.

**Other Investments**

**Illiquid Investments**

An illiquid investment is any investment that a portfolio reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments may be difficult to value, and a portfolio may have difficulty disposing of such securities promptly.

The sale of illiquid investments often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the OTC markets. A portfolio may be restricted in its ability to sell such securities at a time when a portfolio's sub-adviser deems it advisable to do so. In addition, in order to meet redemption requests, a portfolio may have to sell other assets, rather than such illiquid investments, at a time that is not advantageous.

Each portfolio monitors the portion of its total assets that are invested in illiquid investments on an ongoing basis, not only at the time of the investment in such securities.

**Investments in the Real Estate Industry and Real Estate Investment Trusts ("REITs")**

REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. REITs are generally classified as equity REITs, mortgage REITs or a combination of equity and mortgage REITs. Equity REITs invest the majority

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of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive income from the collection of interest payments. REITs are not taxed on income distributed to shareholders provided they comply with the applicable requirements of the Internal Revenue Code of 1986, as amended (the "Code"). Debt securities issued by REITs, for the most part, are general and unsecured obligations and are subject to risks associated with REITs.

Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. An equity REIT may be affected by changes in the value of the underlying properties owned by the REIT. A mortgage REIT may be affected by changes in interest rates and the ability of the issuers of its portfolio mortgages to repay their obligations. REITs are dependent upon the skills of their managers and are not diversified. REITs are generally dependent upon maintaining cash flows to repay borrowings and to make distributions to shareholders and are subject to the risk of default by lessees or borrowers. REITs whose underlying assets are concentrated in properties used by a particular industry, such as health care, are also subject to industry related risks.

REITs (especially mortgage REITs) are also subject to interest rate risk. When interest rates decline, the value of a REIT's investment in fixed rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a REIT's investment in fixed rate obligations can be expected to decline. If the REIT invests in adjustable rate mortgage loans the interest rates on which are reset periodically, yields on a REIT's investments in such loans will gradually align themselves to reflect changes in market interest rates. This causes the value of such investments to fluctuate less dramatically in response to interest rate fluctuations than would investments in fixed rate obligations. REITs may have limited financial resources, may trade less frequently and in a limited volume and may be subject to more abrupt or erratic price movements than larger company securities. Historically, REITs have been more volatile in price than the larger capitalization stocks included in the S&P 500 Index.

Certain portfolios may invest in foreign real estate companies, which are similar to entities organized and operated as REITs in the U.S. Foreign real estate companies may be subject to laws, rules and regulations governing those entities and their failure to comply with those laws, rules and regulations could negatively impact the performance of those entities. In addition, investments in REITs and foreign real estate companies may involve duplication of management fees and certain other expenses, and a portfolio indirectly bears its proportionate share of any expenses paid by REITs and foreign real estate companies in which it invests.

**Commodities and Natural Resources**

Commodities may include, among other things, oil, gas, timber, farm products, minerals, precious metals, for example, gold, silver, platinum, and palladium, and other natural resources. Certain portfolios may invest in companies (such as mining, dealing or transportation companies) with substantial exposure to, or instruments that result in exposure to, commodities markets. Commodities generally and particular commodities have, at times been subject to substantial price fluctuations over short periods of time and may be affected by unpredictable monetary and political policies such as currency devaluations or revaluations, economic and social conditions within a country, trade imbalances, or trade or currency restrictions between countries. The prices of commodities may be, however, less subject to local and company-specific factors than securities of individual companies. As a result, commodity prices may be more or less volatile in price than securities of companies engaged in commodity-related businesses. Investments in commodities can present concerns such as delivery, storage and maintenance, possible illiquidity, and the unavailability of accurate market valuations.

**Commodity-Linked Investments** 

A portfolio may seek to provide exposure to the investment returns of real assets that trade in the commodity markets through investments in commodity-linked investments, including commodities futures contracts, commodity-linked derivatives, and commodity-linked notes. Real assets are assets such as oil, gas, industrial and precious metals, livestock, and agricultural or meat products, or other items that have tangible properties, as compared to stocks or bonds, which are financial instruments. The value of commodity-linked investments held by a portfolio may be affected by a variety of factors, including, but not limited to, overall market movements and other factors affecting the value of particular industries or commodities, such as weather, disease, embargoes, acts of war or terrorism, or political and regulatory developments.

The prices of commodity-linked investments may move in different directions than investments in traditional equity and debt securities when the value of those traditional securities is declining due to adverse economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of rising inflation, the prices of certain commodities, such as oil and metals, have historically tended to increase. Of course, there cannot be any guarantee that these investments will perform in that manner in the future, and at certain times the price movements of commodity-linked investments have been parallel to those of debt and equity securities. Commodities have historically tended to increase and decrease in value during different parts of the business cycle than financial assets. Nevertheless, at various times, commodities prices may move in tandem with the prices of financial assets and thus may not provide overall portfolio diversification benefits. Under favorable economic conditions, a portfolio's commodity-linked investments may be expected to underperform an investment in traditional securities.

Transamerica Morgan Stanley Global Allocation VP may also gain exposure to the commodity markets through investments in its wholly-owned subsidiary organized under the laws of the Cayman Islands (the "Subsidiary").

**Hybrid Instruments**

Hybrid instruments combine the elements of futures contracts or options with those of debt, preferred equity or a depository instrument. Often these hybrid instruments are indexed to the price of a commodity, particular currency, or a domestic or foreign debt or equity securities index. Hybrid instruments may take a variety of forms, including, but not limited to, debt instruments with interest or principal payments or

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redemption terms determined by reference to the value of a currency or commodity or securities index at a future point in time, preferred stock with dividend rates determined by reference to the value of a currency, or convertible securities with the conversion terms related to a particular commodity. Hybrid instruments may bear interest or pay dividends at below-market (or even relatively nominal) rates. Under certain conditions, the redemption value of such an instrument could be zero. Hybrid instruments are normally at the bottom of an issuer's debt capital structure. As such, they may be more sensitive to economic changes than more senior debt securities. These securities may also be viewed as more equity-like by the market when the issuer or its parent company experience financial problems. Hybrid instruments can have volatile prices and limited liquidity, and their use may not be successful.

**Lending**

Consistent with applicable regulatory requirements and the limitations as set forth in each portfolio's investment restrictions and policies, a portfolio may lend portfolio securities to brokers, dealers and other financial organizations meeting capital and other credit requirements or other criteria established by the Board. Loans of securities will be secured continuously by collateral in cash or U.S. government or agency securities maintained on a current basis at an amount at least equal to the market value of the securities loaned. Cash collateral received by a portfolio will be invested in high quality short-term instruments, or in one or more funds maintained by the lending agent for the purpose of investing cash collateral. During the term of the loan, a portfolio will continue to have investment risk with respect to the security loaned, as well as risk with respect to the investment of the cash collateral. Either party has the right to terminate a loan at any time on customary industry settlement notice (which will not usually exceed three business days). During the existence of a loan, a portfolio will continue to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned and, with respect to cash collateral, will receive any income generated by the portfolio's investment of the collateral (subject to a rebate payable to the borrower and a percentage of the income payable to the lending agent). Where the borrower provides a portfolio with collateral other than cash, the borrower is also obligated to pay the portfolio a fee for use of the borrowed securities. A portfolio does not have the right to vote any securities having voting rights during the existence of the loan, but would retain the right to call the loan in anticipation of an important vote to be taken among holders of the securities or of the giving or withholding of their consent on a material matter affecting the investment. As with other extensions of credit, there are risks of delay in recovery or even loss of rights in the collateral should the borrower fail financially. In addition, a portfolio could suffer loss if the loan terminates and the portfolio is forced to liquidate investments at a loss in order to return the cash collateral to the buyer.

**Trade Claims**

Trade claims are non-securitized rights of payment arising from obligations that typically arise when vendors and suppliers extend credit to a company by offering payment terms for products and services. If the company files for bankruptcy, payments on these trade claims stop and the claims are subject to compromise along with the other debts of the company. Trade claims may be purchased directly from the creditor or through brokers. There is no guarantee that a debtor will ever be able to satisfy its trade claim obligations. Trade claims are speculative and are subject to the risks associated with low-quality obligations.

**Passive Foreign Investment Companies**

Certain foreign entities called passive foreign investment companies have been the only or primary way to invest in certain countries. In addition to bearing their proportionate share of a portfolio's expenses (management fees and operating expenses), shareholders will also indirectly bear similar expenses of passive foreign investment companies in which the portfolio invests. Capital gains on the sale of such holdings are considered ordinary income regardless of how long the portfolio held its investment. In addition, the shareholders may be subject to corporate income tax and an interest charge on certain dividends and capital gains earned by a portfolio from these investments.

To avoid such tax and interest, the portfolio generally intends to treat these securities as sold on the last day of its fiscal year and recognize any gains for tax purposes at that time; deductions for losses are allowable only to the extent of any gains resulting from these deemed sales for prior taxable years. Such gains and losses will be treated as ordinary income.

**Master Limited Partnerships**

Master Limited Partnership ("MLPs") are limited partnerships whose shares (or units) are listed and traded on a U.S. securities exchange, just like common stock. To qualify for tax treatment as a partnership, an MLP must receive at least 90% of its income from qualifying sources such as natural resource activities. Natural resource activities include the exploration, development, mining, production, processing, refining, transportation, storage and marketing of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. The general partner, which is generally a major energy company, investment fund or the management of the MLP, typically controls the MLP through a 2% general partner equity interest in the MLP plus common units and subordinated units. Limited partners own the remainder of the partnership, through ownership of common units, and have a limited role in the partnership's operations and management.

MLPs are typically structured such that common units have first priority to receive quarterly cash distributions up to an established minimum quarterly dividend ("MQD"). Common units also accrue arrearages in distributions to the extent the MQD is not paid. Once common units have been paid, subordinated units receive distributions of up to the MQD, but subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a manner which maximizes value to unit holders. As the general partner increases cash distributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions. A common arrangement provides that the general partner can reach a

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tier where the general partner is receiving 50% of every incremental dollar paid to common and subordinated unit holders. By providing for incentive distributions the general partner is encouraged to streamline costs and acquire assets in order to grow the partnership, increase the partnership's cash flow, and raise the quarterly cash distribution in order to reach higher tiers. Such results benefit all security holders of the MLP.

**MLP I-Shares**

I-Shares represent an ownership interest issued by an affiliated party of an MLP. The MLP affiliate issuing the I-Shares is structured as a corporation for federal income tax purposes. I-Shares are traded on the New York Stock Exchange ("NYSE") and the NYSE AMEX. The MLP affiliate uses the proceeds from the sale of I-Shares to purchase limited partnership interests in the MLP in the form of i-units. i-units generally receive no allocations of income, gain, loss or deduction unless and until the MLP is liquidated. In addition, rather than receiving cash distributions, the MLP affiliate receives additional i-units based on a formula. Similarly, holders of I-Shares will receive additional I-Shares, in the same proportion as the MLP affiliates' receipt of i-units, rather than cash distributions. Distributions of additional i-units and of additional I-Shares generally are not taxable events for the MLP affiliate and the holder of the I-Shares, respectively. I-Shares themselves have limited voting rights which are similar to those applicable to MLP common units.

**Energy Infrastructure Companies**

Companies engaged in the energy infrastructure sector principally include publicly-traded MLPs and limited liability companies taxed as partnerships, MLP affiliates, Canadian income trusts and their successor companies, pipeline companies, utilities, and other companies that derive a substantial portion of their revenues from operating or providing services in support of infrastructure assets such as pipelines, power transmission and petroleum and natural gas storage in the petroleum, natural gas and power generation industries (collectively, "Energy Infrastructure Companies").

Energy Infrastructure Companies may be directly affected by energy commodity prices, especially those Energy Infrastructure Companies which own the underlying energy commodity. Commodity prices fluctuate for several reasons, including changes in market and economic conditions, the impact of weather on demand, levels of domestic production and imported commodities, energy conservation, domestic and foreign governmental regulation and taxation and the availability of local, intrastate and interstate transportation systems.

A decrease in the production or availability of natural gas, natural gas liquids, crude oil, coal or other energy commodities or a decrease in the volume of such commodities available for transportation, processing, storage or distribution may adversely impact the financial performance of Energy Infrastructure Companies. In addition, Energy Infrastructure Companies engaged in the production of natural gas, natural gas liquids, crude oil, refined petroleum products or coal are subject to the risk that their commodity reserves naturally deplete over time.

Energy Infrastructure Companies are subject to significant federal, state and local government regulation in virtually every aspect of their operations, including how facilities are constructed, maintained and operated, environmental and safety controls, and the prices they may charge for products and services. Various governmental authorities have the power to enforce compliance with these regulations and the permits issued under them and violators are subject to administrative, civil and criminal penalties, including civil fines, injunctions or both. Stricter laws, regulations or enforcement policies could be enacted in the future which would likely increase compliance costs and may adversely affect the financial performance of Energy Infrastructure Companies.

Natural disasters, such as hurricanes in the Gulf of Mexico, also may impact Energy Infrastructure Companies.

**Other Investment Companies**

Subject to applicable statutory and regulatory limitations, a portfolio may invest in shares of other investment companies, including shares of other mutual funds, closed-end funds, and unregistered investment companies. Pursuant to a statutory exemption or an exemptive rule adopted by the SEC, a portfolio may invest in other investment companies beyond the statutory limits prescribed by the 1940 Act. The SEC recently adopted certain regulatory changes and took other actions related to the ability of an investment company to invest in the securities of another investment company. These changes include, among other things, the rescission of certain SEC exemptive orders permitting investments in excess of the statutory limits and the withdrawal of certain related SEC staff no-action letters, and the adoption of Rule 12d1-4 under the 1940 Act. Effective January 19, 2022, new Rule 12d1-4 under the 1940 Act permits registered investment companies to invest in other registered investment companies beyond the limits in Section 12(d)(1), subject to certain conditions, including that the portfolio enter into a fund of funds investment agreement.

Investments in other investment companies are subject to the risk of the securities in which those investment companies invest. In addition, to the extent a portfolio invests in securities of other investment companies, portfolio shareholders would indirectly pay a portion of the operating costs of such companies in addition to the expenses of a portfolio's own operation. These costs include management, brokerage, shareholder servicing and other operational expenses.

Certain sub-advisers have received an exemptive order from the SEC permitting funds that are sub-advised by the sub-adviser to invest in affiliated registered money market funds and ETFs, and in an affiliated private investment company; provided however, that, among other limitations, in all cases the portfolio's aggregate investment of cash in shares of such investment companies shall not exceed 25% of its total assets at any time.

**Exchange-Traded Funds ("ETFs")**

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ETFs are typically registered investment companies whose securities are traded over an exchange at their market price. ETFs generally represent a portfolio of securities designed to track a particular market index or other group of securities. Other ETFs are actively managed and seek to achieve a stated objective by investing in a portfolio of securities and other assets. A portfolio may purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market pending the purchase of individual securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities, although the potential lack of liquidity of an ETF could result in it being more volatile. There is also a risk that the general level of securities prices may decline, thereby adversely affecting the value of ETFs invested in by a portfolio. Moreover, a portfolio's investments in index-based ETFs may not exactly match the performance of a direct investment in the respective indices or portfolios of securities to which they are intended to correspond due to the temporary unavailability of certain index securities in the secondary market or other factors, such as discrepancies with respect to the weighting of securities. Additionally, ETFs have management fees which increase their costs.

Unlike shares of typical mutual funds or unit investment trusts, shares of ETFs are designed to be traded throughout a trading day, bought and sold based on market values and not at net asset value. For this reason, shares could trade at either a premium or discount to net asset value. However, the portfolios held by index-based ETFs are publicly disclosed on each trading day, and an approximation of actual net asset value is disseminated throughout the trading day. Because of this transparency, the trading prices of index based ETFs tend to closely track the actual net asset value of the underlying portfolios and a portfolio will generally gain or lose value depending on the performance of the index. However, gains or losses on a portfolio's investment in ETFs will ultimately depend on the purchase and sale price of the ETF. A portfolio may invest in ETFs that are actively managed. Actively managed ETFs do not have the transparency of index-based ETFs, and also therefore, are more likely to trade at a discount or premium to actual net asset values.

**Exchange-Traded Notes ("ETNs")**

ETNs are generally notes representing debt of the issuer, usually a financial institution. ETNs combine both aspects of bonds and ETFs. An ETN's returns are based on the performance of one or more underlying assets, reference rates or indexes, minus fees and expenses. Similar to ETFs, ETNs are listed on an exchange and traded in the secondary market. However, unlike an ETF, an ETN can be held until the ETN's maturity, at which time the issuer will pay a return linked to the performance of the specific asset, index or rate ("reference instrument") to which the ETN is linked minus certain fees. Unlike regular bonds, ETNs do not make periodic interest payments, and principal is not protected. ETNs are not registered or regulated as investment companies under the 1940 Act.

The value of an ETN may be influenced by, among other things, time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the performance of the reference instrument, changes in the issuer's credit rating and economic, legal, political or geographic events that affect the reference instrument. An ETN that is tied to a reference instrument may not replicate the performance of the reference instrument. ETNs also incur certain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage can, at times, be relatively illiquid and, thus, they may be difficult to purchase or sell at a fair price. Levered ETNs are subject to the same risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the potential for loss is also greater. Finally, additional losses may be incurred if the investment loses value because, in addition to the money lost on the investment, the loan still needs to be repaid.

Because the return on the ETN is dependent on the issuer's ability or willingness to meet its obligations, the value of the ETN may change due to a change in the issuer's credit rating, despite no change in the underlying reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This difference in price may be due to the fact that the supply and demand in the market for ETN shares at any point in time is not always identical to the supply and demand in the market for the assets underlying the reference instrument that the ETN seeks to track.

There may be restrictions on a portfolio's right to redeem its investment in an ETN, which are generally meant to be held until maturity. The portfolio's decision to sell its ETN holdings may be limited by the availability of a secondary market. An investor in an ETN could lose some or all of the amount invested. The timing and character of income and gains derived from ETNs is under consideration by the U.S. Treasury and Internal Revenue Service (the "IRS") and may also be affected by future legislation.

**Dollar Roll Transactions**

"Dollar roll" transactions consist of the sale by a portfolio to a bank or broker-dealer (the "counterparty") of Ginnie Mae certificates or other mortgage-backed securities together with a commitment to purchase from the counterparty similar, but not identical, securities at a future date. The counterparty receives all principal and interest payments, including prepayments, made on the security while it is the holder. A portfolio receives a fee from the counterparty as consideration for entering into the commitment to purchase. Dollar rolls may be renewed over a period of several months with a different repurchase price and a cash settlement made at each renewal without physical delivery of securities. Moreover, the transaction may be preceded by a firm commitment agreement pursuant to which a portfolio agrees to buy a security on a future date. A portfolio will not use such transactions for leveraging purposes.

The entry into dollar rolls involves potential risks of loss that are different from those related to the securities underlying the transactions. For example, if the counterparty becomes insolvent, a portfolio's right to purchase from the counterparty might be restricted. In addition, the value of such securities may change adversely before a portfolio is able to purchase them. Similarly, a portfolio may be required to purchase securities in connection with a dollar roll at a higher price than may otherwise be available on the open market. Since, as noted above, the counterparty is required to deliver a similar, but not identical, security to a portfolio, the security that the portfolio is required to buy under the dollar roll may be worth less than an identical security. Finally, there can be no assurance that a portfolio's use of the cash that it receives from a dollar roll will provide a return that exceeds the transaction costs.

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Transamerica Aegon U.S. Government Securities VP will also maintain asset coverage of at least 300% for all outstanding firm commitments, dollar rolls and other borrowings.

**Short Sales**

In short selling transactions, a portfolio sells a security it does not own in anticipation that the price of the security will decline. The portfolio must borrow the same security and deliver it to the buyer to complete the sale. The portfolio will incur a profit or a loss, depending upon whether the market price of the security decreases or increases between the date of the short sale and the date on which the portfolio must replace the borrowed security. Unlike taking a long position in a security by purchasing the security, where potential losses are limited to the purchase price, possible losses from short sales may, theoretically, be unlimited (e.g., if the price of a stock sold short rises) and a portfolio may be unable to replace a borrowed security sold short. A portfolio also may be unable to close out an established short position at an acceptable price and may have to sell long positions at disadvantageous times to cover its short positions.

Short sales also involve other costs. A portfolio may have to pay a fee to borrow particular securities and is often obligated to turn over any payments received on such borrowed securities to the lender of the securities. A portfolio secures its obligation to replace the borrowed security by depositing collateral with the lender or its custodian or qualified sub-custodian, usually in cash, U.S. government securities or other liquid securities similar to those borrowed. All short sales will be fully collateralized.

A portfolio may sell securities "short against the box." In short sales "against the box," the portfolio, at all times when the short position is open, owns an equal amount of the securities sold short or has the right to obtain, at no added cost, securities identical to those sold short. When selling short against the box, if the price of such securities were to increase rather than decrease, the portfolio would forgo the potential realization of the increased value of the shares sold short.

Certain portfolios may sell securities short only against the box.

**International Agency Obligations**

Bonds, notes or Eurobonds of international agencies include securities issued by the Asian Development Bank, the European Economic Community, and the European Investment Bank. A portfolio may also purchase obligations of the International Bank for Reconstruction and Development which, while technically not a U.S. government agency or instrumentality, has the right to borrow from the participating countries, including the U.S.

**When-Issued, Delayed Settlement and Forward Delivery Securities**

Securities may be purchased and sold on a "when-issued," "delayed settlement" or "forward (delayed) delivery" basis. "When-issued" or "forward delivery" refers to securities whose terms are available, and for which a market exists, but which are not available for immediate delivery. When-issued or forward delivery transactions may be expected to occur a month or more before delivery is due.

A portfolio may engage in when-issued or forward delivery transactions to obtain what is considered to be an advantageous price and yield at the time of the transaction. When a portfolio engages in when-issued or forward delivery transactions, it will do so consistent with its investment objective and policies and not for the purpose of investment leverage (although leverage may result).

"Delayed settlement" is a term used to describe settlement of a securities transaction in the secondary market that will occur sometime in the future. No payment or delivery is made by a portfolio until it receives payment or delivery from the other party to any of the above transactions.

New issues of stocks and bonds, private placements and U.S. government securities may be sold in this manner.

At the time of settlement, the market value and/or the yield of the security may be more or less than the purchase price. A portfolio bears the risk of such market value fluctuations. These transactions also involve the risk that the other party to the transaction may defaults on its obligation to make payment or delivery. As a result, a portfolio may be delayed or prevented from completing the transaction and may incur additional costs as a consequence of the delay.

**Additional Information**

**Temporary Defensive Position**

At times a portfolio's sub-adviser may judge that conditions in the securities markets make pursuing the portfolio's typical investment strategy inconsistent with the best interest of its shareholders. At such times, a sub-adviser may temporarily use alternative strategies, primarily designed to reduce fluctuations in the value of the portfolio's assets. In implementing these defensive strategies, a portfolio may invest without limit in securities that a sub-adviser believes present less risk to a portfolio, including equity securities, debt and fixed-income securities, preferred stocks, U.S. government and agency obligations, cash or money market instruments, CDs, demand and time deposits, bankers' acceptance or other securities a sub-adviser considers consistent with such defensive strategies, such as, but not limited to, options, futures, warrants or swaps. During periods in which such strategies are used, the duration of a portfolio may diverge from the duration range for that portfolio disclosed in its prospectus (if applicable). It is impossible to predict when, or for how long, a portfolio will use these alternative strategies. As a result of using these alternative strategies, a portfolio may not achieve its investment objective.

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**Borrowings**

A portfolio may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by its investment policies, to raise additional cash to be invested by the portfolio's portfolio managers in other securities or instruments in an effort to increase the portfolio's investment returns.

When a portfolio invests borrowing proceeds in other securities, the portfolio will bear the risk that the market value of the securities in which the proceeds are invested goes down and is insufficient to repay borrowed proceeds. Like other leveraging risks, this makes the value of an investment in a portfolio more volatile and increases the portfolio's overall investment exposure. In addition, if a portfolio's return on its investment of the borrowing proceeds does not equal or exceed the interest that a portfolio is obligated to pay under the terms of a borrowing, engaging in these transactions will lower the portfolio's return.

A portfolio may be required to liquidate portfolio securities at a time when it would be disadvantageous to do so in order to make payments with respect to its borrowing obligations. This could adversely affect the portfolio managers' strategy and result in lower portfolio returns. Interest on any borrowings will be a portfolio expense and will reduce the value of a portfolio's shares.

A portfolio may borrow on a secured or on an unsecured basis. If a portfolio enters into a secured borrowing arrangement, a portion of the portfolio's assets will be used as collateral. During the term of the borrowing, the portfolio will remain at risk for any fluctuations in the market value of these assets in addition to any securities purchased with the proceeds of the loan. In addition, a portfolio may be unable to sell the collateral at a time when it would be advantageous to do so, which could adversely affect the portfolio managers' strategy and result in lower portfolio returns. The portfolio would also be subject to the risk that the lender may file for bankruptcy, become insolvent, or otherwise default on its obligations to return the collateral to the portfolio. In the event of a default by the lender, there may be delays, costs and risks of loss involved in a portfolio's exercising its rights with respect to the collateral or those rights may be limited by other contractual agreements or obligations or by applicable law.

The 1940 Act requires a portfolio to maintain at all times an "asset coverage" of at least 300% of the amount of its borrowings. Asset coverage means the ratio that the value of the portfolio's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this guideline would have the effect of limiting the amount that the portfolio may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

**Interfund Lending**

To satisfy redemption requests or to cover unanticipated cash shortfalls, a portfolio may enter into lending agreements ("Interfund Lending Agreements") under which the portfolio would lend money and borrow money for temporary purposes directly to and from another Transamerica portfolio through a credit facility ("Interfund Loan"), subject to meeting the conditions of an SEC exemptive order granted to TAM and the Trust permitting such interfund lending. All Interfund Loans will consist only of uninvested cash reserves that the portfolio otherwise would invest in repurchase agreements or other short-term instruments.

If a portfolio has outstanding borrowings, any Interfund Loans to the portfolio (a) will be at an interest rate equal to or lower than any outstanding bank loan, (b) 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, (c) will have a maturity no longer than any outstanding bank loan (and in any event not over seven days), and (d) will provide that, if an event of default occurs under any agreement evidencing an outstanding bank loan to the portfolio, the event of default will automatically (without need for action or notice by the lending portfolio) constitute an immediate event of default under the Interfund Lending Agreement entitling the lending portfolio to call the Interfund Loan (and exercise all rights with respect to any collateral) and that such call will be made if the lending bank exercises its right to call its loan under its agreement with the borrowing portfolio.

A portfolio may make an unsecured borrowing through the credit facility if its outstanding borrowings from all sources immediately after the interfund borrowing total 10% or less of its total assets; provided, that if the portfolio has a secured loan outstanding from any other lender, including but not limited to another Transamerica portfolio, the portfolio's interfund borrowing will be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value as any outstanding loan that requires collateral. If a portfolio's total outstanding borrowings immediately after an interfund borrowing would be greater than 10% of its total assets, the portfolio may borrow through the credit facility on a secured basis only. A portfolio may not borrow through the credit facility nor from any other source if its total outstanding borrowings immediately after the interfund borrowing would be more than 33 <sup>1</sup>∕3% of its total assets.

No portfolio may lend to another portfolio through the interfund lending credit facility if the loan would cause its aggregate outstanding loans through the credit facility to exceed 15% of the lending portfolio's net assets at the time of the loan. A portfolio's Interfund Loans to any one portfolio shall not exceed 5% of the lending portfolio's net assets. The duration of Interfund Loans is limited to the time required to receive payment for securities sold, but in no event more than seven days. Loans effected within seven days of each other will be treated as separate loan transactions for purposes of this condition. Each Interfund Loan may be called on one business day's notice by a lending portfolio and may be repaid on any day by a borrowing portfolio.

The limitations detailed above and the other conditions of the SEC exemptive order permitting interfund lending are designed to minimize the risks associated with interfund lending for both the lending portfolio and the borrowing portfolio. However, no borrowing or lending activity is without risk. When a portfolio borrows money from another portfolio, there is a risk that the loan could be called on one day's notice or not

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renewed, in which case the portfolio may have to borrow from a bank at higher rates (if such borrowing is available) or sell securities at a loss if an Interfund Loan were not available from another portfolio. A delay in repayment to a lending portfolio could result in a lost opportunity or additional lending costs.

**Reverse Repurchase Agreements**

A reverse repurchase agreement has the characteristics of a secured borrowing and creates leverage. In a reverse repurchase transaction, a portfolio sells a portfolio instrument to another person, such as a financial institution or broker/dealer, in return for cash. At the same time, a portfolio agrees to repurchase the instrument at an agreed-upon time and at a price that is greater than the amount of cash that the portfolio received when it sold the instrument, representing the equivalent of an interest payment by the portfolio for the use of the cash. During the term of the transaction, a portfolio will continue to receive any principal and interest payments (or the equivalent thereof) on the underlying instruments.

A portfolio may engage in reverse repurchase agreements as a means of raising cash to satisfy redemption requests or for other temporary or emergency purposes. Unless otherwise limited in its prospectus or this SAI, a portfolio may also engage in reverse repurchase agreements to the extent permitted by its fundamental investment policies in order to raise additional cash to be invested by the portfolio's portfolio managers in other securities or instruments in an effort to increase the portfolio's investment returns.

During the term of the transaction, a portfolio will remain at risk for any fluctuations in the market value of the instruments subject to the reverse repurchase agreement as if it had not entered into the transaction. When a portfolio reinvests the proceeds of a reverse repurchase agreement in other securities, the portfolio will bear the risk that the market value of the securities in which the proceeds are invested goes down and is insufficient to satisfy the portfolio's obligations under the reverse repurchase agreement. Like other leveraging risks, this makes the value of an investment in a portfolio more volatile and increases the portfolio's overall investment exposure. This could also result in the portfolio having to dispose of investments at inopportune times and at disadvantageous amounts. In addition, if a portfolio's return on its investment of the proceeds of the reverse repurchase agreement does not equal or exceed the implied interest that it is obligated to pay under the reverse repurchase agreement, engaging in the transaction will lower the portfolio's return.

When a portfolio enters into a reverse repurchase agreement, it is subject to the risk that the buyer under the agreement may file for bankruptcy, become insolvent, or otherwise default on its obligations to the portfolio. In the event of a default by the counterparty, there may be delays, costs and risks of loss involved in a portfolio's exercising its rights under the agreement, or those rights may be limited by other contractual agreements or obligations or by applicable law.

In addition, a portfolio may be unable to sell the instruments subject to the reverse repurchase agreement at a time when it would be advantageous to do so, or may be required to liquidate portfolio securities at a time when it would be disadvantageous to do so in order to make payments with respect to its obligations under a reverse repurchase agreement. This could adversely affect the portfolio managers' strategy and result in losses.

Rule 18f-4 under the 1940 Act permits a portfolio to enter into reverse repurchase agreements and similar financing transactions (e.g., recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the portfolio either (i) complies with the 300% asset coverage ratio with respect to such transactions and any other borrowings in the aggregate, or (ii) treats such transactions as "derivatives transactions" under Rule 18f-4. See "Derivatives".

**Voluntary Actions**

From time to time, a portfolio may voluntarily participate in actions (for example, rights offerings, conversion privileges, exchange offers, credit event settlements, etc.) where the issuer or counterparty offers securities or instruments to holders or counterparties, such as a portfolio, and the acquisition is determined to be beneficial to portfolio shareholders ("Voluntary Action"). Notwithstanding any percentage investment limitation listed under this section or any percentage investment limitation of the 1940 Act or rules thereunder, if a portfolio has the opportunity to acquire a permitted security or instrument through a Voluntary Action, and the portfolio will exceed a percentage investment limitation following the acquisition, it will not constitute a violation if, after announcement of the offering, but prior to the receipt of the securities or instruments, the portfolio sells an offsetting amount of assets that are subject to the investment limitation in question at least equal to the value of the securities or instruments to be acquired.

**Money Market Reserves**

It is expected that Transamerica T. Rowe Price Small Cap VP will invest its cash reserves primarily in a money market fund established for the exclusive use of the T. Rowe Price family of mutual funds and other clients of T. Rowe Price and its affiliates.

The T. Rowe Price affiliated money market funds must comply with the requirements of Rule 2a-7 under the 1940 Act, governing money market funds. The T. Rowe Price affiliated money market funds invest in prime money market instruments receiving the highest credit rating, U.S. Government-backed securities, primarily U.S. Treasuries, and repurchase agreements thereon.

T. Rowe Price believes that its affiliated money market funds provide very efficient means of managing the cash reserves of the portfolio. While the funds do not pay an advisory fee to T. Rowe Price, they will incur other expenses. However, the T. Rowe Price affiliated money market funds are expected to operate at very low expense ratios. The portfolio will only invest in T. Rowe Price affiliated money market funds to the extent it is consistent with its objectives and programs.

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The T. Rowe Price affiliated money market funds are not insured or guaranteed by the U.S. government, and there is no assurance they will maintain a stable net asset value of $1.00 per share.

**Special Considerations (Transamerica ProFund UltraBear VP Only)**

Transamerica ProFund UltraBear VP presents certain risks, some of which are further described below.

**Correlation and Tracking:** Several factors may affect the ability of Transamerica ProFund UltraBear VP (the "ProFund") to achieve inverse correlation with its benchmark. Among these factors are: (1) the ProFund's expenses, including brokerage (which may be increased by high portfolio turnover) and the costs associated with the use of derivatives; (2) less than all of the securities underlying the ProFund's benchmark being held by the ProFund and/or securities not included in the benchmark being held by the ProFund; (3) an imperfect correlation between the performance of instruments held by the ProFund, such as futures contracts, and the performance of the underlying securities in a benchmark; (4) bid-ask spreads (the effect of which may be increased by portfolio turnover); (5) holding instruments traded in a market that has become illiquid or disrupted; (6) the ProFund's share prices being rounded to the nearest cent; (7) changes to the benchmark that are not disseminated in advance; (8) the need to conform the ProFund's portfolio holdings to comply with investment restrictions or policies or regulatory or tax law requirements; (9) limit up or limit down trading halts on options or futures contracts which may prevent the ProFund from purchasing or selling options or futures contracts; (10) early and unanticipated closings of the markets on which the holdings of the ProFund trade, resulting in the inability of the ProFund to execute intended portfolio transactions; and (11) fluctuations in currency exchange rates. Also, because ProFund rebalances its benchmark exposure at the end of each trading day, disparities between estimated and actual purchases and redemptions of the ProFund may cause the ProFund to be over- or underexposed to its benchmark. This may result in greater tracking and correlation error.

Furthermore, the ProFund has an investment objective before fees and expenses to match twice the inverse (-2x) performance of the benchmark on a single day. A "single day" is measured from the time the ProFund calculates its NAV to the time of the ProFund's next NAV calculation. The ProFund is subject to the correlation risks described above. In addition, while a close inverse correlation of the ProFund to its benchmark may be achieved on any single trading day, over time the cumulative percentage increase or decrease in the NAV of the shares of the ProFund may diverge, in some cases, significantly from the cumulative percentage decrease or increase in the benchmark due to a compounding effect as further described in the Prospectus.

**Leverage:** The ProFund intends to use, on a regular basis, leveraged investment techniques in pursuing its investment objective. Leverage exists when the ProFund achieves the right to a return on a capital base that exceeds the amount the ProFund has invested. Utilization of leverage involves special risks and should be considered to be speculative. Specifically, leverage creates the potential for greater gains to shareholders of the ProFund during favorable market conditions and the risk of magnified losses during adverse market conditions. Leverage is likely to cause higher volatility of the NAVs of the ProFund's shares. Leverage may involve the creation of a liability that does not entail any interest costs or the creation of a liability that requires the ProFund to pay interest which would decrease the ProFund's total return to shareholders. If the ProFund achieves its investment objectives, during adverse market conditions, shareholders should experience a loss greater than they would have incurred had the ProFund not been leveraged.

**Special Note Regarding the Correlation Risks of Inverse Geared Funds:** As a result of compounding, for periods greater than a single day, the use of leverage tends to cause the performance of the ProFund to vary from its benchmark performance times the stated multiple (-2x) in the portfolio's investment objective before accounting for fees and fund expenses. Compounding affects all investments, but has a more significant impact on inverse geared funds. Four factors significantly affect how close daily compounded returns are to longer-term benchmark returns times the portfolio's multiple: the length of the holding period, benchmark volatility, whether the multiple is positive or inverse, and its leverage level. Longer holding periods, higher benchmark volatility, inverse exposure and greater leverage each can lead to returns farther from the multiple times the benchmark return. As the table below shows, particularly during periods of higher benchmark volatility, compounding will cause longer term results to vary from the benchmark performance times the stated multiple in the ProFund's investment objective. This effect becomes more pronounced as volatility increases.

A geared fund's return for periods longer than one day is primarily a function of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)

benchmark performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)

benchmark volatility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)

period of time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)

financing rates associated with leverage or inverse exposure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e)

other fund expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f)

dividends or interest paid with respect to securities included in the benchmark.

The fund performance for a geared fund can be estimated given any set of assumptions for the factors described above. The tables below illustrates the impact of two factors, benchmark volatility and benchmark performance, on an inverse geared fund. Benchmark volatility is a statistical measure of the magnitude of fluctuations in the returns of a benchmark and is calculated as the standard deviation of the natural logarithms of one plus the benchmark return (calculated daily), multiplied by the square root of the number of trading days per year (assumed to be 252). The tables show estimated fund returns for a number of combinations of benchmark performance and benchmark volatility over a

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one-year period. Assumptions used in the table include: a) no dividends paid with regard to the equity securities included in the benchmark; b) no fund expenses; and c) borrowing/lending rates (to obtain leverage or inverse exposure) of zero percent. If fund expenses and/or actual borrowing/lending rates were reflected, the fund's performance would be different than shown.

The table below shows an example in which a geared fund that has an investment objective to correspond to twice the inverse (-2x) of the daily performance of a benchmark. The geared fund could be expected to achieve a -20% return on a yearly basis if the benchmark performance was 10%, absent any costs or the correlation risk or other factors described above and in the Prospectus under "Correlation Risk." However, as the table shows, with a benchmark volatility of 20%, such a fund would return -26.7%, again absent any costs or other factors described above and in the Prospectus under "Correlation Risk." In the chart below, areas shaded darker represent those scenarios where the fund will underperform (i.e., return less than) the benchmark performance times the stated multiple in the fund's investment objective (-2x).

**Estimated Fund Return Over One Year When the Fund Objective is to Seek Daily Investment Results, Before Fees and Expenses, that Correspond to Twice the Inverse (-2x) of the Daily Performance of a Benchmark.** 

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **One Year**<br> **Benchmark**<br> **Performance** | **Twice the**<br> **Inverse**<br> **(-2x) of**<br> **One Year**<br> **Benchmark**<br> **Performance** | **Benchmark Volatility** | **Benchmark Volatility** | **Benchmark Volatility** | **Benchmark Volatility** | **Benchmark Volatility** | **Benchmark Volatility** | **Benchmark Volatility** | **Benchmark Volatility** | **Benchmark Volatility** | **Benchmark Volatility** | **Benchmark Volatility** | **Benchmark Volatility** | **Benchmark Volatility** |
| **One Year**<br> **Benchmark**<br> **Performance** | **Twice the**<br> **Inverse**<br> **(-2x) of**<br> **One Year**<br> **Benchmark**<br> **Performance** | **0%** | **5%** | **10%** | **15%** | **20%** | **25%** | **30%** | **35%** | **40%** | **45%** | **50%** | **55%** | **60%** |
| -60% | 120% | 525.0% | 520.3% | 506.5% | 484.2% | 454.3% | 418.1% | 377.1% | 332.8% | 286.7% | 240.4% | 195.2% | 152.2% | 112.2% |
| -55% | 110% | 393.8% | 390.1% | 379.2% | 361.6% | 338.0% | 309.4% | 277.0% | 242.0% | 205.6% | 169.0% | 133.3% | &nbsp;&nbsp; 99.3% | &nbsp;&nbsp; 67.7% |
| -50% | 100% | 300.0% | 297.0% | 288.2% | 273.9% | 254.8% | 231.6% | 205.4% | 177.0% | 147.5% | 117.9% | &nbsp;&nbsp; 88.9% | &nbsp;&nbsp; 61.4% | &nbsp;&nbsp; 35.8% |
| -45% | &nbsp;&nbsp;&nbsp; 90% | 230.6% | 228.1% | 220.8% | 209.0% | 193.2% | 174.1% | 152.4% | 128.9% | 104.6% | &nbsp;&nbsp; 80.1% | &nbsp;&nbsp; 56.2% | &nbsp;&nbsp; 33.4% | &nbsp;&nbsp; 12.3% |
| -40% | &nbsp;&nbsp;&nbsp; 80% | 177.8% | 175.7% | 169.6% | 159.6% | 146.4% | 130.3% | 112.0% | &nbsp;&nbsp; 92.4% | &nbsp;&nbsp; 71.9% | &nbsp;&nbsp; 51.3% | &nbsp;&nbsp; 31.2% | &nbsp;&nbsp; 12.1% | &nbsp;&nbsp; -5.7% |
| -35% | &nbsp;&nbsp;&nbsp; 70% | 136.7% | 134.9% | 129.7% | 121.2% | 109.9% | &nbsp;&nbsp; 96.2% | &nbsp;&nbsp; 80.7% | &nbsp;&nbsp; 63.9% | &nbsp;&nbsp; 46.5% | &nbsp;&nbsp; 28.9% | &nbsp;&nbsp; 11.8% | &nbsp;&nbsp; -4.5% | -19.6% |
| -30% | &nbsp;&nbsp;&nbsp; 60% | 104.1% | 102.6% | &nbsp;&nbsp; 98.1% | &nbsp;&nbsp; 90.8% | &nbsp;&nbsp; 81.0% | &nbsp;&nbsp; 69.2% | &nbsp;&nbsp; 55.8% | &nbsp;&nbsp; 41.3% | &nbsp;&nbsp; 26.3% | &nbsp;&nbsp; 11.2% | &nbsp;&nbsp; -3.6% | -17.6% | -30.7% |
| -25% | &nbsp;&nbsp;&nbsp; 50% | &nbsp;&nbsp; 77.8% | &nbsp;&nbsp; 76.4% | &nbsp;&nbsp; 72.5% | &nbsp;&nbsp; 66.2% | &nbsp;&nbsp; 57.7% | &nbsp;&nbsp; 47.4% | &nbsp;&nbsp; 35.7% | &nbsp;&nbsp; 23.1% | &nbsp;&nbsp; 10.0% | &nbsp;&nbsp; -3.2% | -16.0% | -28.3% | -39.6% |
| -20% | &nbsp;&nbsp;&nbsp; 40% | &nbsp;&nbsp; 56.3% | &nbsp;&nbsp; 55.1% | &nbsp;&nbsp; 51.6% | &nbsp;&nbsp; 46.1% | &nbsp;&nbsp; 38.6% | &nbsp;&nbsp; 29.5% | &nbsp;&nbsp; 19.3% | &nbsp;&nbsp;&nbsp; 8.2% | &nbsp;&nbsp; -3.3% | -14.9% | -26.2% | -36.9% | -46.9% |
| -15% | &nbsp;&nbsp;&nbsp; 30% | &nbsp;&nbsp; 38.4% | &nbsp;&nbsp; 37.4% | &nbsp;&nbsp; 34.3% | &nbsp;&nbsp; 29.4% | &nbsp;&nbsp; 22.8% | &nbsp;&nbsp; 14.7% | &nbsp;&nbsp;&nbsp; 5.7% | &nbsp;&nbsp; -4.2% | -14.4% | -24.6% | -34.6% | -44.1% | -53.0% |
| -10% | &nbsp;&nbsp;&nbsp; 20% | &nbsp;&nbsp; 23.5% | &nbsp;&nbsp; 22.5% | &nbsp;&nbsp; 19.8% | &nbsp;&nbsp; 15.4% | &nbsp;&nbsp;&nbsp; 9.5% | &nbsp;&nbsp;&nbsp; 2.3% | &nbsp;&nbsp; -5.8% | -14.5% | -23.6% | -32.8% | -41.7% | -50.2% | -58.1% |
| &nbsp;&nbsp; -5% | &nbsp;&nbsp;&nbsp; 10% | &nbsp;&nbsp; 10.8% | &nbsp;&nbsp; 10.0% | &nbsp;&nbsp;&nbsp; 7.5% | &nbsp;&nbsp;&nbsp; 3.6% | &nbsp;&nbsp; -1.7% | &nbsp;&nbsp; -8.1% | -15.4% | -23.3% | -31.4% | -39.6% | -47.7% | -55.3% | -62.4% |
| &nbsp;&nbsp;&nbsp; 0% | &nbsp;&nbsp;&nbsp;&nbsp; 0% | &nbsp;&nbsp;&nbsp; 0.0% | &nbsp;&nbsp; -0.7% | &nbsp;&nbsp; -3.0% | &nbsp;&nbsp; -6.5% | -11.3% | -17.1% | -23.7% | -30.8% | -38.1% | -45.5% | -52.8% | -59.6% | -66.0% |
| &nbsp;&nbsp;&nbsp; 5% | &nbsp;&nbsp; -10% | &nbsp;&nbsp; -9.3% | -10.0% | -12.0% | -15.2% | -19.6% | -24.8% | -30.8% | -37.2% | -43.9% | -50.6% | -57.2% | -63.4% | -69.2% |
| 10% | &nbsp;&nbsp; -20% | -17.4% | -18.0% | -19.8% | -22.7% | -26.7% | -31.5% | -36.9% | -42.8% | -48.9% | -55.0% | -61.0% | -66.7% | -71.9% |
| 15% | &nbsp;&nbsp; -30% | -24.4% | -25.0% | -26.6% | -29.3% | -32.9% | -37.3% | -42.3% | -47.6% | -53.2% | -58.8% | -64.3% | -69.5% | -74.3% |
| 20% | &nbsp;&nbsp; -40% | -30.6% | -31.1% | -32.6% | -35.1% | -38.4% | -42.4% | -47.0% | -51.9% | -57.0% | -62.2% | -67.2% | -72.0% | -76.4% |
| 25% | &nbsp;&nbsp; -50% | -36.0% | -36.5% | -37.9% | -40.2% | -43.2% | -46.9% | -51.1% | -55.7% | -60.4% | -65.1% | -69.8% | -74.2% | -78.3% |
| 30% | &nbsp;&nbsp; -60% | -40.8% | -41.3% | -42.6% | -44.7% | -47.5% | -50.9% | -54.8% | -59.0% | -63.4% | -67.8% | -72.0% | -76.1% | -79.9% |
| 35% | &nbsp;&nbsp; -70% | -45.1% | -45.5% | -46.8% | -48.7% | -51.3% | -54.5% | -58.1% | -62.0% | -66.0% | -70.1% | -74.1% | -77.9% | -81.4% |
| 40% | &nbsp;&nbsp; -80% | -49.0% | -49.4% | -50.5% | -52.3% | -54.7% | -57.7% | -61.1% | -64.7% | -68.4% | -72.2% | -75.9% | -79.4% | -82.7% |
| 45% | &nbsp;&nbsp; -90% | -52.4% | -52.8% | -53.8% | -55.5% | -57.8% | -60.6% | -63.7% | -67.1% | -70.6% | -74.1% | -77.5% | -80.8% | -83.8% |
| 50% | -100% | -55.6% | -55.9% | -56.9% | -58.5% | -60.6% | -63.2% | -66.1% | -69.2% | -72.5% | -75.8% | -79.0% | -82.1% | -84.9% |
| 55% | -110% | -58.4% | -58.7% | -59.6% | -61.1% | -63.1% | -65.5% | -68.2% | -71.2% | -74.2% | -77.3% | -80.3% | -83.2% | -85.9% |
| 60% | -120% | -60.9% | -61.2% | -62.1% | -63.5% | -65.4% | -67.6% | -70.2% | -73.0% | -75.8% | -78.7% | -81.5% | -84.2% | -86.7% |

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The foregoing table is intended to isolate the effect of benchmark volatility and benchmark performance on the return of an inverse leveraged fund. The ProFund's actual returns may be significantly greater or less than the returns shown above as a result of any of the factors discussed above or under "Correlation Risk" in the Prospectus.

**Investments in the Subsidiary – Transamerica Morgan Stanley Global Allocation VP\***

Transamerica Morgan Stanley Global Allocation VP may invest up to 25% of its total assets in its Subsidiary. Investments in the Subsidiary are expected to provide the portfolio with exposure to the commodity markets. The principal purpose of investment in the Subsidiary is to allow the portfolio to gain exposure to the commodity markets within the limitations of the federal tax law requirements applicable to regulated investment companies. The portfolio, as a regulated investment company under the tax rules, is generally required to realize at least 90 percent of its annual gross income from certain investment-related sources, specifically, from dividends, interest, payments with respect to certain securities loans, gains from the sales of stock, securities and foreign currencies, other income (including, but not limited to, gains from options, futures, or forward contracts) derived with respect to its business of investing in such stock, securities or currencies, and net income derived from certain types of publicly traded partnerships (referred to as qualifying income). Direct investments by a regulated investment company in commodity-related instruments generally do not, under published IRS rulings, produce qualifying income. However, in a series of private letter rulings, the IRS has indicated income derived by a regulated investment company from a wholly-owned subsidiary invested in commodity and financial futures and option contracts, forward contracts, swaps on commodities or commodities indexes, commodity-linked notes and fixed-income securities serving as collateral for the contracts would constitute qualifying income. The portfolio

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has not received a private letter ruling from the IRS confirming that income derived from the Subsidiary will constitute qualifying income to the portfolio. The IRS is no longer issuing private letter rulings to that effect. The tax treatment of the portfolio's investment in commodity interests or in the Subsidiary could also be adversely affected by future legislation or Treasury regulations.

The Subsidiary is a company organized under the laws of the Cayman Islands, and is overseen by its own board of directors. Although the Subsidiary has its own board of directors, the Subsidiary is wholly-owned and controlled by the portfolio.

The Subsidiary (unlike the portfolio) may invest without limit in commodities, commodity-linked derivatives, ETFs, leveraged or unleveraged commodity-linked notes and other investments that provide exposure to commodities. Although the portfolio may to some extent invest directly in commodity-linked derivative instruments and other investments that provide exposure to commodities, the portfolio may also gain exposure to these derivative instruments indirectly by investing in the Subsidiary. The Subsidiary also may invest in other instruments, including fixed-income securities, cash and cash equivalents and U.S. government securities, either as investments or to serve as margin or collateral for the Subsidiary's derivatives positions. To the extent that the portfolio invests in the Subsidiary, it may be subject to the risks associated with those derivative instruments and other securities.

The Subsidiary is managed by TAM and sub-advised by the portfolio's sub-adviser. However, to the extent applicable to the investment activities of the Subsidiary, the Subsidiary otherwise is subject to the portfolio's investment restrictions and other policies. The portfolio and the Subsidiary test for compliance with the portfolio's investment restrictions on a consolidated basis. However, unlike the portfolio, the Subsidiary will not seek to qualify as a regulated investment company under Subchapter M of the Code.

The Subsidiary will not be subject to U.S. federal income tax. It will, however, be considered a controlled foreign corporation, and the portfolio will be required to include as income annually investment income earned by the Subsidiary during that year regardless of whether that income is distributed to the portfolio. Furthermore, the portfolio will be subject to generally applicable regulated investment company distribution requirements on any such income, whether or not the Subsidiary makes a distribution to the portfolio during the taxable year. The Subsidiary is not an investment company registered under the 1940 Act and, unless otherwise noted in the prospectus or this SAI, is not subject to all of the investor protections of the 1940 Act and other U.S. regulations. Changes in the laws of the United States and/or the Cayman Islands could affect the ability of the portfolio and/or the Subsidiary to operate as described in the prospectus and this SAI and could negatively affect the portfolio and its shareholders.

\* Transamerica Morgan Stanley Global Allocation Managed Risk - Balanced VP may also invest indirectly in the Subsidiary.

**Portfolio Turnover** 

Portfolio turnover rate is, in general, the percentage calculated by taking the lesser of purchases or sales of portfolio securities (excluding short-term securities) for a year and dividing it by the monthly average of the market value of such securities held during the year.

Changes in security holdings are made by a portfolio's investment manager or sub-adviser when it is deemed necessary. Such changes may result from: liquidity needs; securities having reached a price or yield objective; anticipated changes in interest rates or the credit standing of an issuer; or developments not foreseen at the time of the investment decision.

The investment manager or a sub-adviser may engage in a significant number of short-term transactions if such investing serves a portfolio's objective. The rate of portfolio turnover will not be a limiting factor when such short-term investing is considered appropriate. Increased turnover results in higher brokerage costs or mark-up charges for a portfolio; these charges are ultimately borne by the policy owners.

In computing the portfolio turnover rate, securities whose maturities or expiration dates at the time of acquisition are one year or less are excluded. Subject to this exclusion, the turnover rate for a portfolio is calculated by dividing (a) the lesser of purchases or sales of portfolio securities for the fiscal year by (b) the monthly average of portfolio securities owned by the portfolio during the fiscal year.

There are no fixed limitations regarding the portfolio turnover rates of the portfolios. Portfolio turnover rates are expected to fluctuate under constantly changing economic conditions and market circumstances. Higher turnover rates tend to result in higher brokerage fees. Securities initially satisfying the basic policies and objective of a portfolio may be disposed of when they are no longer deemed suitable.

The following portfolios had a significant variation in their portfolio turnover rates over the fiscal years ended December 31, 2021 and December 31, 2022. [TO BE UPDATED]

[Transamerica BlackRock iShares Active Asset Allocation - Conservative VP, Transamerica BlackRock iShares Active Asset Allocation - Moderate Growth VP and Transamerica BlackRock iShares Active Asset Allocation - Moderate VP underwent a sub-adviser change in 2021, leading to a higher turnover rate for each portfolio for that year.

Transamerica Morgan Stanley Global Allocation VP had decreased trading in 2021, leading to a lower turnover rate for that year.]

Historical turnover rates are included in the Financial Highlights tables in the prospectus.

**Disclosure of Portfolio Holdings**

It is the policy of the portfolios to protect the confidentiality of their portfolio holdings and prevent the selective disclosure of non-public information about portfolio holdings. The portfolios' service providers are required to comply with this policy. No non-public information concerning the portfolio holdings of the portfolios may be disclosed to any unaffiliated third party, except as provided below. The Board has adopted formal procedures governing compliance with these policies.

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The portfolios believe the policy is in the best interests of each portfolio and its shareholders and that it strikes an appropriate balance between the desire of investors for information about the portfolios' portfolio holdings and the need to protect the portfolios from potentially harmful disclosures. Any conflicts of interest between the interests of portfolio shareholders and those of TAM or its affiliates are addressed in a manner that places the interests of portfolio shareholders first.

Information concerning the portfolios' holdings is available via the portfolios' website at: www.transamerica.com/annuities/annuity-solutions. The portfolios generally make publicly available their complete portfolio holdings no sooner than 15 days after month-end. Such information generally remains on the website for 6 months, or as otherwise consistent with applicable regulations.

The portfolios' semi-annual reports and annual reports contain a complete listing of each portfolio's holdings as of the end of the portfolio's second and fourth fiscal quarters. This information is also available in reports filed with the SEC at the SEC's website at www.sec.gov. Each fiscal quarter, each non-money market portfolio will file with the SEC a complete schedule of its monthly portfolio holdings on "Form N-PORT", with quarter-end disclosures being made public 60 days after the end of each fiscal quarter.

Transamerica BlackRock Government Money Market VP files monthly a schedule of portfolio holdings with the SEC on Form N-MFP. The information filed on Form N-MFP is made available to the public by the SEC 60 days after the end of the month to which the information pertains. A schedule of portfolio holdings for Transamerica BlackRock Government Money Market VP is posted each month to the portfolio's website in accordance with Rule 2a-7(c)(12) under the 1940 Act. The Form N-PORT and Form N-MFP reports are also available, free of charge, on the EDGAR database on the SEC's website at www.sec.gov.

In addition, the portfolios may release via the portfolios' website at www.transamerica.com/annuities/annuity-solutions the following information concerning a portfolio before disclosure of the portfolio's full portfolio holdings is made publicly available:

• **Top Ten Holdings –** A portfolio's top ten holdings and the total percentage of the portfolio such aggregate holdings represent.

• **Sector Holdings –** A portfolio's sector information and the total percentage of the portfolio held in each sector.

• **Other Portfolio Characteristic Data –** Any other analytical data with respect to a portfolio that does not identify any specific portfolio holdings.

• **Funds of ETFs and Funds of Funds –** For any portfolio whose investments (other than cash alternatives) consist solely of shares of ETFs and/or other Funds, no sooner than 10 days after the end of a month the names of the ETFs or Funds held as of the end of that month and the percentage of the portfolio's net assets held in each ETF or Fund as of the end of that month.

Mutual fund rating and ranking organizations such as FactSet, Lipper, Inc. and Morningstar, Inc., or consultants and/or other financial industry institutions such as Bloomberg L.P., and eVestment may request a complete list of non-public portfolio holdings in order to rank or rate a portfolio or to assess the risks of a portfolio or otherwise and/or to produce related performance attribution statistics. Similarly, an intermediary may be provided with non-public portfolio holdings in order to allow the intermediary to prepare the portfolio holdings information for shareholders on a timely basis. Portfolio holdings information released to these parties is the same portfolio holdings posted to the portfolios' website each month and is subject to the guidelines discussed below. Pursuant to the policy, TAM may disclose a complete list of each portfolio's holdings to any person on a monthly basis after the holdings are posted to the portfolios' website, usually 15 days after month-end.

The portfolios may also from time to time provide or make available to third parties upon request specific portfolio level performance attribution information and statistics. Third parties may include portfolio shareholders or prospective portfolio shareholders, members of the press, consultants, and ratings and ranking organizations. Nonexclusive examples of performance attribution information and statistics may include (i) the allocation of the portfolio's holdings and other investment positions among various asset classes, sectors, industries, and countries, (ii) the characteristics of the stock and bond components of the portfolio's holdings and other investment positions, (iii) the attribution of portfolio returns by asset class, sector, industry, and country, (iv) performance attribution and other summary and statistical information that does not include identification of specific portfolio holdings (prior to such holdings becoming public), and (v) the volatility characteristics of the portfolio.

TAM's Operational Risk Committee may approve a request for portfolio level performance attribution and statistics as long as (i) such disclosure does not enable the receiving party to recreate the complete or partial portfolio holdings of any portfolio prior to such portfolio's public disclosure of its portfolio holdings and (ii) TAM has made a good faith determination that the requested information is not material given the particular facts and circumstances. TAM may deny any request for performance attribution information and other statistical information about a portfolio made by any person, and may do so for any reason or for no reason.

Disclosure of non-public portfolio holdings information for a portfolio may only be provided pursuant to the guidelines below.

- Non-public portfolio holdings information may be provided at any time (and as frequently as daily) to the portfolios' service providers, counterparties, and others who generally need access to such information in the performance of their contractual duties and responsibilities providing services to a portfolio for a legitimate business purpose, where such vendor or service provider is subject to a duty of confidentiality, including a duty to prohibit the vendor from sharing non-public information with an unauthorized source or trading upon any non-public information provided by TAM on behalf of a portfolio. These entities, parties, and persons include, but are not limited to: TAM, the sub-advisers, custodian, administrator, sub-administrator, transfer agent, sub-transfer agent, executing broker-dealers/counterparties in connection with the purchase or sale of securities or requests for price quotations or bids on one or more securities (including transition

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managers), research and analytics providers, securities lending agent, financial printer, banks, proxy voting services, pricing service vendors, regulatory authorities, independent public accountants, attorneys, and the portfolios' officers and trustees, subject to a duty of confidentiality with respect to any portfolio holdings information. In addition, certain of the portfolios' sub-advisers utilize middle- and back-office providers to fulfill their contractual duties and responsibilities to the portfolios. The disclosure of non-public portfolio holdings information to such third parties generally will be subject to a requirement, by explicit agreement or by virtue of their respective duties to the portfolios, that those third parties maintain the confidentiality of such information.

- TAM receives non-public portfolio holdings information to assist in the selection of underlying portfolios for certain Transamerica asset allocation portfolios. J.P. Morgan Investment Management Inc. ("JPMIM"), as sub-adviser to certain Transamerica asset allocation portfolios receives non-public portfolio holdings information to assist in the selection of underlying portfolios for those asset allocation portfolios. JPMIM may utilize this information solely in selection of underlying portfolios and will not use the information to trade individual securities or instruments, and has signed a confidentiality agreement.

- The portfolios are offered as investment options in variable annuity contracts offered by Transamerica Life Insurance Company and its affiliated insurance companies (collectively, for purposes of this section, the "Insurer"). Each contract holder has the right to designate one or more separate accounts in which the premium for the contract will be invested. The separate accounts invest in underlying investment options, including the portfolios. Certain variable annuity contracts issued by the Insurer include a guarantee from the Insurer as to the value of the contract holder's separate account investments. Under the policy, non-public portfolio holdings and certain analytical information and algorithm and trade data concerning the portfolios may be disclosed to the Insurer solely to allow it to hedge its obligations under the variable annuity contracts. This information may only be provided to the Insurer in accordance with procedures approved by the Board governing the sharing of such information with the Insurer. Certain information is provided to the Insurer on a daily basis. The Insurer has signed a confidentiality agreement. <br>- Non-public portfolio holdings information for certain portfolios may be disclosed to the risk assessment department of Transamerica insurance companies solely to allow them to hedge their obligations under variable annuity and life products. Each applicable Transamerica insurance company has signed a confidentiality agreement.

- A portfolio may provide non-public portfolio holdings information to (i) third parties that calculate information derived from portfolio holdings for use by TAM, a sub-adviser, or their affiliates, and (ii) an investment adviser or sub-adviser, trustee, or their agents, or a potential replacement sub-adviser for a portfolio, to whom portfolio holdings are disclosed for proposal or due diligence purposes, prior to Board approval and implementation. Each individual request is reviewed by TAM's Operational Risk Committee which must find, in its sole discretion that, based on the specific facts and circumstances, the disclosure appears unlikely to be harmful to the applicable portfolio(s). Entities receiving this information must have in place control mechanisms to reasonably ensure or otherwise agree that (a) the portfolio holdings information will be kept confidential, (b) no employee shall use the information to effect trading or for their personal benefit, and (c) the nature and type of information that they, in turn, may disclose to third parties is limited. TAM relies primarily on the existence of non-disclosure agreements and/or control mechanisms when determining that disclosure is not likely to be harmful to a portfolio. Nothing in this section should be construed as requiring TAM's Operational Risk Committee's review of the disclosure of material, non-public holdings information, as described above, once Board approval of a proposed portfolio merger, acquisition, or sub-adviser change has been received.

- In addition to those set out above, as of December 31, 2022, the following entities receive information about the portfolios' securities pursuant to an ongoing arrangement with the portfolios in connection with services provided to the portfolios:

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

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| | | |
|:---|:---|:---|
| <u>Recipient</u> | <u>Purpose</u> | <u>Frequency</u> |
| Bloomberg LP | &nbsp;&nbsp; Statistical ranking, rating, and/or performance <br> attribution analysis and pricing<br>| Daily |
| Broadridge | &nbsp;&nbsp; Print vendor for shareholder documents, proxy <br> solicitor/tabulator, 15(c) analysis<br>| Daily |
| CAPIS | Trade execution analysis | Daily |
| eVestment Alliance, LLC | Institutional sales and RFP opportunities | Quarterly |
| FactSet | Performance attribution analysis | Daily |
| FXTransparency | Trade execution analysis | Quarterly |
| Glass Lewis & Co. | Proxy voting services | Quarterly |
| Globe Tax Services, Inc. | ECJ foreign tax reclaim services | As necessary |
| Grant Thornton Pakistan | Provide tax services for market in Pakistan  | As necessary |
| ICE Data Services | Pricing  | Daily |
| &nbsp;&nbsp; Investment Company <br> Institute<br>| Holdings Information on Form N-PORT | Quarterly |
| JPMorgan Pricing Direct | Pricing  | As necessary |
| KPMG Taiwan | Provide tax services for market in Taiwan  | As necessary |
| Lipper, Inc. | Statistical ranking and rating | Monthly |
| Markit North America | Pricing  | Daily |
| Morningstar LLC | &nbsp;&nbsp; Statistical ranking, rating, and/or performance <br> attribution analysis<br>| Daily |
| &nbsp;&nbsp; PricewaterhouseCoopers <br> Private Limited<br>| Provide tax services for market in India | As necessary |
| Refinitiv US LLC | Pricing  | Daily |
| R.R. Donnelly | Financial reporting | Monthly |
| Schwab CT | Code of Ethics monitoring | Daily |
| truView | Risk and liquidity management analytics | Daily |

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TAM, its affiliates, the portfolios, the portfolios' sub-advisers and the portfolios' other service providers will not enter into any arrangements from which they derive compensation for the disclosure of non-public portfolio holdings information.

Subject to such departures as TAM believes reasonable and consistent with reasonably protecting the confidentiality of the portfolio holdings information, each confidentiality agreement should provide that, among other things: the portfolio holdings information is the confidential property of the portfolios (and their service providers, if applicable) and may not be shared or used directly or indirectly for any purpose except as expressly provided in the confidentiality agreement. The recipient of the portfolio holdings information agrees to limit access to the portfolio holdings information to its employees (and agents) who, on a need to know basis, are (1) authorized to have access to the portfolio holdings information and (2) subject to a duty of confidentiality, including duties not to share the non-public information with an unauthorized source and not to trade on non-public information. Upon written request, the recipient agrees to promptly return or destroy, as directed, the portfolio holdings information.

The portfolios (or their authorized service providers) may disclose portfolio holdings information before its public disclosure based on the criteria described above. The frequency with which such information may be disclosed, and the length of the lag, if any, between the disclosure date of the information and the date on which the information is publicly disclosed, varies based on the terms of the applicable confidentiality agreement. The portfolios currently provide portfolio holdings information to the third parties listed herein at the stated frequency as part of ongoing arrangements that include the release of portfolio holdings information in accordance with the policy.

The Trust's Chief Compliance Officer ("CCO") or his/her delegate may, on a case-by-case basis, impose additional restrictions on the dissemination of portfolio holdings information or waive certain requirements. Any exceptions to the policy must be consistent with the purposes of the policy. The CCO reports to the Board material compliance violations of the portfolios' policies and procedures on disclosure of portfolio holdings.

In addition, separate account and unregistered product clients of TAM, the sub-advisers of the portfolios, or their respective affiliates generally have access to information regarding the portfolio holdings of their own accounts. Prospective clients may also have access to representative portfolio holdings. These clients and prospective clients are not subject to the portfolio holdings disclosure policies described above. Some of these separate accounts and unregistered product clients have substantially similar or identical investment objectives and strategies to certain portfolios, and therefore may have substantially similar or nearly identical portfolio holdings as those portfolios.

Certain information in the above section may not apply to all of the portfolios managed by TAM.

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There can be no assurance that the portfolios' policy with respect to disclosure of portfolio holdings will prevent the misuse of such information by individuals and firms that receive such information.

**Commodity Exchange Act Registration**

The Investment Manager has registered as a "commodity pool operator" ("CPO") under the Commodity Exchange Act ("CEA") with respect to its service as investment manager to Transamerica American Funds Managed Risk VP, Transamerica Morgan Stanley Global Allocation Managed Risk – Balanced VP and Transamerica ProFund UltraBear VP. Compliance with applicable CFTC disclosure, reporting and recordkeeping regulations is expected to increase portfolio expenses.

The Investment Manager relies on CFTC Rule 4.12(c)(3) with respect to Transamerica American Funds Managed Risk VP, Transamerica Morgan Stanley Global Allocation Managed Risk – Balanced VP and Transamerica ProFund UltraBear VP. CFTC Rule 4.12(c)(3) relieves the Investment Manager from certain CFTC recordkeeping, reporting and disclosure requirements.

The remaining portfolios are operated by the Investment Manager pursuant to an exclusion from registration as a CPO with respect to such portfolios under the CEA, and therefore, are not subject to registration or regulation with respect to the portfolios under the CEA. These portfolios are limited in their ability to enter into commodity interests positions subject to CFTC jurisdiction.

**Management of the Trust**

Each of the portfolios is supervised by the Board.

**Board Members and Officers**

The members of the Board ("Board Members") and executive officers of the Trust are listed below.

"Interested Board Member" means a board member who may be deemed an "interested person" (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as "Interested Trustees." "Independent Board Member" means a Board Member who is not an "interested person" (as defined under the 1940 Act) of the Trust and may also be referred to herein as an "Independent Trustee."

The Board governs each portfolio and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each portfolio and the operation of each portfolio by its officers. The Board also reviews the management of each portfolio's assets by the investment manager and its respective sub-adviser.

The portfolios are among the portfolios managed and sponsored by TAM (collectively, "Transamerica Fund Family"). The Transamerica Fund Family consists of (i) Transamerica Funds ("TF"); (ii) Transamerica Series Trust ("TST"); (iii) Transamerica ETF Trust ("TET"); and (iv) Transamerica Asset Allocation Variable Funds ("TAAVF"). The Transamerica Fund Family consists of [ ] funds as of the date of this SAI. With the exception of Mr. Smit, none of the Board Members serve on the board of trustees of TET. TET is overseen by a separate board of trustees.

The mailing address of each Board Member is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202.

The Board Members, their birth year, their positions with the Trust, and their principal occupations for at least the past five years (their titles may have varied during that period), the number of funds in the Transamerica Fund Family the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Board Member became a member of the Board.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Age** | **Position(s)**<br> **Held with**<br> **Trust**<br>| **Term of**<br> **Office and**<br> **Length**<br> **of Time**<br> **Served\***<br>| **Principal Occupation(s)**<br> **During Past Five Years**<br>| **Number of**<br> **Funds in**<br> **Complex**<br> **Overseen**<br> **by Board**<br> **Member**<br>| **Other**<br> **Directorships Held**<br> **By Board Member** <br> **During Past Five** <br> **Years**<br>|
| **INTERESTED BOARD MEMBERS** | **INTERESTED BOARD MEMBERS** | **INTERESTED BOARD MEMBERS** | **INTERESTED BOARD MEMBERS** | **INTERESTED BOARD MEMBERS** | **INTERESTED BOARD MEMBERS** |
| &nbsp;&nbsp; Marijn P. Smit<br> (49)<br>| &nbsp;&nbsp; Chairman of<br> the Board, <br> President and<br> Chief Executive<br> Officer<br>| Since 2014 | &nbsp;&nbsp; Chairman of the Board, President and Chief <br> Executive Officer, TF, TST and TAAVF <br> (2014 – present); <br> Chairman of the Board, President and Chief <br> Executive Officer, TET (2017 – present);<br> Chairman of the Board, President and Chief <br> Executive Officer, Transamerica Partners <br> Portfolio ("TPP"), Transamerica Partners <br> Funds Group ("TPFG") and Transamerica<br>| [ ] | &nbsp;&nbsp; Director, Massachusetts <br> Fidelity Trust Company <br> (2014 - 2021); <br> Director, Aegon Global <br> Funds (2016 - present)<br>|

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Age** | **Position(s)**<br> **Held with**<br> **Trust**<br>| **Term of**<br> **Office and**<br> **Length**<br> **of Time**<br> **Served\***<br>| **Principal Occupation(s)**<br> **During Past Five Years**<br>| **Number of**<br> **Funds in**<br> **Complex**<br> **Overseen**<br> **by Board**<br> **Member**<br>| **Other**<br> **Directorships Held**<br> **By Board Member** <br> **During Past Five** <br> **Years**<br>|
| **INTERESTED BOARD MEMBERS—continued** | **INTERESTED BOARD MEMBERS—continued** | **INTERESTED BOARD MEMBERS—continued** | **INTERESTED BOARD MEMBERS—continued** | **INTERESTED BOARD MEMBERS—continued** | **INTERESTED BOARD MEMBERS—continued** |
| &nbsp;&nbsp; Marijn P. Smit <br> *(continued)*<br>|  |  | &nbsp;&nbsp; Partners Funds Group II ("TPFG II") (2014 <br> – 2018); <br> Director, Chairman of the Board, President <br> and Chief Executive Officer, Transamerica <br> Asset Management, Inc. ("TAM") and <br> Transamerica Fund Services, Inc. ("TFS") <br> (2014 – present); <br> Senior Vice President, Transamerica <br> Retirement Solutions LLC (2012 - 2020); <br> Trust Officer, Massachusetts Fidelity Trust <br> Company (2014 - 2021); <br> President, Investment Solutions, <br> Transamerica Investments & Retirement <br> (2014 – 2016); <br> Vice President, Transamerica Life Insurance <br> Company (2010 – 2016); <br> Vice President, Transamerica Premier Life <br> Insurance Company (2010 – 2016); <br> Senior Vice President, Transamerica <br> Financial Life Insurance Company (2013 – <br> 2016); <br> Senior Vice President, Transamerica <br> Retirement Advisors, Inc. (2013 – 2016)<br> and President and Director, Transamerica <br> Stable Value Solutions, Inc. (2010 – 2016).<br>|  |  |
| &nbsp;&nbsp; Alan F. Warrick <br> (74)<br>| Board Member | Since 2012 | &nbsp;&nbsp; Board Member, TF, TST and TAAVF (2012 <br> – present);<br> Board Member, TPP, TPFG and TPFG II <br> (2012 – 2018); <br> Senior Advisor, Lovell Minnick Equity <br> Partners (2010 – present);<br> and Retired (2010).<br>| [ ] | N/A |
| **INDEPENDENT BOARD MEMBERS** | **INDEPENDENT BOARD MEMBERS** | **INDEPENDENT BOARD MEMBERS** | **INDEPENDENT BOARD MEMBERS** | **INDEPENDENT BOARD MEMBERS** | **INDEPENDENT BOARD MEMBERS** |
| &nbsp;&nbsp; Sandra N. Bane<br> (70)<br>| Board Member | Since 2008 | &nbsp;&nbsp; Retired (1999 – present);<br> Board Member, TF, TST and TAAVF (2008 <br> – present);<br> Board Member, TPP, TPFG and TPFG II <br> (2008 – 2018); and<br> Partner, KPMG (1975 – 1999).<br>| [ ] | &nbsp;&nbsp; Big 5 Sporting Goods <br> (2002 – 2021); <br> Southern Company Gas <br> (energy services holding <br> company) (2008 – <br> present)<br>|
| &nbsp;&nbsp; Leo J. Hill<br> (66)<br>| &nbsp;&nbsp; Lead Independent<br> Board Member<br>| Since 2001 | &nbsp;&nbsp; Principal, Advisor Network Solutions, LLC <br> (business consulting) (2006 – present);<br> Board Member, TST (2001 – present);<br> Board Member, TF (2002 – present);<br> Board Member, TAAVF (2007 – present);<br> Board Member, TPP, TPFG and TPFG II <br> (2007 – 2018); <br> Market President, Nations Bank of Sun <br> Coast Florida (1998 – 1999);<br> Chairman, President and Chief Executive <br> Officer, Barnett Banks of Treasure Coast <br> Florida (1994 – 1998);<br> Executive Vice President and Senior Credit <br> Officer, Barnett Banks of Jacksonville, <br> Florida (1991 – 1994);<br> and Senior Vice President and Senior Loan <br> Administration Officer, Wachovia Bank of <br> Georgia (1976 – 1991).<br>| [ ] | &nbsp;&nbsp; Ameris Bancorp (2013 – <br> present);<br> Ameris Bank (2013 – <br> present)<br>|
| &nbsp;&nbsp; Kathleen T. Ives<br> (57)<br>| Board Member  | Since 2021 | &nbsp;&nbsp; Board Member, TF, TST and TAAVF (2021 <br> – present); <br> Retired (2019 – present);<br>| [ ] | &nbsp;&nbsp; Junior Achievement <br> Rocky Mountain <br> (non-profit organization) <br> (2013 – present); <br>|

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Age** | **Position(s)**<br> **Held with**<br> **Trust**<br>| **Term of**<br> **Office and**<br> **Length**<br> **of Time**<br> **Served\***<br>| **Principal Occupation(s)**<br> **During Past Five Years**<br>| **Number of**<br> **Funds in**<br> **Complex**<br> **Overseen**<br> **by Board**<br> **Member**<br>| **Other**<br> **Directorships Held**<br> **By Board Member** <br> **During Past Five** <br> **Years**<br>|
| **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** |
| &nbsp;&nbsp; Kathleen T. Ives <br> *(continued)*<br>|  |  | &nbsp;&nbsp; Senior Vice President & Director of Internal <br> Audit (2011-2019), Senior Vice President & <br> Deputy General Counsel (2008 – 2011), OFI <br> Global Asset Management, Inc.<br>|  | &nbsp;&nbsp; Institute of Internal <br> Auditors, Denver <br> Chapter (audit <br> organization) (2017 – <br> 2021).<br>|
| &nbsp;&nbsp; Lauriann C. Kloppenburg<br> (62)<br>| Board Member  | Since 2021 | &nbsp;&nbsp; Board Member, TF, TST and TAAVF (2021 <br> – present); <br> Director, Adams Funds (investment <br> companies) (2017 – present); <br> Investment Committee Member, 1911 <br> Office, LLC (family office) (2017 – <br> Present); <br> Executive in Residence and Student Fund <br> Advisory Board Member, Champlain <br> College (2016 – present); <br> Executive in Residence, Bentley University <br> (2015 – 2017); <br> Chief Strategy Officer (2012 – 2013), Chief <br> Investment Officer – Equity Group (2004 – <br> 2012), Loomis Sayles & Company, L.P.<br>| [ ] | &nbsp;&nbsp; Trustees of Donations to <br> the Protestant Episcopal <br> Church (non-profit <br> organization) (2010 – <br> 2022); <br> Forte Foundation <br> (non-profit organization) <br> (2016 – present)<br>|
| &nbsp;&nbsp; Fredric A. Nelson III<br> (66)<br>| Board Member | Since 2017 | &nbsp;&nbsp; Board Member, TF, TST and TAAVF (2017 <br> – present);<br> Board Member, TPP, TPFG and TPFG II <br> (2017 – 2018); <br> Chief Investment Officer ("CIO"), <br> Commonfund (2011 – 2015);<br> Vice Chairman, CIO, ING Investment <br> Management Americas (2003 – 2009);<br> Managing Director, Head of U.S. Equity, JP <br> Morgan Investment Management (1994 – <br> 2003);<br> and Managing Director, Head of Global <br> Quantitative Investments Group, Bankers <br> Trust Global Investment Management (1981 <br> – 1994).<br>| [ ] | N/A |
| &nbsp;&nbsp; John E. Pelletier<br> (58)<br>| Board Member | Since 2017 | &nbsp;&nbsp; Board Member, TF, TST and TAAVF (2017 <br> – present);<br> Board Member, TPP, TPFG and TPFG II <br> (2017 – 2018); <br> Director, Center for Financial Literacy, <br> Champlain College (2010 – present); <br> Co-Chair, Vermont Financial Literacy <br> Commission with Vermont State Treasurer <br> (2015 – 2018);<br> Chairman, Vermont Universal Children's <br> Higher Education Savings Account Program <br> Advisory Committee (2015 – 2021);<br> Founder and Principal, Sterling Valley <br> Consulting LLC (a financial services <br> consulting firm) (2009 – 2017);<br> Independent Director, The Sentinel Funds <br> and Sentinel Variable Products Trust (2013 – <br> 2017);<br> Chief Legal Officer, Eaton Vance Corp. <br> (2007 – 2008);<br> and Executive Vice President and Chief <br> Operating Officer (2004 - 2007), General <br> Counsel (1997 – 2004), Natixis Global <br> Associates. <br>| [ ] | N/A |
| &nbsp;&nbsp; Patricia L. Sawyer<br> (72)<br>| Board Member | Since 2007 | &nbsp;&nbsp; Retired (2007 – present);<br> President/Founder, Smith & Sawyer LLC <br> (management consulting) (1989 – 2007);<br>| [ ] | &nbsp;&nbsp; Honorary Trustee, <br> Bryant University (1996 <br> – present)<br>|

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Age** | **Position(s)**<br> **Held with**<br> **Trust**<br>| **Term of**<br> **Office and**<br> **Length**<br> **of Time**<br> **Served\***<br>| **Principal Occupation(s)**<br> **During Past Five Years**<br>| **Number of**<br> **Funds in**<br> **Complex**<br> **Overseen**<br> **by Board**<br> **Member**<br>| **Other**<br> **Directorships Held**<br> **By Board Member** <br> **During Past Five** <br> **Years**<br>|
| **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** | **INDEPENDENT BOARD MEMBERS—continued** |
| &nbsp;&nbsp; Patricia L. Sawyer <br> *(continued)*<br>|  |  | &nbsp;&nbsp; Board Member, TF and TST (2007 – <br> present);<br> Board Member, TAAVF (1993 – present);<br> Board Member, TPP, TPFG and TPFG II <br> (1993 – 2018); <br> and Trustee, Chair of Finance Committee <br> and Chair of Nominating Committee (1987 <br> – 1996), Bryant University.<br>|  |  |
| &nbsp;&nbsp; John W. Waechter<br> (71)<br>| Board Member | Since 2004 | &nbsp;&nbsp; Partner, Englander Fischer (2016 – present) <br> (law firm);<br> Attorney, Englander Fischer (2008 – 2015);<br> Retired (2004 – 2008);<br> Board Member, TST (2004 – present);<br> Board Member, TF (2005 – present);<br> Board Member, TAAVF (2007 – present);<br> Board Member, TPP, TPFG and TPFG II <br> (2007 – 2018); <br> Employee, RBC Dain Rauscher (securities <br> dealer) (2004); Executive Vice President, <br> Chief Financial Officer and Chief <br> Compliance Officer, William R. Hough & <br> Co. (securities dealer) (1979 – 2004);<br> and Treasurer, The Hough Group of Funds <br> (1993 – 2004) (fund accounting).<br>| [ ] | &nbsp;&nbsp; Board Member, <br> Operation PAR, Inc. <br> (non-profit organization) <br> (2008 – present); <br> Board Member, Boley <br> PAR, Inc. (non-profit <br> organization) (2016 - <br> present) <br> Board Member, <br> Remember Honor <br> Support, Inc. (non-profit <br> organization)<br> (2013 - 2020);<br> Board Member, WRH <br> Income Properties, Inc. <br> and WRH Properties, <br> Inc. and affiliates (real <br> estate) (2014 - present)<br>|

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Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust's Declaration of Trust.

**Officers**

The mailing address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202. The following table shows information about the officers, including birth year, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

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| | | | |
|:---|:---|:---|:---|
| **Name and Age** | **Position** | **Term of Office**<br> **and Length of**<br> **Time Served\***<br>| **Principal Occupation(s) or Employment**<br> **During Past Five Years**<br>|
| &nbsp;&nbsp; Marijn P. Smit<br> (49)<br>| &nbsp;&nbsp; Chairman of the Board, President <br> and Chief Executive Officer<br>| Since 2014 | See Interested Board Members Table Above. |
| &nbsp;&nbsp; Timothy Bresnahan<br> (54)<br>| Assistant Secretary | Since 2020 | &nbsp;&nbsp; Assistant Secretary, TF, TST and TAAVF (2020 – present); <br> Chief Legal Officer, Secretary (2021 - present), Assistant Secretary <br> (2019 – 2021), Secretary (2019), TET;<br> and Senior Counsel, TAM (2008 – present).<br>|
| &nbsp;&nbsp; Joshua Durham<br> (49)<br>| &nbsp;&nbsp; Vice President and Chief <br> Operating Officer<br>| Since 2022 | &nbsp;&nbsp; Vice President and Chief Operating Officer, TF, TST and TAAVF <br> (2022 – present); <br> Director, Senior Vice President, and Chief Operating Officer TAM <br> and TFS (2022 – present); <br> Vice President, TAG Resources, LLC (2022 – present); <br> Vice President, Transamerica Retirement Solutions, LLC (2017 – <br> present); <br> Vice President, Transamerica Casualty Insurance Company (2016 <br> – 2022); <br> Vice President (2004 – 2007 and 2012 – 2022), Responsible <br> Officer (2017 – 2022), Transamerica Financial Life Insurance <br> Company; <br> Vice President (2004 – 2007 and 2010 – 2022), Responsible <br> Officer (2016 – 2022) Transamerica Life Insurance Company; <br> Chief Administrative Officer (2014 – 2016) and Senior Vice <br> President (2009 – 2020), Transamerica Stable Value Solutions Inc.; <br> Vice President, Transamerica Premier Life Insurance Company <br> (2010 – 2020); <br>|

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| | | | |
|:---|:---|:---|:---|
| **Name and Age** | **Position** | **Term of Office**<br> **and Length of**<br> **Time Served\***<br>| **Principal Occupation(s) or Employment**<br> **During Past Five Years**<br>|
| &nbsp;&nbsp; Joshua Durham <br> *(continued)*<br>|  |  | &nbsp;&nbsp; and Vice President, Transamerica Advisors Life Insurance <br> Company (2016 – 2019).<br>|
| &nbsp;&nbsp; Dennis P. Gallagher<br> (52)<br>| &nbsp;&nbsp; Chief Legal Officer and <br> Secretary<br>| &nbsp;&nbsp; Since 2021; <br> 2006 – 2014<br>| &nbsp;&nbsp; Chief Legal Officer and Secretary, TF, TST and TAAVF (2021 – <br> present and 2006 -2014); Assistant Secretary, TF, TST, TET and <br> TAAVF (2019); <br> Associate General Counsel, TAM, Mutual Funds and Latin <br> American Operations (2017 – 2021); <br> Associate General Counsel, Chief Legal Officer, Latin American <br> Operations and International Funds (2014 – 2017); <br> Chairman of the Board, Aegon Global Funds (2013- present); <br> Director, Mongeral Aegon Seguros e Previdencia SA (2017- <br> present); <br> Vice President, General Counsel and Secretary, TPP, TPFG and <br> TPFG II (2007 – 2014); <br> Assistant Vice President, TCI (2007 – 2014); <br> Chief Legal Officer and Assistant Secretary, TAM (2022 – <br> present); Director, Senior Vice President, General Counsel, <br> Operations and Secretary, TAM (2006 – 2014); <br> and Director, Senior Vice President, General Counsel, Chief <br> Administrative Officer and Secretary, TFS (2006 – 2014).<br>|
| &nbsp;&nbsp; Molly Possehl<br> (44)<br>| Anti-Money Laundering Officer | Since 2019 | &nbsp;&nbsp; Anti-Money Laundering Officer, TF, TST, TET and TAAVF (2019 <br> – present);<br> Assistant General Counsel, Transamerica Life Insurance <br> Company/Aegon USA (2013 – present);<br> and Anti-Money Laundering Compliance Officer and Fraud <br> Officer, Transamerica Life Insurance Company/Aegon USA (2015 <br> – present).<br>|
| &nbsp;&nbsp; Francine J. Rosenberger<br> (55)<br>| Chief Compliance Officer | Since 2019 | &nbsp;&nbsp; Chief Compliance Officer, TF, TST, TET and TAAVF (2019 – <br> present);<br> Derivatives Risk Manager, TF, TST and TAAVF (2021 – present);<br> Chief Compliance Officer (2019 – present), TAM; <br> and General Counsel, Corporate Secretary and Fund Chief <br> Compliance Officer, Steben & Company, Inc. (2013 – 2019). <br>|
| &nbsp;&nbsp; Christopher A. Staples, CFA<br> (52)<br>| &nbsp;&nbsp; Vice President and Chief <br> Investment Officer, Advisory <br> Services<br>| Since 2005 | &nbsp;&nbsp; Vice President and Chief Investment Officer, Advisory Services, <br> TF and TST (2007 – present); <br> Vice President and Chief Investment Officer, TET (2017 – <br> present);<br> Vice President and Chief Investment Officer, Advisory Services, <br> TAAVF (2007 – present);<br> Vice President and Chief Investment Officer, Advisory Services, <br> TPP, TPFG and TPFG II (2007 – 2018); <br> Director (2005 – 2019), Senior Vice President (2006 – present), <br> Senior Director, Investments (2016 – present), Chief Investment <br> Officer, Advisory Services (2012 – 2016) and Lead Portfolio <br> Manager (2007 – present), TAM;<br> Director, TFS (2005 – 2019);<br> Trust Officer, Massachusetts Fidelity Trust Company (2010 - <br> present);<br> Registered Representative (2007 – 2016), Transamerica Capital, <br> Inc. ("TCI");<br> and Registered Representative, TFA (2005 – present).<br>|
| &nbsp;&nbsp; Vincent J. Toner<br> (52)<br>| Vice President and Treasurer | Since 2014 | &nbsp;&nbsp; Vice President and Treasurer, TF, TST and TAAVF (2014 – <br> present), Vice President and Treasurer (2017 – present), Vice <br> President, Principal Financial Officer and Treasurer (2020 – <br> present), TET;<br> Vice President and Treasurer, TPP, TPFG and TPFG II (2014 – <br> 2018); <br> Vice President (2016 – present), Treasurer (2016 – 2019), Vice <br> President, Administration and Treasurer (2014 – 2016), TAM;<br> Vice President, Administration and Treasurer (2014 – 2019), <br> Senior Vice President (2019 – present), TFS;<br> Vice President (2016 – present), TCI;<br> and Trust Officer (2015 – present), Massachusetts Fidelity Trust <br> Company.<br>|
| Thomas R. Wald, CFA | Vice President and Chief | Since 2014 | Chief Investment Officer, TF, TST and TAAVF (2014 – present);  |

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| | | | |
|:---|:---|:---|:---|
| **Name and Age** | **Position** | **Term of Office**<br> **and Length of**<br> **Time Served\***<br>| **Principal Occupation(s) or Employment**<br> **During Past Five Years**<br>|
| &nbsp;&nbsp; Thomas R. Wald, CFA <br> *(continued)(62)*<br>| Investment Officer |  | &nbsp;&nbsp; TET (2017 – present);<br> Chief Investment Officer, TPP, TPFG and TPFG II (2014 – 2018); <br> Director (2017 – 2020), Akaan Transamerica, S.A. de C.V., <br> Sociedad Operadora de Fondos de Inversión; <br> Chief Investment Officer, Transamerica Investments & Retirement <br> (2014 – 2020); <br> Senior Vice President and Chief Investment Officer, TAM (2014 – <br> present);<br> Director, TFS (2019 - present); and<br> Trust Officer, Massachusetts Fidelity Trust Company (2015 - <br> present).<br>|

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\*

Elected and serves at the pleasure of the Board of the Trust.

If an officer has held offices for different portfolios for different periods of time, the earliest applicable date is shown. No officer of the Trust, except for the Chief Compliance Officer, receives any compensation from the Trust.

Each of the Board Members, other than Messrs. Nelson, Pelletier, Smit and Warrick and Mses. Ives and Kloppenburg, previously served as a trustee or director of the TAM, Diversified or Premier fund family, and each Board Member was thus initially selected by the board of the applicable predecessor fund family. In connection with the consolidation of all "manager of managers" investment advisory services within Transamerica in 2007, a single board was established to oversee the TAM and Diversified fund families, and each of the Board Members, other than Mses. Bane, Ives and Kloppenburg, and Messrs. Nelson, Pelletier, Smit and Warrick, joined the Board at that time. The Board was established with a view both to ensuring continuity of representation by board members of the TAM and Diversified fund families on the Board and in order to establish a Board with experience in and focused on overseeing various types of funds, which experience would be further developed and enhanced over time. Ms. Bane joined the Board in 2008 when the Premier fund family was consolidated into the Transamerica Fund Family. Mr. Warrick joined the Board in 2012. Mr. Smit joined the Board in 2014. Messrs. Nelson and Pelletier both joined the Board in 2017. Mses. Ives and Kloppenburg both joined the Board in 2021.

The Board believes that each Board Member's experience, qualifications, attributes or skills on an individual basis and in combination with those of the other Board Members lead to the conclusion that the Board possesses the requisite skills and attributes. The Board believes that the Board Members' ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with TAM, the sub-advisers, other services providers, counsel and independent auditors, and to exercise effective business judgment in the performance of their duties, support this conclusion. The Board also has considered the following experience, qualifications, attributes and/or skills, among others, of its members in reaching its conclusion: his or her character and integrity; such person's service as a board member of a predecessor fund family (other than Mses. Ives and Kloppenburg, and Messrs. Nelson, Pelletier, Smit and Warrick); such person's willingness to serve and willingness and ability to commit the time necessary to perform the duties of a Board Member; the fact that such person's service would be consistent with the requirements of the retirement policies of the Trust; as to each Board Member other than Mr. Smit and Mr. Warrick, his or her status as not being an "interested person" as defined in the 1940 Act; as to Mr. Smit, his status as a representative of TAM; and, as to Mr. Warrick, his former service in various executive positions for certain affiliates of TAM. In addition, the following specific experience, qualifications, attributes and/or skills apply as to each Board Member: Ms. Bane, accounting experience and experience as a board member of multiple organizations; Mr. Hill, financial and entrepreneurial experience as an executive, owner and consultant and experience as a board member of multiple organizations; Ms. Ives, audit, securities industry and compliance experience as a fund executive; Ms. Kloppenburg, investment management experience as an executive and board experience; Mr. Nelson, business experience, securities industry and fund executive experience; Mr. Pelletier, securities industry and fund legal and operations experience, entrepreneurial experience as an executive, owner and consultant, and board experience; Ms. Sawyer, management consulting and board experience; Mr. Waechter, securities industry and fund accounting and fund compliance experience, legal experience and board experience; Mr. Smit, investment management and insurance experience as an executive and leadership roles with TAM and affiliated entities; and Mr. Warrick, financial services industry experience as an executive and consultant with various TAM affiliates and other entities. References to the qualifications, attributes and skills of Board Members are pursuant to requirements of the SEC, do not constitute holding out of the Board or any Board Member as having any special expertise or experience, and shall not impose any greater responsibility or liability on any such person or on the Board by reason thereof.

The Board is responsible for overseeing the management and operations of the portfolios. Mr. Smit serves as Chairman of the Board. Mr. Smit is an interested person of the portfolios. Independent Board Members constitute more than 75% of the Board.

The Board currently believes that an interested Chairman is appropriate and is in the best interests of the portfolios and their shareholders, and that its committees, as further described below, help ensure that the portfolios have effective and independent governance and oversight. The Board believes that an interested Chairman has a professional interest in the quality of the services provided to the portfolios and that the Chairman is best equipped to provide oversight of such services on a day-to-day basis because of TAM's sponsorship of the portfolios and TAM's ongoing monitoring of the investment sub-advisers that manage the assets of each portfolio. The Board also believes that its leadership structure facilitates the orderly and efficient flow of information to the Independent Board Members from management. The Independent Board Members also believe that they can effectively act independently without having an Independent Board Member act as Chairman. Among other reasons, this belief is based on the fact that the Independent Board Members represent over 75% of the Board.

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**Board Committees**

The Board has two standing committees: the Audit Committee and Nominating Committee. Both the Audit Committee and Nominating Committee are chaired by an Independent Board Member and composed of all of the Independent Board Members. In addition, the Board has a Lead Independent Board Member. Mr. Hill serves as the Lead Independent Board Member; Mr. Waechter serves as the Audit Committee Chairperson and Ms. Sawyer serves as the Nominating Committee Chairperson.

The Lead Independent Board Member and the chairs of the Audit and Nominating Committees work with the Chairman to set the agendas for Board and committee meetings. The Lead Independent Board Member also serves as a key point person for dealings between management and the Independent Board Members. Through the portfolios' board committees, the Independent Board Members consider and address important matters involving the portfolios, including those presenting conflicts or potential conflicts of interest for management, and they believe they can act independently and effectively. The Board believes that its leadership structure is appropriate and facilitates the orderly and efficient flow of information to the Independent Board Members from management.

The Audit Committee, among other things, oversees the accounting and reporting policies and practices and internal controls of the Trust, oversees the quality and integrity of the financial statements of the Trust, approves, prior to appointment, the engagement of the Trust's independent registered public accounting firm, reviews and evaluates the independent registered public accounting firm's qualifications, independence and performance, and approves the compensation of the independent registered public accounting firm.

The Audit Committee also approves all audit and permissible non-audit services provided to each portfolio by the independent registered public accounting firm and all permissible non-audit services provided by each portfolio's independent registered public accounting firm to TAM and any affiliated service providers if the engagement relates directly to each portfolio's operations and financial reporting.

The Nominating Committee is a forum for identifying, considering, selecting and nominating, or recommending for nomination by the Board, candidates to fill vacancies on the Board. The Nominating Committee may consider diversity in identifying potential candidates, including differences of viewpoint, professional experience and skill, as well as such other individual qualities and attributes as it may deem relevant. The Nominating Committee has not adopted a formal procedure for the implementation, or for assessing the effectiveness, of its policy with regard to the consideration of diversity in identifying potential candidates.

When addressing vacancies, the Nominating Committee sets any necessary standards or qualifications for service on the Board and may consider nominees recommended by any source it deems appropriate, including management and shareholders. Shareholders who wish to recommend a nominee should send recommendations to the Trust's Secretary that include all information relating to such person that is required to be disclosed in solicitations of proxies for the election of Board Members. A recommendation must be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the shareholders. The Nominating Committee will consider all submissions meeting the applicable requirements stated herein that are received by December 31 of the most recently completed calendar year.

The Nominating Committee also identifies potential nominees through its network of contacts and may also engage, if it deems appropriate, a professional search firm. The committee meets to discuss and consider such candidates' qualifications and then chooses a candidate by majority vote.

**Risk Oversight**

Through its oversight of the management and operations of the portfolios, the Board also has a risk oversight function, which includes (without limitation) the following: (i) requesting and reviewing reports on the operations of the portfolios (such as reports about the performance of the portfolios); (ii) reviewing compliance reports and approving compliance policies and procedures of the portfolios and their service providers; (iii) meeting with management to consider areas of risk and to seek assurances that adequate resources are available to address risks; (iv) meeting with service providers, including portfolio auditors, to review portfolio activities; and (v) meeting with the Chief Compliance Officer and other officers of the portfolios and their service providers to receive information about compliance, and risk assessment and management matters. Such oversight is exercised primarily through the Board and its Audit Committee but, on an ad hoc basis, also can be exercised by the Independent Board Members during executive sessions. The Board has emphasized to TAM and the sub-advisers the importance of maintaining vigorous risk management.

The Board recognizes that not all risks that may affect the portfolios can be identified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the portfolios' goals, and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness. Moreover, reports received by the Board Members as to risk management matters are typically summaries of the relevant information. Most of the portfolios' investment management and business affairs are carried out by or through TAM, its affiliates, the sub-advisers and other service providers each of which has an independent interest in risk management but whose policies and the methods by which one or more risk management functions are carried out may differ from the portfolios' and each other in the setting of priorities, the resources available or the effectiveness of relevant controls. As a result of the foregoing and other factors, the Board's risk management oversight is subject to substantial limitations. In addition, some risks may be beyond the reasonable control of the Board, the portfolios, TAM, its affiliates, the sub-advisers or other service providers.

In addition, it is important to note that each portfolio is designed for investors that are prepared to accept investment risk, including the possibility that as yet unforeseen risks may emerge in the future.

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**Additional Information about the Committees of the Board**

Both the Audit Committee and Nominating Committee are composed of all of the Independent Board Members. For the fiscal year ended December 31, 2022, the Audit Committee met [3] times and the Nominating Committee met [1] time.

**Trustee Ownership of Equity Securities**

As of December 31, 2022, none of the Board Members owned equity securities in the TST portfolios.

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| | |
|:---|:---|
| **Transamerica Fund Family** | **Transamerica Fund Family** |
| **Trustee** | &nbsp;&nbsp; **Aggregate Dollar** <br> **Range of Equity** <br> **Securities**<br>|
| Interested Trustees |  |
| Marijn P. Smit | Over $100,000 |
| Alan F. Warrick |  |
| Independent Trustees |  |
| Sandra N. Bane |  |
| Leo J. Hill | Over $100,000 |
| Kathleen T. Ives | Over $100,000 |
| Lauriann C. Kloppenburg | Over $100,000 |
| Fredric A. Nelson III | $10001 - $50000 |
| John E. Pelletier | Over $100,000 |
| Patricia L. Sawyer | Over $100,000 |
| John W. Waechter | Over $100,000 |

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As of December 31, 2022, none of the Independent Board Members or their immediate family members owned beneficially or of record any securities of the Investment Manager, sub-advisers or Distributor of the portfolios, or in a person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with the Investment Manager, sub-advisers or Distributor of the portfolios.

**Trustee Compensation**

As of January 1, 2023, the Independent Board Members receive a base retainer of $365,000 from the funds/portfolios of Transamerica Funds, TST and TAAVF.

As of January 1, 2023, the Lead Independent Trustee of the Board receives an additional retainer of $72,000 per year; and the Audit Committee Chairperson receives an additional retainer of $34,000 per year. The Trust also pays a pro rata share allocable to each series of Transamerica Series Trust based on the relative assets of the series for the Lead Independent Trustee and Audit Committee Chairperson retainers.

Any fees and expenses paid to an Interested Board Member and officers are paid by TAM or an affiliate and not by the Trust or any series, except that the compensation of the Chief Compliance Officer is paid as provided in the next sentence. A portion of the compensation of the Chief Compliance Officer is paid by TAM or an affiliate; the remaining portion is allocated ratably, based on relative net assets, among the mutual funds sponsored by TAM, including the series of the Trust.

**Compensation Table**

The following table provides compensation amounts paid by the portfolios to the Independent Trustees for the fiscal year ended December 31, 2022. Interested Trustees are not compensated by the portfolios. Messrs. Smit and Warrick are compensated for their Board service by TAM or an affiliate of TAM.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Person, Position** | **Aggregate** <br> **Compensation from** <br> **the Trust**<br>| **Pension or Retirement** <br> **Benefits Accrued as** <br> **Part of Funds** <br> **Expenses**<sup>(a)</sup> <br>| **Estimated Annual** <br> **Benefits Upon** <br> **Retirement**<sup>(a)</sup> <br>| **Total Compensation** <br> **from Transamerica** <br> **Fund Family** <br> **(including the Trust)**<sup>(b)</sup> <br>|
| Sandra N. Bane, Trustee | $[ ] | N/A | N/A | $[ ] |
| Leo J. Hill, Trustee | $[ ] | N/A | N/A | $[ ] |
| Kathleen T. Ives, Trustee<sup>(c)</sup> <br>| $[ ] | N/A | N/A | $[ ] |
| Lauriann C. Kloppenburg, Trustee<sup>(c)</sup> <br>| $[ ] | N/A | N/A | $[ ] |
| Fredric A. Nelson III, Trustee | $[ ] | N/A | N/A | $[ ] |
| John E. Pelletier, Trustee | $[ ] | N/A | N/A | $[ ] |
| Patricia L. Sawyer, Trustee | $[ ] | N/A | N/A | $[ ] |
| John W. Waechter, Trustee | $[ ] | N/A | N/A | $[ ] |

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(a)The Trust has no plan or other arrangement pursuant to which the Trustees receive pension or retirement benefits.

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

(b)Compensation expenses are allocated pro rata based on the relative net assets of each fund included in the Transamerica Fund Family. Of this aggregate compensation, the total amounts deferred from the funds (including earnings and dividends) and accrued for the benefit of the participating Trustees for the fiscal year ended December 31, 2022 were as follows: John E. Pelletier, $[ ].

(c)Elected to the Board on December 2, 2021.

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**Shareholder Communication Procedures with the Board of Trustees**

The Board of the Trust has adopted these procedures by which shareholders of the Trust may send written communications to the Board. Shareholders may mail written communications to the Board, addressed to the care of the Secretary of the Trust ("Secretary"), as follows:

Board of Trustees <br>Transamerica Series Trust <br>c/o Secretary <br>1801 California Street, Suite 5200 <br> Denver, CO 80202

Each shareholder communication must (i) be in writing and be signed by the shareholder, (ii) identify the underlying series of the Trust to which it relates, and (iii) identify the class (if applicable) held by the shareholder. The Secretary is responsible for collecting, reviewing and organizing all properly submitted shareholder communications. Usually, with respect to each properly submitted shareholder communication, the Secretary shall either (i) provide a copy of the communication to the Board at the next regularly scheduled Board meeting or (ii) if the Secretary determines that the communication requires more immediate attention, forward the communication to the Board promptly after receipt. The Secretary may, in good faith, determine that a shareholder communication should not be provided to the Board because the communication (i) does not reasonably relate to a series of the Trust or its operation, management, activities, policies, service providers, Board, officers, shareholders or other matters relating to an investment in the Trust, or (ii) is ministerial in nature (such as a request for Trust literature, share data or financial information). These Procedures shall not apply to (i) any communication from an officer or Trustee of the Trust, (ii) any communication from an employee or agent of the Trust, unless such communication is made solely in such employee's or agent's capacity as a shareholder, (iii) any shareholder proposal submitted pursuant to Rule 14a-8 under the Securities Exchange Act of 1934 ("Exchange Act") or any communication made in connection with such a proposal, or (iv) any communication that reasonably may be considered to be a complaint regarding the Trust or shareholder services, which complaint shall instead be promptly forwarded to the Trust's Chief Compliance Officer. The Trustees are not required to attend the Trust's shareholder meetings, if any, or to otherwise make themselves available to shareholders for communications, other than pursuant to these Procedures.

**Code of Ethics**

The Trust, TAM, each sub-adviser and TCI have each adopted a Code of Ethics as required by applicable law, which is designed to prevent affiliated persons of the Trust, TAM, each sub-adviser and TCI from engaging in deceptive, manipulative, or fraudulent activities in connection with securities held or to be acquired by the portfolios (which may also be held by persons subject to a code of ethics). There can be no assurance that the codes of ethics will be effective in preventing such activities.

Pursuant to Rule 17j-1 under the 1940 Act, the portfolios, TAM, the sub-advisers and the distributor each have adopted a code of ethics that permits their personnel to invest in securities for their own accounts, including securities that may be purchased or held by a portfolio. All personnel must place the interests of clients first, must not act upon non-public information, must not take inappropriate advantage of their positions, and are required to fulfill their fiduciary obligations. All personal securities transactions by employees must adhere to the requirements of the codes of ethics and must be conducted in such a manner as to avoid any actual or potential conflict of interest, the appearance of such a conflict, or the abuse of an employee's position of trust and responsibility.

**Proxy Voting Policies and Procedures**

TAM exercises voting discretion for Transamerica 60/40 Allocation VP. For all other portfolios, the proxy voting policies and procedures of the respective sub-advisers are used to determine how to vote proxies relating to securities in their portion of the portfolio. The proxy voting policies and procedures of the portfolios, TAM and the sub-advisers are attached hereto as Appendix A.

TAM's proxy voting policy and procedures address material conflicts of interest that may arise between TAM or its affiliates and the portfolios by: (i) providing for voting in accordance with the recommendation of an independent third party or the Board; (ii) voting shares in the same proportion as the vote of all of the other holders of a portfolio's shares; or (iii) obtaining the consent of the Board (or a Board Committee) with full disclosure of the conflict.

The Trust files SEC Form N-PX, with the complete proxy voting records of the portfolios for the 12 months ended June 30th, no later than August 31st of each year. The Form is available without charge: (1) on the Transamerica Funds website at https://www.transamerica.com/sites/default/files/files/e070d/TST%20N-PX%202021.pdf; and (2) on the SEC's website at www.sec.gov.

**Investment Management and Other Services**

**The Investment Manager**

TAM serves as investment manager for the portfolios. The Trust has entered into an Investment Management Agreement ("Management Agreement"), on behalf of each portfolio with TAM. TAM, located at 1801 California Street, Suite 5200, Denver, CO 80202, provides continuous and regular investment management services to the portfolios. TAM supervises each respective portfolio's investments, conducts its investment program and provides supervisory, compliance and administrative services to the portfolios.

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TAM is responsible for all aspects of the day-to-day management of Transamerica 60/40 Allocation VP. For each of the other portfolios, TAM currently acts as a "manager of managers" and hires sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide all aspects of the day-to-day management of any such portfolio without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of each portfolio and its investment strategy and the ongoing review and evaluation of that investment strategy including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for each portfolio employing a combination of quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending portfolio combinations and liquidations where it believes appropriate or advisable; selection and oversight of transition managers, as needed; regular supervision of the portfolios' investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers' buying and selling of securities for the portfolios; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; regular calls and periodic on-site visits with sub-advisers; portfolio construction and asset allocation when using multiple sub-advisers for a portfolio; risk management oversight and analysis; oversight of negotiation of investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process; periodic due diligence reviews of pricing vendors and vendor methodology; design, development, implementation and regular monitoring of the compliance process; respond to regulatory inquiries and determine appropriate litigation strategy, as needed; review of proxies voted by sub-advisers; oversight of preparation, and review, of materials for meetings of the portfolios' Board, participation in these meetings and preparation of regular communications with the Board; oversight of preparation, and review, of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the portfolios; oversight of other service providers to the portfolios, such as the custodian, the transfer agent, the portfolios' independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the portfolios; and oversight of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services.

TAM's investment management services also include the provision of supervisory and administrative services to each portfolio. These services include performing certain administrative services for the portfolios and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the portfolios by State Street, to whom TAM has outsourced the provision of certain services as described below; to the extent agreed upon by TAM and the portfolios from time to time, monitoring and verifying the custodian's daily calculation of net asset values; shareholder relations functions; compliance services; valuation services; assisting in due diligence and in oversight and monitoring of certain activities of sub-advisers and certain aspects of portfolio investments; assisting with portfolio combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the portfolios' custodian and dividend disbursing agent and monitoring their services to the portfolios; assisting the portfolios in preparing reports to shareholders; acting as liaison with the portfolios' independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of Trustees and committees of Trustees; assisting in the preparation of regular communications with the Trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the portfolios.

TAM is directly owned by Transamerica Life Insurance Company (77%) ("TLIC") and AUSA Holding, LLC (23%) ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon N.V. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE), a financial services holding company whose primary emphasis is on life and health insurance, and annuity and investment products. Transamerica Corporation (DE) is owned by Aegon International B.V., which is owned by Aegon N.V., a Netherlands corporation, and a publicly traded international insurance group.

**Management Agreement**

TAM has agreed, under each portfolio's Management Agreement, to regularly provide the portfolio with investment management services, including management, supervision and investment research and advice, and to furnish a continuous investment program for the portfolio's portfolio of securities and other investments consistent with the portfolio's investment objectives, policies and restrictions, as stated in the portfolio's prospectus and SAI. TAM also provides supervisory and administrative services to each portfolio, as well as services incidental to the foregoing services. TAM is permitted to enter into contracts with sub-advisers, subject to the Board's approval. TAM has entered into sub-advisory agreements, as described below.

As compensation for services performed, each portfolio pays TAM a fee computed daily at an annual rate of the portfolio's average daily net assets as described below. TAM bears all expenses incurred by it in the performance of its duties under each portfolio's Management Agreement. A portfolio bears all expenses not expressly assumed by TAM incurred in the operation of the portfolio and the offering of its shares.

The Management Agreement for a portfolio will terminate, unless sooner terminated as set forth therein, two years from its effective date, and will continue in effect from year to year thereafter, if continuance is specifically approved at least annually by (i) the vote of a majority of the Board Members who are not parties thereto or interested persons of any party thereto, cast in person at a meeting called for the purpose of voting on the approval of the terms of renewal, and by (ii) either the Board or the affirmative vote of a majority of the outstanding voting securities of that portfolio.

Each Management Agreement provides that TAM may render services to others. Under each portfolio's Management Agreement, TAM assumes no responsibility other than to render the services called for by the Management Agreement in good faith, and TAM and its affiliates

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will not be liable for any error of judgment or mistake of law, or for any loss arising out of any investment or for any act or omission in the execution of securities transactions for the portfolio or in the performance of its other services thereunder. TAM and its affiliates are not protected, however, against any liability to a portfolio to which TAM or an affiliate would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under the Management Agreement.

Each Management Agreement provides that it may be terminated with respect to any portfolio at any time, without the payment of any penalty, upon 60 days' written notice to TAM, or by TAM upon 60 days' written notice to the portfolio. A portfolio may effect termination by action of the Board or by vote of a majority of the outstanding voting securities of the portfolio, accompanied by appropriate notice. The Management Agreement terminates automatically in the event of its "assignment" (as defined in the 1940 Act).

TAM has outsourced the provision of certain specific administrative services to State Street. State Street performs back office services to support TAM, including furnishing financial and performance information about the portfolios for inclusion in regulatory filings and Trustee and shareholder reports; preparing drafts of regulatory filings, Trustee materials, tax returns, and reports and budgets; tax testing; and maintaining books and records. TAM pays certain fees and expenses for sub-administration services to State Street. The portfolios pay certain fees and expenses to State Street for sub-administration services which are not covered by the Management Agreement with TAM or management fees payable thereunder. State Street's address is One Lincoln Street, Boston, MA 02111.

TAM and the Trust have entered into a Management Agreement with respect to each portfolio under which TAM serves as investment manager performing investment advisory and administrative services for a single management fee.

**Investment Manager Compensation**

TAM receives compensation calculated daily and paid monthly from the portfolios, at the annual rates indicated below. TAM pays the sub-advisers their sub-advisory fees out of its management fees.

---

| | |
|:---|:---|
| **Portfolio Name** | **Percentage of Average Daily Net Assets** |
| Transamerica 60/40 Allocation VP<sup>(1)</sup> <br>| &nbsp;&nbsp; 0.30% of the first $1 billion<br> 0.28% in excess of $1 billion<br>|
| Transamerica Aegon Bond VP | &nbsp;&nbsp; 0.51% of the first $500 million<br> 0.49% over $500 million up to $1 billion<br> 0.48% over $1 billion up to $1.5 billion<br> 0.475% in excess of $1.5 billion<br>|
| Transamerica Aegon Core Bond VP | &nbsp;&nbsp; 0.42% of the first $1 billion<br> 0.38% over $1 billion up to $2 billion<br> 0.365% over $2 billion up to $3.5 billion<br> 0.36% over $3.5 billion up to $5 billion<br> 0.355% in excess of $5 billion<br>|
| Transamerica Aegon High Yield Bond VP | &nbsp;&nbsp; 0.554% of the first $1.25 billion<br> 0.544% over $1.25 billion to $2 billion<br> 0.52% in excess of $2 billion <br>|
| Transamerica Aegon Sustainable Equity Income VP | &nbsp;&nbsp; 0.663% of the first $500 million<br> 0.58% over $500 million up to $1 billion<br> 0.55% over $1 billion up to $1.5 billion<br> 0.53% in excess of $1.5 billion<br>|
| Transamerica Aegon U.S. Government Securities VP | &nbsp;&nbsp; 0.55% of the first $500 million<br> 0.51% over $500 million up to $1.5 billion<br> 0.50% in excess of $1.5 billion<br>|
| Transamerica American Funds Managed Risk VP | &nbsp;&nbsp; 0.53% of the first $2 billion<br> 0.52% over $2 billion up to $4 billion<br> 0.50% over $4 billion up to $6 billion<br> 0.49% over $6 billion up to $8 billion<br> 0.48% over $8 billion up to $10 billion<br> 0.46% in excess of $10 billion<br>|
| Transamerica BlackRock Government Money Market VP | &nbsp;&nbsp; 0.24% of the first $1 billion<br> 0.22% over $1 billion up to $3 billion<br> 0.21% in excess of $3 billion<br>|
| &nbsp;&nbsp; Transamerica BlackRock iShares Active Asset Allocation – Conservative VP<sup>(2)</sup> <br>Transamerica BlackRock iShares Active Asset Allocation – Moderate Growth VP<sup>(2)</sup> <br>Transamerica BlackRock iShares Active Asset Allocation – Moderate VP<sup>(2)</sup> <br> Transamerica BlackRock iShares Dynamic Allocation – Balanced VP<sup>(2)</sup> <br> Transamerica BlackRock iShares Dynamic Allocation – Moderate Growth VP<sup>(2)</sup> <br>| &nbsp;&nbsp; 0.50% of the first $500 million<br> 0.49% over $500 million up to $1 billion<br> 0.4725% over $1 billion up to $2.5 billion<br> 0.465% over $2.5 billion up to $3.5 billion<br> 0.4525% over $3.5 billion up to $4.5 billion<br> 0.44% in excess of $4.5 billion<br>|
| &nbsp;&nbsp; Transamerica BlackRock iShares Edge 40 VP<sup>(2)</sup> <br>Transamerica BlackRock iShares Edge 50 VP<sup>(2)</sup> <br> Transamerica BlackRock iShares Edge 75 VP<sup>(2)</sup> <br> Transamerica BlackRock iShares Edge 100 VP<sup>(2)</sup> <br>| &nbsp;&nbsp; 0.30% of the first $1 billion<br> 0.28% in excess of $1 billion<br>|

---

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| | |
|:---|:---|
| **Portfolio Name** | **Percentage of Average Daily Net Assets** |
| Transamerica BlackRock Real Estate Securities VP | &nbsp;&nbsp; 0.77% of the first $250 million<br> 0.75% over $250 million up to $500 million<br> 0.70% over $500 million up to $750 million<br> 0.68% in excess of $750 million<br>|
| Transamerica BlackRock Tactical Allocation VP | &nbsp;&nbsp; 0.13% of the first $1 billion<br> 0.11% over $1 billion up to $2 billion<br> 0.105% over $2 billion up to $3 billion<br> 0.10% in excess of $3 billion<br>|
| Transamerica Goldman Sachs 70/30 Allocation VP | &nbsp;&nbsp; 0.104% of the first $1 billion<br> 0.0975% over $1 billion up to $3 billion<br> 0.0925% over $3 billion up to $5 billion<br> 0.085% over $5 billion up to $7 billion<br> 0.080% over $7 billion up to $9 billion<br> 0.0725% in excess of $9 billion<br>|
| &nbsp;&nbsp; Transamerica Goldman Sachs Managed Risk – Balanced ETF VP<br> Transamerica Goldman Sachs Managed Risk – Conservative ETF VP<br> Transamerica Goldman Sachs Managed Risk – Growth ETF VP<br>| &nbsp;&nbsp; 0.34% of the first $50 million<br> 0.32% over $50 million up to $250 million<br> 0.30% over $250 million up to $5 billion<br> 0.29% over $5 billion up to $7 billion<br> 0.2875% over $7 billion up to $9 billion<br> 0.28% in excess of $9 billion<br>|
| Transamerica International Focus VP  | &nbsp;&nbsp; 0.77% of the first $500 million<br> 0.76% over $500 million up to $1 billion<br> 0.71% over $1 billion up to $2 billion<br> 0.695% over $2 billion up to $3 billion<br> 0.68% in excess of $3 billion<br>|
| Transamerica Janus Balanced VP | &nbsp;&nbsp; 0.735% of the first $250 million<br> 0.705% over $250 million up to $500 million<br> 0.65% over $500 million up to $1 billion<br> 0.63% in excess of $1 billion<br>|
| Transamerica Janus Mid-Cap Growth VP | &nbsp;&nbsp; 0.805% of the first $500 million<br> 0.77% over $500 million up to $1 billion<br> 0.75% in excess of $1 billion <br>|
| &nbsp;&nbsp; Transamerica JPMorgan Asset Allocation – Conservative VP <br> Transamerica JPMorgan Asset Allocation – Growth VP <br> Transamerica JPMorgan Asset Allocation – Moderate Growth VP <br> Transamerica JPMorgan Asset Allocation – Moderate VP<br>| &nbsp;&nbsp; 0.1225% of the first $10 billion<br> 0.1025% in excess of $10 billion<br>|
| Transamerica JPMorgan Enhanced Index VP | &nbsp;&nbsp; 0.60% of the first $1 billion<br> 0.59% over $1 billion up to $2 billion<br> 0.56% over $2 billion up to $3 billion<br> 0.52% over $3 billion up to $4 billion<br> 0.46% in excess of $4 billion<br>|
| Transamerica JPMorgan International Moderate Growth VP | &nbsp;&nbsp; 0.1225% of the first $10 billion<br> 0.1025% in excess of $10 billion <br>|
| Transamerica JPMorgan Mid Cap Value VP | &nbsp;&nbsp; 0.88% of the first $100 million<br> 0.83% over $100 million up to $550 million<br> 0.79% over $550 million up to $750 million<br> 0.77% over $750 million up to $1 billion<br> 0.76% in excess of $1 billion<br>|
| Transamerica JPMorgan Tactical Allocation VP | &nbsp;&nbsp; 0.73% of the first $500 million<br> 0.705% over $500 million up to $750 million<br> 0.68% over $750 million up to $1.5 billion<br> 0.67% over $1.5 billion up to $2.5 billion<br> 0.65% in excess of $2.5 billion<br>|
| Transamerica Madison Diversified Income VP | &nbsp;&nbsp; 0.73% of the first $500 million<br> 0.70% over $500 million up to $1 billion<br> 0.68% in excess of $1 billion<br>|
| Transamerica Market Participation Strategy VP | &nbsp;&nbsp; 0.68% of the first $500 million<br> 0.65% over $500 million up to $1 billion<br> 0.62% over $1 billion up to $1.5 billion<br> 0.60% in excess of $1.5 billion<br>|
| Transamerica Morgan Stanley Capital Growth VP | &nbsp;&nbsp; 0.755% of the first $750 million<br> 0.715% over $750 million up to $1.5 billion<br> 0.645% over $1.5 billion up to $3 billion<br> 0.63% over $3 billion up to $5 billion<br> 0.57% over $5 billion up to $7 billion<br> 0.55% in excess of $7 billion<br>|

---

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| | |
|:---|:---|
| **Portfolio Name** | **Percentage of Average Daily Net Assets** |
| Transamerica Morgan Stanley Global Allocation VP | &nbsp;&nbsp; 0.66% of the first $500 million<br> 0.65% over $500 million up to $750 million<br> 0.64% over $750 million up to $1 billion<br> 0.63% over $1 billion up to $3 billion<br> 0.59% in excess of $3 billion<br>|
| Transamerica Morgan Stanley Global Allocation Managed Risk - Balanced VP | &nbsp;&nbsp; 0.20% of the first $2 billion<br> 0.19% over $2 billion up to $4 billion<br> 0.18% over $4 billion up to $6 billion<br> 0.17% over $6 billion up to $8 billion<br> 0.16% over $8 billion up to $10 billion<br> 0.15% in excess of $10 billion<br>|
| Transamerica MSCI EAFE Index VP  | 0.11% |
| Transamerica Multi-Managed Balanced VP | &nbsp;&nbsp; 0.61% of the first $500 million<br> 0.59% over $500 million up to $1 billion<br> 0.56% over $1 billion up to $1.5 billion<br> 0.55% over $1.5 billion up to $2 billion<br> 0.52% over $2 billion up to $5 billion<br> 0.50% in excess of $5 billion<br>|
| Transamerica PIMCO Tactical – Balanced VP | &nbsp;&nbsp; 0.81% of the first $250 million<br> 0.80% over $250 million up to $750 million<br> 0.79% over $750 million up to $1.5 billion<br> 0.76% in excess of $1.5 billion<br>|
| Transamerica PIMCO Tactical – Conservative VP | &nbsp;&nbsp; 0.79% of the first $750 million<br> 0.78% over $750 million up to $1.5 billion<br> 0.75% in excess of $1.5 billion<br>|
| Transamerica PIMCO Tactical – Growth VP | &nbsp;&nbsp; 0.82% of the first $250 million<br> 0.81% over $250 million up to $750 million<br> 0.79% over $750 million up to $1.5 billion<br> 0.76% in excess of $1.5 billion<br>|
| Transamerica PineBridge Inflation Opportunities VP | &nbsp;&nbsp; 0.49% of the first $250 million<br> 0.43% over $250 million up to $1 billion<br> 0.38% in excess of $1 billion<br>|
| Transamerica ProFund UltraBear VP | &nbsp;&nbsp; 0.88% of the first $250 million<br> 0.83% over $250 million up to $750 million<br> 0.78% in excess of $750 million<br>|
| Transamerica Rothschild & Co Large Cap Value VP | &nbsp;&nbsp; 0.594% of the first $1 billion<br> 0.58% over $1 billion up to $2 billion<br> 0.56% over $2 billion up to $3 billion<br> 0.54% in excess of $3 billion<br>|
| Transamerica S&P 500 Index VP | 0.08% |
| Transamerica Small/Mid Cap Value VP | &nbsp;&nbsp; 0.79% of the first $100 million<br> 0.78% over $100 million up to $350 million<br> 0.77% over $350 million up to $500 million<br> 0.75% over $500 million up to $750 million<br> 0.745% over $750 million up to $1 billion<br> 0.69% over $1 billion up to $1.5 billion<br> 0.68% over $1.5 billion up to $2 billion<br> 0.67% in excess of $2 billion<br>|
| Transamerica T. Rowe Price Small Cap VP | &nbsp;&nbsp; 0.78% of the first $1 billion<br> 0.77% over $1 billion up to $1.5 billion<br> 0.76% in excess of $1.5 billion<br>|
| Transamerica TS&W International Equity VP | &nbsp;&nbsp; 0.77% of the first $250 million<br> 0.74% over $250 million up to $1 billion<br> 0.72% over $1 billion up to $2 billion<br> 0.69% over $2 billion up to $6 billion<br> 0.68% over $6 billion up to $8 billion<br> 0.66% in excess of $8 billion<br>|
| Transamerica WMC US Growth VP | &nbsp;&nbsp; 0.68% of the first $500 million<br> 0.67% over $500 million up to $800 million<br> 0.6575% over $800 million up to $1 billion<br> 0.613% over $1 billion up to $2 billion<br> 0.605% over $2 billion up to $3 billion<br> 0.59% over $3 billion up to $4 billion<br> 0.575% over $4 billion up to $5 billion<br> 0.57% over $5 billion up to $7 billion<br> 0.55% in excess of $7 billion<br>|

---

<sup>(1)</sup> TAM has contractually agreed to waive 0.18% of its management fee through May 1, 2023.

------

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

<sup>(2)</sup> BlackRock Investment Management, LLC ("BlackRock"), the portfolios' sub-adviser, has voluntarily agreed to waive its sub-advisory fees for so long as BlackRock is the sub-adviser to the portfolio and the portfolio invests all or substantially all (meaning 80% or more) of its net assets (excluding cash and cash equivalents) in the underlying exchange-traded funds sponsored or advised by BlackRock or its affiliates. TAM has contractually agreed, through May 1, 2023, to waive from its management fees an amount equal to the sub-advisory fee waiver by BlackRock. Amounts waived by TAM under this contractual arrangement are not subject to recapture by TAM.

The following tables set forth the total amounts the portfolios paid to TAM (after waivers/expense reimbursements and recapture), Management Fees Waived/Expenses Reimbursed by TAM to the portfolios, and Management Fees Recaptured by TAM from the portfolios, if any, for the last three fiscal years. "N/A" in the tables below indicate that the portfolio was not in operation during the relevant fiscal year and, accordingly, no management fees are shown.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Name** | **Management Fees**<br> **(after waivers/expense reimbursements**<br> **and recapture)** | **Management Fees**<br> **(after waivers/expense reimbursements**<br> **and recapture)** | **Management Fees**<br> **(after waivers/expense reimbursements**<br> **and recapture)** | **Management Fees**<br> **Waived/Expenses Reimbursed** | **Management Fees**<br> **Waived/Expenses Reimbursed** | **Management Fees**<br> **Waived/Expenses Reimbursed** |
| **Portfolio Name** | **2022** | **2021** | **2020** | **2022** | **2021** | **2020** |
| Transamerica 60/40 Allocation VP | $| $60103  | $53359  | $| $90155  | $59308  |
| Transamerica Aegon Bond VP | $| $12980052  | $14011211  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Aegon Core Bond VP | $| $2341428  | $2389930  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Aegon High Yield Bond VP | $| $1418952  | $1340739  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Aegon Sustainable Equity Income VP | $| $4480659  | $4484494  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Aegon U.S. Government Securities VP | $| $1940339  | $2689568  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica American Funds Managed Risk VP | $| $5790087  | $5330424  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica BlackRock Government Money Market VP | $| $79360  | $932476  | $| $1845639  | $1069312  |
| Transamerica BlackRock iShares Active Asset Allocation – Conservative VP | $| $1816631  | $1938917  | $| $27679  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica BlackRock iShares Active Asset Allocation – Moderate Growth VP | $| $2661407  | $2880242  | $| $41051  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica BlackRock iShares Active Asset Allocation – Moderate VP | $| $6755527  | $7070788  | $| $106599  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica BlackRock iShares Dynamic Allocation – Balanced VP | $| $5622375  | $5971393  | $| $85763  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica BlackRock iShares Dynamic Allocation – Moderate Growth VP | $| $2531884  | $2648728  | $| $38271  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica BlackRock iShares Edge 40 VP | $| $861525  | $840341  | $| $172305  | $168068  |
| Transamerica BlackRock iShares Edge 50 VP | $| $1297978  | $992387  | $| $259596  | $198478  |
| Transamerica BlackRock iShares Edge 75 VP | $| $529053  | $444886  | $| $105811  | $84416  |
| Transamerica BlackRock iShares Edge 100 VP | $| $255380  | $185048  | $| $48947  | $42224  |
| Transamerica BlackRock Real Estate Securities VP | $| $5373667  | $4243700  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica BlackRock Tactical Allocation VP | $| $1671389  | $1655127  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Goldman Sachs 70/30 Allocation VP | $| $(33697) | $(36156) | $| $37766  | $38362  |
| Transamerica Goldman Sachs Managed Risk – Balanced ETF VP | $| $16975862  | $16909389  | $| $5001  | $5000  |
| Transamerica Goldman Sachs Managed Risk – Conservative ETF VP | $| $2078268  | $2178233  | $| $5000  | $5000  |
| Transamerica Goldman Sachs Managed Risk – Growth ETF VP | $| $7875170  | $7705610  | $| $5000  | $5000  |
| Transamerica International Focus VP | $| $3925407  | $3522580  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Janus Balanced VP | $| $8966768  | $8066805  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Janus Mid-Cap Growth VP | $| $9613231  | $7978281  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica JPMorgan Asset Allocation – Conservative VP | $| $1636154  | $1585403  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica JPMorgan Asset Allocation – Growth VP | $| $1520956  | $1178507  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica JPMorgan Asset Allocation – Moderate Growth VP | $| $6146984  | $5480686  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica JPMorgan Asset Allocation – Moderate VP | $| $8965918  | $8048852  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica JPMorgan Enhanced Index VP | $| $11899975  | $10614764  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica JPMorgan International Moderate Growth VP | $| $783355  | $712457  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica JPMorgan Mid Cap Value VP | $| $4585878  | $3411675  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica JPMorgan Tactical Allocation VP | $| $10286755  | $9768210  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Madison Diversified Income VP | $| $1441026  | $1311931  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Market Participation Strategy VP | $| $3163189  | $2963336  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Morgan Stanley Capital Growth VP | $| $20700139  | $16560198  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Morgan Stanley Global Allocation VP | $| $9941665  | $9855045  | $| $926245  | $495709  |
| Transamerica Morgan Stanley Global Allocation Managed Risk - Balanced VP | $| $575004  | $589231  | $| $50381  | $76104  |
| Transamerica MSCI EAFE Index VP | $| $(34269) | $(141396) | $| $117838  | $236271  |
| Transamerica Multi-Managed Balanced VP | $| $11433592  | $10513457  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica PIMCO Tactical – Balanced VP | $| $4491732  | $4608715  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica PIMCO Tactical – Conservative VP | $| $2266589  | $2335721  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica PIMCO Tactical – Growth VP | $| $3114966  | $3119882  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica PineBridge Inflation Opportunities VP  | $| $806854  | $884228  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica ProFund UltraBear VP | $| $42869  | $131930  | $| $32956  | $19008  |
| Transamerica Rothschild & Co Large Cap Value VP | $| $292755  | $103897  | $| $6379  | $13140  |
| Transamerica S&P 500 Index VP | $| $435236  | $176833  | $| $19895  | $63588  |
| Transamerica Small/Mid Cap Value VP | $| $4882232  | $3670357  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Name** | **Management Fees**<br> **(after waivers/expense** <br> **reimbursements**<br> **and recapture)** | **Management Fees**<br> **(after waivers/expense** <br> **reimbursements**<br> **and recapture)** | **Management Fees**<br> **(after waivers/expense** <br> **reimbursements**<br> **and recapture)** | **Management Fees**<br> **Waived/Expenses Reimbursed** | **Management Fees**<br> **Waived/Expenses Reimbursed** | **Management Fees**<br> **Waived/Expenses Reimbursed** |
| **Portfolio Name** | **2022** | **2021** | **2020** | **2022** | **2021** | **2020** |
| Transamerica T. Rowe Price Small Cap VP | $| $8071925  | $7669555  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica TS&W International Equity VP | $| $1577175  | $1304441  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica WMC US Growth VP | $| $26598690  | $23109828  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

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

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Name** | **Management Fees Recaptured** | **Management Fees Recaptured** | **Management Fees Recaptured** |
| **Portfolio Name** | **2022** | **2021** | **2020** |
| Transamerica 60/40 Allocation VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $13819  |
| Transamerica Aegon Bond VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Aegon Core Bond VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Aegon High Yield Bond VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Aegon Sustainable Equity Income VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Aegon U.S. Government Securities VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica American Funds Managed Risk VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica BlackRock Government Money Market VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $79550  |
| Transamerica BlackRock iShares Active Asset Allocation – Conservative VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica BlackRock iShares Active Asset Allocation – Moderate Growth VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica BlackRock iShares Active Asset Allocation – Moderate VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica BlackRock iShares Dynamic Allocation – Balanced VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica BlackRock iShares Dynamic Allocation – Moderate Growth VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica BlackRock iShares Edge 40 VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica BlackRock iShares Edge 50 VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica BlackRock iShares Edge 75 VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $33975  |
| Transamerica BlackRock iShares Edge 100 VP | $| $11025  | $2600  |
| Transamerica BlackRock Real Estate Securities VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica BlackRock Tactical Allocation VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Goldman Sachs 70/30 Allocation VP | $| $927  | $1349  |
| Transamerica Goldman Sachs Managed Risk – Balanced ETF VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Goldman Sachs Managed Risk – Conservative ETF VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Goldman Sachs Managed Risk – Growth ETF VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica International Focus VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Janus Balanced VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Janus Mid-Cap Growth VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica JPMorgan Asset Allocation – Conservative VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica JPMorgan Asset Allocation – Growth VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica JPMorgan Asset Allocation – Moderate Growth VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica JPMorgan Asset Allocation – Moderate VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica JPMorgan Enhanced Index VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica JPMorgan International Moderate Growth VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica JPMorgan Mid Cap Value VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica JPMorgan Tactical Allocation VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Madison Diversified Income VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Market Participation Strategy VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Morgan Stanley Capital Growth VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Morgan Stanley Global Allocation VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Morgan Stanley Global Allocation Managed Risk - Balanced VP | $| $16378  | $28249  |
| Transamerica MSCI EAFE Index VP | $| $2722  | $38663  |
| Transamerica Multi-Managed Balanced VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica PIMCO Tactical – Balanced VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica PIMCO Tactical – Conservative VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica PIMCO Tactical – Growth VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica PineBridge Inflation Opportunities VP  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica ProFund UltraBear VP | $| $5264  | $752  |
| Transamerica Rothschild & Co Large Cap Value VP | $| $73534  | $7716  |
| Transamerica S&P 500 Index VP | $| $75631  | $15734  |
| Transamerica Small/Mid Cap Value VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica T. Rowe Price Small Cap VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica TS&W International Equity VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Name** | **Management Fees** <br> **Recaptured** | **Management Fees** <br> **Recaptured** | **Management Fees** <br> **Recaptured** |
| **Portfolio Name** | **2022** | **2021** | **2020** |
| Transamerica WMC US Growth VP | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

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**Expense Limitation**

TAM has entered into an expense limitation agreement with the Trust on behalf of certain portfolios, pursuant to which TAM has agreed to implement an expense cap to limit the ordinary operating expenses of one or more share classes of those portfolios. Except for Transamerica Goldman Sachs 70/30 Allocation VP, the expense caps and waived fees and/or reimbursed expenses exclude, as applicable, unless otherwise noted in the prospectus, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, and other expenses not incurred in the ordinary course of the relevant portfolio's business. For Transamerica Goldman Sachs 70/30 Allocation VP, the expense caps and waived fees and/or reimbursed expenses exclude, as applicable, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, and other expenses not incurred in the ordinary course of the relevant portfolio's business. TAM is permitted to recapture amounts waived and/or reimbursed to a class of a portfolio during the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class, but only if, after such recapture, the class's expense ratio does not exceed the current expense cap or any other lower limit then in effect for the class. These recapture arrangements may be limited or terminated under certain circumstances. The expense limitation agreement continues automatically for one-year terms unless TAM provides written notice to the Trust prior to the end of the then-current term. In addition, the agreement will terminate automatically upon termination of the Management Agreement.

In addition, TAM or any of its affiliates, in addition to any contractual expense limitation arrangements in effect from time to time, may voluntarily waive fees and/or reimburse expenses of one or more classes of Transamerica BlackRock Government Money Market VP to such level(s) as the Trust's officers may reasonably determine from time to time in an effort to prevent the portfolio's yield from falling below zero. Any such waiver or expense reimbursement may be discontinued by TAM or its affiliates at any time. TAM is entitled to reimbursement by the applicable class(es) of the portfolio of any amounts so waived and/or reimbursed by TAM or any of its affiliates during the previous 36 months so long as the reimbursement does not cause the class's effective daily yield to be negative. Any reimbursement of amounts voluntarily waived and/or reimbursed may result in the class's expenses exceeding the contractual expense cap for the class. TAM or its affiliates may request that financial intermediaries reduce or waive amounts payable to those intermediaries with respect to services rendered to Transamerica BlackRock Government Money Market VP or its shareholders, and those reductions or waivers may reduce the amounts waived and/or reimbursed by TAM under the contractual and/or voluntary waiver arrangements with respect to the portfolio. There is no guarantee that Transamerica BlackRock Government Money Market VP will be able to prevent a negative yield.

The current expense caps for the applicable share classes of the relevant portfolios are listed in the table set forth below. Each expense limitation arrangement cannot be terminated prior to its stated expiration date without the Board of Trustees' consent.

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Name** | **Expense Cap**<br> **Initial Class**<br>| **Expense Cap**<br> **Service Class**<br>| &nbsp;&nbsp; **Expiration Date of** <br> **Expense Cap**<br>|
| Transamerica 60/40 Allocation VP | N/A | 0.63% | May 1, 2024 |
| Transamerica Aegon Bond VP | 0.72% | 0.97% | May 1, 2024 |
| Transamerica Aegon Core Bond VP | 0.57% | 0.83% | May 1, 2024 |
| Transamerica Aegon High Yield Bond VP | 0.70% | 0.95% | May 1, 2024 |
| Transamerica Aegon Sustainable Equity Income VP | 0.73% | 0.98% | May 1, 2024 |
| Transamerica Aegon U.S. Government Securities VP | 0.63% | 0.88% | May 1, 2024 |
| Transamerica American Funds Managed Risk VP | N/A | 0.85% | May 1, 2024 |
| Transamerica BlackRock Government Money Market VP | 0.38% | 0.63% | May 1, 2024 |
| Transamerica BlackRock iShares Active Asset Allocation – Conservative VP | 0.55% | 0.80% | May 1, 2024 |
| Transamerica BlackRock iShares Active Asset Allocation – Moderate Growth VP | 0.55% | 0.80% | May 1, 2024 |
| Transamerica BlackRock iShares Active Asset Allocation – Moderate VP | 0.55% | 0.80% | May 1, 2024 |
| Transamerica BlackRock iShares Dynamic Allocation – Balanced VP | 0.55% | 0.80% | May 1, 2024 |
| Transamerica BlackRock iShares Dynamic Allocation – Moderate Growth VP | 0.55% | 0.80% | May 1, 2024 |
| Transamerica BlackRock iShares Edge 40 VP | 0.31% | 0.56% | May 1, 2024 |
| Transamerica BlackRock iShares Edge 50 VP | N/A | 0.56% | May 1, 2024 |
| Transamerica BlackRock iShares Edge 75 VP | N/A | 0.56% | May 1, 2024 |
| Transamerica BlackRock iShares Edge 100 VP | N/A | 0.56% | May 1, 2024 |
| Transamerica BlackRock Real Estate Securities VP | 0.90% | 1.15% | May 1, 2024 |
| Transamerica BlackRock Tactical Allocation VP | 0.21% | 0.46% | May 1, 2024 |
| Transamerica Goldman Sachs 70/30 Allocation VP | N/A | 1.15% | May 1, 2024 |
| Transamerica Goldman Sachs Managed Risk – Balanced ETF VP | 0.37% | 0.62% | May 1, 2024 |
| Transamerica Goldman Sachs Managed Risk – Conservative ETF VP | 0.37% | 0.62% | May 1, 2024 |
| Transamerica Goldman Sachs Managed Risk – Growth ETF VP | 0.37% | 0.62% | May 1, 2024 |
| Transamerica International Focus VP  | 0.88% | 1.13% | May 1, 2024 |
| Transamerica Janus Balanced VP | 0.81% | 1.05% | May 1, 2024 |

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Name** | **Expense Cap**<br> **Initial Class**<br>| **Expense Cap**<br> **Service Class**<br>| &nbsp;&nbsp; **Expiration Date of** <br> **Expense Cap**<br>|
| Transamerica Janus Mid-Cap Growth VP | 0.88% | 1.13% | May 1, 2024 |
| Transamerica JPMorgan Asset Allocation – Conservative VP | 0.20% | 0.45% | May 1, 2024 |
| Transamerica JPMorgan Asset Allocation – Growth VP | 0.20% | 0.45% | May 1, 2024 |
| Transamerica JPMorgan Asset Allocation – Moderate Growth VP | 0.20% | 0.45% | May 1, 2024 |
| Transamerica JPMorgan Asset Allocation – Moderate VP | 0.20% | 0.45% | May 1, 2024 |
| Transamerica JPMorgan Enhanced Index VP | 0.67% | 0.92% | May 1, 2024 |
| Transamerica JPMorgan International Moderate Growth VP | 0.21% | 0.46% | May 1, 2024 |
| Transamerica JPMorgan Mid Cap Value VP | 0.93% | 1.17% | May 1, 2024 |
| Transamerica JPMorgan Tactical Allocation VP | 0.82% | 1.07% | May 1, 2024 |
| Transamerica Madison Diversified Income VP | 0.84% | 1.09% | May 1, 2024 |
| Transamerica Market Participation Strategy VP | 0.82% | 1.07% | May 1, 2024 |
| Transamerica Morgan Stanley Capital Growth VP | 0.76% | 1.01% | May 1, 2024 |
| Transamerica Morgan Stanley Global Allocation VP | 0.81% | 1.06% | May 1, 2024 |
| Transamerica Morgan Stanley Global Allocation Managed Risk - Balanced VP | 0.22% | 0.47% | May 1, 2024 |
| Transamerica MSCI EAFE Index VP  | 0.18% | 0.43% | May 1, 2024 |
| Transamerica Multi-Managed Balanced VP | 0.75% | 1.00% | May 1, 2024 |
| Transamerica PIMCO Tactical – Balanced VP | 0.91% | 1.16% | May 1, 2024 |
| Transamerica PIMCO Tactical – Conservative VP | 0.92% | 1.17% | May 1, 2024 |
| Transamerica PIMCO Tactical – Growth VP | 0.94% | 1.19% | May 1, 2024 |
| Transamerica PineBridge Inflation Opportunities VP | 0.63% | 0.88% | May 1, 2024 |
| Transamerica ProFund UltraBear VP | 0.98% | 1.23% | May 1, 2024 |
| Transamerica Rothschild & Co Large Cap Value VP | 0.95% | 1.04% | May 1, 2024 |
| Transamerica S&P 500 Index VP | 0.14% | 0.39% | May 1, 2024 |
| Transamerica Small/Mid Cap Value VP | 0.88% | 1.13% | May 1, 2024 |
| Transamerica T. Rowe Price Small Cap VP | 0.93% | 1.18% | May 1, 2024 |
| Transamerica TS&W International Equity VP | 0.92% | 1.17% | May 1, 2024 |
| Transamerica WMC US Growth VP | 0.74% | 0.99% | May 1, 2024 |

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**Organization and Management of the Subsidiary (Transamerica Morgan Stanley Global Allocation VP)\***

As discussed in "Other Investment Policies and Practices of the Portfolios" above, Transamerica Morgan Stanley Global Allocation VP may invest up to 25% of its total assets in its Subsidiary. The Subsidiary is a company organized under the laws of the Cayman Islands, whose registered office is located at the offices of Maples Corporate Services Limited, Cayman Islands. The Subsidiary's affairs are overseen by a board consisting of one director, Marijn P. Smit. Mr. Smit is also a trustee and his biography is listed above.

The Subsidiary has entered into a separate investment management agreement with TAM, and TAM has entered into a sub-advisory agreement with the applicable sub-adviser. Each management and sub-advisory agreement will continue in effect for two years, and thereafter shall continue in effect from year to year provided such continuance is specifically approved at least annually (i) by the Trustees of the portfolio or by a majority of the outstanding voting securities of the portfolio (as defined in the 1940 Act), and (ii) in either event, by a majority of the Independent Trustees of the portfolio, with such Independent Trustees casting votes in person at a meeting called for such purpose. The Trustees' approval of and the terms, continuance and termination of the management and sub-advisory agreements are governed by the 1940 Act.

Under its investment management agreement, the Subsidiary will pay a management fee to TAM with respect to the assets invested in the Subsidiary that is the same, as a percentage of net assets, as the management fee paid by its parent fund. Under the sub-advisory agreement, TAM will pay the sub-adviser a sub-advisory fee with respect to the assets invested in the Subsidiary that is the same, as a percentage of net assets, as the sub-advisory fee paid by TAM with respect to the parent fund. TAM has contractually agreed to waive its management fee with respect to the portfolio in an amount equal to the management fee paid by the Subsidiary.

\* Transamerica Morgan Stanley Global Allocation Managed Risk - Balanced VP may also invest indirectly in the Subsidiary.

**Conflicts of Interest**

TAM and its affiliates, directors, officers, employees and personnel (collectively, for purposes of this section, "Transamerica"), including the entities and personnel who may be involved in the management, operations or distribution of the portfolios, are engaged in a variety of businesses and have interests other than those related to managing the portfolios. Transamerica is a diversified global financial services company with many lines of business providing a wide range of financial services to a sizeable and diversified client base. The broad range of activities and interests of Transamerica gives rise to actual, potential and perceived conflicts of interest that could affect the portfolios and their shareholders.

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Certain actual and potential conflicts of interest are described below. This is not, and is not intended to be, a complete enumeration or description of all the actual and potential conflicts that Transamerica has now or may have in the future. Additional or unanticipated conflicts of interest may arise from time to time in the ordinary course of Transamerica's various businesses.

TAM and the portfolios have adopted practices, policies and procedures that are intended to identify, manage and, where possible, mitigate conflicts of interest. There is no assurance, however, that these practices, policies and procedures will be effective, and these practices, policies and procedures may limit or restrict the portfolios' investment activities and adversely affect their performance.

***Activities on Behalf of Other Funds and Accounts***

Transamerica manages or advises other funds and products in addition to the portfolios, including Transamerica's own accounts and accounts in which Transamerica or its personnel have an interest (collectively, the "Other Accounts"). In some cases, Transamerica oversees sub-advisers who provide day-to-day investment advice and recommendations with respect to the Other Accounts, and in other cases Transamerica itself performs all aspects of the day-to-day management. Certain Other Accounts have investment objectives similar to, the same as or opposite to those of the portfolios and/or engage in transactions in the same types of securities or other instruments, sectors or strategies as the portfolios. Such transactions could affect the prices and availability of the securities and instruments in which a portfolio invests, particularly in circumstances where there is limited availability or liquidity for those investments, and could have an adverse impact on the portfolio's performance. Other Accounts may buy or sell positions while the portfolios are undertaking the same or a differing, including potentially opposite, strategy, which could disadvantage the portfolios. A position taken by Transamerica, on behalf of one or more Other Accounts, may be contrary to a position taken on behalf of a portfolio or may be adverse to a company or issuer in which the portfolio has invested. A portfolio on the one hand, and Transamerica or Other Accounts, on the other hand, may vote differently on matters affecting, or take or refrain from taking different actions with respect to, the same security, which are disadvantageous to the portfolio. The results of the investment activities of a portfolio may differ significantly from the results achieved for other funds and Other Accounts. Transamerica may give advice, and take action, with respect to any current or future portfolios or Other Accounts that may compete or conflict with advice TAM may give to, or actions TAM may take for, a particular portfolio. Transamerica may receive more compensation with respect to certain other portfolios and Other Accounts than that received with respect to a portfolio or may receive compensation based on the performance of certain Other Accounts. Transamerica personnel may have greater economic and other interests in certain other portfolios or Other Accounts promoted or managed by such personnel as compared to a particular portfolio.

***Selection of Service Providers***

TAM and certain of its affiliates provide services including investment management, administration, investment sub-advisory, shareholder servicing, distribution, and transfer agency services to the portfolios and Other Accounts and earn fees from these relationships. TAM and its affiliates face conflicts of interest when the portfolios and Other Accounts select affiliated service providers because TAM and/or its affiliates receive greater compensation when they are used. Although these fees are generally based on asset levels, the fees are not directly contingent on portfolio performance and TAM and its affiliates as service providers will still receive significant compensation from the portfolios and Other Accounts even if shareholders lose money.

The portfolios expect to engage unaffiliated service providers (including attorneys and consultants) that in certain cases also provide services to Transamerica or Other Accounts or that hire Transamerica to provide services to the service providers' clients. These service providers may have business, financial or other relationships with Transamerica (including its personnel), which may influence TAM's recommendation of these service providers for the portfolios.

***Sales Incentives and Relationships***

Transamerica and other financial service providers have conflicts associated with their promotion of the portfolios or other dealings with the portfolios that would create incentives for them to promote the portfolios. Transamerica will directly or indirectly receive a portion of the fees and/or commissions charged to the portfolios or their shareholders. Transamerica will also benefit from increased amounts of assets under management. These compensation matters create a financial incentive on the part of Transamerica to highlight, feature or recommend the portfolios over other accounts or products or to effect transactions differently in the portfolios as compared to other accounts or products. Transamerica has an interest in increasing portfolio assets, including in circumstances when that may not be in the portfolios' or their shareholders' interests.

Transamerica and its personnel have relationships (both involving and not involving the portfolios) with distributors, consultants and others who sell or recommend the portfolios or Other Accounts. Such distributors, consultants and other parties may receive compensation from Transamerica and/or the portfolios or Other Accounts in connection with such relationships. Those parties (or their affiliates) in certain cases act as sub-adviser or other service provider to the portfolios or Other Accounts. As a result of these relationships, distributors, consultants and other parties have conflicts that create incentives for them to promote the portfolios or Other Accounts, and TAM has a disincentive to recommend the termination of applicable sub-advisers and other service providers.

Transamerica and/or the portfolios' sub-advisers (or their affiliates), out of their past profits and other available sources, provide cash payments or non-cash compensation to brokers and other financial intermediaries to promote the distribution of the portfolios and Other

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Accounts or the variable insurance contracts that invest in certain Other Accounts. These arrangements are sometimes referred to as "revenue sharing" arrangements. The amount of revenue sharing payments is substantial and may be substantial to any given recipient. The presence of these payments and the basis on which an intermediary compensates its registered representatives or salespersons may create an incentive for a particular intermediary, registered representative or salesperson to highlight, feature or recommend the portfolios, the Other Accounts or variable insurance contracts that invest in the Other Accounts, at least in part, based on the level of compensation paid. Revenue sharing payments benefit Transamerica to the extent the payments result in more assets being invested in the portfolios, Other Accounts or the variable insurance contracts that invest in the Other Accounts on which fees are being charged. Certain portfolio sub-advisers (or their affiliates) make revenue sharing payments to Transamerica in connection with investments by holders of variable insurance contracts and other retirement products in portfolios advised by the sub-adviser (or its affiliates) that are offered in Transamerica insurance and retirement products. Certain sub-advisers (or their affiliates) have portfolios that are offered in these products which make Rule 12b-1 and/or other payments to Transamerica. Certain portfolio sub-advisers (or their affiliates) also make revenue sharing payments to Transamerica for their participation in functions, events and meetings sponsored by Transamerica. These payments present certain conflicts of interest and provide a disincentive for TAM to recommend the termination of such sub-advisers.

***Transamerica Insurance Companies***

The portfolios are offered as investment options through variable insurance contracts offered and sold by Transamerica insurance companies. The performance of certain portfolios and Other Accounts impacts Transamerica's financial exposure under guarantees that the Transamerica insurance companies provide as issuers of the variable insurance contracts. TAM's investment decisions and the design of the applicable portfolios and Other Accounts may be influenced by these factors. For example, a portfolio or Other Account being managed or designed in a more conservative fashion may help reduce potential losses and/or mitigate financial risks to the Transamerica insurance companies that provide the guarantees, and facilitate the provision of those guaranteed benefits, including by making more predictable the costs of the guarantees and by reducing the capital needed to provide them.

Certain non-public portfolio holdings and certain analytical information and algorithm and trade data concerning certain portfolios and Other Accounts is disclosed to the Transamerica insurance companies solely to allow them to hedge their obligations under the variable insurance contracts. This information may only be provided in accordance with procedures approved by the portfolios' Board of Trustees governing the sharing of such information with the Transamerica insurance companies.

***Transamerica Asset Allocation Portfolio Allocations***

TAM serves as investment manager to and is responsible for all aspects of the day-to-day investment advice and management of certain portfolios and Other Accounts which operate as funds of funds that invest in affiliated underlying portfolios and/or Other Accounts, and TAM is subject to conflicts of interest in allocating the funds of funds' assets among the underlying portfolios or Other Accounts. For certain portfolios and Other Accounts that operate as funds of funds, TAM has hired a sub-adviser and benefits when the sub-adviser allocates the funds of funds' or Other Accounts' assets to an affiliated fund. TAM has established an investment program for certain portfolios and Other Accounts that operate as funds of funds whereby all or a substantial portion of the fund of funds' assets are invested in affiliated portfolios and/or Other Accounts. This means that for such funds of funds TAM or a fund of funds' sub-adviser, as applicable, does not, nor does it expect to, consider unaffiliated funds as underlying investment options for these portfolios and Other Accounts, even if unaffiliated portfolios have better investment performance or lower total expenses. TAM will receive more revenue when it or a sub-adviser selects an affiliated portfolio rather than an unaffiliated portfolio for inclusion in a fund of funds. This conflict provides an incentive for TAM to include affiliated portfolios and Other Accounts as investment options for funds of funds and, when making the underlying fund selections, to cause investments by funds of funds in affiliated portfolios and/or Other Accounts that may perform less well or have higher total expenses than unaffiliated funds. The inclusion of affiliated portfolios and/or Other Accounts will also permit TAM and/or the sub-adviser to make increased revenue sharing payments, including to Transamerica. TAM has an incentive for a portfolio or Other Account's assets to be allocated to those underlying portfolios or Other Accounts for which the net management fees payable to TAM are higher than the fees payable by other underlying portfolios or Other Accounts or to those underlying portfolios or Other Accounts for which an affiliate of TAM serves as the sub-adviser. TAM also has an incentive for a portfolio or Other Account's assets to be allocated to subscale underlying portfolios or Other Accounts to provide scale and reduce amounts waived and/or reimbursed by TAM to maintain applicable expense caps. Sub-advisers to certain funds of funds that are portfolios and certain funds of funds that are Other Accounts also have conflicts of interest in allocating the funds of funds' assets among underlying portfolios and/or Other Accounts, including where the sub-adviser (or its affiliate) acts as investment adviser or sub-adviser to available underlying portfolios and/or Other Accounts. TAM Compliance monitors allocation changes by the funds of funds.

***Portfolio Structuring and Changes***

TAM may have a financial incentive to implement certain changes to the portfolios or Other Accounts. For example, TAM may, from time to time, recommend a change in sub-adviser or the combination of two or more portfolios. Transamerica will benefit to the extent that an affiliated sub-adviser replaces an unaffiliated sub-adviser or additional assets are combined into a portfolio or Other Account having a higher net management fee payable to TAM and/or that is sub-advised by an affiliate of TAM. TAM will also benefit to the extent that it replaces a sub-adviser with a new sub-adviser with a lower sub-advisory fee. Any recommendation to the portfolios' Board of Trustees concerning the appointment of or continued service of an affiliated sub-adviser for a fund, or a portfolio combination, is subject to TAM's fiduciary duty to

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act in the best interests of a portfolio and its shareholders. Moreover, TAM's "manager of managers" exemptive order from the SEC requires portfolio shareholder approval of any sub-advisory agreement appointing an affiliated sub-adviser as the sub-adviser to a portfolio (in the case of a new fund, the initial sole shareholder of the fund, typically an affiliate of Transamerica, may provide this approval).

***Aggregation of Assets***

The aggregation of assets of multiple portfolios and/or Other Accounts for purposes of calculating breakpoints or discounts in sub-advisory fees based on the level of assets allocated to a sub-adviser across portfolios and/or Other Accounts or otherwise, as applicable, give rise to actual, potential and/or perceived conflicts of interest that could disadvantage the portfolios and their shareholders. This aggregation of assets creates an incentive for TAM to select and retain sub-advisers, or allocate additional assets to a sub-adviser, where the selection or allocation may serve to lower a sub-advisory fee and possibly increase the management fee retained by TAM on a portfolio and provides a disincentive for TAM to recommend the termination of a sub-adviser from a portfolio if the termination will cause the sub-advisory fee payable by TAM to increase on a portfolio and/or Other Account that aggregates its assets with the portfolio or if the assets of the portfolio are counted as part of a sub-advisory fee discount arrangement.

***Valuation of Investments***

TAM has been designated as the portfolios' valuation designee with responsibility for fair valuation subject to oversight by the portfolios' Board of Trustees. TAM's service as valuation designee is expressly permitted by applicable regulations. TAM performs such valuation services in accordance with valuation policies and procedures of the portfolios and TAM. TAM may value an identical asset differently than a Transamerica affiliate. This is particularly the case in respect of difficult-to-value assets. TAM faces a conflict with respect to valuations generally because of their effect on TAM's fees and other compensation. Valuation decisions by TAM may also result in improved performance of the portfolios or Other Accounts.

***Other Relationships and Benefits***

Transamerica has existing and may have potential future other business dealings or relationships with current or proposed sub-advisers or other portfolio service providers (or their affiliates) recommended by TAM. Such other business dealings or relationships present conflicts of interest that could influence TAM's selection and retention or termination of sub-advisers or service providers. For example, TAM has an incentive to hire as a sub-adviser or other service provider an entity with which TAM or one or more of its affiliates have, or would like to have, significant or other business dealings or arrangements, and TAM has a disincentive to recommend the termination of such a sub-adviser or service provider when doing so could be adverse to Transamerica's relationships or other business dealings with such parties.

TAM and/or its affiliates also derive ancillary benefits from providing investment management, administration, investment sub-advisory, shareholder servicing, distribution, and transfer agency services to the portfolios and Other Accounts. Providing such services to the portfolios and Other Accounts may enhance TAM's and/or its affiliates' relationships with various parties, facilitate additional business development, and enable TAM and/or its affiliates to obtain additional business and generate additional revenue.

In recognition of the revenue it earns from investment by the Transamerica BlackRock iShares Allocation portfolios and the Transamerica BlackRock iShares Edge portfolios in underlying iShares ETFs, BlackRock has agreed to waive, with respect to each Transamerica BlackRock iShares Allocation portfolio and Transamerica BlackRock iShares Edge portfolio, all of the sub-advisory fees to be paid by TAM for so long as the portfolio invests all or substantially all (meaning 80% or more) of its net assets (excluding cash and cash equivalents) in underlying ETFs sponsored or advised by BlackRock or its affiliates. This arrangement gives rise to actual or potential conflicts of interest. For example, BlackRock has an incentive to allocate a portion of a portfolio's assets away from BlackRock's ETFs so as to then be entitled to a sub-advisory fee from TAM. In doing so, however, BlackRock would lose fee revenue earned from a portfolio's investment in those ETFs. In addition, TAM has an incentive to restrict BlackRock from investing a portfolio's assets in non-BlackRock funds.

***Sub-Advisers***

The range of activities, services and interests of a sub-adviser gives rise to actual, potential and/or perceived conflicts of interest that could disadvantage a portfolio and its shareholders. Such conflicts of interest are in some cases similar to and in other cases different from or supplement those described above relating to Transamerica. Among other things, a sub-adviser's portfolio managers may manage multiple portfolios and accounts for multiple clients. In addition to one or more portfolios, these portfolios and accounts may include, for example, other mutual portfolios, separate accounts, collective trusts and offshore portfolios. Managing multiple portfolios and accounts gives rise to actual or potential conflicts of interest, including, for example, conflicts among investment strategies, conflicts in the allocation of limited investment opportunities, and conflicts in the aggregation and allocation of securities trades. A sub-adviser's portfolio managers may also manage portfolios or accounts with different fee rates and/or fee structures, including performance-based fee arrangements. Differences in fee arrangements create an incentive for a portfolio manager to favor higher-fee portfolios or accounts. A sub-adviser and/or their respective affiliates also may derive ancillary benefits from providing investment sub-advisory services to a portfolio and providing such services to a portfolio may enhance the sub-adviser's and/or applicable affiliate(s)' relationships with various parties, facilitate additional business development, and enable the sub-adviser and/or affiliate to obtain additional business and generate additional revenue. Please see Appendix B for a further discussion of sub-adviser conflicts of interest.

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**Sub-Advisers**

Each sub-adviser listed below serves, pursuant to a respective Sub-Advisory Agreement between TAM and such respective sub-adviser, on behalf of a portfolio. Pursuant to the Sub-Advisory Agreements, each sub-adviser carries out and effectuates the investment strategy designed for the portfolios by TAM. Subject to review by TAM and the Board of Trustees, the sub-advisers are responsible for the day-to-day investment advice and recommendations for the portfolio(s) TAM assigns to them and for making decisions to buy, sell or hold a particular security. Each sub-adviser bears all of its expenses in connection with the performance of its services under its Sub-Advisory Agreement such as compensating its officers and employees connected with investment and economic research, trading and investment management of the respective portfolio(s) and furnishing them office space.

Each sub-advisory agreement will terminate, unless sooner terminated as set forth therein, two years from its effective date, and will continue in effect from year to year thereafter, if continuance is specifically approved at least annually by (i) the vote of a majority of the Board Members who are not parties thereto or interested persons of any party thereto, cast in person at a meeting called for the purpose of voting on the approval of the terms of renewal, and by (ii) either the Board or the affirmative vote of a majority of the outstanding voting securities of the particular portfolio.

Each of the sub-advisers also serves as investment adviser or sub-adviser to other funds and/or private accounts that may have investment objectives identical or similar to those of the portfolios. Securities frequently meet the investment objectives of one or all of these portfolios, the other funds and the private accounts. In such cases, a sub-adviser's decision to recommend a purchase to one fund or account rather than another is based on a number of factors as set forth in the sub-adviser's allocation procedures. The determining factors in most cases are the amounts available for investment by each fund or account, the amount of securities of the issuer then outstanding, the value of those securities and the market for them. Another factor considered in the investment recommendations is other investments which each fund or account presently has in a particular industry.

It is possible that at times identical securities will be held by more than one fund or account. However, positions in the same issue may vary and the length of time that any fund or account may choose to hold its investment in the same issue may likewise vary. To the extent that more than one of the funds or private accounts served by a sub-adviser seeks to acquire or sell the same security at about the same time, either the price obtained by the funds or the amount of securities that may be purchased or sold by a fund at one time may be adversely affected. On the other hand, if the same securities are bought or sold at the same time by more than one fund or account, the resulting participation in volume transactions could produce better executions for the funds. In the event more than one fund or account purchases or sells the same security on a given date, the purchase and sale transactions are allocated among the portfolio(s), the other funds and the private accounts in a manner believed by the sub-advisers to be equitable to each.

Each sub-adviser is a registered investment adviser under the Investment Advisers Act of 1940. Certain sub-advisers have entered into participating affiliate agreements with certain of their affiliates pursuant to which those affiliates provide services, such as investment advisory and trading services, to the sub-advisers.

In rendering investment sub-advisory services to Transamerica BlackRock Real Estate Securities VP, BlackRock Investment Management, LLC ("BlackRock") uses the portfolio management research and other resources of BlackRock Investment Management Australia ("BIMA"). BIMA is a foreign (non-U.S.) affiliate of BlackRock that is not registered under the Advisers Act. One or more BIMA employees provide services to the portfolio through a "participating affiliate" arrangement, as that term is used in relief granted by the staff of the SEC allowing U.S. registered investment advisers to use portfolio management or research resources of advisory affiliates subject to the regulatory supervision of the registered investment adviser. Under the participating affiliate arrangement, BIMA is considered a Participating Affiliate of BlackRock and BIMA and its employees are considered "associated persons" of BlackRock (as that term is defined in the Advisers Act) and one or more investment professionals from BIMA render portfolio management, research and other services to Transamerica BlackRock Real Estate Securities VP, subject to the supervision of BlackRock.

In rendering investment sub-advisory services to Transamerica Morgan Stanley Global Allocation VP, Morgan Stanley Investment Management Inc. ("MSIM") uses the portfolio management, research and other resources of Morgan Stanley Investment Management (Australia) Pty Limited ("MSIM Australia"). MSIM Australia is a foreign (non-U.S.) affiliate of MSIM that is not registered under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). One or more MSIM Australia employees provide services to the portfolio through a "participating affiliate" arrangement, as that term is used in relief granted by the staff of the SEC allowing U.S. registered investment advisers to use portfolio management or research resources of advisory affiliates subject to the regulatory supervision of the registered investment adviser. Under the participating affiliate arrangement, MSIM Australia is considered a Participating Affiliate of MSIM, and MSIM Australia and its employees are considered "associated persons" of MSIM (as that term is defined in the Advisers Act) and one or more investment professionals from MSIM Australia render portfolio management, research and other services to Transamerica Morgan Stanley Global Allocation VP, subject to the supervision of MSIM.

Aegon USA Investment Management, LLC, located at 6300 C Street SW, Cedar Rapids, IA 52499, is a registered investment adviser. Aegon USA Investment Management, LLC is a wholly owned, indirect subsidiary of Aegon NV, a Netherlands corporation and publicly traded international insurance group, and is an affiliate of TAM.

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Aegon Asset Management UK plc (formerly Kames Capital plc), located at 3 Lochside Crescent, Edinburgh EH12 9SA, is a registered investment adviser. Aegon Asset Management UK plc is a wholly-owned subsidiary of publicly-traded Aegon NV, a Netherlands-based insurer that offers life insurance, corporate pensions, and individual savings and retirement products in Europe, the Americas and Asia, and is an affiliate of TAM.

**Sub-Advisory Fees**

TAM, not the portfolios, is responsible for paying the sub-advisers for their services, and sub-advisory fees are TAM's expense. As a matter of administrative convenience, sub-advisory fees may be deducted directly from a portfolio's bank account, in which case payment to TAM of that portfolio's management fee would be net of amounts paid to the applicable sub-adviser.

Each sub-adviser receives monthly compensation from TAM at the annual rate of a specified percentage, indicated below, of the applicable portfolio's average daily net assets:

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| | | |
|:---|:---|:---|
| **Portfolio** | **Sub-Adviser** | **Sub-Advisory Fees** |
| Transamerica Aegon Bond VP | Aegon USA Investment Management, LLC<sup>(1)</sup> <br>| &nbsp;&nbsp; 0.12% of the first $250 million<br> 0.10% over $250 million up to $500 million<br> 0.08% over $500 million up to $1 billion<br> 0.075% in excess of $1 billion <br>|
| Transamerica Aegon Core Bond VP | Aegon USA Investment Management, LLC<sup>(2)</sup> <br>| &nbsp;&nbsp; 0.12% of the first $1 billion<br> 0.05% in excess of $1 billion<br>|
| Transamerica Aegon High Yield Bond VP | Aegon USA Investment Management, LLC<sup>(3)</sup> <br>| &nbsp;&nbsp; 0.35% of the first $20 million<br> 0.24% over $20 million up to $40 million<br> 0.19% over $40 million up to $125 million<br> 0.14% in excess of $125 million<br>|
| Transamerica Aegon Sustainable Equity Income VP | Aegon Asset Management UK plc<sup>(4)</sup> <br>| &nbsp;&nbsp; 0.20% of the first $200 million<br> 0.15% over $200 million up to $500 million<br> 0.13% in excess of $500 million<br>|
| Transamerica Aegon U.S. Government Securities VP | Aegon USA Investment Management, LLC | 0.15% |
| Transamerica American Funds Managed Risk VP | Milliman Financial Risk Management LLC<sup>(5)</sup> <br>| &nbsp;&nbsp; 0.15% of the first $2 billion<br> 0.14% over $2 billion up to $4 billion<br> 0.13% over $4 billion up to $6 billion<br> 0.12% over $6 billion up to $8 billion<br> 0.11% over $8 billion up to $10 billion<br> 0.10% in excess of $10 billion<br>|
| &nbsp;&nbsp; Transamerica BlackRock Government Money <br> Market VP<br>| BlackRock Investment Management, LLC <sup>(6)</sup> <br>| 0.024% |
| &nbsp;&nbsp; Transamerica BlackRock iShares Active Asset <br> Allocation – Conservative VP<sup>(7)</sup> <br>Transamerica BlackRock iShares Active Asset <br> Allocation – Moderate Growth VP<sup>(7)</sup> <br>Transamerica BlackRock iShares Active Asset <br> Allocation – Moderate VP<sup>(7)</sup> <br>Transamerica BlackRock iShares Dynamic <br> Allocation – Balanced VP<sup>(7)</sup> <br>Transamerica BlackRock iShares Dynamic <br> Allocation – Moderate Growth VP<sup>(7)</sup> <br>| BlackRock Investment Management, LLC<sup>(8)</sup> <br>| &nbsp;&nbsp; 0.06% of the first $500 million<br> 0.055% over $500 million up to $1 billion<br> 0.05% over $1 billion up to $2.5 billion<br> 0.045% over $2.5 billion up to $3.5 billion<br> 0.0425% over $3.5 billion up to $4.5 billion<br> 0.04% in excess of $4.5 billion<br>|
| &nbsp;&nbsp; Transamerica BlackRock iShares Edge 40 VP<br> Transamerica BlackRock iShares Edge 50 VP<br> Transamerica BlackRock iShares Edge 75 VP<br> Transamerica BlackRock iShares Edge 100 VP<br>| BlackRock Investment Management, LLC <sup>(9)</sup> <br>| 0.05% |
| Transamerica BlackRock Real Estate Securities VP | BlackRock Investment Management, LLC  | &nbsp;&nbsp; 0.34% of the first $250 million<br> 0.32% over $250 million up to $750 million<br> 0.30% in excess of $750 million<br>|
| Transamerica BlackRock Tactical Allocation VP | BlackRock Investment Management, LLC | &nbsp;&nbsp; 0.10% of the first $1 billion<br> 0.08% in excess of $1 billion<br>|
| &nbsp;&nbsp; Transamerica Goldman Sachs 70/30 Allocation VP<br> Transamerica Goldman Sachs Managed Risk – <br> Balanced ETF VP<br> Transamerica Goldman Sachs Managed Risk – <br> Conservative ETF VP<br> Transamerica Goldman Sachs Managed Risk – <br> Growth ETF VP<br>| Goldman Sachs Asset Management, L.P.<sup>(10)</sup> <br>| &nbsp;&nbsp; 0.07% of the first $1 billion<br> 0.055% over $1 billion up to $3 billion<br> 0.05% over $3 billion up to $5 billion<br> 0.045% over $5 billion up to $7 billion<br> 0.0425% over $7 billion up to $9 billion<br> 0.035% in excess of $9 billion<br>|
| Transamerica International Focus VP<sup>(11)</sup> <br>| Epoch Investment Partners, Inc. | &nbsp;&nbsp; 0.27% of the first $1 billion<br> 0.25% over $1 billion up to $2 billion<br> 0.24% in excess of $2 billion<br>|

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| | | |
|:---|:---|:---|
| **Portfolio** | **Sub-Adviser** | **Sub-Advisory Fees** |
| Transamerica Janus Balanced VP | Janus Henderson Investors US LLC | &nbsp;&nbsp; 0.30% of the first $500 million<br> 0.27% over $500 million up to $1 billion<br> 0.25% in excess of $1 billion<br>|
| Transamerica Janus Mid-Cap Growth VP | Janus Henderson Investors US LLC | &nbsp;&nbsp; 0.375% of the first $500 million<br> 0.34% over $500 million up to $1 billion<br> 0.32% in excess of $1 billion<br>|
| &nbsp;&nbsp; Transamerica JPMorgan Asset Allocation – <br> Conservative VP<br> Transamerica JPMorgan Asset Allocation – Growth <br> VP<br> Transamerica JPMorgan Asset Allocation – Moderate <br> Growth VP<br> Transamerica JPMorgan Asset Allocation – Moderate <br> VP<br>| J.P. Morgan Investment Management Inc.<sup>(12)</sup> <br>| &nbsp;&nbsp; 0.06% of the first $5 billion<br> 0.05% over $5 billion up to $10 billion<br> 0.04% in excess of $10 billion<br>|
| Transamerica JPMorgan Enhanced Index VP | J.P. Morgan Investment Management Inc.<sup>(13)</sup> <br>| &nbsp;&nbsp; 0.15% of the first $2 billion<br> 0.13% over $2 billion up to $3 billion<br> 0.12% over $3 billion up to $4 billion<br> 0.11% in excess of $4 billion<br>|
| &nbsp;&nbsp; Transamerica JPMorgan International Moderate <br> Growth VP<br>| J.P. Morgan Investment Management Inc.<sup>(12)</sup> <br>| &nbsp;&nbsp; 0.06% of the first $5 billion<br> 0.05% over $5 billion up to $10 billion<br> 0.04% in excess of $10 billion<br>|
| Transamerica JPMorgan Mid Cap Value VP | J.P. Morgan Investment Management Inc. | 0.40% |
| Transamerica JPMorgan Tactical Allocation VP | J.P. Morgan Investment Management Inc. | &nbsp;&nbsp; 0.336% of the first $150 million<br> 0.306% over $150 million up to $500 million<br> 0.29% in excess of $500 million<br>|
| Transamerica Madison Diversified Income VP | Madison Asset Management, LLC | &nbsp;&nbsp; 0.25% of the first $500 million<br> 0.22% over $500 million up to $1 billion<br> 0.20% in excess of $1 billion<br>|
| Transamerica Market Participation Strategy VP | PGIM Quantitative Solutions LLC | &nbsp;&nbsp; 0.25% of the first $250 million<br> 0.23% over $250 million up to $750 million<br> 0.21% over $750 million up to $1 billion<br> 0.19% in excess of $1 billion<br>|
| Transamerica Morgan Stanley Capital Growth VP<sup>(14)</sup> <br>| Morgan Stanley Investment Management Inc. | &nbsp;&nbsp; 0.27% of the first $1.5 billion<br> 0.23% over $1.5 billion up to $3 billion<br> 0.22% over $3 billion up to $5 billion<br> 0.20% in excess of $5 billion<br>|
| Transamerica Morgan Stanley Global Allocation VP | Morgan Stanley Investment Management Inc. | &nbsp;&nbsp; 0.27% of the first $500 million<br> 0.26% over $500 million up to $1 billion<br> 0.25% over $1 billion up to $3 billion<br> 0.21% in excess of $3 billion<br>|
| &nbsp;&nbsp; Transamerica Morgan Stanley Global Allocation <br> Managed Risk - Balanced VP<br>| Milliman Financial Risk Management LLC<sup>(5)</sup> <br>| &nbsp;&nbsp; 0.15% of the first $2 billion<br> 0.14% over $2 billion up to $4 billion<br> 0.13% over $4 billion up to $6 billion<br> 0.12% over $6 billion up to $8 billion<br> 0.11% over $8 billion up to $10 billion<br> 0.10% in excess of $10 billion<br>|
| Transamerica MSCI EAFE Index VP  | SSGA Funds Management, Inc. | 0.04% |
| Transamerica Multi-Managed Balanced VP | J.P. Morgan Investment Management Inc.<sup>(13)</sup> <br>| &nbsp;&nbsp; 0.15% of the first $2 billion<br> 0.13% over $2 billion up to $3 billion<br> 0.12% over $3 billion up to $4 billion<br> 0.11% in excess of $4 billion<br>|
| Transamerica Multi-Managed Balanced VP | Aegon USA Investment Management, LLC<sup>(2)</sup> <br>| &nbsp;&nbsp; 0.12% of the first $1 billion<br> 0.05% in excess of $1 billion<br>|
| &nbsp;&nbsp; Transamerica PIMCO Tactical – Balanced VP<br> Transamerica PIMCO Tactical – Conservative VP<br> Transamerica PIMCO Tactical – Growth VP<br>| Pacific Investment Management Company LLC<sup>(15)</sup> <br>| &nbsp;&nbsp; 0.36% of the first $750 million<br> 0.35% over $750 million up to $1.5 billion<br> 0.32% in excess of $1.5 billion<br>|
| Transamerica PineBridge Inflation Opportunities VP | PineBridge Investments, LLC<sup>(16)</sup> <br>| &nbsp;&nbsp; 0.15% of the first $250 million<br> 0.10% over $250 million up to $1 billion<br> 0.08% in excess of $1 billion<br>|
| Transamerica ProFund UltraBear VP | ProFund Advisors LLC | &nbsp;&nbsp; 0.40% of first $250 million<br> 0.35% over $250 million up to $750 million<br> 0.30% in excess of $750 million<br>|
| &nbsp;&nbsp; Transamerica Rothschild & Co Large Cap <br> Value VP<sup>(17)</sup> <br>| Rothschild & Co Asset Management US Inc. | &nbsp;&nbsp; 0.144% of the first $1 billion<br> 0.13% over $1 billion up to $3 billion<br> 0.12% in excess of $3 billion<br>|
| Transamerica S&P 500 Index VP  | SSGA Funds Management, Inc. | 0.01% |

---

------

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Sub-Adviser** | **Sub-Advisory Fees** |
| Transamerica Small/Mid Cap Value VP | Systematic Financial Management, L.P.<sup>(18)</sup> <br>| &nbsp;&nbsp; 0.45% of the first $100 million<br> 0.40% over $100 million up to $350 million<br> 0.35% over $350 million up to $1 billion<br> 0.30% in excess of $1 billion<br>|
| Transamerica Small/Mid Cap Value VP | Thompson, Siegel & Walmsley LLC<sup>(19)</sup> <br>| &nbsp;&nbsp; 0.275% of the first $750 million<br> 0.27% over $750 million up to $1.5 billion<br> 0.265% over $1.5 billion up to $2 billion<br> 0.26% in excess of $2 billion<br>|
| Transamerica T. Rowe Price Small Cap VP | T. Rowe Price Associates, Inc. | 0.35% |
| Transamerica TS&W International Equity VP | Thompson, Siegel & Walmsley LLC<sup>(20)</sup> <br>| &nbsp;&nbsp; 0.30% of the first $1 billion<br> 0.28% over $1 billion up to $2 billion<br> 0.265% in excess of $2 billion <br>|
| Transamerica WMC US Growth VP | Wellington Management Company LLP<sup>(21)</sup> <br>| &nbsp;&nbsp; 0.18% of the first $500 million<br> 0.17% over $500 million up to $1 billion<br> 0.16% over $1 billion up to $2 billion<br> 0.15% in excess of $2 billion<br>|

---

<sup>(1)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on a combined basis with Transamerica Aegon Bond VP and Transamerica Bond.

<sup>(2)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on a combined basis with Transamerica Core Bond and Transamerica Aegon Core Bond VP, and the portion of assets of Transamerica Balanced II, Transamerica Multi-Managed Balanced and Transamerica Multi-Managed Balanced VP that are sub-advised by Aegon USA Investment Management, LLC. Also included are the portion of assets of Balanced Ret Opt and Bond Ret Opt, each a separately managed account of Transamerica Life Insurance Company that are advised by Aegon USA Investment Management, LLC.

<sup>(3)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica Aegon High Yield Bond VP, Transamerica High Yield Bond and Transamerica High Yield ESG.

<sup>(4)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica Sustainable Equity Income and Transamerica Aegon Sustainable Equity Income VP.

<sup>(5)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica American Funds Managed Risk VP and Transamerica Morgan Stanley Global Allocation Managed Risk – Balanced VP.

<sup>(6)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica Government Money Market and Transamerica BlackRock Government Money Market VP.

<sup>(7)</sup>

BlackRock Investment Management, LLC ("BlackRock"), the portfolios' sub-adviser, has voluntarily agreed to waive its sub-advisory fees for so long as BlackRock is the sub-adviser to the portfolio and the portfolio invests all or substantially all (meaning 80% or more) of its net assets (excluding cash and cash equivalents) in the underlying exchange-traded funds sponsored or advised by BlackRock or its affiliates. TAM has contractually agreed, through May 1, 2023, to waive from its management fees an amount equal to the sub-advisory fee waiver by BlackRock. Amounts waived by TAM under this contractual arrangement are not subject to recapture by TAM.

<sup>(8)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on a combined basis with Transamerica BlackRock iShares Active Asset Allocation – Conservative VP, Transamerica BlackRock iShares Active Asset Allocation – Moderate Growth VP, Transamerica BlackRock iShares Active Asset Allocation – Moderate VP, Transamerica BlackRock iShares Dynamic Allocation – Balanced VP and Transamerica BlackRock iShares Dynamic Allocation – Moderate Growth VP.

<sup>(9)</sup>

BlackRock has voluntarily agreed to waive its sub-advisory fees for so long as the portfolio invests all or substantially all (meaning 80% or more) of its net assets (excluding cash and cash equivalents) in the underlying exchange-traded funds sponsored or advised by BlackRock or its affiliates. TAM has contractually agreed, through May 1, 2023, to waive from its management fees an amount equal to the sub-advisory fee waiver by BlackRock. Amounts waived by TAM under this contractual arrangement are not subject to recapture by TAM.

<sup>(10)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica Goldman Sachs 70/30 Allocation VP, Transamerica Goldman Sachs Managed Risk – Balanced ETF VP, Transamerica Goldman Sachs Managed Risk – Conservative ETF VP, Transamerica Goldman Sachs Managed Risk – Growth ETF VP, Transamerica Asset Allocation – Conservative Portfolio, Transamerica Asset Allocation – Growth Portfolio, Transamerica Asset Allocation – Moderate Growth Portfolio and Transamerica Asset Allocation – Moderate Portfolio.

<sup>(11)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica International Focus VP, Transamerica International Focus and Transamerica International Growth CIT, a series of Wilmington Trust Collective Investment Trust that is sub-advised by Epoch Investment Partners, Inc.

<sup>(12)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica JPMorgan Asset Allocation - Conservative VP, Transamerica JPMorgan Asset Allocation – Growth VP, Transamerica JPMorgan Asset Allocation - Moderate Growth VP, Transamerica JPMorgan Asset Allocation - Moderate VP, and Transamerica JPMorgan International Moderate Growth VP.

<sup>(13)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of the portions of the assets of Transamerica Multi-Managed Balanced, Transamerica Multi-Managed Balanced VP, Transamerica JPMorgan Enhanced Index VP, Transamerica Balanced II and Aegon Balanced Retirement Opportunities. Effective May 1, 2020, the sub-adviser agreed to voluntarily waive a portion of its sub-advisory fee (as a percentage of net assets) when the assets of these mandates, in the aggregate, exceed a specified level. This waiver is voluntary and may be discontinued by the sub-adviser upon obtaining consent from TAM.

<sup>(14)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica Morgan Stanley Capital Growth VP, Transamerica Capital Growth, the portion of the assets of Transamerica Large Growth that are sub-advised by Morgan Stanley Investment Management Inc., Morgan Stanley Growth Retirement Option, a separately managed account of Transamerica Life Insurance Company that is advised by Morgan Stanley Investment Management Inc. and Transamerica Large Cap Growth CIT, a series of Wilmington Trust Collective Investment Trust that is sub-advised by Morgan Stanley Investment Management Inc.

<sup>(15)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica PIMCO Tactical – Balanced VP, Transamerica PIMCO Tactical – Conservative VP and Transamerica PIMCO Tactical – Growth VP.

<sup>(16)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica Inflation Opportunities and Transamerica PineBridge Inflation Opportunities VP.

<sup>(17)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica Rothschild & Co Large Cap Value VP, Transamerica Large Cap Value and Transamerica Large Cap Value CIT, a series of Wilmington Trust Collective Investment Trust that is sub-advised by Rothschild & Co Asset Management US Inc.

<sup>(18)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis or the combined assets of Transamerica Small/Mid Cap Value and Transamerica Small/Mid Cap Value VP.

------

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

<sup>(19)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on a combined basis with Transamerica Mid Cap Value Opportunities, as well as with the portion of assets of Transamerica Small/Mid Cap Value and Transamerica Small/Mid Cap Value VP that are sub-advised by Thompson, Siegel & Walmsley LLC.

<sup>(20)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on a combined basis with Transamerica International Equity and Transamerica TS&W International Equity VP.

<sup>(21)</sup>

The average daily net assets for the purpose of calculating sub-advisory fees will be determined on the basis of the combined assets of Transamerica US Growth, Transamerica WMC US Growth VP, the portion of the assets of Transamerica Large Growth that is sub-advised by Wellington Management Company LLP, WMC Core Equity and Disciplined US Growth Equity, each separately managed accounts of Transamerica Life Insurance Company that are advised by Wellington Management Company LLP and Transamerica Large Cap Growth CIT, a series of Wilmington Trust Collective Investment Trust that is sub-advised by Wellington Management Company LLP. Effective August 2, 2019, the sub-adviser agreed to voluntarily waive a portion of its sub-advisory fee (as a percentage of net assets) when the assets of these mandates, in the aggregate, exceed a specified level. This waiver is voluntary and may be discontinued by the sub-adviser upon obtaining consent from TAM.

The following table sets forth the total amounts of sub-advisory fee paid by TAM, on behalf of a portfolio, to each sub-adviser for the last three fiscal years.

"N/A" in the table below indicates that the portfolio was not in operation or did not have a sub-adviser during the relevant fiscal year and, accordingly, no sub-advisory fees are shown.

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Sub-Advisory Fees Paid** | **Sub-Advisory Fees Paid** |
| **Portfolio Name** | **2021** | **2020** |
| Transamerica 60/40 Allocation VP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Transamerica Aegon Bond VP\* | $4505987  | $4861777  |
| Transamerica Aegon Core Bond VP\*  | $572349  | $2216295  |
| Transamerica Aegon High Yield Bond VP | $368753  | $349806 |
| Transamerica Aegon Sustainable Equity Income VP\* | $1040302  | $1202858  |
| Transamerica Aegon U.S. Government Securities VP | $529183  | $737743 |
| Transamerica American Funds Managed Risk VP | $1638704  | $1508611  |
| Transamerica BlackRock Government Money Market VP | $202500  | $192224 |
| Transamerica BlackRock iShares Active Asset Allocation – Conservative VP\* | $279444  | $343850 |
| Transamerica BlackRock iShares Active Asset Allocation – Moderate Growth VP\* | $412838  | $515946 |
| Transamerica BlackRock iShares Active Asset Allocation – Moderate VP\* | $1070941  | $1294191  |
| Transamerica BlackRock iShares Dynamic Allocation – Balanced VP\* | $1115957  | $1364831  |
| Transamerica BlackRock iShares Dynamic Allocation – Moderate Growth VP\* | $491306  | $591923 |
| Transamerica BlackRock iShares Edge 40 VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica BlackRock iShares Edge 50 VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica BlackRock iShares Edge 75 VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica BlackRock iShares Edge 100 VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica BlackRock Real Estate Securities VP | $2360453  | $1859721  |
| Transamerica BlackRock Tactical Allocation VP | $1270102  | $1258274  |
| Transamerica Goldman Sachs 70/30 Allocation VP | $1676  | $565 |
| Transamerica Goldman Sachs Managed Risk – Balanced ETF VP | $3982974  | $3967507  |
| Transamerica Goldman Sachs Managed Risk – Conservative ETF VP | $476253  | $499809 |
| Transamerica Goldman Sachs Managed Risk – Growth ETF VP | $1840777  | $1800936  |
| Transamerica International Focus VP | $1315784  | $1195263  |
| Transamerica Janus Balanced VP | $4004412  | $3609825  |
| Transamerica Janus Mid-Cap Growth VP | $4316645  | $3615070  |
| Transamerica JPMorgan Asset Allocation – Conservative VP  | $663055  | $657713 |
| Transamerica JPMorgan Asset Allocation – Growth VP  | $616371  | $488464 |
| Transamerica JPMorgan Asset Allocation – Moderate Growth VP  | $2491109  | $2272986  |
| Transamerica JPMorgan Asset Allocation – Moderate VP  | $3633523  | $3338339  |
| Transamerica JPMorgan Enhanced Index VP | $2043972  | $584208 |
| Transamerica JPMorgan International Moderate Growth VP | $317452  | $295444 |
| Transamerica JPMorgan Mid Cap Value VP | $2185965  | $1620084  |
| Transamerica JPMorgan Tactical Allocation VP | $3939724  | $3810419  |
| Transamerica Madison Diversified Income VP | $493502  | $449292 |
| Transamerica Market Participation Strategy VP | $1119903  | $1052305  |
| Transamerica Morgan Stanley Capital Growth VP  | $6586555  | $5391633  |
| Transamerica Morgan Stanley Global Allocation VP\* | $4005818  | $4182274  |
| Transamerica Morgan Stanley Global Allocation Managed Risk - Balanced VP | $456755  | $422558 |
| Transamerica MSCI EAFE Index VP  | $29399  | $20441 |
| Transamerica Multi-Managed Balanced VP | $1787014  | $1854604  |
| Transamerica PIMCO Tactical – Balanced VP | $1988333  | $2039739  |
| Transamerica PIMCO Tactical – Conservative VP | $1021719  | $1052539  |
| Transamerica PIMCO Tactical – Growth VP | $1358499  | $1360206  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Name** | **Sub-Advisory Fees Paid** | **Sub-Advisory Fees Paid** | **Sub-Advisory Fees Paid** |
| **Portfolio Name** | **2022** | **2021** | **2020** |
| Transamerica PineBridge Inflation Opportunities VP | $| $238458  | $307822 |
| Transamerica ProFund UltraBear VP | $| $32073  | $68266 |
| Transamerica Rothschild & Co Large Cap Value VP\* | $| $51540  | $27202 |
| Transamerica S&P 500 Index VP  | $| $47437  | $28086 |
| Transamerica Small/Mid Cap Value VP | $| $1971194  | $740346 |
| Transamerica T. Rowe Price Small Cap VP | $| $3622017  | $468033 |
| Transamerica TS&W International Equity VP | $| $561034  | $3441467  |
| Transamerica WMC US Growth VP | $| $6282118  | $5415454  |

---

\*A portion of the portfolio's sub-advisory fees may have been paid to the portfolio's previous sub-adviser, as noted below.

**Transamerica Aegon Bond VP (formerly, Transamerica PIMCO Total Return VP)** <br>**Transamerica Aegon Core Bond VP (formerly, Transamerica JPMorgan Core Bond VP)**

On November 1, 2022, TAM hired Aegon USA Investment Management, LLC as sub-adviser to the portfolios to furnish day-to-day investment advice and recommendations. Prior to November 1, 2022, Pacific Investment Management Company LLC served as sub-adviser to Transamerica PIMCO Total Return VP and was paid $2,954,274 for the fiscal year ended December 31, 2022; and J.P. Morgan Investment Management, Inc. served as sub-adviser to Transamerica JPMorgan Core Bond VP and was paid $408,765 for the fiscal year ended December 31, 2022.

**Transamerica Aegon Sustainable Equity Income VP**

On December 1, 2020, TAM hired Aegon Asset Management UK plc as sub-adviser to Transamerica Aegon Sustainable Equity Income VP to furnish day-to-day investment advice and recommendations to the portfolio. Prior to December 1, 2020, Barrow, Hanley, Mewhinney & Strauss, LLC served as sub-adviser to the portfolio and was paid $1,120,641 for the fiscal year ended December 31, 2020.

**Transamerica BlackRock iShares Active Asset Allocation – Conservative VP** <br>**Transamerica BlackRock iShares Active Asset Allocation – Moderate Growth VP** <br>**Transamerica BlackRock iShares Active Asset Allocation – Moderate VP** <br>**Transamerica BlackRock iShares Dynamic Allocation – Balanced VP** <br>**Transamerica BlackRock iShares Dynamic Allocation – Moderate Growth VP**

On November 1, 2021, TAM hired BlackRock Investment Management, LLC as sub-adviser to the portfolios to furnish day-to-day investment advice and recommendations. Prior to November 1, 2021, Franklin Advisers, Inc. (formerly QS Investors, LLC) served as sub-adviser to the portfolios and was paid $3,370,486 for the fiscal year ended December 31, 2021.

**Transamerica Goldman Sachs Managed Risk – Balanced ETF VP** <br>**Transamerica Goldman Sachs Managed Risk – Conservative ETF VP** <br>**Transamerica Goldman Sachs Managed Risk – Growth ETF VP**

On November 1, 2022, TAM hired Goldman Sachs Asset Management, L.P. as sub-adviser to the portfolios to furnish day-to-day investment advice and recommendations. Prior to November 1, 2022, Milliman Financial Risk Management LLC served as sub-adviser to the portfolios and was paid $4,330,920 for the fiscal year ended December 31, 2022.

**Transamerica Morgan Stanley Global Allocation VP**

On May 1, 2020, TAM hired Morgan Stanley Investment Management Inc. as sub-adviser to Transamerica Morgan Stanley Global Allocation VP to furnish day-to-day investment advice and recommendations to the portfolio. Prior to May 1, 2020, BlackRock Investment Management, LLC ("BlackRock") served as sub-adviser to the portfolio and was paid $1,688,036 for the fiscal year ended December 31, 2020.

**Transamerica Rothschild & Co Large Cap Value VP**

On December 1, 2020, TAM hired Rothschild & Co Asset Management US Inc. as sub-adviser to Transamerica Rothschild & Co Large Cap Value VP to furnish day-to-day investment advice and recommendations to the portfolio. Prior to December 1, 2020, Levin Easterly Partners LLC served as sub-adviser to the portfolio and was paid $24,422 for the fiscal year ended December 31, 2020.

**Sub-Sub-Advisers**

BlackRock International Limited, ("BlackRock International") and BlackRock Singapore Limited ("BlackRock Singapore") serve as sub-sub-adviser to Transamerica BlackRock Real Estate Securities. BlackRock International is located at Exchange Place One, 1 Semple Street, Edinburgh, EH3 8BL, United Kingdom. BlackRock Singapore is located at 20 Anson Road, #18-01, Singapore, 079912. BlackRock International and BlackRock Singapore are both wholly-owned subsidiaries of BlackRock, Inc. and each serve as sub-sub-advisers pursuant to a Sub-Sub-Advisory Agreement with BlackRock Investment Management.

------

**Portfolio Manager Information**

Information regarding other accounts for which any portfolio manager is primarily responsible for the day-to-day investment advice and management or recommendations, a description of any material conflict of interest that may arise in connection with the portfolio manager's management of the portfolio's investments, the structure of, and method used to determine, the compensation of each portfolio manager and the dollar range of equity securities in the portfolio beneficially owned by each portfolio manager are provided in Appendix B of this SAI.

**Transfer Agent**

The Trust receives transfer agency services as part of the bundle of management services it receives from TAM under the management agreement, and the portfolios do not pay a separate transfer agent fee. TFS furnishes the Trust with transfer agency services under an intercompany agreement with TAM. Currently, no fees are paid by TAM to TFS under this intercompany agreement. TFS is directly owned by TLIC (44%) and AUSA (56%), both of which are indirect, wholly owned subsidiaries of Aegon N.V.; and thus TFS is an affiliate of TAM. The Transfer Agent maintains an account for each shareholder of a portfolio and performs other transfer agency functions. TFS has outsourced the provision of certain transfer agency services to SS&C Global Investor & Distribution Solutions, Inc. ("SS&C GIDS"), located at 2000 Crown Colony Drive, Quincy, Massachusetts 02169. The portfolios pay certain expenses to SS&C GIDS associated with transfer agency services.

**Custodian**

State Street, located at One Lincoln Street, Boston, MA 02111, serves as the Trust's Custodian and Dividend Disbursing Agent.

State Street, among other things, maintains a custody account or accounts in the name of each portfolio, receives and delivers all assets for the portfolios upon purchase and upon sale or maturity, collects and receives all income and other payments and distributions on account of the assets of the portfolios and makes disbursements on behalf of the portfolios. State Street neither determines the portfolios' investment policies nor decides which securities the portfolios will buy or sell. For its services, State Street receives a monthly fee based upon the daily average market value of securities held in custody and also receives securities transaction charges, including out-of-pocket expenses. The portfolios may also periodically enter into arrangements with other qualified custodians with respect to certain types of securities or other transactions such as repurchase agreements or derivatives transactions. State Street also acts as the portfolios' securities lending agent and receives a share of the income generated by such activities.

**Securities Lending Activities**

The dollar amounts of income and fees and compensation paid to all service providers (including fees paid to State Street as securities lending agent and for cash collateral management) related to those portfolios that engaged in securities lending activities during the most recent fiscal year are provided in Appendix C of this SAI. The securities lending agent's fees will be calculated on, and deducted from, the securities lending revenues of the applicable portfolios.

To the extent a portfolio engaged in securities lending activities, the services provided by State Street as securities lending agent would include: selection of securities to be loaned; locating borrowers previously approved by the portfolios' board; negotiation of loan terms; monitoring daily the value of the loaned securities and collateral; requiring additional collateral as necessary; investing cash collateral in accordance with the portfolios' instructions; marking to market non-cash collateral; maintaining custody of non-cash collateral; recordkeeping and account servicing; monitoring dividend activity and material proxy votes relating to loaned securities; transferring loaned securities; recalling loaned securities in accordance with the portfolios' instructions; and arranging for return of loaned securities to the portfolio at loan termination.

**Independent Registered Public Accounting Firm**

__________, serves as the Trust's independent registered public accounting firm, and provides audit services and tax return review services.

**Distributor and Distribution Plan**

**Distributor**

Under the Underwriting Agreement, Transamerica Capital, Inc. ("TCI" or the "Distributor"), located at 1801 California Street, Suite 5200, Denver, CO 80202, is appointed as principal underwriter and distributor in connection with the offering and sale of shares of each portfolio. TCI is an affiliate of TAM. TCI offers the shares on an agency or "best efforts" basis under which a portfolio issues only the number of shares actually sold. Shares of each portfolio are continuously offered by TCI.

The Underwriting Agreement is renewable from year to year with respect to a portfolio if approved (a) by the Board or by a vote of a majority of the portfolio's outstanding voting securities, and (b) by the affirmative vote of a majority of Trustees who are not parties to such agreement or interested persons of any party by votes cast in person at a meeting called for such purpose.

------

The Underwriting Agreement is terminable with respect to any portfolio without penalty by the Board or by vote of a majority of the outstanding voting securities of the portfolio, or by TCI, on not less than 60 days' written notice to the other party (unless the notice period is waived by mutual consent). The Underwriting Agreement will automatically and immediately terminate in the event of its assignment.

**Distribution Plan**

The Trust adopted a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act.

Each portfolio's 12b-1 Distribution Plan permits the portfolio to pay fees to TCI and others as compensation for their services, not as reimbursement for specific expenses incurred. Thus, even if their expenses exceed the fees provided for by the 12b-1 Distribution Plan, the portfolio would not be obligated to pay more than those fees and, if their expenses are less than the fees paid to them, they will realize a profit. Under each 12b-1 Distribution Plan, a portfolio may pay the fees to the Distributor and others until the 12b-1 Distribution Plan is terminated or not renewed.

The 12b-1 Distribution Plan will remain in effect for successive one year periods, so long as such continuance is approved annually by vote of the portfolio's Trustees, including a majority of the Independent Trustees, cast in person at a meeting called for the purpose of voting on such continuance. For so long as the 12b-1 Distribution Plan is in effect, selection and nomination of the Trustees who are not interested persons of the portfolio shall be committed to the discretion of the Trustees who are not interested persons of the portfolio.

The 12b-1 Distribution Plan may be amended by vote of the Trustees, including a majority of the Independent Trustees of the portfolio that have no direct or indirect financial interest in the operation of the 12b-1 Distribution Plan or any agreement relating thereto, cast in person at a meeting called for that purpose.

Any amendment of the 12b-1 Distribution Plan that would materially increase the costs to a portfolio requires approval by the shareholders of that portfolio. <br>

Any amendment of the 12b-1 Distribution Plan that would materially increase the costs to a particular class of shares of a portfolio also requires approval by the shareholders of that class.

A 12b-1 Distribution Plan may be terminated as to a class of shares of a portfolio at any time by vote of a majority of the Independent Trustees, or by vote of a majority of the outstanding voting securities of the applicable class.

Under the Distribution Plan for Initial Class shares, a portfolio may pay TCI and/or financial intermediaries annual distribution and service fees of up to 0.15% of the average daily net assets of the portfolio's Initial Class shares. As of the date of this SAI, the Trust has not been charged and has not paid any distribution fees under the Plan with respect to Initial Class shares, and does not intend to do so for Initial Class shares before May 1, 2023. You will receive written notice prior to the payment of any fees under the Plan relating to Initial Class shares.

For Service Class shares, a portfolio may pay TCI and/or financial intermediaries annual distribution and service fees of up to 0.25% of the average daily net assets of a portfolio's Service Class shares.

Because the Trust pays these fees out of its assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. Financial intermediaries that receive distribution and/or service fees may in turn pay and/or reimburse all or a portion of these fees to their customers. The prospectus contains a description of distribution and service fees payable under the 12b-1 Distribution Plan with respect to the shares offered in that prospectus.

TCI may use the fees payable under the Plan as it deems appropriate to pay for activities or expenses primarily intended to result in the sale of Initial Class or Service Class shares, or in personal service to and/or maintenance of these shareholder accounts.

More specifically, these fees may be used by TCI or a financial intermediary for expenses related to a portfolio, including: costs of printing and distributing the portfolio prospectuses, statements of additional information and reports to prospective investors in the portfolio; costs involved in preparing, printing and distributing sales literature pertaining to the portfolio and reports for persons other than existing shareholders; an allocation of overhead and other branch office distribution-related expenses of TCI or a financial intermediary; payments made to, and expenses of, a TCI or a financial intermediary and other persons who provide support or personal services to shareholders in connection with the distribution of the portfolio's shares; and interest-related expenses, or the cost of capital associated with, the financing of any of the foregoing. In the case of funds or classes of shares that are closed to new investors or investments, TCI also may use the fees payable under the 12b-1 Distribution Plan to make payments to brokers and other financial intermediaries for past sales and distribution efforts.

In the case of a portfolio or a class of shares that is closed to new investors or investments, the fees are paid for services to and for maintenance of existing shareholder accounts and compensation of broker-dealers or other intermediaries for past sales and distribution efforts.

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In determining whether to approve the 12b-1 Distribution Plan and the Distribution Agreements, the Trustees considered the anticipated benefits to shareholders from adopting the 12b-1 Distribution Plans and Distribution Agreements. The Trustees were informed by representatives of TCI that payments of distribution-related expenses by the portfolios under the 12b-1 Distribution Plans would provide incentives to TCI to establish and maintain an enhanced distribution system whereby new investors will be attracted to the portfolios. The Trustees believe the 12b-1 Distribution Plan will enable each portfolio to promote sales of its shares and provide personal service and maintenance with respect to shareholder accounts as appropriate for the portfolio. In turn, these promotion efforts are expected to result in increased sales and lead to an increase in a portfolio's net asset levels, which should enable the portfolios to achieve economies of scale and lower their per-share operating expenses. In addition, higher net asset levels could enhance the investment management of the portfolios, for net inflows of cash from new sales may enable a portfolio's investment manager and sub-adviser to take advantage of attractive investment opportunities. Finally, reduced redemptions could eliminate the potential need to liquidate attractive securities positions in order to raise the capital necessary to meet redemption requests.

The 12b-1 Distribution Plan requires that at least quarterly the Trust and the Distributor shall provide to the Board and the Board shall review a written report of the amounts expended (and the purposes therefor) under the 12b-1 Distribution Plan.

**Distribution Fees Paid Under the 12b-1 Distribution Plan**

For the fiscal year ended December 31, 2022, Service Class Shares of the Trust paid $[_______] to certain life insurance companies.

**Purchase, Redemption and Pricing of Shares**

Shares of the portfolios are currently sold only to the Separate Accounts to fund the benefits under the policies and the annuity contracts. The portfolios may, in the future, offer their shares to other insurance company separate accounts. The Separate Accounts invest in shares of a portfolio in accordance with the allocation instructions received from holders of the policies and the annuity contracts. Such allocation rights are further described in the prospectuses and disclosure documents for the policies and the annuity contracts. Shares of the portfolios are sold and redeemed at their respective net asset values as described in the prospectus.

**Shareholder Accounts**

Detailed information about general procedures for Shareholder Accounts and specific types of accounts is set forth in each portfolio's prospectus.

**Net Asset Valuation ("NAV") Determination**

**How Share Price Is Determined**

The price at which shares are purchased or redeemed is the NAV that is next calculated following receipt and acceptance of a purchase order in good order or receipt of a redemption request by the portfolios' distributor (or other agent).

**When Share Price Is Determined**

The NAV of each portfolio (or class thereof) is determined on each day the NYSE is open for business as of the scheduled close of regular trading (normally 4:00 p.m. Eastern time). If the NYSE closes at another time, each portfolio will calculate a NAV for each class of shares as of the scheduled closing time. The NAV is not determined on days when the NYSE is closed (generally New Year's Day, Martin Luther King Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving and Christmas). Foreign securities may trade in their primary markets on weekends or other days when a portfolio does not price its shares (therefore, the value of a portfolio's foreign securities may change on days when shareholders will not be able to buy or sell shares of the portfolios). These securities will be valued pursuant to the portfolios' Pricing and Valuation procedures for such securities.

Purchase orders received in good order and accepted, and redemption orders received in good order, as of the scheduled close of regular trading of the NYSE, usually 4:00 p.m. Eastern Time, receive the NAV determined as of the close of the NYSE that day. Purchase and redemption requests received after the NYSE is closed receive the NAV determined as of the close of the NYSE the next day the NYSE is open.

Purchase orders for shares of the Asset Allocation Funds that are received in good order and accepted, as of the scheduled close of regular trading on the NYSE receives the NAV determined as of the close of the NYSE that day. Purchase orders for shares of the underlying constituent portfolios will be placed as determined by the portfolio's sub-adviser (and such asset allocation portfolio will receive the price for shares of the underlying portfolios on the day the order is placed).

**How NAV Is Calculated**

The NAV of each portfolio (or class thereof) is calculated by taking the value of its net assets and dividing by the number of shares of the portfolio (or class) that are then outstanding.

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The value of a portfolio's securities and other assets for purposes of determining the portfolio's NAV is determined pursuant to valuation procedures of the portfolios and TAM. TAM has been designated as the portfolios' valuation designee with responsibility for fair valuation subject to oversight by the portfolios' Board. TAM has formed a valuation committee to assist with its designated responsibilities as valuation designee (the "Valuation Committee").

In general, securities and other investments are valued based on prices at the close of regular trading on the NYSE.

Equity securities, swaps, and options listed or traded on securities exchanges (except for the securities traded on NASDAQ/NMS), including ETFs, dollar-denominated foreign securities and ADRs, are normally valued at the closing price on the exchange or system where the security is principally traded. With respect to securities traded on the NASDAQ/NMS, such closing price will generally be the NASDAQ Official Closing Price ("NOCP").

The market price for debt obligations (except short-term obligations that will mature in 60 days or less) and for swaps that are not traded on a securities exchange is generally the price supplied by an independent third-party pricing service, which may use market prices or quotations or a variety of fair value techniques and methodologies to identify the market value of the security or instrument.

Short-term debt obligations that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investment's fair value.

Foreign securities are generally priced as described above for the particular type of security (*i.e.*, equity securities or debt securities). The prices for foreign securities are converted from the local currency into U.S. dollars using current exchange rates.

Market quotations for securities prices may be obtained from automated pricing services.

Shares of open-end funds (other than ETF shares) are generally valued at the NAV reported by that investment company.

ETF shares are normally valued at the most recent sale price or official closing price on the exchange on which they are traded.

When an authorized pricing service does not provide a price or the price provided is believed by the Valuation Committee to be unreliable, the value of that security may be determined using quotations from one or more broker-dealers. When such a price or quotation for a security is not readily available, or is believed by the Valuation Committee to be unreliable, then the Valuation Committee will fair value such portfolio investment, in good faith, in accordance with fair valuation procedures.

The types of securities for which such fair value pricing may be required include, but are not limited to: foreign securities, where a significant event occurs after the close of the foreign market on which such security principally trades that is likely to have changed the value of such security, or the closing value is otherwise deemed unreliable; securities of an issuer that has entered into a restructuring; securities whose trading has been halted or suspended; fixed-income securities that have gone into default and for which there is no current market value quotation; and securities that are restricted as to transfer or resale. The portfolios use a fair value model developed by an independent third party pricing service to price foreign equity securities on days when there is a certain percentage change in the value of a domestic equity security index, as such percentage may be determined by TAM from time to time.

Valuing securities in accordance with fair valuation procedures involves greater reliance on judgment than valuing securities based on readily available market quotations. The Valuation Committee makes fair value determinations in good faith in accordance with the valuation procedures. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service. There can be no assurance that a portfolio could obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the portfolio determines its NAV.

The prices that a portfolio uses may differ from the amounts that would be realized if the investments were sold and the differences could be significant, particularly for securities that trade in relatively thin markets and/or markets that experience extreme volatility.

**Redemption of Shares**

Shareholders may redeem their shares at any time at a price equal to the net asset value per share next determined following receipt of a valid redemption order by the transfer agent, in proper form. Proceeds from the redemption of shares will normally be sent to redeeming shareholders within two business days after receipt of a redemption request in good order, but in any event within seven days, regardless of the method the portfolio uses to make such payment (e.g., check, wire or electronic funds transfer (ACH)). The value of shares on redemption may be more or less than the shareholder's cost, depending upon the market value of the portfolio's net assets at the time of redemption.

Shares will normally be redeemed for cash, although each portfolio retains the right to wholly or partly redeem its shares in kind, under unusual circumstances (such as adverse or unstable market, economic, or political conditions), in an effort to protect the interests of the remaining shareholders by the delivery of securities selected from its assets at its discretion. Transamerica Series Trust has, however, elected to be governed by Rule 18f-1 under the 1940 Act pursuant to which a portfolio is obligated to redeem shares solely in cash up to the lesser of $250,000 or 1% of the net asset value of a portfolio during any 90-day period for any one shareholder. Should redemptions by any

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shareholder exceed such limitation, the portfolio will have the option of redeeming the excess in cash or in kind. On the same redemption date, some shareholders may be paid in whole or in part in securities (which may differ among those shareholders), while other shareholders may be paid entirely in cash. The disposal of the securities received in-kind by redeeming shareholders may be subject to brokerage costs and, until sold, such securities remain subject to market risk and liquidity risk, including the risk that such securities are or become difficult to sell. If a portfolio pays your redemption with illiquid or less liquid securities, you will bear the risk of not being able to sell such securities. The method of valuing securities used to make redemptions in kind will be the same as the method of valuing portfolio securities described under "Net Asset Value Determination," and such valuation will be made as of the same time the redemption price is determined. The portfolios may pay redemption proceeds with cash obtained through short-term borrowing arrangements, if available.

Redemption of 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 and determination of net asset value is not reasonably practicable.

**Brokerage**

Subject to policies established by the Board and TAM, the sub-advisers are responsible for placement of the portfolios' securities transactions. In placing orders, it is the policy of a portfolio to seek to obtain the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions as described below. In seeking the most favorable price and execution, TAM or the sub-adviser, as applicable, having in mind the portfolio's best interests, considers all factors it deems relevant, including: the size of the transaction; the nature of the market for the security; the amount of the commission; the timing of the transaction taking into account market prices and trends; the reputation, experience and financial stability of the broker-dealer involved and the quality of service rendered by the broker-dealer in that or other transactions; trade confidentiality including anonymity; and research products and services provided, which include: (i) furnishing advice, either directly or through publications or writings, as to the value of securities, the advisability of purchasing or selling specific securities and the availability of securities or purchasers or sellers of securities and (ii) furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends and portfolio strategy and products and other services (such as third party publications, reports and analyses, and computer and electronic access, equipment, software, information and accessories) that assist each sub-adviser in carrying out its responsibilities.

Decisions as to the selection of broker-dealers and the assignment of portfolio brokerage business for a portfolio and negotiation of its commission rates are made by TAM or the sub-adviser, as applicable, whose policy is to seek to obtain "best execution" (prompt and reliable execution at the most favorable security price) of all portfolio transactions. In doing so, a portfolio may pay higher commission rates than the lowest available when its sub-adviser believes it is reasonable to do so in light of the value of the brokerage and research services provided by the broker effecting the transaction, as discussed below.

There is generally no stated commission in the case of fixed-income securities and other securities traded on a principal basis in the over-the-counter markets, but the price paid by a portfolio usually includes an undisclosed dealer commission or mark-up. In underwritten offerings, the price paid by a portfolio includes a disclosed, fixed commission or discount retained by the underwriter or dealer. Transactions on U.S. stock exchanges and other agency transactions involve the payment by a portfolio of negotiated brokerage commissions. Such commissions vary among different brokers. Also, a particular broker may charge different commissions according to such factors as the difficulty and size of the transaction. Transactions in foreign securities generally involve the payment of fixed brokerage commissions, which are generally higher than those in the U.S.

It has for many years been a common practice in the investment advisory business for advisers of investment companies and other institutional investors to receive research and brokerage products and services (together, "services") from broker-dealers that execute portfolio transactions for the clients of such advisers. Consistent with this practice, the sub-advisers may receive services from many broker-dealers with which the sub-advisers place the portfolio's portfolio transactions. These services, which in some cases may also be purchased for cash, may include, among other things, such items as general economic and security market reviews, industry and company reviews, evaluations of securities, recommendations as to the purchase and sale of securities, and services related to the execution of securities transactions. The services obtained through brokers or dealers will be in addition to, and not in lieu of, the services required to be performed by a sub-adviser. The expenses of a sub-adviser will not necessarily be reduced as a result of the receipt of such supplemental information. A sub-adviser may use such services in servicing other accounts in addition to the respective portfolio. Conversely, services provided to a sub-adviser by broker-dealers in connection with trades executed on behalf of other clients of the sub-adviser may be useful to the sub-adviser in managing the portfolio, although not all of these services may be necessarily useful and of value to the sub-adviser in managing such other clients. The receipt of such services enables a sub-adviser to avoid the additional expenses that might otherwise be incurred if it were to attempt to develop comparable information through its own staff.

In reliance on the "safe harbor" provided by Section 28(e) of the Exchange Act and the SEC's interpretive guidance thereunder, a sub-adviser may cause a portfolio to pay a broker-dealer that provides "brokerage and research services" (as defined for purposes of Section 28(e)) to the sub-adviser an amount of commission for effecting a securities transaction for the portfolio in excess of the commission that another broker-dealer would have charged for effecting that transaction if the sub-adviser determines in good faith that the commission is reasonable

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in relation to the value of the brokerage and research services provided by the broker-dealer. If a sub-adviser determines that any research product or service has a mixed use, such that it also serves functions that do not assist in the investment decision-making process, the sub-adviser will allocate the costs of such service or product accordingly. The portion of the product or service that a sub-adviser determines will assist it in the investment decision-making process may be paid for in brokerage commission dollars. Such allocation may create a conflict of interest for the sub-adviser. Conversely, such supplemental information obtained by the placement of business for a sub-adviser will be considered by and may be useful to the sub-adviser in carrying out its obligations to a portfolio.

Under the Markets in Financial Instruments Directive II ("EU MiFID II"), investment firms in the European Union ("EU") and under EU MiFID II as it forms part of the domestic law of the United Kingdom ("UK") ("UK MiFID II"), investment firms in the UK or subject to such law, including certain sub-advisers to the portfolios, may only pay for research from brokers and dealers directly out of their own resources or by establishing "research payment accounts" for each client, rather than through client commissions. Such payments for research must be unbundled from payments for execution. EU MiFID II and UK MiFID II limit the use of soft dollars by sub-advisers located in the EU and UK, respectively, and in certain circumstances may result in sub-advisers reducing the use of soft dollars as to certain groups of clients or as to all clients.

A sub-adviser may place transactions for the purchase or sale of portfolio securities with affiliates of TAM or the sub-adviser. A sub-adviser may place transactions with a broker-dealer that is an affiliate of TAM or the sub-adviser where, in the judgment of the sub-adviser, such firm will be able to obtain a price and execution at least as favorable as other qualified broker-dealers. Pursuant to rules of the SEC, a broker-dealer that is an affiliate of TAM or the sub-adviser may receive and retain compensation for effecting portfolio transactions for the portfolio on a securities exchange if the commissions paid to such an affiliated broker-dealer by the portfolio do not exceed "usual and customary brokerage commissions." The rules define "usual and customary" commissions to include amounts that are "reasonable and fair compared to the commission, fee 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 period of time."

A sub-adviser to a portfolio, to the extent consistent with the best execution and with TAM's usual commission rate policies and practices, may place security transactions with broker/dealers with which the Trust has established a Commission Recapture Program. A Commission Recapture Program is any arrangement under which a broker/dealer applies a portion of the commissions received by such broker/dealer on the security transactions to the portfolios. In no event will commissions paid by a portfolio be used to pay expenses that would otherwise be borne by any other portfolio in the Trust, or by any other party. These commissions are not used for promoting or selling fund shares or otherwise related to the distribution of fund shares.

Securities held by a portfolio may also be held by other separate accounts, mutual funds or other accounts for which TAM or a sub-adviser serves as an adviser, or held by TAM or a sub-adviser for their own accounts. Because of different investment objectives or other factors, a particular security may be bought by TAM or a sub-adviser for one or more clients when one or more clients are selling the same security. If purchases or sales of securities for a portfolio or other entities for which they act as investment adviser or for their advisory clients arise for consideration at or about the same time, transactions in such securities will be made, insofar as feasible, for the respective entities and clients in a manner deemed equitable to all. To the extent that transactions on behalf of more than one client of TAM or a sub-adviser during the same period may increase the demand for securities being purchased or the supply of securities being sold, there may be an adverse effect on price.

On occasions when TAM or a sub-adviser deems the purchase or sale of a security to be in the best interests of a portfolio as well as other accounts or companies, it may to the extent permitted by applicable laws and regulations, but will not be obligated to, aggregate the securities to be sold or purchased for the portfolio with those to be sold or purchased for such other accounts or companies in order to obtain favorable execution. In that event, allocation of the securities purchased or sold, as well as the expenses incurred in the transaction, will be made by TAM or the sub-adviser in the manner it considers to be most equitable and consistent with its fiduciary obligations to the portfolio and to such other accounts or companies. In some cases this procedure may adversely affect the size of the position obtainable for a portfolio and/or could have a detrimental effect on the price or volume of a security so far as a portfolio is concerned.

The Board of the Trust reviews on a quarterly basis the brokerage placement practices of each sub-adviser on behalf of the portfolios, and reviews the prices and commissions, if any, paid by the portfolios to determine if they were reasonable.

**Brokerage Commissions Paid**

The following portfolios paid the aggregate brokerage commissions indicated for the last three fiscal years:

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Name**  | **Brokerage Commissions Paid** | **Brokerage Commissions Paid** | **Brokerage Commissions Paid** | **Brokerage Commissions Paid** | **Brokerage Commissions Paid** | **Affiliated Brokerage Commissions Paid** | **Affiliated Brokerage Commissions Paid** | **Affiliated Brokerage Commissions Paid** | **Affiliated Brokerage Commissions Paid** | **Affiliated Brokerage Commissions Paid** | **Affiliated Brokerage Commissions Paid** |
| **Portfolio Name**  | **2022(%)\*** | **2021($)** | **2021(%)\*** | **2020($)** | **2020(%)\*** | **2021($)** | **2021(%)\*\*** | **2020($)** | **2020(%)\*\*** | **2019($)** | **2019(%)\*\*** |
| Transamerica 60/40 Allocation VP | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Aegon Bond VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $31423  | 0.55% | $74006  | &nbsp;&nbsp; 0.84% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Aegon Core Bond VP  | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Aegon High Yield Bond VP | $&nbsp;&nbsp;&nbsp;&nbsp; - | $176  | &nbsp;&nbsp;&nbsp;&nbsp; - | $210  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Aegon Sustainable Equity Income VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $72827  | 1.26% | $360148  | &nbsp;&nbsp; 4.07% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Aegon U.S. Government Securities VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $3095  | 0.05% | $4253  | &nbsp;&nbsp; 0.05% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica American Funds Managed Risk VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $3695  | 0.06% | $21974  | &nbsp;&nbsp; 0.25% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica BlackRock Government Money Market VP | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp; Transamerica BlackRock iShares Active Asset Allocation <br> – Conservative VP<br>| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $94797  | 1.64% | $55681  | &nbsp;&nbsp; 0.63% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp; Transamerica BlackRock iShares Active Asset Allocation <br> – Moderate Growth VP<br>| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $243943  | 4.23% | $104051  | &nbsp;&nbsp; 1.18% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp; Transamerica BlackRock iShares Active Asset Allocation <br> – Moderate VP<br>| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $483679  | 8.39% | $240841  | &nbsp;&nbsp; 2.72% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp; Transamerica BlackRock iShares Dynamic Allocation – <br> Balanced VP<br>| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $107435  | 1.86% | $179088  | &nbsp;&nbsp; 2.03% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp; Transamerica BlackRock iShares Dynamic Allocation – <br> Moderate Growth VP<br>| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $36395  | 0.63% | $81522  | &nbsp;&nbsp; 0.92% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica BlackRock iShares Edge 40 VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $5544  | 0.10% | $8842  | &nbsp;&nbsp; 0.10% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica BlackRock iShares Edge 50 VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $6490  | 0.11% | $16529  | &nbsp;&nbsp; 0.19% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica BlackRock iShares Edge 75 VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $4204  | 0.07% | $7015  | &nbsp;&nbsp; 0.08% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica BlackRock iShares Edge 100 VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $1421  | 0.02% | $2752  | &nbsp;&nbsp; 0.03% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica BlackRock Real Estate Securities VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $433663  | 7.52% | $675196  | &nbsp;&nbsp; 7.64% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |  |
| Transamerica BlackRock Tactical Allocation VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $58084  | 1.01% | $79698  | &nbsp;&nbsp; 0.90% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Goldman Sachs 70/30 Allocation VP | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | - | - | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp; Transamerica Goldman Sachs Managed Risk – Balanced <br> ETF VP<br>| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $71826  | 1.25% | $351464  | &nbsp;&nbsp; 3.98% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp; Transamerica Goldman Sachs Managed Risk – <br> Conservative ETF VP<br>| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $4381  | 0.08% | $58125  | &nbsp;&nbsp; 0.66% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp; Transamerica Goldman Sachs Managed Risk – Growth <br> ETF VP<br>| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $46695  | 0.81% | $257914  | &nbsp;&nbsp; 2.92% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica International Focus VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $186175  | 3.23% | $244389  | &nbsp;&nbsp; 2.76% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Janus Balanced VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $73524  | 1.28% | $108798  | &nbsp;&nbsp; 1.23% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Janus Mid-Cap Growth VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $141307  | 2.45% | $191014  | &nbsp;&nbsp; 2.16% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp; Transamerica JPMorgan Asset Allocation – Conservative <br> VP<br>| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $105412  | 1.83% | $186709  | &nbsp;&nbsp; 2.11% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica JPMorgan Asset Allocation – Growth VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $93337  | 1.62% | $141466  | &nbsp;&nbsp; 1.60% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp; Transamerica JPMorgan Asset Allocation – Moderate <br> Growth VP<br>| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $434765  | 7.54% | $787096  | &nbsp;&nbsp; 8.90% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica JPMorgan Asset Allocation – Moderate VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $556891  | 9.66% | $1002652  | 11.34% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica JPMorgan Enhanced Index VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $245483  | 4.26% | $440448  | &nbsp;&nbsp; 4.98% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp; Transamerica JPMorgan International Moderate Growth <br> VP<br>| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $56777  | 0.98% | $103458  | &nbsp;&nbsp; 1.17% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica JPMorgan Mid Cap Value VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $153281  | 2.66% | $90005  | &nbsp;&nbsp; 1.02% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica JPMorgan Tactical Allocation VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $192062  | 3.33% | $234542  | &nbsp;&nbsp; 2.65% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Madison Diversified Income VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $21050  | 0.37% | $19680  | &nbsp;&nbsp; 0.22% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Name**  | **Brokerage Commissions Paid** | **Brokerage Commissions Paid** | **Brokerage Commissions Paid** | **Brokerage Commissions Paid** | **Brokerage Commissions Paid** | **Affiliated Brokerage Commissions Paid** | **Affiliated Brokerage Commissions Paid** | **Affiliated Brokerage Commissions Paid** | **Affiliated Brokerage Commissions Paid** | **Affiliated Brokerage Commissions Paid** | **Affiliated Brokerage Commissions Paid** |
| **Portfolio Name**  | **2022(%)\*** | **2021($)** | **2021(%)\*** | **2020($)** | **2020(%)\*** | **2021($)** | **2021(%)\*\*** | **2020($)** | **2020(%)\*\*** | **2019($)** | **2019(%)\*\*** |
| Transamerica Market Participation Strategy VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $9968  | 0.17% | $4640  | &nbsp;&nbsp; 0.05% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Morgan Stanley Capital Growth VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $370995  | 6.44% | $436902  | &nbsp;&nbsp; 4.94% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Morgan Stanley Global Allocation VP  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $312428  | 5.42% | $11668  | &nbsp;&nbsp; 0.13% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp; Transamerica Morgan Stanley Global Allocation Managed <br> Risk - Balanced VP<br>| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $1084  | 0.02% | $691239  | &nbsp;&nbsp; 7.82% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica MSCI EAFE Index VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $2775  | 0.05% | $4239  | &nbsp;&nbsp; 0.05% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Multi-Managed Balanced VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $132358  | 2.30% | $235146  | &nbsp;&nbsp; 2.66% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica PIMCO Tactical – Balanced VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $46779  | 0.81% | $63644  | &nbsp;&nbsp; 0.72% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica PIMCO Tactical – Conservative VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $21185  | 0.37% | $26061  | &nbsp;&nbsp; 0.29% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica PIMCO Tactical – Growth VP | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % | $41671  | 0.72% | $50526  | &nbsp;&nbsp; 0.57% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica PineBridge Inflation Opportunities VP | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica ProFund UltraBear VP | $0.03% | $1881  | 0.03% | $11274  | &nbsp;&nbsp; 0.13% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Rothschild & Co Large Cap Value VP | $0.09% | $5304  | 0.09% | $33825  | &nbsp;&nbsp; 0.38% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica S&P 500 Index VP | $0.09% | $5011  | 0.09% | $11010  | &nbsp;&nbsp; 0.12% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica Small/Mid Cap Value VP | $4.74% | $272945  | 4.74% | $512405  | &nbsp;&nbsp; 5.80% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica T. Rowe Price Small Cap VP | $3.09% | $177900  | 3.09% | $212873  | &nbsp;&nbsp; 2.41% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica TS&W International Equity VP | $1.22% | $70310  | 1.22% | $57804  | &nbsp;&nbsp; 0.65% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |
| Transamerica WMC US Growth VP | $5.58% | $321814  | 5.58% | $347597  | &nbsp;&nbsp; 3.93% | - | - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - |

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\* Brokerage Commissions Paid by the portfolio as a percentage of overall Brokerage Commissions Paid by all portfolios in the Trust.

\*\* Affiliated Brokerage Commissions Paid by the portfolio as a percentage of total Brokerage Commissions Paid by the portfolio.

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**Brokerage Commissions Paid for Research**

The following table provides an estimate of brokerage commissions that were directed to brokers for brokerage and research services provided during the fiscal year ended December 31, 2022.

"N/A" in the table below indicates that the portfolio was not in operation during the relevant fiscal year and, accordingly, no commissions are shown.

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| | |
|:---|:---|
| **Portfolio Name** | **Paid as of December** <br> **31, 2022**<br>|
| Transamerica 60/40 Allocation VP | $-  |
| Transamerica Aegon Bond VP | $-  |
| Transamerica Aegon Core Bond VP  | $-  |
| Transamerica Aegon High Yield Bond VP | $-  |
| Transamerica Aegon Sustainable Equity Income VP | $|
| Transamerica Aegon U.S. Government Securities VP | $-  |
| Transamerica American Funds Managed Risk VP | $-  |
| Transamerica BlackRock Government Money Market VP | $-  |
| Transamerica BlackRock iShares Active Asset Allocation – Conservative VP | $|
| Transamerica BlackRock iShares Active Asset Allocation – Moderate Growth VP | $|
| Transamerica BlackRock iShares Active Asset Allocation – Moderate VP | $|
| Transamerica BlackRock iShares Dynamic Allocation – Balanced VP | $|
| Transamerica BlackRock iShares Dynamic Allocation – Moderate Growth VP | $|
| Transamerica BlackRock iShares Edge 40VP | $-  |
| Transamerica BlackRock iShares Edge 50 VP | $-  |
| Transamerica BlackRock iShares Edge 75 VP | $-  |
| Transamerica BlackRock iShares Edge 100 VP | $-  |
| Transamerica BlackRock Real Estate Securities VP | $|
| Transamerica BlackRock Tactical Allocation VP | $|
| Transamerica Goldman Sachs 70/30 Allocation VP | $-  |
| Transamerica Goldman Sachs Managed Risk – Balanced ETF VP | $-  |
| Transamerica Goldman Sachs Managed Risk – Conservative ETF VP | $-  |
| Transamerica Goldman Sachs Managed Risk – Growth ETF VP | $-  |
| Transamerica International Focus VP | $|
| Transamerica Janus Balanced VP | $|
| Transamerica Janus Mid-Cap Growth VP | $|
| Transamerica JPMorgan Asset Allocation — Conservative VP | $-  |
| Transamerica JPMorgan Asset Allocation — Growth VP | $-  |
| Transamerica JPMorgan Asset Allocation — Moderate Growth VP | $-  |
| Transamerica JPMorgan Asset Allocation — Moderate VP | $-  |
| Transamerica JPMorgan Enhanced Index VP | $|
| Transamerica JPMorgan International Moderate Growth VP | $-  |
| Transamerica JPMorgan Mid Cap Value VP | $|
| Transamerica JPMorgan Tactical Allocation VP | $|
| Transamerica Madison Diversified Income VP | $|
| Transamerica Market Participation Strategy VP | $-  |
| Transamerica Morgan Stanley Capital Growth VP | $|
| Transamerica Morgan Stanley Global Allocation VP | $|
| Transamerica Morgan Stanley Global Allocation Managed Risk - Balanced VP | $-  |
| Transamerica MSCI EAFE Index VP | $-  |
| Transamerica Multi-Managed Balanced VP | $|
| Transamerica PIMCO Tactical — Balanced VP | $-  |
| Transamerica PIMCO Tactical — Conservative VP | $-  |
| Transamerica PIMCO Tactical — Growth VP | $-  |
| Transamerica PineBridge Inflation Opportunities VP | $-  |
| Transamerica ProFund UltraBear VP | $-  |
| Transamerica Rothschild & Co Large Cap Value VP | $|
| Transamerica S&P 500 Index VP | $-  |
| Transamerica Small/Mid Cap Value VP | $|
| Transamerica T. Rowe Price Small Cap VP | $|
| Transamerica TS&W International Equity VP | $|

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| | |
|:---|:---|
| **Portfolio Name** | **Paid as of December** <br> **31, 2022**<br>|
| Transamerica WMC US Growth VP | $|

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The estimates above are based upon custody data provided to CAPIS and were calculated using the following methodology: Total Commissions minus transactions executed at discounted rates and/or directed to the portfolios' commission recapture program equals total research commissions. USD transactions executed at commission rates below $.02 per share, non-USD developed market transactions executed at 8 basis points and below, and non-USD emerging market transactions executed at 12 basis points and below are considered to be executed at discounted rates. For example, Commission paid on USD transactions at rates at or above $.02 per share and not directed for commission recapture are assumed to be paid to brokers that provide research and brokerage services within the scope of Section 28(e) of the Exchange Act. Commissions paid on fixed price offerings and transactions in futures and options are not included in this analysis.

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**Securities of Regular Broker Dealers**

During the fiscal year ended December 31, 2022, the portfolios purchased securities issued by the following regular broker-dealers of the portfolios, which had the following values as of December 31, 2022.

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Name** | **Bank of**<br> **America Corp.**<br>| **Barclays Capital,** <br> **Inc.**<br>| **BNP Paribas** <br> **Securities Corp.**<br>| **Citigroup, Inc.** | **Credit Suisse**<br> **Securities**<br> **(USA) LLC**<br>| **Goldman**<br> **Sachs**<br> **Group, Inc.**<br>| **Jefferies**<br> **Group**<br> **LLC**<br>| **JPMorgan** <br> **Securities**<br> **LLC**<br>| **Morgan Stanley**<br> **& Co., Inc.**<br>| **RBC Capital**<br> **Markets**<br>| **Toronto-**<br> **Dominion Bank** <br>| **UBS**<br> **Securities LLC**<br>| **Wells**<br> **Fargo**<br> **& Co.**<br>|
| &nbsp;&nbsp;&nbsp; Transamerica Aegon <br> Bond VP<br>| $| $| $| $| $| $| $-  | $| $| $-  | $-  | $| $|
| &nbsp;&nbsp;&nbsp; Transamerica Aegon <br> Core Bond VP <br>| $| $| $| $| $| $| $| $| $| $-  | $-  | $| $|
| &nbsp;&nbsp;&nbsp; Transamerica Aegon <br> High Yield Bond VP<br>| $-  | $| $-  | $| $| $-  | $-  | $| $| $-  | $-  | $-  | $-  |
| &nbsp;&nbsp;&nbsp; Transamerica Aegon U.S. <br> Government Securities <br> VP<br>| $| $-  | $-  | $-  | $-  | $| $-  | $| $| $-  | $-  | $-  | $-  |
| &nbsp;&nbsp;&nbsp; Transamerica BlackRock <br> Government Money <br> Market VP<br>| $-  | $-  | $| $-  | $-  | $-  | $-  | $| $-  | $-  | $-  | $-  | $-  |
| &nbsp;&nbsp;&nbsp; Transamerica Janus <br> Balanced VP<br>| $| $| $| $| $| $| $-  | $| $| $-  | $-  | $| $|
| &nbsp;&nbsp;&nbsp; Transamerica Janus <br> Mid-Cap Growth VP<br>| $-  | $-  | $-  | $-  | $-  | $-  | $-  | $-  | $| $-  | $-  | $-  | $-  |
| &nbsp;&nbsp;&nbsp; Transamerica JPMorgan <br> Enhanced Index VP<br>| $| $-  | $-  | $| $-  | $| $-  | $-  | $| $-  | $-  | $-  | $|
| &nbsp;&nbsp;&nbsp; Transamerica JPMorgan <br> Tactical Allocation VP<br>| $| $| $| $| $| $| $-  | $| $| $-  | $-  | $| $|
| &nbsp;&nbsp;&nbsp; Transamerica Madison <br> Diversified Income <br> VP<br>| $| $-  | $-  | $| $-  | $| $| $| $| $| $-  | $-  | $|
| &nbsp;&nbsp;&nbsp; Transamerica Morgan <br> Stanley Global <br> Allocation VP<br>| $| $| $| $| $| $| $-  | $| $| $| $| $| $|
| &nbsp;&nbsp;&nbsp; Transamerica MSCI <br> EAFE Index VP <br>| $-  | $| $| $| $| $-  | $-  | $-  | $-  | $-  | $-  | $| $-  |
| &nbsp;&nbsp;&nbsp; Transamerica Multi-<br> Managed Balanced VP<br>| $| $| $-  | $| $| $| $| $| $| $-  | $-  | $| $|
| &nbsp;&nbsp;&nbsp; Transamerica PIMCO <br> Tactical - Balanced VP<br>| $| $| $| $| $-  | $-  | $-  | $| $| $-  | $-  | $| $|
| &nbsp;&nbsp;&nbsp; Transamerica PIMCO <br> Tactical - Conservative <br> VP<br>| $| $| $| $| $| $| $-  | $| $| $-  | $-  | $| $|
| &nbsp;&nbsp;&nbsp; Transamerica PIMCO <br> Tactical - Growth VP<br>| $| $-  | $| $| $| $| $-  | $| $| $-  | $-  | $| $|
| &nbsp;&nbsp;&nbsp; Transamerica PineBridge <br> Inflation Opportunities <br> VP<br>| $| $| $-  | $| $-  | $| $-  | $-  | $| $-  | $-  | $-  | $-  |
| &nbsp;&nbsp;&nbsp; Transamerica Rothschild <br> & Co Large Cap <br> Value VP<br>| $| $-  | $-  | $-  | $-  | $-  | $-  | $| $-  | $-  | $-  | $-  | $|
| &nbsp;&nbsp;&nbsp; Transamerica S&P 500 <br> Index VP <br>| $| $-  | $-  | $| $-  | $| $-  | $| $| $-  | $-  | $-  | $|
| &nbsp;&nbsp;&nbsp; Transamerica Small/Mid <br> Cap Value VP<br>| $-  | $-  | $-  | $-  | $-  | $-  | $-  | $| $-  | $-  | $-  | $-  | $-  |
| &nbsp;&nbsp;&nbsp; Transamerica T. Rowe <br> Price Small Cap VP<br>| $-  | $-  | $-  | $-  | $-  | $-  | $-  | $| $-  | $-  | $-  | $-  | $-  |

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Name** | **Bank of**<br> **America Corp.**<br>| **Barclays Capital,** <br> **Inc.**<br>| **BNP Paribas** <br> **Securities Corp.**<br>| **Citigroup, Inc.** | **Credit Suisse**<br> **Securities**<br> **(USA) LLC**<br>| **Goldman**<br> **Sachs**<br> **Group, Inc.**<br>| **Jefferies**<br> **Group**<br> **LLC**<br>| **JPMorgan** <br> **Securities**<br> **LLC**<br>| **Morgan Stanley**<br> **& Co., Inc.**<br>| **RBC Capital**<br> **Markets**<br>| **Toronto-**<br> **Dominion Bank** <br>| **UBS**<br> **Securities LLC**<br>| **Wells**<br> **Fargo**<br> **& Co.**<br>|
| &nbsp;&nbsp;&nbsp; Transamerica TS&W <br> International Equity <br> VP<br>| $-  | $-  | $-  | $-  | $-  | $-  | $-  | $-  | $-  | $-  | $-  | $ | $- |

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**Principal Shareholders and Control Persons**

**Principal Shareholders**

To the knowledge of the Trust, as of [April __, 2023], the following persons owned beneficially or of record 5% or more of the outstanding shares of the class of the portfolios indicated.

Unless otherwise noted, the address of each investor is c/o TAM, 1801 California Street, Suite 5200, Denver, CO 80202.

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| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Portfolio Name** | **Class** | **Percent** |

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**Control Persons**

Any shareholder who holds beneficially 25% or more of a portfolio may be deemed to control the portfolio until such time as it holds beneficially less than 25% of the outstanding common shares of the portfolio. Any shareholder controlling a portfolio may be able to determine the outcome of issues that are submitted to shareholders for vote, and may be able to take action regarding the portfolio without the consent or approval of the other shareholders.

To the knowledge of the Trust, as of [April __, 2023], the following persons held beneficially 25% or more of the outstanding shares of the portfolio indicated.

Unless otherwise noted, the address of each investor is c/o TAM, 1801 California Street, Suite 5200, Denver, CO 80202.

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| | | |
|:---|:---|:---|
| **Name & Address** | **Portfolio Name** | &nbsp;&nbsp; **Percentage of** <br> **Portfolio Owned**<br>|

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Transamerica Life Insurance Company is organized in Iowa and is wholly owned by Commonwealth General Corporation, which is wholly owned by Transamerica Corporation, which is owned by Aegon International B.V., which is owned by Aegon N.V., a Netherlands corporation, and a publicly traded international insurance group.

The asset allocation portfolios are series of the Trust.

**Management Ownership**

To the knowledge of the Trust, as of [April __, 2023], the Trustees and officers as a group owned less than 1% of any class of each portfolio's outstanding shares.

**Further Information About the Trust and the Portfolios**

Because Trust shares are sold to Separate Accounts established to receive and invest premiums received under Policies and purchase payments received under the Contracts, it is conceivable that, in the future, it may become disadvantageous for variable life insurance Separate Accounts of the Life Companies to invest in the Trust simultaneously. Neither the Life Companies nor the Trust currently foresees any such disadvantages or conflicts. Any Life Company may notify the Trust's Board of a potential or existing conflict. The Trust's Board will then determine if a material conflict exists and what action, if any, is needed.

Such action could include the sale of Trust shares by one or more of the Separate Accounts, which could have adverse consequences. Material conflicts could result from, for example, (1) changes in state insurance laws, (2) changes in federal income tax laws, or (3) differences in voting instructions between those given by the Policyowners. The Trust's Board might conclude that separate portfolios should be established under the Separate Accounts. If this happens, the affected Life Companies will bear the attendant expenses of establishing separate portfolios. As a result, Policyowners would no longer have the economies of scale typically resulting from a larger combined portfolio.

The Trust offers shares of each portfolio. All shares of a portfolio have equal voting rights, but only shares of a particular portfolio are entitled to vote on matters concerning only that portfolio. Each of the issued and outstanding shares of a portfolio is entitled to one vote and to participate equally in dividends and distributions declared by the portfolio and, upon liquidation or dissolution, to participate equally in the net assets of the portfolio remaining after satisfaction of outstanding liabilities. The shares of a portfolio, when issued, will be fully paid and nonassessable, have no preferences, preemptive, conversion, exchange or similar rights, and will be freely transferable. Shares do not have cumulative voting rights.

The Trust is organized as a Delaware statutory trust. Delaware law provides a statutory framework for the powers, duties, rights and obligations of the Trustees and shareholders of the Trust, while the more specific powers, duties, rights and obligations of the Trustees and the

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shareholders are determined by the Trustees as set forth in the Trust's Amended and Restated Declaration of Trust ("Declaration") dated as of December 10, 2015, and the Trust's Bylaws, as may be amended from time to time. Every shareholder, by virtue of purchasing shares and becoming a shareholder, agrees to be bound by the terms of the Declaration. Some of the more significant provisions of the Declaration are described below.

*Shareholder Voting*. The Declaration provides for shareholder voting as required by the 1940 Act or other applicable laws but otherwise permits, consistent with Delaware law, actions by the Trustees without seeking the consent of shareholders. A portfolio is not required to hold an annual meeting of shareholders, but a portfolio will call special meetings of shareholders whenever required by the 1940 Act or by the terms of the Declaration. The Declaration provides for "dollar-weighted voting" which means that a shareholder's voting power is determined, not by the number of shares he or she owns, but by the net asset value, in U.S. dollars, of those shares determined at the close of business on the record date. All shareholders of record of all series and classes of the Trust vote together, except where required by the 1940 Act to vote separately by series or by class, or when the Trustees have determined that a matter affects only the interests of one or more series or classes of shares. There is no cumulative voting on any matter submitted to a vote of the shareholders.

*Election and Removal of Trustees*. The Declaration provides that the Trustees may establish the number of Trustees and that vacancies on the Board may be filled by a vote of the remaining Trustees, except when election of Trustees by the shareholders is required under the 1940 Act. Trustees are then elected by a plurality of votes cast by shareholders at a meeting at which a quorum is present. The Declaration also provides that a mandatory retirement age may be set by action of two-thirds of the Trustees and that Trustees may be removed by a vote of shareholders holding two-thirds of the voting power of the Trust, or by a vote of two-thirds of the remaining Trustees. The provisions of the Declaration relating to the election and removal of Trustees may not be amended without the approval of two-thirds of the Trustees.

*Amendments to the Declaration*. The Trustees are authorized to amend the Declaration without the vote of shareholders, but no amendment may be made that impairs the exemption from personal liability granted in the Declaration to persons who are or have been shareholders, Trustees, officers or employees of the Trust, that limits the rights to indemnification, advancement of expenses or insurance provided in the Declaration with respect to actions or omissions of persons entitled to indemnification, advancement of expenses or insurance under the Declaration prior to the amendment.

*Issuance and Redemption of Shares*. A portfolio may issue an unlimited number of shares for such consideration and on such terms as the Trustees may determine. All shares offered pursuant to the prospectus of a portfolio, when issued, will be fully paid and non-assessable. Shareholders are not entitled to any appraisal, preemptive, conversion, exchange or similar rights, except as the Trustees may determine. A portfolio may involuntarily redeem a shareholder's shares upon certain conditions as may be determined by the Trustees, including, for example, if the shareholder fails to provide a portfolio with identification required by law, or if the portfolio is unable to verify the information received from the shareholder or the shareholder fails to provide the required information. In addition, as discussed below, shares may be redeemed in connection with the closing of small accounts.

*Disclosure of Shareholder Holdings*. The Declaration specifically requires shareholders, upon demand, to disclose in writing to a portfolio information with respect to the direct and indirect ownership of shares in order to comply with various laws or regulations, and a portfolio may disclose such ownership if required by law or regulation, or as the Trustees otherwise decide.

*Small Accounts*. The Declaration provides that a portfolio may close out a shareholder's account by redeeming all of the shares in the account if the account falls below a minimum account size (which may vary by class) that may be set by the Trustees from time to time. Alternately, the Declaration permits a portfolio to assess a fee for small accounts (which may vary by class) and redeem shares in the account to cover such fees, or convert the shares into another share class that is geared to smaller accounts.

*Shareholder, Trustee and Officer Liability*. The Declaration provides that shareholders are not personally liable for the obligations of a portfolio and requires the portfolio to indemnify a shareholder against any loss or expense arising from any such liability. A portfolio will assume the defense of any claim against a shareholder for personal liability at the request of the shareholder.

The Declaration provides that a Trustee acting in his or her capacity as a Trustee is not personally liable to any person, other than the Trust or any series, in connection with the affairs of the Trust. The Declaration also provides that no Trustee, officer or employee of the Trust owes any duty to any person (including without limitation any shareholder), other than the Trust or any series. Each Trustee is required to perform his or her duties in good faith and in a manner he or she believes to be in the best interests of the Trust. All actions and omissions of Trustees are presumed to be in accordance with the foregoing standard of performance, and any person alleging the contrary has the burden of proving that allegation.

The Declaration requires the Trust to indemnify any persons who are or who have been Trustees, officers or employees of the Trust to the fullest extent permitted by law against liability and expenses in connection with any claim or proceeding in which he or she is involved by virtue of having been a Trustee, officer or employee. In making any determination as to whether any person is entitled to the advancement of expenses in connection with a claim for which indemnification is sought, such person is entitled to a rebuttable presumption that he or she did not engage in conduct for which indemnification is not available.

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The Declaration provides that any Trustee who serves as chair of the Board, a member or chair of a committee of the Board, lead independent Trustee, audit committee financial expert, or in any other similar capacity will not be subject to any greater standard of care or liability because of such position.

*Derivative and Direct Actions*. The Declaration provides a detailed process for the bringing of derivative or direct actions by shareholders in order to permit legitimate inquiries and claims while avoiding the time, expense, distraction, and other harm that can be caused to a portfolio or its shareholders as a result of spurious shareholder claims, demands and derivative actions.

Prior to bringing a derivative action, the Declaration requires that a demand by no fewer than three unrelated shareholders must be made on the Trustees. The Declaration details information, certifications, undertakings and acknowledgements that must be included in the demand. The Trustees are not required to consider a demand that is not submitted in accordance with the requirements contained in the Declaration. The Declaration also requires that, in order to bring a derivative action, the complaining shareholders must be joined in the action by shareholders owning, at the time of the alleged wrongdoing, at the time of demand, and at the time the action is commenced, shares representing at least 5% of the voting power of the affected portfolios. The Trustees have a period of 90 days, which may be extended by up to an additional 60 days, to consider the demand. If a majority of the Trustees who are considered independent for the purposes of considering the demand (or a committee comprised of some or all of such Trustees), with the assistance of counsel who may be retained by such Trustees on behalf and at the expense of the Trust, determine that a suit should be maintained, then the Trust will commence the suit and the suit generally will proceed directly and not derivatively. If a majority of the independent Trustees determines that maintaining the suit would not be in the best interests of the portfolios, the Trustees are required to reject the demand and the complaining shareholders may not proceed with the derivative action unless the shareholders are able to sustain the burden of proof to a court that the decision of the Trustees not to pursue the requested action was not consistent with the standard of performance required of the Trustees in performing their duties. If a demand is rejected, each complaining shareholder will be responsible, jointly and severally with any and all other complaining shareholders, for the costs and expenses (including attorneys' fees) incurred by the Trust in connection with the consideration of the demand, if, in the judgment of the independent Trustees, the demand was made without reasonable cause or for an improper purpose.

The Declaration provides that no Shareholder may bring a direct action claiming injury as a shareholder of the Trust, or any series or class thereof, where the matters alleged (if true) would give rise to a claim by the Trust or by the Trust on behalf of a series or class, unless the shareholder has suffered an injury distinct from that suffered by the shareholders of the Trust, or the series or class, generally. Under the Declaration, a shareholder bringing a direct claim must be a shareholder of the series or class with respect to which the direct action is brought at the time of the injury complained of, or have acquired the shares afterwards by operation of law from a person who was a shareholder at that time.

If a derivative or direct action is brought in violation of the Declaration, each shareholder who commences or maintains such action will be required. jointly and severally, to reimburse the Trust for the costs and expenses (including attorneys' fees) incurred by the Trust in connection with the action if the action is dismissed on the basis of the failure to comply with the Declaration. In addition, if a court determines that any derivative action has been brought without reasonable cause or for an improper purpose, the costs and expenses (including attorneys' fees) incurred by the Trust in connection with the action will be borne, jointly and severally, by each shareholder who commenced the action.

The Declaration further provides that a portfolio shall be responsible for payment of attorneys' fees and legal expenses incurred by a complaining shareholder bringing a derivative or direct claim only if required by law, and any attorneys' fees that the portfolio is obligated to pay shall be calculated using reasonable hourly rates. The Declaration also requires that actions by shareholders against the Trust or a portfolio be brought only in the U.S. District Court for the Southern District of New York, or if not permitted to be brought in federal court, then in the New York Supreme Court sitting in New York County with assignment to the Commercial Division to the extent such assignment is permitted under the applicable court rules, and that the right to jury trial be waived to the fullest extent permitted by law.

*Series and Classes*. The Declaration provides that the Trustees may establish series and classes in addition to those currently established and that the Trustees may determine the rights and preferences, limitations and restrictions, including qualifications for ownership, conversion and exchange features, minimum purchase and account size, expenses and charges, and other features of the series and classes. The Trustees may change any of those features, terminate any series or class, combine series with other series in the Trust, combine one or more classes of a series with another class in that series or convert the shares of one class into shares of another class. Each share of a portfolio, as a series of the Trust, represents an interest in the portfolio only and not in the assets of any other series of the Trust.

Only the Separate Accounts of the Life Companies and the Asset Allocation Portfolios may hold shares of the Trust and are entitled to exercise the rights as described above. To the extent required by law, the Life Companies will vote the Trust's shares held in the Separate Accounts, including Trust shares which are not attributable to Policyowners, at meetings of the Trust, in accordance with instructions received from persons having voting interests in the corresponding sub-accounts of the Separate Accounts. The Life Companies will vote portfolio shares held in the Separate Accounts for which no timely instructions are received from the Policyowners, as well as shares they own, in the same proportion as those shares for which such Life Company receives voting instructions, thus a small number of Policyowners could determine the outcome of a vote. A portfolio is not required to hold an annual meeting of shareholders, but a portfolio will call special meetings of shareholders whenever required by the 1940 Act, or by the terms of the Declaration. If the 1940 Act or any regulation thereunder

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should be amended, or if present interpretation thereof should change, and as a result it is determined that the Life Companies are permitted to vote the Trust's shares in their own right, they may elect to do so. The rights of Policyowners are described in more detail in the prospectuses or disclosure documents for the policies and the annuity contracts, respectively.

**Taxes**

Shares of the portfolios are offered only to the Separate Accounts, which fund the Policies and Contracts, and to the Asset Allocation Portfolios and to other portfolios. See the respective prospectuses for the Policies and Contracts for a discussion of the special taxation of insurance companies with respect to the Separate Accounts and of the Policies, the Contracts and the holders thereof.

Each portfolio has either qualified, and expects to continue to qualify, or will qualify in its initial year, and expects thereafter to continue to qualify, for treatment as a regulated investment company (a "RIC") under the Code. In order to qualify for that treatment, a portfolio must distribute to its stockholders for each taxable year at least the sum of 90% of its investment company taxable income, computed without regard to the dividends-paid deduction, and 90% of its net exempt-interest income, if any. Each portfolio must also meet several other requirements. These requirements include the following: (1) the portfolio must derive at least 90% of its gross income each taxable year from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, other income (including gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities or currencies, and net income derived from an interest in a qualified publicly traded partnership (the "Income Requirement"); (2) at the close of each quarter of the portfolio's taxable year, at least 50% of the value of its total assets must be represented by cash and cash items, U.S. Government securities, securities of other RICs, and other securities (limited in respect of any one issuer of such other securities to an amount not greater than 5% of the value of the portfolio's total assets and to not more than 10% of the outstanding voting securities of the issuer); and (3) at the close of each quarter of the portfolio's taxable year, not more than 25% of the value of its total assets may be invested in securities (other than U.S. Government securities or the securities of other RICs) of any one issuer, in those of two or more issuers that the portfolio controls and that are engaged in the same or similar trade or business, or in those of one or more qualified publicly traded partnerships. If each portfolio qualifies as a RIC and timely distributes to its shareholders substantially all of its net income and net capital gain, then each portfolio should have little or no income taxable to it under the Code.

As noted in the prospectus, certain Separate Accounts are required to meet diversification requirements under Section 817(h) of the Code and the regulations thereunder in order for the Policies and Contracts funded by those Separate Accounts to qualify for their expected tax treatment. Such requirements place certain limitations on the proportion of a Separate Account's assets that may be represented by any four or fewer investments. Specifically, such a Separate Account must in general diversify its holdings so that on the last day of each calendar quarter (or within 30 days after such last day) no more than 55% of its assets are represented by any one investment, no more than 70% by any two investments, no more than 80% by any three investments, and no more than 90% by any four investments. For purposes of Section 817(h) of the Code, all securities of the same issuer are treated as a single investment, all interests in the same real property project are treated as a single investment, and all interests in the same commodity are treated as a single investment. In addition, each U.S. government agency or instrumentality is treated as a separate issuer, while the securities of any particular foreign government and its agencies, instrumentalities and political subdivisions all will be considered securities issued by the same issuer.

If a portfolio qualifies as a RIC and its shares are held only by certain tax-exempt trusts and separate accounts and certain other permitted investors (including the Asset Allocation Portfolios and certain other portfolios if they are themselves only owned by those permitted investors), the Section 817(h) diversification requirements will be applied by looking through to the assets of the portfolio, rather than treating the interest in the portfolio as a separate investment of each Separate Account investing in the portfolio. Each portfolio intends to comply with the Section 817(h) diversification requirements so that, assuming such look-through treatment is available, any Separate Account invested wholly in that portfolio would satisfy those diversification requirements.

If a portfolio fails to qualify for treatment as a RIC, the portfolio will be subject to federal corporate taxes on its taxable income and gains (without any deduction for its distributions to its shareholders), and distributions to its shareholders will constitute ordinary income to the extent of such portfolio's available earnings and profits. In addition, if a portfolio fails to qualify as a RIC, fails to comply with the diversification requirements of Section 817(h) of the Code and the regulations thereunder, or fails to limit the holding of portfolio shares to the permitted investors described above, then Policies and Contracts funded by that portfolio (or by any Asset Allocation Portfolio or other portfolio invested in that portfolio) might not qualify as life insurance policies or annuity contracts under the Code, and Policyowners could be currently taxed on all investment earnings under their Policies and Contracts that have accrued during or prior to the year in which the failure occurs. In such a case, current taxation could also be required in all future taxable periods. For additional information concerning the consequences of failure to meet the requirements of Section 817(h), see the prospectuses for the Policies or the Contracts. Under certain circumstances, a portfolio may be able to cure a failure to meet the requirements for qualification as a RIC, but in order to do so, the portfolio may incur significant portfolio-level taxes and may be forced to dispose of certain assets.

For a Policy or a Contract to qualify for tax-favored treatment, assets in the Separate Accounts supporting the Policy or Contract must be considered to be owned by the insurance company and not by the Policyowner. Under U.S. tax law, if a Policyowner has excessive control over the investments made by a Separate Account, the owner will be taxed currently on income and gains from the account or portfolio.

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Generally, according to the IRS, there are two ways that impermissible investor control may exist. The first relates to the design of the policy or contract or the relationship between the policy or contract and a separate account or underlying portfolio. For example, at various times, the IRS has focused on, among other factors, the number and type of investment choices available pursuant to a given variable policy or contract, whether the policy or contract offers access to portfolios that are available to the general public, the number of transfers that a policy or contract owner may make from one investment option to another, and the degree to which a policy or contract owner may select or control particular investments.

With respect to this first aspect of investor control, the relationship between the portfolios and the Policies and Contracts is designed to satisfy the current expressed view of the IRS on this subject, such that the investor control doctrine should not apply. However, because of some uncertainty with respect to this subject and because the IRS may issue further guidance on this subject, the portfolios reserve the right to make such changes as are deemed necessary or appropriate to reduce the risk that a Policy or Contract might be subject to current taxation because of investor control.

The second way that impermissible investor control might exist concerns actions of Policyowners. Under the IRS pronouncements, a Policyowner may not select or control particular investments, other than choosing among broad investment choices such as selecting a particular portfolio. A Policyowner thus may not select or direct the purchase or sale of a particular investment of a portfolio. All investment decisions concerning the portfolios must be made by the portfolio managers in their sole and absolute discretion, and not by a Policyowner.

Furthermore, under the IRS pronouncements, a Policyowner may not communicate directly or indirectly with such portfolio managers or any related investment officers concerning the selection, quality, or rate of return of any specific investment or group of investments held by the portfolios.

The IRS may issue additional guidance on the investor control doctrine, which might further restrict Policyowners' actions or features of Policies or Contracts. Such guidance could be applied retroactively. If any of the rules outlined above are not complied with, the IRS may seek to tax Policyowners currently on income and gains from the portfolios such that Policyowners would not derive the tax benefits normally associated with variable life insurance or variable annuities. Such an event may have an adverse impact on the Policies and Contracts.

Under the Code, RICs are generally subject to a nondeductible 4% federal excise tax on a portion of their undistributed ordinary income and capital gain net income if they fail to meet certain distribution requirements. However, the Code includes an exception for certain RICs held only by segregated asset accounts of life insurance companies in connection with variable contracts and by certain other holders, including other RICs that would themselves qualify for the exception. The portfolios intend to qualify for this exception and accordingly do not expect to be subject to the excise tax. To the extent they do not qualify for the exception, the portfolios intend to make any required distributions in a timely manner.

The following paragraphs are intended to disclose risks of certain investments that the portfolios may make either directly themselves or indirectly through investments of underlying portfolios. Thus, references in the following paragraphs to one or more "portfolios" should be read to include, as applicable, references to one or more "underlying portfolios".

If a portfolio invests in certain pay-in-kind securities, zero coupon securities, deferred interest securities or, in general, any other securities with original issue discount (or with market discount if the portfolio elects to include market discount in income currently), the portfolio will accrue income on such investments for each taxable year, prior to the receipt of corresponding cash payments. However, the portfolio must distribute to its shareholders, at least annually, all or substantially all of its investment company taxable income (determined without regard to the deduction for dividends paid), generally including such accrued income, to qualify for treatment as a RIC under the Code and avoid U.S. federal income tax and, if applicable, excise tax. Therefore, the portfolio may have to dispose of portfolio securities, potentially under disadvantageous circumstances, to generate cash, or may have to borrow the cash, to satisfy distribution requirements. Such a disposition of securities may potentially result in additional taxable gain or loss to the portfolio.

Under Section 163(j) of the Code, a taxpayer's business interest expense is generally deductible to the extent of its business interest income plus certain other amounts. If a portfolio earns business interest income, it may report a portion of its dividends as "Section 163(j) interest dividends," which its shareholders may be able to treat as business interest income for purposes of Section 163(j) of the Code. A portfolio's "Section 163(j) interest dividend" for a tax year will be limited to the excess of its business interest income over the sum of its business interest expense and other deductions properly allocable to its business interest income. In general, a portfolio's shareholders may treat a distribution reported as a Section 163(j) interest dividend as interest income only to the extent the distribution exceeds the sum of the portions of the distribution reported as other types of tax-favored income (which would generally include exempt-interest income). To be eligible to treat a Section 163(j) interest dividend as interest income, a shareholder may need to meet certain holding period requirements in respect of its shares and must not have hedged its position in the shares in certain ways.

The use of hedging strategies, such as writing (selling) and purchasing options and futures contracts and entering into forward contracts, involves complex rules that will determine for income tax purposes the character and timing of recognition of the income received in connection therewith by the portfolios. Income from the disposition of foreign currencies, and income from transactions in options, futures, and forward contracts derived by a portfolio with respect to its business of investing in securities or foreign currencies, generally will qualify as permissible income for purposes of the Income Requirement.

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Portfolios investing in foreign securities or currencies may be required to pay withholding, income or other taxes to foreign governments or U.S. possessions. The investment yield of any portfolio that invests in foreign securities or currencies would be reduced by any such foreign taxes. Policyowners investing in such portfolios indirectly bear the cost of any foreign taxes but will not be able to claim a foreign tax credit or deduction for these foreign taxes. Tax conventions between certain countries and the United States may reduce or eliminate these foreign taxes.

If more than 50% of a portfolio's total assets at the close of any taxable year consist of stock or securities of foreign corporations, that portfolio may elect to pass through to its shareholders their pro rata shares of qualified foreign taxes paid by the portfolio for that taxable year. If at least 50% of a portfolio's total assets at the close of each quarter of a taxable year consist of interests in other regulated investment companies, the portfolio may make the same election and pass through to its shareholders their pro rata shares of qualified foreign taxes paid by those other regulated investment companies and passed through to the portfolio for that taxable year. If a portfolio so elects, shareholders would be required to include the passed-through taxes in their gross incomes (in addition to the dividends and distributions they actually receive), would treat such taxes as foreign taxes paid by them, and may be entitled to a tax deduction for such taxes or a tax credit, subject to a holding period requirement and other limitations under the Code.

If a portfolio acquires stock in certain foreign corporations that receive at least 75% of their annual gross income from passive sources (such as interest, dividends, rents, royalties, or capital gain) or that hold at least 50% of their average total assets over the taxable year in investments that produce (or that are held for the production of) such passive income ("passive foreign investment companies"), that portfolio could be subject to federal income tax and additional interest charges on "excess distributions" received from such companies and gain from the sale of stock in such companies, even if all income or gain actually received by the portfolio is timely distributed to its shareholders. The portfolio would not be able to pass through to its shareholders any credit or deduction for such a tax. As a result, Policyowners of Policies and Contracts investing in such portfolios ultimately would bear the cost of these taxes and interest charges. Certain elections, including a qualified electing fund election, may ameliorate these adverse tax consequences. Any such election, however, may require the applicable portfolio to recognize taxable income or gain without the concurrent receipt of cash, and the portfolio must distribute to its shareholders, at least annually, all or substantially all of its investment company taxable income (determined without regard to the deduction for dividends paid), including such accrued income, to qualify for treatment as a RIC under the Code and avoid U.S. federal income and excise taxes. Any portfolio that acquires stock in foreign corporations may limit and/or manage its holdings in passive foreign investment companies to minimize or reduce its tax liability.

If a sufficient portion of the interests in a foreign issuer are held by a portfolio, independently or together with certain other U.S. persons, that issuer may be treated as a "controlled foreign corporation" (a "CFC") with respect to the portfolio, in which case the portfolio will be required to take into account each year, as ordinary income, its share of certain portions of that issuer's income, whether or not such amounts are distributed. A portfolio may have to dispose of its portfolio securities (potentially resulting in the recognition of taxable gain or loss, and potentially under disadvantageous circumstances) to generate cash, or may have to borrow the cash, to meet its distribution requirements and avoid portfolio-level taxes. A portfolio may limit and/or manage its holdings in issuers that could be treated as CFCs in order to limit its tax liability or maximize its after-tax return from these investments.

Certain portfolios may invest in ETFs and ETNs. Depending on an ETF's structure and its underlying investments, an ETF may produce income that is not permissible income for purposes of the Income Requirement. Any portfolio that invests in ETFs will limit and/or manage its holdings of ETFs with a view to complying with the requirements for qualification as a RIC. For tax purposes, ETNs are generally treated as debt obligations of the issuer, which generally produce permissible income for purposes of the Income Requirement.

Each portfolio (other than the Transamerica BlackRock Government Money Market VP) will report to the IRS the amount of sale proceeds that a shareholder receives from a sale or exchange of portfolio shares. For sales or exchanges of shares acquired on or after January 1, 2012, each portfolio (other than the Transamerica BlackRock Government Money Market VP) will also report the shareholder's basis in those shares and the character of any gain or loss that the shareholder realizes on the sale or exchange (i.e., short-term or long-term). If a shareholder has a different basis for different shares of a portfolio in the same account (e.g., if a shareholder purchased portfolio shares in the same account when the shares were at different prices), the portfolio or the shareholder's service agent (banks, brokers, dealers, insurance companies, investment advisers, financial consultants or advisers, mutual fund supermarkets and other financial intermediaries that have entered into an agreement with the portfolios' distributor to sell shares of the applicable portfolio), as applicable, will calculate the basis of the shares sold using its default method unless the shareholder has properly elected to use a different method. The portfolio's default method for calculating basis will be the average cost method. A shareholder may elect, on an account-by-account basis, to use a method other than average cost by following procedures established by the portfolio or the shareholder's service agent, as applicable. For purposes of calculating and reporting basis, shares acquired prior to January 1, 2012 and shares acquired on or after January 1, 2012 will generally be treated as held in separate accounts. If a shareholder elects to use a different method of basis calculation, the application of that method will depend on whether shares in an account have already been sold or exchanged. For information regarding available methods for calculating cost basis and procedures for electing a method other than the average cost method, shareholders who hold their shares directly with a portfolio may call the portfolio at 1-800-851-9777 Monday through Friday during the hours of operation as posted on the portfolios' web site at

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www.transamerica.com/contact-us. Shareholders who hold shares through a service agent should contact the service agent for information concerning the service agent's default method for calculating basis and procedures for electing to use an alternative method. Shareholders should consult their tax advisers concerning the tax consequences of applying the average cost method or electing another method of basis calculation.

The foregoing is only a general summary of some of the important federal income tax considerations generally affecting the portfolios and their shareholders. No attempt is made to present a complete explanation of the federal tax treatment of the portfolios' activities, and this discussion and the discussion in the prospectuses and/or statements of additional information for the Policies and Contracts are not intended as a substitute for careful tax planning. Accordingly, potential investors are urged to consult their own tax advisers for more detailed information and for information regarding any state, local, or foreign taxes applicable to the Policies, the Contracts and the Policyowners.

**Financial Statements**

The audited financial statements and financial highlights for each applicable portfolio as of December 31, 2022 have been filed with the SEC as part of the Annual Report of the Trust on [___] (SEC Accession # [ ]), and are hereby incorporated by reference into this SAI.

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**Appendix A – Proxy Voting Policies**

**Aegon Asset Management UK plc**

**ACTIVE OWNERSHIP Policy**

SCREENING & MONITORING

ENGAGEMENT

VOTING

CONFLICTS OF INTERESTS

RECORD RETENTION

APPENDIX: CORPORATE GOVERNANCE GUIDELINE

Responsible Investment (RI) is an integral part of Aegon Asset Management's (Aegon AM) investment approach. We believe good stewardship is an essential part of our responsibility as a provider of capital to investee companies on behalf our clients. This Active Ownership Policy is aimed at enhancing long-term value creation by our investee companies and consequently improving the long-term risk-adjusted returns of our clients' portfolios. We actively seek to work with relevant stakeholders and the companies in which we invest to address complex Environmental, Social and Governance (ESG) challenges that are in line with the interests of our clients.

This Policy describes how we implement engagement on behalf of our clients generally but may be varied upon instruction from the asset owners that grant us the mandate to invest on their behalf. It is part of a framework of relevant policies including our Conflicts Of Interest Policy which together guide and explain the implementation of our engagement with investee companies.

Our active ownership consists of four key pillars: screening and monitoring, engagement, voting and shareholder litigation.

This policy is written in compliance with the requirements of the EU Shareholder Rights Directives and Hungarian Law 2019. LXVII. §9, stipulating the adoption of an active ownership policy, as well as the SEC Investment Advisers Act.

The scope of our stewardship activities extends to investments in all corporate entities, including equities and fixed income instruments, both listed and non-listed. Stewardship actions and outcomes under this Policy are in line with our commitments under the UK and Dutch Stewardship Codes<sup>1</sup>.

1 Aegon Asset Management's legal entities in the UK and the Netherlands are signatories to the respective Stewardship Codes. As such, compliance with the respective Code is assured only by the signatory entities. However, Aegon AM endeavors on a best efforts basis to apply the Code respective to its holdings across its legal entities globally.

**Screening & Monitoring**

As a prudent asset manager, Aegon AM monitors investments in its managed portfolios. Aegon AM's overall objective is to ensure that the companies in which the portfolios invest in operate in accordance with its investment objectives.

Our investment managers and RI team continually monitor and engage with the companies in which we invest. Working together, these teams enhance our understanding of the companies in which we invest and help to protect the interests of our clients, enabling material non-financial information to be incorporated into our investment analysis and decision-making. Our approach to integrating ESG is outlined in our Responsible Investment Framework.

Aegon AM interacts with investee companies and external asset managers, where so appointed, in order to monitor investee companies on material issues, including strategy, business model, capital structure, risk, corporate governance and actions as well as on its social and environmental impacts. Material issues are those matters that are likely to significantly affect the company's ability to create long-term value.

We recognize that companies operate under significantly different conditions, so we endeavor to be reasonable and pragmatic in our approach to monitoring and engagement, giving due consideration to each company's specific circumstances and the market in which it operates. Our governance and disclosure guidelines are outlined in further detail in the Appendix.

**Engagement**

We believe that actively engaging with companies to improve ESG performance and corporate behavior is generally more effective than excluding companies from our investment universe. In terms of the standards that we follow when engaging with investee companies, we consider the UK and Dutch Stewardship Codes and the Principles for Responsible Investment.

If we have concerns about a specific issue, we may enter an active dialogue with the company, either directly or collectively with other shareholders. Wider engagement with other stakeholders, such as employee unions and non-governmental organizations, may also form part of our engagement activities.

Participating in collaborative engagement with other like-minded investors can sometimes be the best course of action. We seek to strengthen our investor voice in engagement by actively participating in collaborative engagement platforms such as the Principles for Responsible Investment, UK Investor Forum, Institutional Investors Group on Climate Change and Eumedion.

Our preference is for engagement with companies to be private and confidential. This enables an open discussion that hopefully leads to resolution of our concerns. Engagement dialogues are conducted by investment managers, research analysts and the RI team.

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Progress on engagements is regularly monitored and discussed internally. If following engagement we still have concerns, we may escalate our activities to include additional meetings with executive management, meeting with non-executive board members, expressing concerns through the company's advisors and voting against the company at its annual general meeting or extraordinary general meeting. We may adapt our approach by seeking collaboration with other like-minded investors. In some instances, we may even reduce or sell our holding, subject to appropriate approvals in non-discretionary client mandates.

Engagements are typically initiated following one of three potential triggers. First, we engage when we identify long-term financial risks arising from ESG issues as part of our research process or through separate monitoring on topics such as climate change, health and diversity. Second, we engage with companies that do not comply to our clients' standards as outlined in specific mandates. We use our influence as an investor to encourage these companies to meet the ESG norms outlined in our clients' policies. Finally, engagement is also conducted in relation to specific RI strategies that actively seek to encourage certain corporate ESG behavior.

After engagement, we endeavor to closely follow the progress made by the company. We report on our engagement activities on a regular basis to our clients and on our website. Systematic screening, up-to-date recording of our activity, and reviews of our objectives allow us to measure progress. We formally review our engagement activities each year as part of our obligations under the Principles for Responsible Investment, EU Shareholder Rights Directives, Dutch and UK Stewardship Codes, and updates on our engagement activity are regularly provided on our website. Engagement progress is systematically shared among the RI team, research analysts and investment managers to ensure investment decisions are taken based on the most comprehensive information possible.

**Voting**

In mandates for which we have the discretion to take voting decisions on behalf of our clients

Aegon AM is generally supportive of investee companies' management. Aegon AM uses its voting rights in the interests of its clients. In most cases, this also means that companies must comply with the standards approved by the relevant stock exchange in which their shares are listed.

We aim to ensure that voting rights are exercised in an informed manner, to enhance long-term value creation and promote best practice ESG policies, disclosure and performance by investee companies.

We consider and vote all shareholder meetings of UK and Dutch companies in which we invest. In most cases, this means the company must follow the UK or Dutch Corporate Governance Code respectively, which set out best practices on corporate governance. However, we recognize that not all companies are the same and we strongly support the 'comply or explain' model of corporate governance. For this approach to work, companies must be willing to provide good quality and detailed explanations of the reasons for deviation from established best practice.

When companies seek to adopt a different approach from the respective Corporate Governance Code, we recommend consideration of the Investment Association guidelines which can be found at: https://www.ivis.co.uk/guidelines/

We also vote the shares of companies outside the UK and the Netherlands where our shareholding is greater than or equal to 0.1% or where clients have specifically instructed us to do so. In these instances, we follow the appropriate regional best practice where this is defined. Where this is not defined, we look to international best practice codes such as the Organization for Economic Co-Operation and Development Principles of Corporate Governance.

Where we have a voting-related concern, within practical limits we contact the company ahead of the meeting to discuss. With respect to companies in our active internally-managed equity portfolios, when we vote against or abstain on an issue, we also write to the company explaining why we have done so.

We use the voting advisory services of proxy advisors. In the UK, we review all governance issues on a case-by-case basis and in a pragmatic manner, with input from both the RI team and our investment managers.

We record all votes cast and other relevant responsible investment activity. These records allow us to monitor each company's progress towards compliance with the appropriate governance codes and to demonstrate to our clients the approach we have taken. We report our voting behavior with an explanation of the most significant votes. Our voting behavior related to our UK operations is externally audited on an annual basis.

Where appropriate, we may attend the general meetings of the companies in which we invest. Where we exercise our right to submit a request for convening an extraordinary general meeting or for tabling a shareholder resolution at a general meeting of an investee company, we consult the company's board prior to exercising this right. We are present or represented at such meetings in order to explain the respective resolution.

Our normal practice is to agree engagement and significant voting decisions between our RI team and the relevant investment manager. Where controversial issues are identified or there is disagreement, we escalate the issue to the appropriate Global Chief Investment Officer and their decision is final.

Where equities are lent, in accordance with mandates, we endeavor to have them returned to facilitate voting activities.

<u>In mandates for which we do not have the discretion to take voting decisions on behalf of our clients</u> 

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Certain clients may choose to retain the discretion to exercise their voting rights according to their own policies. Where these clients have voting policies that are different from our standard approach, we have set up procedures to allow us to implement votes in line with the client's requirements and policies.

**Conflicts of Interest**

Investment management is Aegon AM's only business, ensuring we have no competing priorities or distractions. Our client-centered culture ensures that everyone in the business is committed to acting in the best interests of our investors.

We recognize that situations may arise that could lead to conflicts of interest. Such considerations are covered in our Conflicts of Interest Policy.

Our overriding principle when considering any such conflicts is Treating Customers Fairly ("TCF"). The obligations under TCF ensure that we identify our fiduciary responsibilities and act accordingly in the best interests of our clients.

Examples of conflicts of interest that may arise during our stewardship activities include: when an investee company is also a client or business partner; where we own both debt and equity in a given company; or where directors of an investee company also sit on the board of Aegon AM or our parent company Aegon NV.

In such instances, we always prioritize the interests of clients. Should conflicts arise, we escalate the final decision-making on stewardship issues to the appropriate Global Chief Investment Officer. Where decisions involve a deviation from our Active Ownership Policy, we record this and document the rationale for the decision. Our legal and compliance teams may also be consulted as appropriate.

Aegon AM does not vote shares that it may hold in its parent company, Aegon NV.

**Record Retention**

Aegon AM maintains the following records of its proxy voting and engagement activities, in accordance with the SEC Investment Advisers Act, Rule 204-2(c)(2):

• Its Active Ownership Policy and Corporate Governance Guidelines

• Proxy statements received, whether voted or not

• Records of votes cast and correspondence with companies

• Records of client requests on how proxies were voted; and

• Any documents prepared by Aegon AM that were material to making a decision on how to vote or that memorized the basis for the decision

These records allow us to monitor each company's progress towards compliance with the appropriate governance codes and to demonstrate to our clients the approach we have taken. Details of our voting activity are available upon client request and at no further cost and information on how we have voted proxies on behalf of clients. All documents will be kept for no less than five years.

**Updated July 2020**

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**Appendix: Corporate Governance Guidelines**

These guidelines are applicable to mandates for which we have the discretion to take voting decisions on behalf of our clients. Certain clients may choose to retain the discretion to exercise their voting rights and engage with companies according to their own policies. In those cases, we have set up procedures to allow us to implement engagement and voting in line with client requirements and policies.

**1. Board** 

Companies should be headed by an effective board that is of sufficient size without becoming unwieldy. The directors (both executive and nonexecutive) are responsible for the long-term success of the company by exercising effective oversight. They are primarily accountable to the shareholders for ensuring that appropriate processes in place to:

• Set and monitor the strategy;

• Oversee management and implementation; and

• Set and review an appropriate risk appetite for the business.

Boards therefore need an appropriate balance of executive and nonexecutive directors, so that no individual or group can inappropriately dominate the discussions and decision-making of the board. Furthermore, there is a compelling business case for strong and diverse leadership teams in terms of skills, knowledge, experience and gender that will support the operations of the business and its strategy.

We expect succession planning, sufficient induction and on-going training, updates and board evaluations (both internal and external) to be considered carefully. All directors should have the ability to commit sufficient time to the company to ensure they can fulfil their responsibilities. As such we consider the external responsibilities of directors when reviewing the composition of boards.

Board committees should be comprised of non-executive directors only and the majority of them should be independent. In the case of the audit committee, we expect all directors to be independent with an adequate knowledge of accounting and finance.

Independent directors should not be connected with the executive management and should not have any relationships that could appear to affect their judgment. We use the definition of independence set out by the UK Corporate Governance Code. This suggests that a non-executive director is not independent if he or she:

• Was an employee within the last five years;

• Had a material business relationship with the company (directly or indirectly) within the last three years;

• Has remuneration other than the director's fee (no involvement in share option or performance-linked schemes, not a member of the pension scheme);

• Has close family ties with directors, senior employees or company advisers;

• Has cross directorships or significant links with other directors;

• Is a representative of a significant shareholder; or

• Has served on the board for more than nine years.

We support annual re-election of directors on individual resolutions. Where this is not best practice we expect election to be at least every three years.

A senior independent director should be appointed and identified in the annual report. He or she should be available to meet shareholders to discuss issues that have not been settled through the normal channels of the chairman and the chief executive.

Companies should adequately report on the membership and attendance of board and committee meetings.

**Voting Actions** 

Where we have concerns with the structure or effectiveness of the board or a particular committee, we will not support the election or re-election of relevant directors.

By supporting appropriate appointments we accept our role as institutional investors in monitoring the progress that UK companies are making to increase boardroom diversity.

**2. Role of chairman** 

The chairman has an important role in providing leadership of the board. It is the responsibility of the chairman to manage the board agenda and ensure that information is provided in a timely manner to board members. He or she should ensure that board discussions are open and effective, with constructive challenge where necessary.

As such, we believe the roles of chairman and chief executive are distinct and separate. While we acknowledge that there may be exceptional circumstances as to why the roles may be combined for a limited period, we believe that the company is better served when the decision-making powers are not concentrated in a single individual.

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In markets where the combination of roles is not uncommon, we expect there to be a lead independent director to assume some of the responsibilities we would normally expect to be carried out by the chairman. We also look for there to be sufficient independent representation on the board.

We expect the chairman, or the senior independent director, to ensure the board is aware of concerns raised by investors, especially if there has been a sizeable dissent at a general meeting.

**Voting Actions** 

We generally vote against proposals to combine the roles of chairman and chief executive. If the roles are already combined, then companies must prove that the board is sufficiently balanced.

We also generally vote against any proposal for a chief executive to move directly to being chairman of the same company, unless there are exceptional circumstances.

**3. Remuneration** 

Executive compensation remains a controversial subject. Concerns about the gap between executives and the general workforce; the complexity of remuneration packages; and links between pay and performance are common.

It is therefore crucial that remuneration committees should take a prudent approach when deciding on executive compensation. The remuneration committee should consist of a majority of independent directors and should review remuneration at least annually. Where the remuneration committee takes advice from independent remuneration advisors, this should be explained in the remuneration report and the associated costs should be disclosed.

We encourage companies to limit the use of benchmarking data, which has contributed to the upward ratcheting of pay over the past few decades. This kind of data should only be used as a starting point and care should be taken in choosing comparators to ensure they truly reflect the company's circumstances.

We examine the remuneration policies of the companies in which we invest on behalf of clients. We therefore expect companies to make appropriate disclosures on executive pay and awards that allow us to assess the company's remuneration strategy. The best remuneration strategies are clear and understandable.

We expect pay and awards to be set in a manner that aligns the interests of executives with the interests of the company's shareholders and at levels that attract, retain and motivate, without being excessive.

Alignment is often best achieved by executives building up significant equity stakes in the companies that they manage.

Executive compensation should be a balance between fixed pay and variable pay. The variable pay should be in the form of an annual bonus and one long-term incentive plan.

There should be a shareholder vote on executive compensation.

**Annual bonus** 

The annual bonus should have targets set according to company strategy and these should be fully disclosed, not least, on a retrospective basis. Companies should not make bonus payments and option grants to reward one-off events. This is because it is often difficult to assess how successful events such as mergers or acquisitions will be until a considerable time after the event.

Where they are quantifiable, we recommend relevant environmental and social performance conditions being incorporated into the annual bonus.

**Longer-term incentive plans** 

Longer-term incentive plans (LTIPs) should have a clear link to the long term experience of shareholders in a company. LTIP performance conditions should be clearly disclosed and should be challenging so that full vesting only occurs for genuinely superior performance. Performance should be measured over a minimum of three years and preferably five years.

Where they are quantifiable, we recommend relevant environmental and social performance conditions being incorporated into the LTIP.

Companies should not change the performance conditions of share based incentive schemes without prior shareholder approval. Neither should they reset the price of share options after the options have been issued, or compensate for awards that failed to vest.

We do not generally support Value Creation Plans, where the vesting of the rewards is solely dependent on increasing the value of the company, as we believe these arrangements can reflect general market conditions rather than the skill of the management. Neither do we typically support long-term incentive plans that depend on pre-grant criteria or short-term performance measures. Nor do we believe retention plans are appropriate.

Clawback and Malus provisions should be appropriate so that individual or group failings can be addressed.

We also expect the remuneration committee to have necessary flexibility to exercise discretion where appropriate, however, we expect this to be fully explained in the subsequent annual report.

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**Service contracts** 

Service contracts should not exceed one year. With the exception of new directors who may need longer contracts, we will generally vote against the election of directors whose notice period is more than one year. For new executive directors, after the initial period, we encourage the contract to be reduced to one year or less without any compensation payments being paid.

Furthermore, we do not support directors' service contracts which provide for unmitigated or liquidated damages in the event of early termination or a change in control of the company and the amounts involved exceed one year's salary. Neither are we supportive of payments for termination where individuals continue to be employed.

**Recruitment arrangements** 

Recruitment arrangements may include buy-out of existing awards at a previous employer. However, these should be valued on a like-for-like basis and should be subject to performance criteria. Careful consideration should be given to the likelihood of pay-out. Cash awards should only be used in exceptional circumstances.

**Pension contributions and shareholding guidelines** 

Pension contributions should be on the same terms as the rest of the company's employees and shareholding guidelines should be meaningful versus annual compensation i.e. typically in line with the maximum annual grant from the long-term incentive plan.

**Voting Actions** 

We consider executive compensation at each company on an individual basis. However, where we feel the policy or the outcome has not been balanced and proportionate, or lacks linkage to shareholder experience or strategy we will oppose the resolutions on remuneration and the re-election of the remuneration committee members.

**4. Shareholder rights** 

We believe in the principle of one share, one vote. This ensures that a shareholder's economic interests are consistent with their ability to influence company management.

We will not support proposed changes to a company's memorandum and articles of association that erode shareholders' rights or are otherwise inconsistent with the interests of existing shareholders.

Share blocking is an issue in some markets, whereby holders are restricted from selling their shares between the time when the vote is cast and the close of the company meeting. As investors we are mindful of the risks that share blocking presents and will typically not vote in markets where it is a significant issue.

**Voting Actions** 

We will oppose any resolutions that erode shareholder rights and may be unwilling to support reelection of directors if appropriate.

**5. Capital management** 

Good capital management is essential for the long term success of a business. Shareholders benefit from understanding the approach to capital management in terms of the company strategy for M&A, buybacks and dividends.

We strongly support the principle of pre-emption rights for existing shareholders. We expect companies to comply with the standard institutional pre-emption guidelines as defined in their own markets.

We appreciate full disclosure of the company policy on use of the authorities sought at general meetings. If there is an exceptional circumstance that seeks a greater authority than is standard, we would expect full justification and engagement with shareholders.

We expect companies to disclose the impact of the capital management on the remuneration arrangements, So that we can understand the driving factors in the decision making process.

**Voting Actions** 

We typically vote against proposals that exceed the limits set by regional best practice guidelines unless there are exceptional circumstances.

**6. Major transactions** 

Major transactions in the form of mergers, acquisition, joint ventures and disposals are a necessary part of corporate life. We believe all such transactions should apply a disciplined approach and progress should be monitored closely to ensure the original objectives are being met.

Non-executive directors should ensure they have enough information to fully understand the implications of transactions. Where necessary they should seek independent external advice to aid them in ensuring the protection of shareholder and other stakeholders' best interests. We consider all such transactions on a case-by-case basis.

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**Voting Actions** 

We make any decisions on major transactions in conjunction with the relevant fund managers.

**7. Related-party transactions** 

Boards should have an appropriately independent process for reviewing, approving and monitoring related-party transactions. As with major transactions, non-executive directors should be able to seek independent external advice to ensure any such transaction is in the best interests of the company and shareholders.

Related-party transactions should be reported to the board and approved and where relevant these should be disclosed in the annual report and accounts i.e. when they are material to the business, where there is a perceived conflict of interest or where key individuals are involved.

**Voting Actions** 

We expect all related-party transactions to be undertaken on fully commercial terms and to be fully justified and beneficial to the company.

We consider all such transactions on a case-by-case basis and do not support if we believe there are material issues. We may also not support the reelection of directors related to the transaction.

**8. Auditors** 

The audit committee, as a fully independent committee, is best placed to appoint and oversee the external auditors. We believe the statutory audit is an important shareholder protection and therefore shareholders must be comfortable that the appointed auditor is acting in a suitably independent manner. The purpose of the audit is to identify errors or wrongdoing and to alert shareholders to these issues so that they can be addressed.

The audit committee should ensure that non-audit fees are kept to a minimum and that the company has a clear policy on re- tendering and rotation that is adhered to. We expect the re- tendering and rotation of auditors to be in line with best practice guidelines and to be adequately disclosed.

We also expect companies to have an effective Internal Audit function that identifies new and emerging risks to the business. We expect the strategic report to identify and mitigate key risks.

The company should have a clear whistle-blowing policy that is integrated into the code of conduct for all employees. Reporting channels should be identified and procedures should be clear. Additionally, the company should report on how bribery and other illegal activities are identified and resolved.

The viability statement should be the board's opinion on the long-tern viability of the company. We would expect this to align with the strategic plans for the company and should cover a period longer than one year.

**Voting Actions** 

We will vote against the appointment of auditors when we have concerns about the proposed auditor's independence; the level of non-audit fees; audit quality; or where a company changes its auditor without providing an adequate explanation. We may also not support the re-election of audit committee members.

**9. ESG integration** 

Integration of environmental, social and governance issues into our overall analysis is an important principal. As such, we consider the level of disclosures made by companies in their annual reports and other relevant materials and presentations.

We consider each company individually according to the key ESG risks they face. Where we identify areas for improvement or unsustainable practices we endeavor to engage with the company. We may take voting action where the outcome is not satisfactory.

We consider shareholder resolutions on ESG matters on a case-by-case basis. We will generally support proposals that could increase or protect shareholder value.

**Voting Actions** 

Where we have concerns over the level or quality of disclosures on ESG issues, we may not be able to support the approval of the report and accounts. Where significant concerns arise on ESG matters, we may not be able to support the reelection of relevant directors.

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**Aegon USA Investment Management, LLC**

**Proxy Voting Policy**

**<u>1. Introduction</u>** 

<u>1.1: Rule References</u> 

Aegon USA Investment Management, LLC ("AUIM") hereby adopts this Proxy Voting Policy ("Policy") pursuant to Rules 206(4)-6 and 206(4)-7 of the Investment Advisers Act of 1940 to reasonably ensure that it votes proxies and other securities actions ("Proxies") in its Clients' best interests.

Specifically, Rule 206(4)-6 requires each registered investment adviser that exercises securities voting ("Proxy Voting") authority with respect to Client securities to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Adopt and implement written policies and procedures reasonably designed to ensure that the adviser votes Client securities in the Clients' best interests. Such policies and procedures must address the manner in which the adviser will resolve material conflicts of interest that can arise during the proxy voting process;

b. Disclose to Clients how they may obtain information from the adviser about how the adviser voted with respect to their securities; and

c. Describe to Clients the adviser's Proxy Voting Policy and Guidelines and, upon request, furnish a copy of the policies and procedures.

AUIM is a fiduciary that owes each of its clients a duty of care and loyalty with respect to all services undertaken on the client's behalf, including Proxy Voting. The duty of care generally requires AUIM to monitor corporate events and to vote Proxies, unless a Client has agreed otherwise. AUIM Employees who exercise Proxy Voting authority must do so in accordance with this Policy.

This Policy is also designed to comply with the books and records requirements prescribed in Rule 204-2(c)(2) and for clients that are governed by ERISA, regulation 404a-1(e)(2)(E).

<u>1.2: Policy Owner</u> 

AUIM's Chief Investment Officer ("CIO") or his designee is primarily responsible for administering and enforcing this Policy. The CIO may delegate performance of policy responsibilities to other Employees, including Asset Specialists, acting individually or collectively, for whom he shall retain supervision and oversight. The Chief Compliance Officer ("CCO") and/or his designees (collectively referred to as "Compliance" or the "Compliance team") shall provide policy administration, support, and monitoring.

Employees who exercise Proxy Voting authority must vote Client Securities in accordance with this Policy and in the Clients' best interests.

<u>1.3: Definitions</u>

Except as otherwise defined herein, for the purpose of this Policy, the following terms shall have the meaning ascribed below:

**Act:** The Investment Advisers Act of 1940, as amended, and all regulations promulgated thereunder.

**Affiliate:** An entity that is controlled by, controls, or is under common control with AUIM.

**Asset Specialist(s):** AUIM Employees responsible for providing expertise and knowledge on a particular asset class or topic. Except as otherwise defined herein, for the purpose of this Policy, the following terms shall have the meaning ascribed below:

**Act:** The Investment Advisers Act of 1940, as amended, and all regulations promulgated thereunder.

**Affiliate:** An entity that is controlled by, controls, or is under common control with AUIM.

**Asset Specialist(s):** AUIM Employees responsible for providing expertise and knowledge on a particular asset class or topic.

**Client:** (a) Any investment company registered under the Investment Company Act of 1940, as amended, ("IC Act") for whom AUIM acts as investment adviser or sub-adviser, (b) any Separate Account, Private Fund, or collective investment trust fund where AUIM acts as investment adviser, or (c) investment arrangement where AUIM acts as investment adviser with discretion on the account or is engaged to provide non-discretionary advice.

**Conflict of Interest:** A condition or situation, or the appearance thereof, in which competing professional, personal, financial, or other interests of AUIM or its Employees are contrary to the interests of AUIM and/or its Clients.

**Employees:** AUIM managers, officers, Employees, access persons, and other individuals identified by Compliance.

**Equity Securities Voting Policy Guidelines:** AUIM roadmap for arriving at voting decisions on common or routine proxy matters.

**Private Fund**: As defined in the Investment Advisers Act of 1940, a Private Fund is an issuer that would be an investment company as defined in section 3 of the IC Act but for sections 3(c)(1) or 3(c)(7) of the IC Act.

**Procedures:** Procedures, protocols and practices of AUIM or part thereof as AUIM's President, or his designees, may approve or sanction from time to time.

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**Security:** The SEC defines the term "Security" broadly to include stocks, bonds, certificates of deposit, options, interests in private placements, futures contracts on other Securities, participations in profit-sharing agreements, and interests in oil, gas, or other mineral royalties or leases, among other things. "Security" is also defined to include any instrument commonly known as a Security. On the other hand, in most – but not necessarily all – instances, a promissory note is not considered to be a "Security." Any questions about whether an instrument is a Security for purposes of the federal Securities laws should be directed to the CCO.

**Separate Account:** A type of Client that is a separately managed investment account (i.e., a Client account that is not a pooled investment vehicle). Separate Accounts can include accounts of both third-party Clients and Clients that are Affiliates of AUIM.

**<u>2. KEY REQUIREMENTS</u>** 

**Key Requirement 1** 

AUIM's Chief Investment Officer ("CIO") or his designee is primarily responsible for administering and enforcing this Policy.

**Key Requirement 2** 

The Chief Compliance Officer ("CCO") and/or his designees (collectively referred to as "Compliance" or the "Compliance team") shall provide policy administration, support, and monitoring.

**Key Requirement 3** 

Employees who exercise Proxy Voting authority must vote Client Securities in accordance with this Policy and in the Clients' best interests.

**Key Requirement 4** 

AUIM may determine that it is in the Client's best interest to abstain from voting Proxies. Accordingly, where AUIM believes the cost of voting Proxies outweighs the benefits of doing so, it will generally abstain.

**Key Requirement 5** 

Where Client accounts are governed by ERISA, AUIM shall decide whether and how to exercise Proxy Voting authority pursuant to its fiduciary duties under ERISA unless the ERISA Plan documents (e.g., Plan, Trust, etc.) explicitly provide that AUIM is not to vote Proxies and/or another Plan fiduciary or the trustee retains Proxy Voting authority. When deciding whether and how to exercise Proxy Voting authority, and when exercising Proxy Voting authority, AUIM must act solely in accordance with the economic interest of the Client, consider material facts and costs involved, and (i) not subordinate the client's financial interest to any non-pecuniary objective, or (ii) promote non-pecuniary benefits or goals unrelated to a Client's financial interest.

**Key Requirement 6** 

AUIM shall take reasonable efforts to ensure that all accounts where it has Proxy Voting responsibility are properly established and maintained in order for it to carry out these responsibilities.

**Key Requirement 7** 

AUIM shall maintain Procedures reasonably designed to ensure that all applicable Proxies are received, considered, and votes cast in accordance with this Policy and/or related Guidelines.

**Key Requirement 8** 

The Asset Specialist, with assistance from the CCO and others as mandated, will consider whether AUIM is subject to any conflicts of interest in connection with a Proxy Vote.

**Key Requirement 9** 

AUIM, as advised by the Committee, will generally take one of the following steps to avoid any impropriety or the appearance of impropriety in any situation involving a conflict of interest:

a. Obtain a review from AUIM's General Counsel regarding determination of a conflict;

b. Obtain the guidance from the client(s) whose account(s) is/are involved in the conflict;

c. Vote Proxies in accordance with the recommendation of an Independent Third Party; or

d. Vote in strict accordance with its Guidelines.

**Key Requirement 10** 

AUIM shall not provide to any Client, information about AUIM's Proxy Voting activities for any other Client.

**Key Requirement 11** 

It is required by Rule 204-2 of the Investment Advisers Act that a copy of each proxy cast by AUIM on behalf of a Client and all documents prepared by AUIM that were material to making a decision on how to vote be maintained along with all proxy statements received, whether voted or not.

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**<u>3. Proxy Voting General Principles</u>** 

Subject to some limited exceptions for ERISA Clients, AUIM recognizes and adheres to the principle that an important Client interest associated with owning a Security is exercising the right to vote in the election of the company's directors and on matters affecting the company's structure and operations. AUIM endeavours to vote Client Securities in the best interest of its Clients. In general, votes will be determined on a case-by-case basis, after taking into consideration all factors relevant to the issues presented. AUIM seeks to vote Proxies in a manner consistent with its fiduciary obligations and other contractual responsibilities.

**<u>4: Proxy Voting Responsibilities</u>** 

AUIM votes on behalf of all Client accounts for which it has the requisite discretionary authority except for situations in which (i) any Client notifies AUIM in writing that it has retained, and intends to exercise, the authority to vote its own Securities, or (ii) for ERISA clients, AUIM has determined, in accordance with its fiduciary duty and this Policy, that refraining from voting a Proxy is prudent or required under ERISA. Clients may also ask AUIM to vote their Securities in accordance with specific guidelines furnished by the Client, in which case AUIM will vote such Securities within the Client's guidelines unless contrary to applicable law.

AUIM primarily manages Client portfolios of debt Securities. For most fixed income Clients, the issues for which AUIM votes fixed income Securities generally involve amendments to loan documentation, borrower compliance with financial covenants, registration rights, prepayments, insolvency, and other distressed creditor situations. Because these and related fixed income issues are generally unique to each particular borrower and relevant fact situation, they do not lend themselves to broad characterization that can be addressed by standard Proxy Voting guidelines.

Routine proxy matters associated with equity Securities (including but not limited to electing board of directors, selecting auditors, shareholder rights, proxy contests, corporate governance matters, and executive and director compensation) are typically voted in accordance with its Equity Proxy Voting Guidelines ("Guidelines") (see Appendix A) as long as they are consistent with AUIM's fiduciary obligations (under the Advisers Act and ERISA, if applicable, given the specific facts and circumstances of each Proxy. These Guidelines are not designed to be exhaustive or to address non-routine matters that may be raised in Proxy ballots or other voting opportunities. To the extent relevant and appropriate, AUIM may consider these Guidelines when voting Client debt Securities.

**<u>5: INTERNAL CONTROLS</u>** 

<u>5.1: Proxy Voting Exception</u>

AUIM will use its best efforts to vote all Client Proxies. There may be instances (e.g., when Client Securities have been loaned) that at the time the vote is due circumstances exist that impact or prevent AUIM's ability to vote Client Proxies.

Notwithstanding the foregoing, in some situations, AUIM may determine that it is in the Client's best interest to abstain from voting Proxies. Accordingly, AUIM will generally abstain where (i) it believes the cost of voting Proxies outweighs the benefits of doing so, and (ii) for ERISA Clients, it believes voting a Proxy would not be (a) in accordance with the economic interest of the Client, after consideration of all material facts and associated costs, or (b) required under ERISA pursuant to Section 5.3 herein. For example, AUIM will generally abstain from voting Proxies on international Securities where personal appearance is required, or where it does not have sufficient information to vote the Proxy, and the cost or administrative burden of obtaining such information is not commensurate with the reasonably foreseeable impact of the matter being voted upon in the Proxy.

<u>5.2: Use of an Independent Third Party</u> 

Because of the expertise of its staff with the issues upon which it votes Client debt Securities, AUIM will not generally seek the services of a qualified independent third party ("Independent Third Party") to provide guidance on such matters.

AUIM will generally research and cast Proxy Votes based on its own Policy and Guidelines. In instances deemed appropriate by the CIO, particularly when AUIM has a material Conflict of Interest, or when AUIM lacks sufficient knowledge or resources, it may engage an Independent Third Party to, among other things, provide Proxy research and/or to make recommendations. When AUIM considers the research or recommendations provided by an Independent Third Party, it retains all Proxy Voting responsibilities. For ERISA Clients, any Independent Third Party will only be engaged for assistance with Proxy Voting responsibilities to the extent AUIM has determined that such firm's Proxy Voting guidelines are consistent with AUIM's fiduciary duty obligations under ERISA.

<u>5.3: ERISA Accounts</u> 

Where Client accounts are governed by ERISA, AUIM shall decide whether and how to exercise voting rights pursuant to its fiduciary duties under ERISA (which includes, for example, an assessment as to whether the ERISA Plan documents (e.g., Plan, Trust, etc.) explicitly provide that AUIM is or is not authorized to vote Proxies.

When deciding whether and how to exercise Proxy Voting authority, and when exercising Proxy Voting authority, AUIM must:

• Act solely in accordance with the economic interest of Client;

• Consider any costs involved;

• Not subordinate the interests of the Client to any non-pecuniary objective, or promote non-pecuniary benefits or goals unrelated to those financial interests of the Client;

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

• Evaluate material facts that form the basis for any particular Proxy Voting authority or other exercise of shareholder rights;

• Maintain records on Proxy Voting activities and other exercises of shareholder rights; and

• Exercise prudence and diligence in the selection and monitoring of persons, if any, selected to advise or otherwise assist with exercises of shareholder rights, such as providing research and analysis, recommendations regarding Proxy votes, administrative services with voting proxies, and recordkeeping and reporting services.

To the extent of a conflict between the requirements set forth above and the Aegon AM Active Ownership Policy, the requirements above shall control.

<u>5.4: Securities Voting Committee</u>

The Securities Voting Committee ("Committee") consists of representatives from Investment Management, Credit Research, Compliance and Legal. The Committee meets at least annually, and has the following responsibilities:

• Review potential Material Conflicts and decide whether a material conflict is present, and needs to be addressed according to these policies and procedures.

• Review the Guidelines and make revisions as appropriate.

• Review these Policies and Procedures annually for accuracy and effectiveness, and recommend and adopt any necessary changes.

• Review all Guideline overrides.

• Review voting metrics.

<u>5.5: Operational Consideration</u>

AUIM shall take reasonable efforts to ensure that all accounts where it has Proxy Voting responsibility are properly established and maintained in order for it to carry out these responsibilities. Furthermore, AUIM shall maintain Procedures reasonably designed to ensure that all applicable Proxies are received, considered, and votes cast in accordance with this Policy and/or related Guidelines.

**<u>6: CONFLICTS OF INTEREST</u>**

In fulfilling its Proxy voting responsibilities, AUIM may face conflicts of interest. Conflicts include any position or interest, financial or otherwise, which causes a division in or impairs AUIM's independence or judgment concerning how to vote Proxies in the clients' best interests. A material conflict of interest may arise between the self-interest of the firm, an Employee, the Committee, and AUIM's clients.

The Asset Specialist, with assistance from the CCO and others as mandated, will consider whether AUIM is subject to any conflicts of interest in connection with a Proxy Vote. Employees must notify the CCO and the Committee if they are aware of any conflict of interest associated with a Proxy Vote. It is not possible to anticipate all conflicts of interest that could arise in connection with Proxy Voting. The following examples are meant to help Employees identify potential conflicts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. AUIM or an affiliate has a financial interest in the outcome of a proxy vote, such as when AUIM is asked to vote on a change in Rule 12b-1 fees paid by a mutual fund to it or its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. An issuer or some other third-party offers AUIM or an Employee compensation in exchange for voting a proxy in a particular way; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. An Employee, or a member of an Employee's household, has a personal or business relationship with an issuer and AUIM receives a proxy solicitation from that issuer.

AUIM recognizes the potential for conflicts that may arise between its own interests and those of its clients. To address these concerns, AUIM, as advised by the Committee, will generally take one of the following steps to avoid any impropriety or the appearance of impropriety in any situation involving a conflict of interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Obtain a review from AUIM's General Counsel regarding determination of a conflict;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Obtain the guidance from the client(s) whose account(s) is/are involved in the conflict;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Vote Proxies in accordance with the recommendation of an Independent Third Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Vote in strict accordance with its Guidelines

**<u>7: Proxy Voting Reports</u>** 

AUIM shall provide, upon Client request and at no cost:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. A description of its Proxy Voting Policy and Guidelines (either as part of Part 2B of AUIM's Form ADV or as a standalone document);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A copy of this Policy; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Information regarding how AUIM voted Proxies on behalf of the Client.

AUIM shall not provide to any Client, information about AUIM's Proxy Voting activities for any other Client.

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**<u>8: Proxy Voting Monitoring and Oversight</u>** 

Compliance may conduct periodic testing and/or surveillance of AUIM's Proxy Voting activities. Issues relating to such activities, at the Compliance team's discretion, may be escalated to the CIO, CCO, or the appropriate governance Committee.

**<u>9: GOVERNANCE</u>**

Any relevant issues that raise concerns against the scope of this or relevant local policies and any one of the monitoring criteria required by this policy will be reported to the relevant Compliance Officer and/or CRO and will require escalation to the appropriate risk committee(s). Any material concerns or high risk items should be escalated to the AAM GRCC.

**<u>10: Books and Records</u>** 

In accordance with Rule 204-2(c)(2), AUIM must retain:

a. Its Proxy Voting Policy and Guidelines;

b. Proxy statements received;

c. Records of Proxy votes;

d. Records of Client requests on how Client Proxies were voted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. All documents prepared by AUIM that were material to making a decision on how to vote (including decisions not to vote or to "abstain" from voting), or that memorialize the basis for Proxy Voting decisions (e.g., Committee meeting minutes).

All documents must be kept for no less than six years from the date of creation.

It is required by Rule 204-2 of the Investment Advisers Act that a copy of each proxy cast by AUIM on behalf of a Client be maintained along with all proxy statements received, whether voted or not.

Satisfying the recordkeeping requirements set forth above will satisfy the recordkeeping requirements associated with an ERSIA Client pursuant to ERISA regulation 404a-1(e)(2)(E) which requires AUIM to maintain records on Proxy Voting activities and other exercises of shareholder rights

**<u>11: Escalation; Prompt Corrective Action</u>**

Every Employee has an obligation to report any violations of AUIM's Compliance Policies, as outlined in the Escalation Policy. Employees should be aware of their responsibility to quickly identify and mitigate and/or escalate any potential Conflicts of Interest.

In addition, all Employees are subject to the AAM Operational Risk Policy, which sets out principles for recording, approving, reporting, and escalating errors and other risk events. Employees shall report any violation of this Policy to their Department Head and the CCO in addition to any additional reporting requirements outlined in other applicable policies.

**Appendix** 

**<u>A: Equity Securities Voting Policy Guidelines</u>**

The following is a concise summary of AUIM's Securities Voting Policy Guidelines.

**1. Auditors** 

**Vote FOR proposals to ratify auditors, unless any of the following apply:** 

• An auditor has a financial interest in or association with the company, and is therefore not independent,

• Fees for non-audit services are non-standard, or

• There is reason to believe that the independent auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position.

**2. Board of Directors** 

**Voting on Director Nominees in Uncontested Elections** 

• Votes on director nominees should be made on a CASE-BY-CASE basis, examining the following factors: independence of the board and key board committees, attendance at board meetings, corporate governance provisions and takeover activity, long-term company performance, responsiveness to shareholder proposals, any egregious board actions, and any non-standard non-audit fees or other potential auditor conflicts.

**Classification/Declassification of the Board** 

• Vote AGAINST proposals to classify the board.

• Vote FOR proposals to repeal classified boards and to elect all directors annually.

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**Independent Chairman (Separate Chairman/CEO)** 

• Vote on a CASE-BY-CASE basis shareholder proposals requiring that the positions of chairman and CEO be held separately. Because some companies have governance structures in place that counterbalance a combined position, certain factors should be taken into account in determining whether the proposal warrants support. These factors include the presence of a lead director, board and committee independence, governance guidelines, company performance, and annual review by outside directors of CEO pay.

**Majority of Independent Directors/Establishment of Committees** 

• Vote FOR shareholder proposals asking that a majority or more of directors be independent unless the board composition already meets the proposed threshold by AUIM's definition of independence.

• Vote FOR shareholder proposals asking that board audit, compensation, and/or nominating committees be composed exclusively of independent directors if they currently do not meet that standard.

**3. Shareholder Rights** 

**Shareholder Ability to Act by Written Consent** 

• Vote AGAINST proposals to restrict or prohibit shareholder ability to take action by written consent.

• Vote FOR proposals to allow or make easier shareholder action by written consent.

**Shareholder Ability to Call Special Meetings** 

• Vote AGAINST proposals to restrict or prohibit shareholder ability to call special meetings.

• Vote FOR proposals that remove restrictions on the right of shareholders to act independently of management.

**Supermajority Vote Requirements** 

• Vote AGAINST proposals to require a supermajority shareholder vote.

• Vote FOR proposals to lower supermajority vote requirements.

**Cumulative Voting** 

• Vote AGAINST proposals to eliminate cumulative voting.

• Vote proposals to restore or permit cumulative voting on a CASE-BY-CASE basis relative to the company's other governance provisions.

**Confidential Voting** 

• Vote FOR shareholder proposals requesting that corporations adopt confidential voting, use independent vote tabulators and use independent inspectors of election, as long as the proposal includes a provision for proxy contests as follows: In the case of a contested election, management should be permitted to request that the dissident group honor its confidential Voting Policy. If the dissidents agree, the Policy remains in place. If the dissidents will not agree, the confidential Voting Policy is waived.

• Vote FOR management proposals to adopt confidential voting.

**4. Proxy Contests** 

• Voting for Director Nominees in Contested Elections

• Votes in a contested election of directors must be evaluated on a CASE-BY-CASE basis, considering the factors that include the long-term financial performance, management's track record, qualifications of director nominees (both slates), and an evaluation of what each side is offering shareholders.

**5. Poison Pills** 

• Vote FOR shareholder proposals that ask a company to submit its poison pill for shareholder ratification. Review on a CASE-BY-CASE basis shareholder proposals to redeem a company's poison pill and management proposals to ratify a poison pill.

**6. Mergers and Corporate Restructurings** 

• Vote CASE-BY-CASE on mergers and corporate restructurings based on such features as the fairness opinion, pricing, strategic rationale, and the negotiating process.

**7. Reincorporation Proposals** 

• Proposals to change a company's state of incorporation should be evaluated on a CASE-BY-CASE basis, giving consideration to both financial and corporate governance concerns, including the reasons for reincorporating, a comparison of the governance provisions, and a comparison of the jurisdictional laws. Vote FOR reincorporation when the economic factors outweigh any neutral or negative governance changes.

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

**8. Capital Structure** 

**Common Stock Authorization** 

• Votes on proposals to increase the number of shares of common stock authorized for issuance are determined on a CASE-BY-CASE basis.

• Vote on proposals at companies with dual-class capital structures to increase the number of authorized shares of the class of stock that has superior voting rights on a CASE-BY-CASE basis.

• Vote on proposals to approve increases beyond the allowable increase when a company's shares are in danger of being delisted or if a company's ability to continue to operate as a going concern is uncertain on a CASE-BY-CASE basis.

**Dual-class Stock** 

• Vote on proposals to create a new class of common stock with superior voting rights on a CASE-BY-CASE basis.

• Vote on proposals to create a new class of nonvoting or sub-voting common stock on a CASE-BY-CASE basis, reviewing in particular if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is intended for financing purposes with minimal or no dilution to current shareholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is not designed to preserve the voting power of an insider or significant shareholder

**9. Executive and Director Compensation** 

• Votes with respect to compensation plans should be determined on a CASE-BY-CASE basis. AUIM reviews Executive and Director compensation plans (including broad-based option plans) in the context of the transfer of shareholder wealth. This review encompasses not only a comparison of a plan relative to peer companies, but also on an absolute basis, considering the cost of the plan vs. the operating income and overall profitability of the firm in question.

• Vote AGAINST equity plans that explicitly permit repricing or where the company has a history of repricing without shareholder approval.

**Management Proposals Seeking Approval to Reprice Options** 

• Vote AGAINST proposals by management seeking approval to reprice options.

**Employee Stock Purchase Plans** 

• Votes on employee stock purchase plans should be determined on a CASE-BY-CASE basis.

• Vote FOR employee stock purchase plans where all of the following apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchase price is at least 85 percent of fair market value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Offering period is 27 months or less, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Potential voting power dilution (VPD) is ten percent or less.

• Vote AGAINST employee stock purchase plans where any of the opposite conditions apply.

**Shareholder Proposals on Compensation** 

• Vote on a CASE-BY-CASE basis for all other shareholder proposals regarding executive and director pay, taking into account company performance, pay level versus peers, pay level versus industry, and long term corporate outlook.

**10. Social and Environmental Issues** 

• These issues cover a wide range of topics, including consumer and public safety, environment and energy, general corporate issues, labor standards and human rights, military business, and workplace diversity.

• In general, vote CASE-BY-CASE. While a wide variety of factors goes into each analysis, the overall principal guiding all vote recommendations focuses on how the proposal will enhance the economic value of the company.

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**BlackRock Fund Advisors, BlackRock Financial Management, Inc., BlackRock Investment Management, LLC, BlackRock International Limited and BlackRock (Singapore) Limited**

**BlackRock Investment Stewardship**

**Proxy voting guidelines for U.S. securities**

**January 2023**

These guidelines should be read in conjunction with the BlackRock Investment Stewardship Global Principles.

**Introduction**

As stewards of our clients' investments, BlackRock believes it has a responsibility to engage with management teams and/or board members on material business issues and, for those clients who have given us authority, to vote proxies in the best long-term economic interests of their assets.

The following issue-specific proxy voting guidelines (the "Guidelines") summarize BlackRock Investment Stewardship's ("BIS") philosophy and approach to engagement and voting, as well as our view of governance best practices and the roles and responsibilities of boards and directors for publicly listed U.S. companies. These Guidelines are not intended to limit the analysis of individual issues at specific companies or provide a guide to how BIS will engage and/or vote in every instance. They are to be applied with discretion, taking into consideration the range of issues and facts specific to the company, as well as individual ballot items at shareholder meetings.

**Voting guidelines**

These guidelines are divided into eight key themes, which group together the issues that frequently appear on the agenda of shareholder meetings:

• Boards and directors

• Auditors and audit-related issues

• Capital structure

• Mergers, acquisitions, asset sales, and other special transactions

• Executive compensation

• Material sustainability-related risks and opportunities

• General corporate governance matters

• Shareholder protections

**Boards and directors**

An effective and well-functioning board is critical to the economic success of the company and the protection of shareholders' interests, inducting the establishment of appropriate governance structures that facilitate oversight of management and the company's strategic initiatives. As part of their responsibilities, board members owe fiduciary duties to shareholders in overseeing the strategic direction, operations, and risk management of the company. For this reason, BIS sees engagement with and the election of directors as one of our most critical responsibilities.

Disclosure of material issues that affect the company's long-term strategy and value creation, including, when relevant, material sustainability-related factors, is essential for shareholders to appropriately understand and assess how effectively the board is identifying, managing, and mitigating risks.

Where a company has not adequately demonstrated, through actions and/or disclosures, how material issues are appropriately identified, managed, and overseen, we will consider voting against the re-election of those directors responsible for the oversight of such issues, as indicated below.

**Independence**

It is our view that a majority of the directors on the board should be independent to ensure objectivity in the decision-making of the board and its ability to oversee management. In addition, all members of audit, compensation, and nominating/governance committees should be independent. Our view of independence may vary from listing standards.

Common impediments to independence may include:

• Employment as a senior executive by the company or a subsidiary within the past five years

• An equity ownership in the company in excess of 20%

• Having any other interest, business, or relationship (professional or personal) which could, or could reasonably be perceived to,

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materially interfere with the director's ability to act in the best interests of the company and its shareholders

We may vote against directors who we do not consider to be independent, including at controlled companies, when we believe oversight could be enhanced with greater independent director representation. To signal our concerns, we may also vote against the chair of the nominating/governance committee, or where no chair exists, the nominating/governance committee member with the longest tenure.

**Oversight role of the board**

We expect the board to exercise appropriate oversight of management and the business activities of the company. Where we The board should exercise appropriate oversight of management and the business activities of the company. Where we determine that a board has failed to do so in a way that may impede a company's long-term value, we may vote against the responsible committees and/or individual directors.

Common circumstances are illustrated below:

• Where the board has failed to facilitate quality, independent auditing or accounting practices, we may vote against members of the audit committee

• Where the company has failed to provide shareholders with adequate disclosure to conclude that appropriate strategic consideration is given to material risk factors (including, where relevant, sustainability factors), we may vote against members of the responsible committee, or the most relevant director

• Where it appears that a director has acted (at the company or at other companies) in a manner that compromises their ability to represent the best long-term economic interests of shareholders, we may vote against that individual

• Where a director has a multi-year pattern of poor attendance at combined board and applicable committee meetings, or a director has poor attendance in a single year with no disclosed rationale, we may vote against that individual. Excluding exigent circumstances, BIS generally considers attendance at less than 75% of the combined board and applicable committee meetings to be poor attendance

• Where a director serves on an excessive number of boards, which may limit their capacity to focus on each board's needs, we may vote against that individual. The following identifies the maximum number of boards on which a director may serve, before BIS considers them to be over-committed:

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| | | | |
|:---|:---|:---|:---|
|  | **Public Company** <br> **Executive**<sup>1</sup> <br>| **# Outside Public** <br> **Boards**<sup>2</sup> <br>| **Total # of Public** <br> **Boards**<br>|
| Director A | ✓ | 1 | 2 |
| Director B |  | 3 | 4 |

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In addition, we recognize that board leadership roles may vary in responsibility and time requirements in different markets around the world. In particular, where a director maintains a Chair role of a publicly listed company in European markets, we may consider that responsibility as equal to two board commitments, consistent with our EMEA Proxy Voting Guidelines. We will take the total number of board commitments across our global policies into account for director elections.

**Risk oversight**

Companies should have an established process for identifying, monitoring, and managing business and material risks. Independent directors should have access to relevant management information and outside advice, as appropriate, to ensure they can properly oversee risk. We encourage companies to provide transparency around risk management, mitigation, and reporting to the board. We are particularly interested in understanding how risk oversight processes evolve in response to changes in corporate strategy and/or shifts in the business and related risk environment. Comprehensive disclosures provide investors with a sense of the company's long-term risk management practices and, more broadly, the quality of the board's oversight. In the absence of robust disclosures, we may reasonably conclude that companies are not adequately managing risk.

**Board Structure**

**Classified board of directors/staggered terms**

Directors should be re-elected annually; classification of the board generally limits shareholders' rights to regularly evaluate a board's performance and select directors. While we will typically support proposals requesting board de-classification, we may make exceptions, should the board articulate an appropriate strategic rationale for a classified board structure. This may include when a company needs consistency and stability during a time of transition, e.g., newly public companies or companies undergoing a strategic restructuring. A classified board structure may also be justified at non-operating companies, e.g., closed-end funds or business development companies ("BDC"),<sup>3</sup> in certain circumstances. However, in these instances, boards should periodically review the rationale for a classified structure and consider when annual elections might be more appropriate.

Without a voting mechanism to immediately address concerns about a specific director, we may choose to vote against the directors up for election at the time (see "Shareholder rights" for additional detail).

<sup>1</sup> A public company executive is defined as a Named Executive Officer (NEO) or Executive Chair.

<sup>2</sup> In addition to the company under review.

<sup>3</sup> A BDC is a special investment vehicle under the Investment Company Act of 1940 that is designed to facilitate capital formation for small and middle-market companies.

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**Independent leadership**

There are two commonly accepted structures for independent leadership to balance the CEO role in the boardroom: 1) an independent Chair; or 2) a Lead Independent director when the roles of Chair and CEO are combined, or when the Chair is otherwise not independent.

In the absence of a significant governance concern, we defer to boards to designate the most appropriate leadership structure to ensure adequate balance and independence.<sup>4</sup> However, BIS may vote against the most senior non-executive member of the board when appropriate independence is lacking in designated leadership roles.

In the event that the board chooses to have a combined Chair/CEO or a non-independent Chair, we support the designation of a Lead Independent director, with the ability to: 1) provide formal input into board meeting agendas; 2) call meetings of the independent directors; and 3) preside at meetings of independent directors. These roles and responsibilities should be disclosed and easily accessible.

The following table illustrates examples<sup>5</sup> of responsibilities under each board leadership model:

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| | | | |
|:---|:---|:---|:---|
|  | **Combined Chair/ CEO or CEO + Non-independent Chair** | **Combined Chair/ CEO or CEO + Non-independent Chair** | **Separate Independent Chair**  |
|  | &nbsp;&nbsp; **Chair/ CEO or Non-independent** <br> **Chair**<br>| **Lead Independent Director**  | **Independent Chair** |
| Board Meetings |  |  |  |
| Board Meetings | &nbsp;&nbsp; Authority to call full meetings of the <br> board of directors <br>| &nbsp;&nbsp; Attends full meetings of the board of <br> directors <br>| &nbsp;&nbsp; Authority to call full meetings of the <br> board of directors<br>|
| Board Meetings |  | &nbsp;&nbsp; Authority to call meetings of <br> independent directors<br>|  |
| Board Meetings |  | &nbsp;&nbsp; Briefs CEO on issues arising from <br> executive sessions<br>|  |
| Agenda |  |  |  |
| Agenda | &nbsp;&nbsp; Primary responsibility for shaping <br> board agendas, consulting with the lead <br> director <br>| &nbsp;&nbsp; Collaborates with chair/CEO to set <br> board agenda and board information<br>| &nbsp;&nbsp; Primary responsibility for shaping <br> board agendas, in conjunction with <br> CEO<br>|
| Board Communications |  |  |  |
| Board Communications | &nbsp;&nbsp; Communicates with all directors on key <br> issues and concerns outside board <br> meetings<br>| &nbsp;&nbsp; Facilitates discussion among <br> independent directors on key issues and <br> concerns outside of full board meetings, <br> including contributing to the oversight <br> of CEO and management succession <br> planning<br>| &nbsp;&nbsp; Facilitates discussion among <br> independent directors on key issues and <br> concerns outside of full board meetings, <br> including contributing to the oversight <br> of CEO and management succession <br> planning<br>|

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

<sup>4</sup> To this end, we do not view shareholder proposals asking for the separation of Chair and CEO to be a proxy for other concerns we may have at the company for which a vote against directors would be more appropriate. Rather, support for such a proposal might arise in the case of overarching and sustained governance concerns such as lack of independence or failure to oversee a material risk over consecutive years.

<sup>5</sup> This table is for illustrative purposes only. The roles and responsibilities cited here are not all-encompassing and are noted for reference as to how these leadership positions may be defined.

**CEO and management succession planning**

Companies should have a robust CEO and senior management succession plan in place at the board level that is reviewed and updated on a regular basis. Succession planning should cover scenarios over both the long-term, consistent with the strategic direction of the company and identified leadership needs over time, as well as the short-term, in the event of an unanticipated executive departure. We encourage the company to explain their executive succession planning process, including where accountability lies within the boardroom for this task, without prematurely divulging sensitive information commonly associated with this exercise.

During a CEO transition, companies may elect for the departing CEO to maintain a role in the boardroom. We ask for disclosures to understand the timeframe and responsibilities of this role. In such instances, we typically look for the board to have appropriate independent leadership structures in place. (See chart above.)

**Director compensation and equity programs**

Compensation for directors should generally be structured to attract and retain directors, while also aligning their interests with those of shareholders. In our view, director compensation packages that are based on the company's long-term value creation and include some form of long-term equity compensation are more likely to meet this goal.

**Board composition and effectiveness**

**Director qualifications and skills**

We encourage boards to periodically review director qualifications and skills to ensure relevant experience and diverse perspectives are represented in the boardroom. To this end, performance reviews and skills assessments should be conducted by the nominating/governance committee or the Lead Independent Director. This process may include internal board evaluations; however, boards may also find it useful to

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periodically conduct an assessment with a third party. We encourage boards to disclose their approach to evaluations, including objectives of the evaluation; if an external party conducts the evaluation; the frequency of the evaluations; and, whether that evaluation occurs on an individual director basis.

**Board term limits and director tenure**

Where boards find that age limits or term limits are the most efficient and objective mechanism for ensuring periodic board refreshment, we generally defer to the board's determination in setting such limits. BIS will also consider the average board tenure to evaluate processes for board renewal. We may oppose boards that appear to have an insufficient mix of short-, medium-, and long-tenured directors.

**Board diversity**

As noted above, highly qualified, engaged directors with professional characteristics relevant to a company's business enhance the ability of the board to add value and be the voice of shareholders in board discussions. In our view, a strong board provides a competitive advantage to a company, providing valuable oversight and contributing to the most important management decisions that support long-term financial performance.

It is in this context that we are interested in diversity in the boardroom. We see it as a means to promoting diversity of thought and avoiding 'group think' in the board's exercise of its responsibilities to advise and oversee management. It allows boards to have deeper discussions and make more resilient decisions. We ask boards to disclose how diversity is considered in board composition, including professional characteristics, such as a director's industry experience, specialist areas of expertise and geographic location; as well as demographic characteristics such as gender, race/ethnicity, and age.

We look to understand a board's diversity in the context of a company's domicile, market capitalization, business model, and strategy. Increasingly, we see leading boards adding members whose experience deepens the board's understanding of the company's customers, employees, and communities. Self-identified board demographic diversity can usefully be disclosed in aggregate, consistent with local law. We believe boards should aspire to meaningful diversity of membership, at least consistent with local regulatory requirements and best practices, while recognizing that building a strong, diverse board can take time.

This position is based on our view that diversity of perspective and thought—in the boardroom, in the management team and throughout the company—leads to better long-term economic outcomes for companies. Academic and other research reveals correlations between specific dimensions of diversity and effects on decision-making processes and outcomes.<sup>6</sup> In our experience, greater diversity in the boardroom contributes to more robust discussions and more innovative and resilient decisions. Over time, greater diversity in the boardroom can also promote greater diversity and resilience in the leadership team, and the workforce more broadly. That diversity can enable companies to develop businesses that more closely reflect and resonate with the customers and communities they serve.

In the U.S., we believe that boards should aspire to at least 30% diversity of membership,<sup>7</sup> and we encourage large companies, such as those in the S&P 500, to lead in achieving this standard. In our view, an informative indicator of diversity for such companies is having at least two women and a director who identifies as a member of an underrepresented group.<sup>8</sup> We recognize that it may take time and that companies with smaller market capitalizations and in certain sectors may face more challenges in pursuing diversity. Among these smaller companies, we look for the presence of diversity and take into consideration the progress that companies are making.

<sup>6</sup> For a discussion on the different impacts of diversity see: <u>McKinsey</u>, "Diversity Wins: How Inclusion Matters", May 2022; <u>Harvard Business Review</u>, Diverse Teams Feel Less Comfortable – and That's Why They Perform Better, September 2016; "<u>Do Diverse Directors Influence DEI Outcomes</u>", September 2022.

<sup>7</sup> We take a case-by-case approach and consider the size of the board in our evaluation of overall composition and diversity. Business model, strategy, location, and company size may also impact our analysis of board diversity. We acknowledge that these factors may also play into the various elements of diversity that a board may attract. We look for disclosures from companies to help us understand their approach and do not prescribe any particular board composition.

<sup>8</sup> Including, but not limited to, individuals who identify as Black or African American, Hispanic or Latinx, Asian, Native American or Alaska Native, or Native Hawaiian or Pacific Islander; individuals who identify as LGBTQ+; individuals who identify as underrepresented based on national, Indigenous, religious, or cultural identity; individuals with disabilities; and veterans.

In order to help investors understand overall diversity, we look to boards to disclose:

• How diversity, including demographic factors and professional characteristics, is considered in board composition, given the company's long-term strategy and business model

• How directors' professional characteristics, which may include domain expertise such as finance or technology, and sector- or market-specific experience, are complementary and link to the company's long-term strategy

• The process by which candidates for board positions are identified, including whether professional firms or other resources outside of incumbent directors' networks are engaged to identify and/or assess candidates, and whether a diverse slate of nominees is considered for all available board nominations

To the extent that, based on our assessment of corporate disclosures, a company has not adequately explained their approach to diversity in their board composition, we may vote against members of the nominating/governance committee. Our publicly available commentary provides more information on our approach to board diversity.

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**Board size**

We typically defer to the board in setting the appropriate size and believe that directors are generally in the best position to assess the optimal board size to ensure effectiveness. However, we may vote against the appropriate committees and/or individual directors if, in our view, the board is ineffective in its oversight, either because it is too small to allow for the necessary range of skills and experience or too large to function efficiently.

**Board responsiveness and shareholder rights**

**Shareholder rights** 

Where we determine that a board has not acted in the best interests of the company's shareholders, or takes action to unreasonably limit shareholder rights, we may vote against the appropriate committees and/or individual directors. Common circumstances are illustrated below:

• The Independent Chair or Lead Independent Director and members of the nominating/governance committee, where a board implements or renews a poison pill without shareholder approval

• The Independent Chair or Lead Independent Director and members of the nominating/governance committee, where a board amends the charter/articles/bylaws and where the effect may be to entrench directors or to unreasonably reduce shareholder rights

• Members of the compensation committee where the company has repriced options without shareholder approval

If a board maintains a classified structure, it is possible that the director(s) or committee members with whom we have a particular concern may not be subject to election in the year that the concern arises. In such situations, we may register our concern by voting against the most relevant director(s) up for election.

**Responsive to Shareholders** 

A board should be engaged and responsive to the company's shareholders, including acknowledging voting outcomes for director elections, compensation, shareholder proposals, and other ballot items. Where we determine that a board has not substantially addressed shareholder concerns that we deem material to the business, we may vote against the responsible committees and/or individual directors. Common circumstances are illustrated below:

• The Independent Chair or Lead Independent Director, members of the nominating/governance committee, and/or the longest tenured director(s), where we observe a lack of board responsiveness to shareholders, evidence of board entrenchment, and/or failure to plan for adequate board member succession

• The chair of the nominating/governance committee, or where no chair exists, the nominating/governance committee member with the longest tenure, where board member(s) at the most recent election of directors have received against votes from more than 25% of shares voted, and the board has not taken appropriate action to respond to shareholder concerns. This may not apply in cases where BIS did not support the initial vote against such board member(s)

• The Independent Chair or Lead Independent Director and/or members of the nominating/governance committee, where a board fails to consider shareholder proposals that (1) receive substantial support, and (2) in our view, have a material impact on the business, shareholder rights, or the potential for long-term value creation

**Majority vote requirements**

Directors should generally be elected by a majority of the shares voted. We will normally support proposals seeking to introduce bylaws requiring a majority vote standard for director elections. Majority vote standards generally assist in ensuring that directors who are not broadly supported by shareholders are not elected to serve as their representatives. As a best practice, companies with either a majority vote standard or a plurality vote standard should adopt a resignation policy for directors who do not receive support from at least a majority of votes cast. Where the company already has a sufficiently robust majority voting process in place, we may not support a shareholder proposal seeking an alternative mechanism.

We note that majority voting may not be appropriate in all circumstances, for example, in the context of a contested election, or for majority-controlled companies or those with concentrated ownership structures.

**Cumulative voting**

As stated above, a majority vote standard is generally in the best long-term interests of shareholders, as it ensures director accountability through the requirement to be elected by more than half of the votes cast. As such, we will generally oppose proposals requesting the adoption of cumulative voting, which may disproportionately aggregate votes on certain issues or director candidates.

**Auditors and audit-related issues**

BIS recognizes the critical importance of financial statements to provide a complete and accurate portrayal of a company's financial condition. Consistent with our approach to voting on directors, we seek to hold the audit committee of the board responsible for overseeing the management of the independent auditor and the internal audit function at a company.

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We may vote against the audit committee members where the board has failed to facilitate quality, independent auditing. We look to public disclosures for insight into the scope of the audit committee responsibilities, including an overview of audit committee processes, issues on the audit committee agenda, and key decisions taken by the audit committee. We take particular note of cases involving significant financial restatements or material weakness disclosures, and we look for timely disclosure and remediation of accounting irregularities.

The integrity of financial statements depends on the auditor effectively fulfilling its role. To that end, we favor an independent auditor. In addition, to the extent that an auditor fails to reasonably identify and address issues that eventually lead to a significant financial restatement, or the audit firm has violated standards of practice, we may also vote against ratification.

From time to time, shareholder proposals may be presented to promote auditor independence or the rotation of audit firms. We may support these proposals when they are consistent with our views as described above.

**Capital structure proposals**

**Equal voting rights**

In our view, shareholders should be entitled to voting rights in proportion to their economic interests. In addition, companies that have implemented dual or multiple class share structures should review these structures on a regular basis, or as company circumstances change. Companies with multiple share classes should receive shareholder approval of their capital structure on a periodic basis via a management proposal on the company's proxy. The proposal should give unaffiliated shareholders the opportunity to affirm the current structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while minimizing costs to shareholders. Where companies are unwilling to voluntarily implement "one share, one vote" within a specified timeframe, or are unresponsive to shareholder feedback for change over time, we generally support shareholder proposals to recapitalize stock into a single voting class.

**Blank check preferred stock**

We frequently oppose proposals requesting authorization of a class of preferred stock with unspecified voting, conversion, dividend distribution, and other rights ("blank check" preferred stock) because they may serve as a transfer of authority from shareholders to the board and as a possible entrenchment device. We generally view the board's discretion to establish voting rights on a when-issued basis as a potential anti-takeover device, as it affords the board the ability to place a block of stock with an investor sympathetic to management, thereby foiling a takeover bid without a shareholder vote.

Nonetheless, we may support the proposal where the company:

• Appears to have a legitimate financing motive for requesting blank check authority

• Has committed publicly that blank check preferred shares will not be used for anti-takeover purposes

• Has a history of using blank check preferred stock for financings

• Has blank check preferred stock previously outstanding such that an increase would not necessarily provide further anti-takeover protection but may provide greater financing flexibility

**Increase in authorized common shares**

BIS will evaluate requests to increase authorized shares on a case-by-case basis, in conjunction with industry-specific norms and potential dilution, as well as a company's history with respect to the use of its common shares.

**Increase or issuance of preferred stock**

We generally support proposals to increase or issue preferred stock in cases where the company specifies the voting, dividend, conversion, and other rights of such stock and where the terms of the preferred stock appear reasonable.

**Stock splits** 

We generally support stock splits that are not likely to negatively affect the ability to trade shares or the economic value of a share. We generally support reverse stock splits that are designed to avoid delisting or to facilitate trading in the stock, where the reverse split will not have a negative impact on share value (e.g., one class is reduced while others remain at pre-split levels). In the event of a proposal for a reverse split that would not proportionately reduce the company's authorized stock, we apply the same analysis we would use for a proposal to increase authorized stock.

**Mergers, acquisitions, transactions, and other special situations**

**Mergers, acquisitions, and transactions** 

In assessing mergers, acquisitions, or other transactions – including business combinations involving Special Purpose Acquisition Companies ("SPACs") – BIS' primary consideration is the long-term economic interests of our clients as shareholders. Boards should clearly explain the

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economic and strategic rationale for any proposed transactions or material changes to the business. We will review a proposed transaction to determine the degree to which it has the potential to enhance long-term shareholder value. While mergers, acquisitions, asset sales, business combinations, and other special transaction proposals vary widely in scope and substance, we closely examine certain salient features in our analyses, such as:

• The degree to which the proposed transaction represents a premium to the company's trading price. We consider the share price over multiple time periods prior to the date of the merger announcement. We may consider comparable transaction analyses provided by the parties' financial advisors and our own valuation assessments. For companies facing insolvency or bankruptcy, a premium may not apply

• There should be clear strategic, operational, and/or financial rationale for the combination

• Unanimous board approval and arm's-length negotiations are preferred. We will consider whether the transaction involves a dissenting board or does not appear to be the result of an arm's-length bidding process. We may also consider whether executive and/or board members' financial interests appear likely to affect their ability to place shareholders' interests before their own, as well as measures taken to address conflicts of interest

• We prefer transaction proposals that include the fairness opinion of a reputable financial advisor assessing the value of the transaction to shareholders in comparison to recent similar transactions

**Contested director elections and special situations**

Contested elections and other special situations<sup>9</sup> are assessed on a case-by-case basis. We evaluate a number of factors, which may include: the qualifications and past performance of the dissident and management candidates; the validity of the concerns identified by the dissident; the viability of both the dissident's and management's plans; the ownership stake and holding period of the dissident; the likelihood that the dissident's strategy will produce the desired change; and whether the dissident represents the best option for enhancing long-term shareholder value.

We will evaluate the actions that the company has taken to limit shareholders' ability to exercise the right to nominate dissident director candidates, including those actions taken absent the immediate threat of a contested situation. BIS may take voting action against directors (up to and including the full board) where those actions are viewed as egregiously infringing on shareholder rights.

We will consider a variety of possible voting outcomes in contested situations, including the ability to support a mix of management and dissident nominees.

<sup>9</sup> Special situations are broadly defined as events that are non-routine and differ from the normal course of business for a company's shareholder meeting, involving a solicitation other than by management with respect to the exercise of voting rights in a manner inconsistent with management's recommendation. These may include instances where shareholders nominate director candidates, oppose the view of management and/or the board on mergers, acquisitions, or other transactions, etc.

**Poison pill plans**

Where a poison pill is put to a shareholder vote by management, our policy is to examine these plans individually. Although we have historically opposed most plans, we may support plans that include a reasonable "qualifying offer clause." Such clauses typically require shareholder ratification of the pill and stipulate a sunset provision whereby the pill expires unless it is renewed. These clauses also tend to specify that an all-cash bid for all shares that includes a fairness opinion and evidence of financing does not trigger the pill, but forces either a special meeting at which the offer is put to a shareholder vote or requires the board to seek the written consent of shareholders, where shareholders could rescind the pill at their discretion. We may also support a pill where it is the only effective method for protecting tax or other economic benefits that may be associated with limiting the ownership changes of individual shareholders. Lastly, we look for shareholder approval of poison pill plans within one year of adoption of implementation.

**Reimbursement of expenses for successful shareholder campaigns** 

We generally do not support shareholder proposals seeking the reimbursement of proxy contest expenses, even in situations where we support the shareholder campaign. Introducing the possibility of such reimbursement may incentivize disruptive and unnecessary shareholder campaigns.

**Executive Compensation**

A company's board of directors should put in place a compensation structure that balances incentivizing, rewarding, and retaining executives appropriately across a wide range of business outcomes. This structure should be aligned with shareholder interests, particularly the generation of sustainable, long-term value.

The compensation committee should carefully consider the specific circumstances of the company and the key individuals the board is focused on incentivizing. We encourage companies to ensure that their compensation plans incorporate appropriate and rigorous performance metrics, consistent with corporate strategy and market practice. Performance-based compensation should include metrics that are relevant to the business and stated strategy and/or risk mitigation efforts. Goals, and the processes used to set these goals, should be clearly articulated and appropriately rigorous. We use third party research, in addition to our own analysis, to evaluate existing and proposed compensation structures. We hold members of the compensation committee, or equivalent board members, accountable for poor compensation practices and/or structures.

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There should be a clear link between variable pay and company performance that drives sustained value creation for our clients as shareholders. Where compensation structures provide for a front-loaded<sup>10</sup> award, we look for appropriate structures (including vesting and/or holding periods) that motivate sustained performance for shareholders over a number of years. We generally do not favor programs focused on awards that require performance levels to be met and maintained for a relatively short time period for payouts to be earned, unless there are extended vesting and/or holding requirements.

Compensation structures should generally drive outcomes that align the pay of the executives with performance of the company and the value received by shareholders. When evaluating performance, we examine both executive teams' efforts, as well as outcomes realized by shareholders. Payouts to executives should reflect both the executive's contributions to the company's ongoing success, as well as exogenous factors that impacted shareholder value. Where discretion has been used by the compensation committee, we look for disclosures relating to how and why the discretion was used and how the adjusted outcome is aligned with the interests of shareholders. While we believe special awards<sup>11</sup> should be used sparingly, we acknowledge that there may be instances when such awards are appropriate. When evaluating these awards, we consider a variety of factors, including the magnitude and structure of the award, the scope of award recipients, the alignment of the grant with shareholder value, and the company's historical use of such awards, in addition to other company-specific circumstances.

We acknowledge that the use of peer group evaluation by compensation committees can help calibrate competitive pay; however, we are concerned when the rationale for increases in total compensation is solely based on peer benchmarking.

We support incentive plans that foster the sustainable achievement of results – both financial and non-financial – consistent with the company's strategic initiatives. Compensation committees should guard against contractual arrangements that would entitle executives to material compensation for early termination of their contract. Finally, pension contributions and other deferred compensation arrangements should be reasonable in light of market practices. Our publicly available commentary provides more information on our approach to executive compensation.

Where executive compensation appears excessive relative to the performance of the company and/or compensation paid by peers, or where an equity compensation plan is not aligned with shareholders' interests, we may vote against members of the compensation committee.

<sup>10</sup> Front-loaded awards are generally those that accelerate the grant of multiple years' worth of compensation in a single year.

<sup>11</sup> **"**Special awards" refers to awards granted outside the company's typical compensation program.

**"Say on Pay" advisory resolutions** 

In cases where there is a "Say on Pay" vote, BIS will respond to the proposal as informed by our evaluation of compensation practices at that particular company and in a manner that appropriately addresses the specific question posed to shareholders. Where we conclude that a company has failed to align pay with performance, we will vote against the management compensation proposal and relevant compensation committee members.

**Frequency of "Say on Pay" advisory resolutions** 

BIS will generally support annual advisory votes on executive compensation. It is our view that shareholders should have the opportunity to express feedback on annual incentive programs and changes to long-term compensation before multiple cycles are issued. Where a company has failed to implement a "Say on Pay" advisory vote within the frequency period that received the most support from shareholders or a "Say on Pay" resolution is omitted without explanation, BIS may vote against members of the compensation committee.

**Clawback proposals**

We generally favor prompt recoupment from any senior executive whose compensation was based on faulty financial reporting or deceptive business practices. We also favor prompt recoupment from any senior executive whose behavior caused material financial harm to shareholders, material reputational risk to the company, or resulted in a criminal proceeding, even if such actions did not ultimately result in a material restatement of past results. This includes, but is not limited to, settlement agreements arising from such behavior and paid for directly by the company. We typically support shareholder proposals on these matters unless the company already has a robust clawback policy that sufficiently addresses our concerns.

**Employee stock purchase plans**

Employee stock purchase plans ("ESPP") are an important part of a company's overall human capital management strategy and can provide performance incentives to help align employees' interests with those of shareholders. The most common form of ESPP qualifies for favorable tax treatment under Section 423 of the Internal Revenue Code. We will typically support qualified ESPP proposals.

**Equity compensation plans**

BIS supports equity plans that align the economic interests of directors, managers, and other employees with those of shareholders. Boards should establish policies prohibiting the use of equity awards in a manner that could disrupt the intended alignment with shareholder interests, such as the excessive pledging or heading of stock. We may support shareholder proposals requesting the establishment of such policies.

Our evaluation of equity compensation plans is based on a company's executive pay and performance relative to peers and whether the plan plays a significant role in a pay-for-performance disconnect. We generally oppose plans that contain "evergreen" provisions, which allow for automatic annual increases of shares available for grant without requiring further shareholder approval; we note that the aggregate impacts of

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such increases are difficult to predict and may lead to significant dilution. We also generally oppose plans that allow for repricing without shareholder approval. We may oppose plans that provide for the acceleration of vesting of equity awards even in situations where an actual change of control may not occur. We encourage companies to structure their change of control provisions to require the termination of the covered employee before acceleration or special payments are triggered (commonly referred to as "double trigger" change of control provisions).

**Golden parachutes**

We generally view golden parachutes as encouragement to management to consider transactions that might be beneficial to shareholders. However, a large potential payout under a golden parachute arrangement also presents the risk of motivating a management team to support a sub-optimal sale price for a company.

When determining whether to support or oppose an advisory vote on a golden parachute plan, BIS may consider several factors, including:

• Whether we determine that the triggering event is in the best interests of shareholders

• Whether management attempted to maximize shareholder value in the triggering event

• The percentage of total premium or transaction value that will be transferred to the management team, rather than shareholders, as a result of the golden parachute payment

• Whether excessively large excise tax gross-up payments are part of the pay-out

• Whether the pay package that serves as the basis for calculating the golden parachute payment was reasonable in light of performance and peers

• Whether the golden parachute payment will have the effect of rewarding a management team that has failed to effectively manage the company

It may be difficult to anticipate the results of a plan until after it has been triggered; as a result, BIS may vote against a golden parachute proposal even if the golden parachute plan under review was approved by shareholders when it was implemented.

We may support shareholder proposals requesting that implementation of such arrangements require shareholder approval.

**Option exchanges**

There may be legitimate instances where underwater options create an overhang on a company's capital structure and a repricing or option exchange may be warranted. We will evaluate these instances on a case-by-case basis. BIS may support a request to reprice or exchange underwater options under the following circumstances:

• The company has experienced significant stock price decline as a result of macroeconomic trends, not individual company performance

• Directors and executive officers are excluded; the exchange is value neutral or value creative to shareholders; tax, accounting, and other technical considerations have been fully contemplated

• There is clear evidence that absent repricing, employee incentives, retention, and/or recruiting may be impacted

BIS may also support a request to exchange underwater options in other circumstances, if we determine that the exchange is in the best interests of shareholders.

**Supplemental executive retirement plans**

BIS may support shareholder proposals requesting to put extraordinary benefits contained in supplemental executive retirement plans ("SERP") to a shareholder vote unless the company's executive pension plans do not contain excessive benefits beyond what is offered under employee-wide plans.

**Supplemental executive retirement plans**

BIS may support shareholder proposals requesting to put extraordinary benefits contained in supplemental executive retirement plans ("SERP") to a shareholder vote unless the company's executive pension plans do not contain excessive benefits beyond what is offered under employee-wide plans.

**Material sustainability-related risks and opportunities** 

It is our view that well-run companies, where appropriate, effectively evaluate and manage material sustainability-related risks and opportunities<sup>12</sup> as a core component of their long-term value creation for shareholder and business strategy. At the board level, appropriate governance structures and responsibilities allow for effective oversight of the strategic implementation of material sustainability issues.

When assessing how to vote – including on the election of directors and relevant shareholder proposals – robust disclosures are essential for investors to understand, where appropriate, how companies are integrating material sustainability risks and opportunities across their business

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and strategic, long-term planning. Where a company has failed to appropriately provide robust disclosures and evidence of effective business practices, BIS may express concerns through our engagement and voting. As part of this consideration, we encourage companies to produce sustainability-related disclosures sufficiently in advance of their annual meeting so that the disclosures can be considered in relevant vote decisions.

We encourage disclosures aligned with the reporting framework developed by the Task Force on Climate-related Financial Disclosures (TCFD), supported by industry-specific metrics, such as those identified by the Sustainability Accounting Standards Board (SASB), now part of the International Sustainability Standards Board (ISSB) under the International Financial Reporting Standards (IFRS) Foundation.<sup>13</sup> While the TCFD framework was developed to support climate-related risk disclosures, the four pillars of the TCFD – governance, strategy, risk management, and metrics and targets – are a useful way for companies to disclose how they identify, assess, manage, and oversee a variety of sustainability-related risks and opportunities. SASB's<sup>14</sup> industry-specific metrics are beneficial in helping companies identify key performance indicators ("KPIs") across various dimensions of sustainability that are considered to be financially material. We recognize that some companies may report using different standards, which may be required by regulation, or one of a number of private standards. In such cases, we ask that companies highlight the metrics that are industry- or company-specific.

We look to companies to:

• Disclose the identification, assessment, management, and oversight of material sustainability-related risks and opportunities in accordance with the four pillars of TCFD

• Publish material, investor-relevant, industry-specific metrics and rigorous targets, aligned with SASB (ISSB) or comparable sustainability reporting standards

Companies should also disclose any material supranational standards adopted, the industry initiatives in which they participate, any peer group benchmarking undertaken, and any assurance processes to help investors understand their approach to sustainable and responsible business conduct.

<sup>12</sup> By material sustainability-related risks and opportunities, we mean the drivers of risk and value creation in a company's business model that have an environmental or social dependency or impact. Examples of environmental issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social issues include, but are not limited to, human capital management, impacts on the communities in which a company operates, customer loyalty, and relationships with regulators. It is our view that well-run companies will effectively evaluate and manage material sustainability-related risks and opportunities relevant to their businesses. Governance is the core means by which boards can oversee the creation of durable, long-term value. Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a sound governance framework.

<sup>13</sup> The <u>International Financial Reporting Standards (IFRS) Foundation</u> announced in November 2021 the formation of an <u>International Sustainability Standards Board (ISSB)</u> to develop a comprehensive global baseline of high-quality sustainability disclosure standards to meet investors' information needs. SASB standards will over time be adapted to ISSB standards but are the reference reporting tool in the meantime.

<sup>14</sup> The <u>ISSB has committed to build upon</u> the SASB standards, which identify material, sustainability-related disclosures across sectors. SASB Standards can be used to provide a baseline of investor-focused sustainability disclosure and to implement the principles-based framework recommended by the TCFD, which is also incorporated into the ISSB's Climate Exposure Draft. Similarly, SASB Standards enable robust implementation of the <u>Integrated Reporting Framework</u>, providing the comparability sought by investors.

**Climate risk**

It is our view that climate change has become a key factor in many companies' long-term prospects. As such, as long-term investors, we are interested in understanding how companies may be impacted by material climate-related risks and opportunities—just as we seek to understand other business-relevant risks and opportunities—and how these factors are considered within their strategy in a manner that is consistent with the company's business model and sector. Specifically, we look for companies to disclose strategies that they have in place that mitigate and are resilient to any material risks to their long-term business model associated with a range of climate-related scenarios, including a scenario in which global warming is limited to well below 2°C, and considering global ambitions to achieve a limit of 1.5°C*.*<sup>15</sup> It is, of course, up to each company to define their own strategy: that is not the role of BlackRock or other investors.

BIS recognizes that climate change can be challenging for many companies, as they seek to drive long-term value by mitigating risks and capturing opportunities. A growing number of companies, financial institutions, as well as governments, have committed to advancing decarbonization in line with the Paris Agreement. There is growing consensus that companies can benefit from the more favorable macro-economic environment under an orderly, timely, and equitable global energy transition.<sup>16</sup> Yet, the path ahead is deeply uncertain and uneven, with different parts of the economy moving at different speeds.<sup>17</sup> Many companies are asking what their role should be in contributing to an orderly and equitable transition—in ensuring a reliable energy supply and energy security and in protecting the most vulnerable from energy price shocks and economic dislocation. In this context, we encourage companies to include in their disclosures a business plan for how they intend to deliver long-term financial performance through a transition to global net zero carbon emissions, consistent with their business model and sector.

We look to companies to disclose short-, medium-, and long-term targets, ideally science-based targets where these are available for their sector, for Scope 1 and 2 greenhouse gas emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term economic interests of their shareholders. Many companies have an opportunity to use and contribute to the development of low carbon energy sources and technologies that will be essential to decarbonizing the global economy over time. We also recognize that continued investment in traditional energy sources, including oil and gas, is required to maintain an orderly and equitable transition—and that divestiture of carbon-intensive assets is unlikely to contribute to global emissions reductions. We encourage companies to disclose how their capital allocation to various energy sources is consistent with their strategy.

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At this stage, we view Scope 3 emissions differently from Scopes 1 and 2, given methodological complexity, regulatory uncertainty, concerns about double-counting, and lack of direct control by **companies**. While we welcome any disclosures and commitments companies choose to make regarding Scope 3 emissions, we recognize that these are provided on a good-faith basis as methodology develops. Our publicly available commentary provides more information on our approach to climate risk and the global energy transition.

<sup>15</sup> The global aspiration to achieve a net-zero global economy by 2050 is reflective of aggregated efforts; governments representing <u>over 90%</u> of GDP have committed to move to net-zero over the coming decades. In determining how to vote on behalf of clients who have authorized us to do so, we look to companies only to address issues within their control and do not anticipate that they will address matters that are the domain of public policy.

<sup>16</sup> For example, BlackRock's <u>Capital Markets Assumptions</u> anticipate 25 points of cumulative economic gains over a 20-year period in an orderly transition as compared to the alternative. This better macro environment will support better economic growth, financial stability, job growth, productivity, as well as ecosystem stability and health outcomes.

<sup>17</sup> <u>https://www.blackrock.com/corporate/literature/whitepaper/bii-managing-the-net-zero-transition-february-2022.pdf</u>.

**Natural capital**

The management of nature-related factors is increasingly a core component of some companies' ability to generate sustainable, long-term financial returns for shareholders, particularly where a company's strategy is heavily reliant on the availably of natural capital, or whose supply chains are exposed to locations with nature-related risks. We look for such companies to disclose<sup>18</sup> how they consider their reliance and use of natural capital, including appropriate risk oversight and relevant metrics and targets, to understand how these factors are integrated into strategy. We will evaluate these disclosures to inform our view of how a company is managing material nature-related risks and opportunities, as well as in our assessment of relevant shareholder proposals. Our publicly available commentary provides more information on our approach to natural capital.

<sup>18</sup> While guidance is still under development for a unified disclosure framework related to natural capital, the emerging recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD), may prove useful to some companies.

**Key stakeholder interests**

In order to deliver long-term value for shareholders, companies should also consider the interests of their key stakeholders. While stakeholder groups may vary across industries, they are likely to include employees; business partners (such as suppliers and distributors); clients and consumers; government and regulators; and the constituents of the communities in which a company operates. Companies that build strong relationships with their key stakeholders are more likely to meet their own strategic objectives, while poor relationships may create adverse impacts that expose a company to legal, regulatory, operational, and reputational risks.

Companies should effectively oversee and mitigate material risks related to stakeholders with appropriate due diligence processes and board oversight. Where we determine that company is not appropriately considering their key stakeholder interests in a way that poses material financial risk to the company and its shareholders, we may vote against relevant directors or support shareholder proposals related to these topics. Our publicly available commentary provides more information on our approach.

Conversely, we note that some shareholder proposals seek to address topics that are clearly within the purview of certain stakeholders. For example, we recognize that topics around taxation and tax reporting are within the domain of local, state, and federal authorities. BIS will generally not support these proposals.

**Human capital management** 

A company's approach to human capital management ("HCM") is a critical factor in fostering an inclusive, diverse, and engaged workforce, which contributes to business continuity, innovation, and long-term value creation. Consequently, we ask companies to demonstrate a robust approach to HCM and provide shareholders with disclosures to understand how their approach aligns with their stated strategy and business model.

Clear and consistent disclosures on these matters are critical for investors to make an informed assessment of a company's HCM practices. Companies should disclose the steps they are taking to advance diversity, equity, and inclusion; job categories and workforce demographics; and their responses to the U.S. Equal Employment Opportunity Commission's EEO-1 Survey. Where we believe a company's disclosures or practices fall short relative to the market or peers, or we are unable to ascertain the board and management's effectiveness in overseeing related risks and opportunities, we may vote against members of the appropriate committee or support relevant shareholder proposals. Our publicly available commentary provides more information on our approach to HCM

**Corporate political activities** 

Companies may engage in certain political activities, within legal and regulatory limits, in order to support public policy matters material to the companies' long-term strategies. These activities can also create risks, including: the potential for allegations of corruption; certain reputational risks; and risks that arise from the complex legal, regulatory, and compliance considerations associated with corporate political spending and lobbying activity. Companies that engage in political activities should develop and maintain robust processes to guide these activities and mitigate risks, including board oversight.

We depend on companies to provide accessible and clear disclosures so that investors can easily understand how their political activities support their long-term strategy, including on stated public policy priorities. When presented with shareholder proposals requesting increased disclosure on corporate political activities, BIS will evaluate publicly available information to consider how a company's lobbying and political activities may impact the company. We will also evaluate whether there is general consistency between a company's stated positions on policy matters material to their strategy and the material positions taken by significant industry groups of which they are a member. We

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may decide to support a shareholder proposal requesting additional disclosures if we identify a material inconsistency or feel that further transparency may clarify how the company's political activities support its long-term strategy. Our publicly available commentary provides more information on our approach to corporate political activities.

**General corporate governance matters**

**IPO governance**

Boards should disclose how the corporate governance structures adopted upon a company's initial public offering ("IPO") are in shareholders' best long-term interests. We also ask boards to conduct a regular review of corporate governance and control structures, such that boards might evolve foundational corporate governance structures as company circumstances change, without undue costs and disruption to shareholders. In our letter on unequal voting structures, we articulate our view that "one vote for one share" is the preferred structure for publicly-traded companies. We also recognize the potential benefits of dual class shares to newly public companies as they establish themselves; however, these structures should have a specific and limited duration. We will generally engage new companies on topics such as classified boards and supermajority vote provisions to amend bylaws, as we think that such arrangements may not be in the best interests of shareholders over the long-term.

We may apply a one-year grace period for the application of certain director-related guidelines (including, but not limited to, responsibilities on other public company boards and board composition concerns), during which we ask boards to take steps to bring corporate governance standards in line with our policies.

Further, if a company qualifies as an emerging growth company (an "EGC") under the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), we will give consideration to the NYSE and NASDAQ governance exemptions granted under the JOBS Act for the duration such a company is categorized as an EGC. An EGC should have an independent audit committee by the first anniversary of its IPO, with our standard approach to voting on auditors and audit-related issues applicable in full for an EGC on the first anniversary of its IPO.

**Corporate form**

Proposals to change a corporation's form, including those to convert to a public benefit corporation ("PBC") structure, should clearly articulate the stakeholder groups the company seeks to benefit and provide detail on how the interests of shareholders would be augmented or adversely affected with the change to a PBC. These disclosures should also include the accountability and voting mechanisms that would be available to shareholders. We generally support management proposals to convert to a PBC if our analysis indicates that shareholders' interests are adequately protected. Corporate form shareholder proposals are evaluated on a case-by-case basis.

**Exclusive forum provisions**

BIS generally supports proposals to seek exclusive forum for certain shareholder litigation. In cases where a board unilaterally adopts exclusive forum provisions that we consider unfavorable to the interests of shareholders, we will vote against the Independent Chair or Lead Independent director and members of the nominating/governance committee.

**Reincorporation**

We will evaluate the economic and strategic rationale behind the company's proposal to reincorporate on a case-by-case basis. In all instances, we will evaluate the changes to shareholder protections under the new charter/articles/bylaws to assess whether the move increases or decreases shareholder protections. Where we find that shareholder protections are diminished, we may support reincorporation if we determine that the overall benefits outweigh the diminished rights.

**Multi-jurisdictional companies**

Where a company is listed on multiple exchanges or incorporated in a country different from their primary listing, we will seek to apply the most relevant market guideline(s) to our analysis of the company's governance structure and specific proposals on the shareholder meeting agenda. In doing so, we typically consider the governance standards of the company's primary listing, the market standards by which the company governs themselves, and the market context of each specific proposal on the agenda. If the relevant standards are silent on the issue under consideration, we will use our professional judgment as to what voting outcome would best protect the long-term economic interests of investors. Companies should disclose the rationale for their selection of primary listing, country of incorporation, and choice of governance structures, particularly where there is conflict between relevant market governance practices.

**Adjourn meeting to solicit additional votes**

We generally support such proposals unless the agenda contains items that we judge to be detrimental to shareholders' best long-term economic interests.

**Bundled proposals**

Shareholders should have the opportunity to review substantial governance changes individually without having to accept bundled proposals. Where several measures are grouped into one proposal, BIS may reject certain positive changes when linked with proposals that generally contradict or impede the rights and economic interests of shareholders.

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**Other business**

We oppose voting on matters where we are not given the opportunity to review and understand those measures and carry out an appropriate level of shareholder oversight.

**Shareholder Protections**

**Amendment to charter/articles/by-laws**

Shareholders should have the right to vote on key corporate governance matters, including changes to governance mechanisms and amendments to the charter/articles/bylaws. We may vote against certain directors where changes to governing documents are not put to a shareholder vote within a reasonable period of time, particularly if those changes have the potential to impact shareholder rights (see "Director elections"). In cases where a board's unilateral adoption of changes to the charter/articles/bylaws promotes cost and operational efficiency benefits for the company and its shareholders, we may support such action if it does not have a negative effect on shareholder rights or the company's corporate governance structure.

When voting on a management or shareholder proposal to make changes to the charter/articles/bylaws, we will consider in part the company's and/or proponent's publicly stated rationale for the changes; the company's governance profile and history; relevant jurisdictional laws; and situational or contextual circumstances which may have motivated the proposed changes, among other factors. We will typically support amendments to the charter/articles/bylaws where the benefits to shareholders outweigh the costs of failing to make such changes.

**Proxy access**

It is our view that long-term shareholders should have the opportunity, when necessary and under reasonable conditions, to nominate directors on the company's proxy card.<sup>19</sup>

Securing the right of shareholders to nominate directors without engaging in a control contest can enhance shareholders' ability to meaningfully participate in the director election process, encourage board attention to shareholder interests, and provide shareholders an effective means of directing that attention where it is lacking. Proxy access mechanisms should provide shareholders with a reasonable opportunity to use this right without stipulating overly restrictive or onerous parameters for use, and also provide assurances that the mechanism will not be subject to abuse by short-term investors, investors without a substantial investment in the company, or investors seeking to take control of the board.

In general, we support market-standardized proxy access proposals, which allow a shareholder (or group of up to 20 shareholders) holding three percent of a company's outstanding shares for at least three years the right to nominate the greater of up to two directors or 20% of the board. Where a standardized proxy access provision exists, we will generally oppose shareholder proposals requesting outlier thresholds.

<sup>19</sup> BlackRock is subject to certain regulations and laws in the United States that place restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our clients, including our ability to submit shareholder proposals or elect directors to the board.

**Right to act by written consent**

In exceptional circumstances and with sufficiently broad support, shareholders should have the opportunity to raise issues of substantial importance without having to wait for management to schedule a meeting. Accordingly, shareholders should have the right to solicit votes by written consent provided that: 1) there are reasonable requirements to initiate the consent solicitation process (in order to avoid the waste of corporate resources in addressing narrowly supported interests); and 2) shareholders receive a minimum of 50% of outstanding shares to effectuate the action by written consent.

We may oppose shareholder proposals requesting the right to act by written consent in cases where the proposal is structured for the benefit of a dominant shareholder to the exclusion of others, or if the proposal is written to discourage the board from incorporating appropriate mechanisms to avoid the waste of corporate resources when establishing a right to act by written consent. Additionally, we may oppose shareholder proposals requesting the right to act by written consent if the company already provides a shareholder right to call a special meeting that offers shareholders a reasonable opportunity to raise issues of substantial importance without having to wait for management to schedule a meeting.

**Right to call a special meeting**

In exceptional circumstances and with sufficiently broad support, shareholders should have the opportunity to raise issues of substantial importance without having to wait for management to schedule a meeting. Accordingly, shareholders should have the right to call a special meeting in cases where a reasonably high proportion of shareholders (typically a minimum of 15% but no higher than 25%) are required to agree to such a meeting before it is called. However, we may oppose this right in cases where the proposal is structured for the benefit of a dominant shareholder, or where a lower threshold may lead to an ineffective use of corporate resources. We generally think that a right to act via written consent is not a sufficient alternative to the right to call a special meeting.

**Consent solicitation**

While BlackRock is supportive of the shareholder rights to act by written consent and call a special meeting, BlackRock is subject to certain regulations and laws that place restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf

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of our clients, including our ability to participate in consent solicitations. As a result, BlackRock will generally not participate in consent solicitations or related processes. However, once an item comes to a shareholder vote, we uphold our fiduciary duty to vote in the best long-term interests of our clients, where we are authorized to do so.

**Simple majority voting**

We generally favor a simple majority voting requirement to pass proposals. Therefore, we will generally support the reduction or the elimination of supermajority voting requirements to the extent that we determine shareholders' ability to protect their economic interests is improved. Nonetheless, in situations where there is a substantial or dominant shareholder, supermajority voting may be protective of minority shareholder interests, and we may support supermajority voting requirements in those situations.

**Virtual meetings**

Shareholders should have the opportunity to participate in the annual and special meetings for the companies in which they are invested, as these meetings facilitate an opportunity for shareholders to provide feedback and hear from the board and management. While these meetings have traditionally been conducted in-person, virtual meetings are an increasingly viable way for companies to utilize technology to facilitate shareholder accessibility, inclusiveness, and cost efficiencies. Shareholders should have a meaningful opportunity to participate in the meeting and interact with the board and management in these virtual settings; companies should facilitate open dialogue and allow shareholders to voice concerns and provide feedback without undue censorship. Relevant shareholder proposals are assessed on a case-by-case basis.

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**Epoch Investment Partners, Inc.**

**Introduction**

Epoch Investment Partners, Inc. has engaged Institutional Shareholder Services ("ISS") as its proxy management consultant. ISS assists Epoch Investment Partners, Inc. in the process of fulfilling its fiduciary responsibilities concerning the voting of its clients' proxy ballots.

**Policy**

Specifically, ISS provides the following services to Epoch Investment Partners, Inc. regarding proxy voting:

• Analyzes proxy resolutions and make voting recommendations to Epoch Investment Partners, Inc.;

• Executes the voting of ballots; and

• Quarterly, collates reports that detail voting activity.

As a framework within which proxy resolutions are assessed, Epoch Investment Partners, Inc. has adopted the extensive set of voting guidelines developed by ISS. Epoch Investment Partners, Inc. believes that they provide an appropriate basis upon which to judge whether or not proxy proposals are in its clients' best interests. As a final check before proxies are voted, the asset class teams review ISS' recommendations to ensure that the ISS interpretation of the guidelines coincide with that of Epoch Investment Partners, Inc.

Two fundamental principles guide Epoch Investment Partners, Inc.'s proxy voting on behalf of its clients':

• Epoch Investment Partners, Inc. supports resolutions that we believe will protect and enhance the economic welfare of shareholders.

• Epoch Investment Partners, Inc. supports measures to preserve and strengthen shareholders' rights.

Application of these principles leads Epoch Investment Partners, Inc. consistently to support some types of proposals, consistently to oppose others, and on many, to follow a case-by-case approach. In instances where we are unable to determine what is in shareholders' best interest, Epoch Investment Partners, Inc. abstains from voting on the issue.

In the event that Epoch Investment Partners, Inc. opposes the decision made by ISS we have the right to not follow their recommendation. In these instances Epoch Investment Partners, Inc. will document the reasoning for voting against the recommendation and it will be reported to the CCO.

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**Goldman Sachs Asset Management, L.P. ("GSAM")**

**Policy, Procedures and Guidelines for GSAM Global Proxy Voting**

**2022 Edition**

**March 2022**

**For further information, please contact GSAM-Stewardship@gs.com.**

**Table of Contents**

**Part I: GSAM Policy and Procedures on Proxy Voting for Investment Advisory Clients**

A. Our Approach to Proxy Voting

B. The Proxy Voting Process

C. Implementation

D. Conflicts of Interest

**Part II: GSAM Proxy Voting Guidelines Summary**

<u>Region: Americas</u>

Business Items

Board of Directors

Executive and Non-Executive Compensation

Shareholders Rights and Defenses

Strategic Transactions and Capital Structures

Environmental and Social Issues

<u>Region: Europe, Middle East and Africa (EMEA) Proxy Items</u>

Business Items

Board of Directors

Remuneration

Shareholders Rights and Defenses

Strategic Transactions, Capital Structures and Other Business Considerations

Environmental and Social Issues

<u>Region: Asia Pacific (APAC) Proxy Items</u>

Business Items

Board of Directors

Remuneration

Shareholders Rights and Defenses

Strategic Transactions, Capital Structures and Other Business Considerations

Environmental and Social Issues

<u>Region: Japan Proxy Items</u>

Operational Items

Board of Directors

Compensation

Shareholders Rights and Defenses

Strategic Transactions and Capital Structures

Environmental and Social Issues

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**PART I**

**GOLDMAN SACHS ASSET MANAGEMENT**<sup>1</sup> **POLICY AND PROCEDURES ON PROXY VOTING FOR INVESTMENT ADVISORY CLIENTS POLICY** 

**A. OUR APPROACH TO PROXY VOTING** 

Proxy voting and the analysis of corporate governance issues in general are important elements of the portfolio management services we provide to our advisory clients who have authorized us to address these matters on their behalf. Our guiding principles in performing proxy voting are to make decisions that favor proposals that in our view maximize a company's shareholder value and are not influenced by conflicts of interest. These principles reflect our belief that sound corporate governance will create a framework within which a company can be managed in the interests of its shareholders. We recognize that Environmental, Social and Governance (ESG) factors can affect investment performance, expose potential investment risks and provide an indication of management excellence and leadership. When evaluating ESG proxy issues, we balance the purpose of a proposal with the overall benefit to shareholders.

To implement these guiding principles for investments in publicly traded equities for which we have voting power on any record date, we follow customized proxy voting guidelines that have been developed by our portfolio management and our Global Stewardship Team (the "Guidelines"). The Guidelines embody the positions and factors we generally consider important in casting proxy votes. They address a wide variety of individual topics, including, among other matters, shareholder voting rights, anti-takeover defenses, board structures, the election of directors, executive and director compensation, reorganizations, mergers, issues of corporate social responsibility and various shareholder proposals. Recognizing the complexity and fact-specific nature of many corporate governance issues, the Guidelines identify factors we consider in determining how the vote should be cast. A summary of the Guidelines is attached as Part II.

The principles and positions reflected in this Policy are designed to guide us in voting proxies, and not necessarily in making investment decisions. Our portfolio management teams (each, a "Portfolio Management Team") base their determinations of whether to invest in a particular company on a variety of factors, and while corporate governance may be one such factor, it may not be the primary consideration.

Goldman Sachs Asset Management has adopted the policies and procedures set out below regarding the voting of proxies (the "Policy"). The Global Stewardship Team periodically reviews this Policy to ensure it continues to be consistent with our guiding principles.

<sup>1</sup> For purposes of this Policy, "Asset Management" refers, collectively, to the following legal entities:

Goldman Sachs Asset Management, L.P.; Goldman Sachs Asset Management International; Goldman Sachs Hedge Fund Strategies LLC; GS Investment Strategies, LLC; GSAM Stable Value, LLC; Goldman Sachs Asset Management (Singapore) Pte. Ltd; Goldman Sachs Asset Management (Hong Kong) Limited.; Goldman Sachs Asset Management Co. Ltd.; GSAM Services Private Limited; GS Investment Strategies Canada Inc.; Goldman Sachs Management (Ireland) Limited; Goldman Sachs Asset Management Australia Pty Ltd; Goldman Sachs Services Private Limited.; Goldman Sachs Bank Europe SE; and Goldman Sachs Asset Management Fund Services Limited.

**B. the Proxy Voting Process** 

**Public Equity Investments** 

<u>Fundamental Equity Team</u>

The Fundamental Equity Team views the analysis of corporate governance practices as an integral part of the investment research and stock valuation process. In forming their views on particular matters, these Portfolio Management Teams may consider applicable regional rules and practices, including codes of conduct and other guides, regarding proxy voting, in addition to the Guidelines and Recommendations (as defined below).

<u>Quantitative Investment Strategies Portfolio Management Teams</u>

The Quantitative Investment Strategies Portfolio Management Teams have decided to generally follow the Guidelines and Recommendations based on such Portfolio Management Teams' investment philosophy and approach to portfolio construction, as well as their participation in the creation of the Guidelines. The Quantitative Investment Strategies Portfolio Management Teams may from time to time, however, review and individually assess any specific shareholder vote.

**Fixed Income and Private Investments**

Voting decisions with respect to client investments in fixed income securities and the securities of privately held issuers generally will be made by the relevant Portfolio Management Teams based on their assessment of the particular transactions or other matters at issue. Those Portfolio Management Teams may also adopt policies related to the fixed income or private investments they make that supplement this Policy.

**GS Investment Strategies Portfolio Management**

Voting decisions with respect to client investments in the securities of privately held issuers generally will be made by the relevant Portfolio Management Teams based on their assessment of the particular transactions or other matters at issue. To the extent the portfolio managers assume proxy voting responsibility with respect to publicly traded equity securities they will generally follow the Guidelines and Recommendations as discussed below unless an override is requested.

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**Alternative Investment and Manager Selection ("AIMS") and Externally Managed Strategies**

Where we place client assets with managers outside of Asset Management, for example within our AIMS business unit, such external managers generally will be responsible for voting proxies in accordance with the managers' own policies. AIMS may, however, retain proxy voting responsibilities where it deems appropriate or necessary under prevailing circumstances. To the extent AIMS portfolio managers assume proxy voting responsibility with respect to publicly traded equity securities they will follow the Guidelines and Recommendations as discussed below unless an override is requested. Any other voting decision will be conducted in accordance with AIMS' policies governing voting decisions with respect to public and non-publicly traded equity securities held by their clients.

**C. Implementation**

We have retained a third-party proxy voting service (the "Proxy Service") to assist in the implementation of certain proxy voting-related functions, including, without limitation, operational, recordkeeping and reporting services. Among its responsibilities, the Proxy Service prepares a written analysis and recommendation (a "Recommendation") of each proxy vote that reflects the Proxy Service's application of the Guidelines to the particular proxy issues. In addition, in order to facilitate the casting of votes in an efficient manner, the Proxy Service generally prepopulates and automatically submits votes for all proxy matters in accordance with such Recommendations, subject to our ability to recall such automatically submitted votes. If the Proxy Service or Asset Management becomes aware that an issuer has filed, or will file, additional proxy solicitation materials sufficiently in advance of the voting deadline, we will generally endeavor to consider such information where such information is viewed as material in our discretion when casting its vote, which may, but need not, result in a change to the Recommendation, which may take the form of an override (as described below) or a revised Recommendation issued by the Proxy Service. We retain the responsibility for proxy voting decisions. We conduct an annual due diligence meeting with the Proxy Service to review the processes and procedures the Proxy Service follows when making proxy voting recommendations based on the Guidelines and to discuss any material changes in the services, operations, staffing or processes.

Our Portfolio Management Teams generally cast proxy votes consistently with the Guidelines and the Recommendations. Each Portfolio Management Team, however, may on certain proxy votes seek approval to diverge from the Guidelines or a Recommendation by following a process that seeks to ensure that override decisions are not influenced by any conflict of interest. As a result of the override process, different Portfolio Management Teams may vote differently for particular votes for the same company. In addition, the Global Stewardship Team may on certain proxy votes also seek approval to diverge from the Guidelines or a Recommendation and follow the override process described above that seeks to ensure these decisions are not influenced by any conflict of interest. In these instances, all shares voted are voted in the same manner.

Our clients who have delegated voting responsibility to us with respect to their account may from time to time contact their client representative if they would like to direct us to vote in a particular manner for a particular solicitation. We will use commercially reasonable efforts to vote according to the client's request in these circumstances, however, our ability to implement such voting instruction will be dependent on operational matters such as the timing of the request.

From time to time, our ability to vote proxies may be affected by regulatory requirements and compliance, legal or logistical considerations. As a result, from time to time, we may determine that it is not practicable or desirable to vote proxies. In certain circumstances, such as if a security is on loan through a securities lending program, the Portfolio Management Teams may not be able to participate in certain proxy votes unless the shares of the particular issuer are recalled in time to cast the vote. A determination of whether to seek a recall will be based on whether the applicable Portfolio Management Team determines that the benefit of voting outweighs the costs, lost revenue, and/or other detriments of retrieving the securities, recognizing that the handling of such recall requests is beyond our control and may not be satisfied in time for us to vote the shares in question.

We disclose our voting publicly each year in a filing with the US Securities and Exchange Commission and on our website for all Goldman Sachs Asset Management US registered mutual funds. We also generally disclose our voting publicly on a quarterly basis on our website for company proxies voted according to the Guidelines and Recommendations.

**D. Conflicts of Interest**

Goldman Sachs Asset Management has implemented processes designed to prevent conflicts of interest from influencing its proxy voting decisions. These processes include information barriers as well as the use of the Guidelines and Recommendations and the override process described above in instances when a Portfolio Management Team is interested in voting in a manner that diverges from the initial Recommendation based on the Guidelines. To mitigate perceived or potential conflicts of interest when a proxy is for shares of The Goldman Sachs Group Inc. or a Goldman Sachs Asset Management managed fund, we will generally instruct that such shares be voted in the same proportion as other shares are voted with respect to a proposal, subject to applicable legal, regulatory and operational requirements.

**PART II**

**GSAM PROXY VOTING GUIDELINES SUMMARY**

The following is a summary of the material Proxy Voting Guidelines (the "Guidelines"), which form the substantive basis of our Policy and Procedures on Proxy Voting for Investment Advisory Clients (the "Policy"). As described in the main body of the Policy, one or more Portfolio Management Teams and/or the Global Stewardship Team may diverge from the Guidelines and a related Recommendation on any particular proxy vote or in connection with any individual investment decision in accordance with the Policy.

**Region: Americas**

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*The following section is a summary of the Guidelines, which form the substantive basis of the Policy with respect to North, Central and South American public equity investments of operating and/or holding companies Applying these guidelines is subject to certain regional and country-specific exceptions and modifications and is not inclusive of all considerations in each market.*

**1. Business Items**

**Auditor Ratification**

Vote FOR proposals to ratify auditors, unless any of the following apply within the last year:

• An auditor has a financial interest in or association with the company, and is therefore not independent;

• There is reason to believe that the independent auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position;

• Poor accounting practices are identified that rise to a serious level of concern, such as: fraud; misapplication of GAAP; or material weaknesses identified in Section 404 disclosures; or

• Fees for non-audit services are excessive (generally over 50% or more of the audit fees).

Vote CASE-BY-CASE on shareholder proposals asking companies to prohibit or limit their auditors from engaging in non-audit services or asking for audit firm rotation.

**Reincorporation Proposals**

We may support management proposals to reincorporate as long as the reincorporation would not substantially diminish shareholder rights. We may not support shareholder proposals for reincorporation unless the current state of incorporation is substantially less shareholder friendly than the proposed reincorporation, there is a strong economic case to reincorporate or the company has a history of making decisions that are not shareholder friendly

**Exclusive Venue for Shareholder Lawsuits**

Generally vote FOR on exclusive venue proposals, taking into account:

• Whether the company has been materially harmed by shareholder litigation outside its jurisdiction of incorporation, based on disclosure in the company's proxy statement;

• Whether the company has the following good governance features:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Majority independent board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Independent key committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An annually elected board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A majority vote standard in uncontested director elections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The absence of a poison pill, unless the pill was approved by shareholders; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Separate Chairman CEO role or, if combined, an independent chairman with clearly delineated duties.

**Virtual Meetings**

Generally vote FOR proposals allowing for the convening of hybrid\* shareholder meetings if it is clear that it is not the intention to hold virtual-only AGMs. Generally vote AGAINST proposals allowing for the convening of virtual-only\* shareholder meetings.

\* The phrase "virtual-only shareholder meeting" refers to a meeting of shareholders that is held exclusively through the use of online technology without a corresponding in-person meeting. The term "hybrid shareholder meeting" refers to an in-person, or physical, meeting in which shareholders are permitted to participate online.

**Public Benefit Corporation Proposals**

Generally vote FOR management proposals and CASE-BY-CASE on shareholder proposals related to the conversion of the company into a public benefit corporation.

**Transact Other Business**

Vote AGAINST other business when it appears as a voting item.

**Administrative Requests**

Generally vote FOR non-contentious administrative management requests.

**2. Board of Directors**

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The board of directors should promote the interests of shareholders by acting in an oversight and/or advisory role; should consist of a majority of independent directors and/or meet local best practice expectations; and should be held accountable for actions and results related to their responsibilities. Vote on director nominees should be determined on a CASE-BY-CASE basis.

**Voting on Director Nominees in Uncontested Elections**

**Board Composition**

We generally believe diverse teams have the potential to outperform and we expect the companies that we invest in to focus on the importance of diversity. When evaluating board composition, we believe a diversity of ethnicity, gender and experience is an important consideration. We encourage companies to disclose the composition of their board in the proxy statement and may vote against members of the board without disclosure. See below how we execute our vote at companies that do not meet our diversity expectations.

Vote AGAINST or WITHHOLD from members of the Nominating Committee:

• At companies incorporated in the US if the board does not have at least 10% women directors and at least one other diverse board director;

• At companies within the S&P 500, if, in addition to our gender expectations, the board does not have at least one diverse director from an underrepresented ethnic group;

• At companies not incorporated in the US, if the board does not have at least 10% women directors or does not meet the requirements of local listing rules or corporate governance codes or national targets

Vote AGAINST or WITHHOLD from the full board at companies incorporated in the US that do not have at least one woman director.

Vote AGAINST or WITHHOLD from individual directors who:

• Sit on more than five public company boards;

• 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.

Vote AGAINST or WITHHOLD from members of the Nominating Committee if the average board tenure exceeds 15 years, and there has not been a new nominee in the past 5 years.

**Director Independence**

At companies incorporated in the US, where applicable, the New York Stock Exchange or NASDAQ Listing Standards definition is to be used to classify directors as inside directors, affiliated outside directors, or independent outside directors.

Additionally, we will consider compensation committee interlocking directors to be affiliated (defined as CEOs who sit on each other's compensation committees).

Vote AGAINST or WITHHOLD from inside directors and affiliated outside directors (as described above) when:

• The inside director or affiliated outside director serves on the Audit, Compensation or Nominating Committees; and

• The company lacks an Audit, Compensation or Nominating Committee so that the full board functions as such committees and inside directors or affiliated outside directors are participating in voting on matters that independent committees should be voting on

**Director Accountability**

Vote AGAINST or WITHHOLD from individual directors who attend less than 75% of the board and committee meetings without a disclosed valid excuse.

Generally, vote FOR the bundled election of management nominees, unless adequate disclosures of the nominees have not been provided in a timely manner or if one or more of the nominees does not meet the expectation of our policy.

Other items considered for an AGAINST vote include specific concerns about the individual or the company, such as criminal wrongdoing or breach of fiduciary responsibilities, sanctions from government or authority, violations of laws and regulations, the presence of inappropriate related party transactions, or other issues related to improper business practices

Vote AGAINST or WITHHOLD from members of the full board or appropriate committee (or only the independent chairman or lead director as may be appropriate in situations such as where there is a classified board and members of the appropriate committee are not up for re-election or the appropriate committee is comprised of the entire board) for the below reasons. New nominees will be considered on a case-by-case basis. Extreme cases may warrant a vote against the entire board.

• Material failures of governance, stewardship, or fiduciary responsibilities at the company,

• including but not limited to violations of the United Nations Global Compact principles and/or other significant global standards and failure to disclose material environmental, social and governance information;

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

• Egregious actions related to the 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;

• The board failed to act on a shareholder proposal that received approval of the majority of shares cast for the previous two consecutive years (a management proposal with other than a FOR recommendation by management will not be considered as sufficient action taken); an adopted proposal that is substantially similar to the original shareholder proposal will be deemed sufficient; (vote against members of the committee of the board that is responsible for the issue under consideration). If we did not support the shareholder proposal in both years, we will still vote against the committee member(s).

• The company's poison pill has a dead-hand or modified dead-hand feature for two or more years. Vote against/withhold every year until this feature is removed; however, vote against the poison pill if there is one on the ballot with this feature rather than the director;

• The board adopts or renews a poison pill without shareholder approval, does not commit to putting it to shareholder vote within 12 months of adoption (or in the case of a newly public company, does not commit to put the pill to a shareholder vote within 12 months following the IPO), or reneges on a commitment to put the pill to a vote, and has not yet received a withhold/against recommendation for this issue;

• The board failed to act on takeover offers where the majority of the shareholders tendered their shares;

• The company does not disclose various components of current emissions, a proxy for a company's dependency on fossil fuels and other sources of greenhouse gasses (Scope 1, Scope 2, Scope 3 emissions), material to the company's business

• If in an extreme situation the board lacks accountability and oversight, coupled with sustained poor performance relative to peers.

**Committee Responsibilities and Expectations**

Companies should establish committees to oversee areas such as audit, executive and non-executive compensation, director nominations and ESG oversight. The responsibilities of the committees should be publicly disclosed.

**Audit Committee**

Vote AGAINST or WITHHOLD from the members of the Audit Committee if:

• The non-audit fees paid to the auditor are excessive (generally over 50% or more of the audit fees);

• The company receives an adverse opinion on the company's financial statements from its auditor and there is not clear evidence that the situation has been remedied;

• There is excessive pledging or hedging of stock by executives;

• 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; or

• No members of the Audit Committee hold sufficient financial expertise.

Vote CASE-BY-CASE on members of the Audit Committee and/or the full board if poor accounting practices, which rise to a level of serious concern are identified, 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 negative vote recommendations are warranted against the members of the Audit Committee who are responsible for the poor accounting practices, or the entire board.

**Compensation Committee**

See section 3 on Executive and Non-Executive compensation for reasons to withhold from members of the Compensation Committee.

**Nominating/Governance Committee**

Vote AGAINST or WITHHOLD from the members of the Nominating/Governance Committee if:

• The company has opted into, or failed to opt out of, state laws requiring a classified board structure;

• At the previous board election, any director received more than 50% withhold/against votes of the shares cast and the company has failed to address the underlying issue(s) that caused the high withhold/against vote;

• The board does not meet our diversity expectations;

• The board amends the company's bylaws or charter without shareholder approval in a manner that materially diminishes shareholders' rights or could adversely impact shareholders.

**Voting on Director Nominees in Contested Elections**

Vote on a CASE-BY-CASE basis in contested elections of directors, e.g., the election of shareholder nominees or the dismissal of incumbent directors, determining which directors are best suited to add value for shareholders.

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The analysis will generally be based on, but not limited to, the following major decision factors:

• Company performance relative to its peers;

• Strategy of the incumbents versus the dissidents;

• Independence of board candidates;

• Experience and skills of board candidates;

• Governance profile of the company;

• Evidence of management entrenchment;

• Responsiveness to shareholders;

• Whether a takeover offer has been rebuffed; and

• Whether minority or majority representation is being sought.

**Proxy Access**

Vote CASE-BY-CASE on shareholder or management proposals asking for proxy access.

We may support proxy access as an important right for shareholders and as an alternative to costly proxy contests and as a method for us to vote for directors on an individual basis, as appropriate, rather than voting on one slate or the other. While this could be an important shareholder right, the following factors will be taken into account when evaluating the shareholder proposals:

• The ownership thresholds, percentage and duration proposed (we generally will not support if the ownership threshold is less than 3%);

• The maximum proportion of directors that shareholders may nominate each year (we generally will not support if the proportion of directors is greater than 25%); and

• Other restricting factors that when taken in combination could serve to materially limit the proxy access provision.

We will take the above factors into account when evaluating proposals proactively adopted by the company or in response to a shareholder proposal to adopt or amend the right. A vote against governance committee members could result if provisions exist that materially limit the right to proxy access.

**Reimbursing Proxy Solicitation Expenses**

Vote CASE-BY-CASE on proposals to reimburse proxy solicitation expenses. When voting in conjunction with support of a dissident slate, vote FOR the reimbursement of all appropriate proxy solicitation expenses associated with the election.

**Other Board Related Proposals (Management and Shareholder)**

**Independent Board Chair** (for applicable markets)

We will generally vote AGAINST shareholder proposals requiring that the chairman's position be filled by an independent director, if the company satisfies 3 of the 4 following criteria:

• Two-thirds independent board, or majority in countries where employee representation is common practice;

• A designated, or a rotating, lead director, elected by and from the independent board members with clearly delineated and comprehensive duties;

• Fully independent key committees; and/or

• Established, publicly disclosed, governance guidelines and director biographies/profiles.

**Shareholder Proposals Regarding Board Declassification**

We will generally vote FOR proposals requesting that the board adopt a declassified board structure.

**Majority Vote Shareholder Proposals**

We will vote FOR proposals requesting that the board adopt majority voting in the election of directors provided it does not conflict with the state law where the company is incorporated. We also look for companies to adopt a post-election policy outlining how the company will address the situation of a holdover director.

**Cumulative Vote Shareholder Proposals**

We will generally vote FOR shareholder proposals to restore or provide cumulative unless:

• The company has adopted (i) majority vote standard with a carve-out for plurality voting in situations where there are more nominees than seats and (ii) a director resignation policy to address failed elections.

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

**3. Executive and Non-Executive Compensation**

**Pay Practices**

Good pay practices should align management's interests with long-term shareholder value creation. Detailed disclosure of compensation criteria is preferred; proof that companies follow the criteria should be evident and retroactive performance target changes without proper disclosure is not viewed favorably. Compensation practices should allow a company to attract and retain proven talent. Some examples of poor pay practices include: abnormally large bonus payouts without justifiable performance linkage or proper disclosure, egregious employment contracts, excessive severance and/or change in control provisions, repricing or replacing of underwater stock options/stock appreciation rights without prior shareholder approval, and excessive perquisites. A company should also have an appropriate balance of short-term vs. long-term metrics and the metrics should be aligned with business goals and objectives.

If the company maintains problematic or poor pay practices, generally vote:

• AGAINST Management Say on Pay (MSOP) Proposals; or

• AGAINST an equity-based incentive plan proposal if excessive non-performance-based equity awards are the major contributor to a pay-for-performance misalignment.

• If no MSOP or equity-based incentive plan proposal item is on the ballot, vote AGAINST/WITHHOLD from compensation committee members.

**Equity Compensation Plans**

Vote CASE-BY-CASE on equity-based compensation plans. Evaluation takes into account potential plan cost, plan features and grant practices. While a negative combination of these factors could cause a vote AGAINST, other reasons to vote AGAINST the equity plan could include the following factors:

• The plan permits the repricing of stock options/stock appreciation rights (SARs) without prior shareholder approval; or

• There is more than one problematic material feature of the plan, which could include one of the following: unfavorable change-in-control features, presence of gross ups and options reload.

**Advisory Vote on Executive Compensation (Say-on-Pay, MSOP) Management Proposals**

Vote FOR annual frequency and AGAINST all proposals asking for any frequency less than annual.

Vote CASE-BY-CASE on management proposals for an advisory vote on executive compensation considering the following factors in the context of each company's specific circumstances and the board's disclosed rationale for its practices.

<u>Factors Considered Include:</u>

• Pay for Performance Disconnect;

We will consider there to be a disconnect based on a quantitative assessment of the following: CEO pay vs. TSR ("Total Shareholder Return") and peers, CEO pay as a percentage of the median peer group or CEO pay vs. shareholder return over time.

• Long-term equity-based compensation is 100% time-based;

• Board's responsiveness if company received 70% or less shareholder support in the previous year's MSOP vote;

• Abnormally large bonus payouts without justifiable performance linkage or proper disclosure;

• Egregious employment contracts;

• Excessive perquisites or excessive severance and/or change in control provisions;

• Repricing or replacing of underwater stock options without prior shareholder approval;

• Egregious pension/SERP (supplemental executive retirement plan) payouts;

• Extraordinary relocation benefits;

• Internal pay disparity; and

• Lack of transparent disclosure of compensation philosophy and goals and targets, including details on short-term and long-term performance incentives.

**Other Compensation Proposals and Policies**

**Employee Stock Purchase Plans — Non-Qualified Plans**

Vote CASE-BY-CASE on nonqualified employee stock purchase plans taking into account the following factors:

• Broad-based participation;

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• Limits on employee contributions;

• Company matching contributions; and

• Presence of a discount on the stock price on the date of purchase.

**Option Exchange Programs/Repricing Options**

Vote CASE-BY-CASE on management proposals seeking approval to exchange/reprice options, taking into consideration:

• Historic trading patterns—the stock price should not be so volatile that the options are likely to be back "in-the-money" over the near term;

• Rationale for the re-pricing;

• If it is a value-for-value exchange;

• If surrendered stock options are added back to the plan reserve;

• Option vesting;

• Term of the option—the term should remain the same as that of the replaced option;

• Exercise price—should be set at fair market or a premium to market;

• Participants—executive officers and directors should be excluded.

Vote FOR shareholder proposals to put option repricings to a shareholder vote.

**Stock Retention Holding Period** 

Vote FOR shareholder proposals asking for a policy requiring that senior executives retain a significant percentage of shares acquired through equity compensation programs if the policy requests retention for two years or less following the termination of their employment (through retirement or otherwise) and a holding threshold percentage of 50% or less.

Also consider whether the company has any holding period, retention ratio, or officer ownership requirements in place and the terms/provisions of awards already granted.

**Elimination of Accelerated Vesting in the Event of a Change in Control** 

Vote AGAINST shareholder proposals seeking a policy eliminating the accelerated vesting of time-based equity awards in the event of a change-in-control.

**Performance-based Equity Awards and Pay-for-Superior-Performance Proposals**

Generally vote FOR unless there is sufficient evidence that the current compensation structure is already substantially performance-based. We consider performance-based awards to include awards that are tied to shareholder return or other metrics that are relevant to the business.

**Say on Supplemental Executive Retirement Plans (SERP)**

Generally vote AGAINST proposals asking for shareholder votes on SERP.

**Compensation Committee**

Vote AGAINST or WITHHOLD from the members of the Compensation Committee if:

• We voted against the company's MSOP in the previous year, the company's previous MSOP received significant opposition of votes cast and we are voting against this year's MSOP;

• The board implements a MSOP on a less frequent basis than the frequency that received the plurality of votes cast

**4. Shareholders Rights and Defenses**

**Shareholder Ability to Act by Written Consent** 

Generally vote FOR shareholder proposals that provide shareholders with the ability to act by written consent, unless:

• The company already gives shareholders the right to call special meetings at a threshold of 25% or lower; and

• The company has a history of strong governance practices.

**Special Meetings Arrangements**

Generally vote FOR management proposals that provide shareholders with the ability to call special meetings.

Generally vote FOR shareholder proposals that provide shareholders with the ability to call special meetings at a threshold of 25% or lower if the company currently does not give shareholders the right to call special meetings. However, if a company already gives shareholders the right to call special meetings at a threshold of at least 25%, vote AGAINST shareholder proposals to further reduce the threshold**.**

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Generally vote AGAINST management proposals seeking shareholder approval for the company to hold special meetings with 14 days notice unless the company offers shareholders the ability to vote by electronic means and a proposal to reduce the period of notice to not less than 14 days has received majority support.

**Advance Notice Requirements for Shareholder Proposals/Nominations**

Vote CASE-BY-CASE on advance notice proposals, giving support to proposals that allow shareholders to submit proposals/nominations reasonably close to the meeting date and within the broadest window possible, recognizing the need to allow sufficient notice for company, regulatory and shareholder review.

**Shareholder Voting Requirements**

Vote AGAINST proposals to require a supermajority shareholder vote. Generally vote FOR management and shareholder proposals to reduce supermajority vote requirements.

**Poison Pills** 

Vote FOR shareholder proposals requesting that the company submit its poison pill to a shareholder vote or redeem it, unless the company has:

• a shareholder-approved poison pill in place; or

• adopted a policy concerning the adoption of a pill in the future specifying certain shareholder friendly provisions.

Vote FOR shareholder proposals calling for poison pills to be put to a vote within a time period of less than one year after adoption.

Vote CASE-BY-CASE on management proposals on poison pill ratification, focusing on the features of the shareholder rights plan.

In addition, the rationale for adopting the pill should be thoroughly explained by the company. In examining the request for the pill, take into consideration the company's existing governance structure, including: board independence, existing takeover defenses, and any problematic governance concerns.

**5. Strategic Transactions and Capital Structures** 

**Reorganizations/Restructurings**

Vote reorganizations and restructurings on a CASE-BY-CASE basis.

**Mergers and Acquisitions**

Vote CASE-BY-CASE on mergers and acquisitions taking into account the following based on publicly available information:

• Valuation;

• Market reaction;

• Strategic rationale;

• Management's track record of successful integration of historical acquisitions;

• Presence of conflicts of interest; and

• Governance profile of the combined company.

**Dual Class Structures**

Vote FOR resolutions that seek to maintain or convert to a one-share, one-vote capital structure.

Vote AGAINST requests for the creation or continuation of dual-class capital structures or the creation of new or additional super voting shares.

**Share Issuance Requests** 

*General Issuances:*

Vote FOR issuance requests with preemptive rights to a maximum of 100% over currently issued capital

or any stricter limit set in local best practice recommendations or law.

Vote FOR issuance requests without preemptive rights to a maximum of 20% of currently issued capital or any stricter limit set in local best practice recommendations or law.

*Specific Issuances:*

Vote on a CASE-BY-CASE basis on all requests, with or without preemptive rights.

**Increases in Authorized Capital** 

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Vote FOR non-specific proposals to increase authorized capital up to 100% over the current authorization unless the increase would leave the company with less than 30% of its new authorization outstanding, or any stricter limit set in local best practice recommendations or law.

Vote FOR specific proposals to increase authorized capital to any amount, unless:

• The specific purpose of the increase (such as a share-based acquisition or merger) does not meet guidelines for the purpose being proposed; or

• The increase would leave the company with less than 30% of its new authorization outstanding after adjusting for all proposed issuances or any stricter limit set in local best practice recommendations or law.

Vote AGAINST proposals to adopt unlimited capital authorizations.

**Reduction of Capital**

Vote FOR proposals to reduce capital for routine accounting purposes unless the terms are unfavorable to shareholders.

Vote proposals to reduce capital in connection with corporate restructuring on a CASE-BY-CASE basis.

**Preferred Stock**

Vote FOR the creation of a new class of preferred stock or for issuances of preferred stock up to 50% of issued capital unless the terms of the preferred stock would adversely affect the rights of existing shareholders.

Vote FOR the creation/issuance of convertible preferred stock as long as the maximum number of common

shares that could be issued upon conversion meets guidelines on equity issuance requests.

Vote AGAINST the creation of a new class of preference shares that would carry superior voting rights to the common shares.

Vote AGAINST the creation of blank check preferred stock unless the board clearly states that the authorization will not be used to thwart a takeover bid.

Vote proposals to increase blank check preferred authorizations on a CASE-BY-CASE basis.

**Debt Issuance Requests**

Vote non-convertible debt issuance requests on a CASE-BY-CASE basis, with or without preemptive rights.

Vote FOR the creation/issuance of convertible debt instruments as long as the maximum number of common shares that could be issued upon conversion meets guidelines on equity issuance requests.

Vote FOR proposals to restructure existing debt arrangements unless the terms of the restructuring would adversely affect the rights of shareholders.

**Increase in Borrowing Powers**

Vote proposals to approve increases in a company's borrowing powers on a CASE-BY-CASE basis.

**Share Repurchase Plans**

We will generally recommend FOR share repurchase programs taking into account whether:

• The share repurchase program can be used as a takeover defense;

• There is clear evidence of historical abuse;

• There is no safeguard in the share repurchase program against selective buybacks;

• Pricing provisions and safeguards in the share repurchase program are deemed to be unreasonable in light of market practice.

**Reissuance of Repurchased Shares**

Vote FOR requests to reissue any repurchased shares unless there is clear evidence of abuse of this authority in the past.

**Capitalization of Reserves for Bonus Issues/Increase in Par Value**

Vote FOR requests to capitalize reserves for bonus issues of shares or to increase par value.

**Reorganizations/Restructurings**

Vote reorganizations and restructurings on a CASE-BY-CASE basis.

**Reincorporation Proposals**

Vote reincorporation proposals on a CASE-BY-CASE basis.

**Related-Party Transactions**

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Vote related-party transactions on a CASE-BY-CASE basis, considering factors including, but not limited to, the following:

• The parties on either side of the transaction;

• The nature of the asset to be transferred/service to be provided;

• The pricing of the transaction (and any associated professional valuation);

• The views of independent directors (where provided);

• The views of an independent financial adviser (where appointed);

• Whether any entities party to the transaction (including advisers) is conflicted; and The stated rationale for the transaction, including discussions of timing

**Common and Preferred Stock Authorization**

Generally vote FOR proposals to increase the number of shares of common stock authorized for issuance.

Generally vote FOR proposals to increase the number of shares of preferred stock, as long as there is a commitment to not use the shares for anti-takeover purposes

**6. Environmental and Social Issues** 

**Overall Approach**

Proposals considered under this category could include, among others, reports on:

1) employee labor and safety policies;

2) impact on the environment of the company's production or manufacturing operations;

3) societal impact of products manufactured;

4) risks throughout the supply chain or operations including labor practices, animal treatment practices within food production and conflict minerals; and

5) overall board structure, including diversity.

When evaluating environmental and social shareholder proposals, the following factors are generally considered:

• The company's current level of publicly available disclosure, including if the company already discloses similar information through existing reports or policies;

• If the company has implemented or formally committed to the implementation of a reporting program based on the Sustainability Accounting Standards Board's (SASB) materiality standards, the Task Force on Climate-related Financial Disclosure's (TCFD) recommendations, or a similar standard;

• Whether adoption of the proposal is likely to enhance or protect shareholder value;

• Whether the information requested concerns business issues that relate to a meaningful percentage of the company's business;

• The degree to which the company's stated position on the issues raised in the proposal could affect its reputation or sales, or leave it vulnerable to a boycott or selective purchasing;

• Whether the company has already responded in some appropriate manner to the request embodied in the proposal;

• What other companies in the relevant industry have done in response to the issue addressed in the proposal;

• Whether the proposal itself is well framed and the cost of preparing the report is reasonable;

• Whether the subject of the proposal is best left to the discretion of the board;

• Whether the company has material fines or violations in the area and if so, if appropriate actions have already been taken to remedy going forward;

• Whether providing this information would reveal proprietary or confidential information that would place the company at a competitive disadvantage.

**Environmental Issues**

**Climate Transition Plans**

Generally vote CASE-BY-CASE on management proposed climate transition plans. When evaluating management proposed plans, the following factors are generally considered:

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• If the company has detailed disclosure of the governance, strategy, risk mitigation efforts, and metrics and targets based on the TCFD's recommendations, or a similar standard;

• If the company has detailed disclosure of their current emissions data based on the SASB materiality framework; and

• If the company has detailed disclosure in line with Paris Agreement goals.

Generally vote CASE-BY-CASE on shareholder proposals requesting climate transition plans. When evaluating these shareholder proposals, the following factors are generally considered:

• The company's current level of publicly available disclosure including if the company already discloses similar information through existing reports or policies;

• If the proposal asks for detailed disclosure according to the TCFD's recommendations;

• If the proposal asks for detailed disclosure of the company's current emissions data based on the SASB materiality framework;

• If the proposal asks for long-term targets, as well as short and medium term milestones;

• If the proposal asks for targets to be aligned to a globally accepted framework, such as Paris Aligned or Net Zero;

• If the proposal asks for targets to be approved by the Science Based Target Initiative ("SBTi");

• If the proposal seeks to add reasonable transparency and is not onerous or overly prescriptive; and

• Whether the proposal is binding or non-binding.

**Environmental Sustainability Reporting**

Generally vote FOR shareholders proposals requesting the company to report on its policies, initiatives and oversight mechanisms related to environmental sustainability, including the impacts of climate change and biodiversity loss. The following factors will be considered:

• The company's current level of publicly available disclosure including if the company already discloses similar information through existing reports or policies;

• If the company has formally committed to the implementation of a reporting program based on the SASB materiality standards, the TCFD's recommendations, or a similar standard within a specified time frame;

• If the company's current level of disclosure is comparable to that of its industry peers; and

• If there are significant controversies, fines, penalties, or litigation associated with the company's environmental performance.

**Other Environmental Proposals**

Vote CASE-BY-CASE on the following shareholder proposals if relevant to the company:

• Seeking information on the financial, physical, or regulatory risks a company faces related to climate change on its operations and investment, or on how the company identifies, measures and manages such risks;

• Calling for the reduction of Greenhouse Gas (GHG) emissions;

• Seeking reports on responses to regulatory and public pressures surrounding climate change, and for disclosure of research that aided in setting company policies around climate change;

• Requesting an action plan including science based targets and a commitment to net zero emissions by 2050 or earlier;

• Requesting a report/disclosure of goals on GHG emissions from company operations and/or products;

• Requesting a company report on its energy efficiency policies; and

• Requesting reports on the feasibility of developing renewable energy resources.

**Social Issues**

**Board and Workforce Demographics**

A company should have a clear, public Equal Employment Opportunity (EEO) statement and/or diversity policy. Generally vote FOR proposals seeking to amend a company's EEO statement or diversity policies to additionally prohibit discrimination based on sexual orientation and/or gender identity.

Generally vote FOR proposals requesting reports on a company's efforts to diversify the board, unless:

• The gender and racial minority representation of the company's board is reasonably inclusive in relation to companies of similar size and business; and

• The board already reports on its nominating procedures and gender and racial minority initiatives on the board.

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**Gender Pay Gap** 

Generally vote CASE-BY-CASE on proposals requesting reports on a company's pay data by gender, or a report on a company's policies and goals to reduce any gender pay gap, taking into account:

• The company's current policies and disclosure related to both its diversity and inclusion policies and practices and its compensation philosophy and fair and equitable compensation practices;

• Whether the company has been the subject of recent controversy, litigation or regulatory actions related to gender pay gap issues; and

• Whether the company's reporting regarding gender pay gap policies or initiatives is lagging its peers.

**Labor, Human and Animal Rights Standards**

Generally vote FOR proposals requesting a report on company or company supplier labor, human, and/or animal rights standards and policies, or on the impact of its operations on society, unless such information is already publicly disclosed considering:

• The degree to which existing relevant policies and practices are disclosed;

• Whether or not existing relevant policies are consistent with internationally recognized standards;

• Whether company facilities and those of its suppliers are monitored and how;

• Company participation in fair labor organizations or other internationally recognized human rights initiatives;

• Scope and nature of business conducted in markets known to have higher risk of workplace labor/human rights abuse;

• Recent, significant company controversies, fines, or litigation regarding human rights at the company or its suppliers;

• The scope of the request; and

• Deviation from industry sector peer company standards and practices.

Generally vote CASE-BY-CASE on shareholder proposals requesting reports about a company's use of mandatory arbitrations in employment claims, taking into account the company's existing policies and disclosures of policies.

Generally vote CASE-BY-CASE on shareholder proposals requesting reports on the actions taken by a company to prevent sexual and other forms of harassment or on the risks posed by the company's failure to take such actions, taking into account the company's existing policies and disclosures of policies.

**Racial Equity Audit**

• Generally vote CASE-BY-CASE on shareholder proposals requesting the board oversee a racial equity audit. While we believe the decision to initiate an independent audit is best left to management judgment under the oversight of the board of directors, the following factors are generally considered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The degree to which existing relevant policies and practices are disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recent, significant company controversies, fines, or litigation regarding human rights at the company or its suppliers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the gender and racial minority representation of the company's board is reasonably inclusive in relation to companies of similar size and business.

**Political Contributions and Trade Association Spending/Lobbying Expenditures and Initiatives**

We generally believe that it is the role of boards and management to determine the appropriate level of disclosure of all types of corporate political activity. When evaluating these proposals, we consider the prescriptive nature of the proposal and the overall benefit to shareholders along with a company's current disclosure of policies, practices and oversight.

Generally vote AGAINST proposals asking the company to affirm political nonpartisanship in the workplace so long as:

• There are no recent, significant controversies, fines or litigation regarding the company's political contributions or trade association spending; and

• The company has procedures in place to ensure that employee contributions to company-sponsored political action committees (PACs) are strictly voluntary and prohibits coercion.

Generally vote AGAINST proposals requesting increased disclosure of a company's policies with respect to political contributions, lobbying and trade association spending as long as:

• There is no significant potential threat or actual harm to shareholders' interests;

• There are no recent significant controversies or litigation related to the company's political contributions or governmental affairs; and

• There is publicly available information to assess the company's oversight related to such expenditures of corporate assets.

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We generally will vote AGAINST proposals asking for detailed disclosure of political contributions or trade association or lobbying expenditures.

We generally will vote AGAINST proposals barring the company from making political contributions. Businesses are affected by legislation at the federal, state, and local level and barring political contributions can put the company at a competitive disadvantage.

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**Region: Europe, Middle East and Africa (EMEA) Proxy Items**

*The following section is a broad summary of the Guidelines, which form the basis of the Policy with respect to EMEA public equity investments of operating and/or holding companies. Applying these guidelines is subject to certain regional and country-specific exceptions and modifications and is not inclusive of all considerations in each market.* 

**1. Business Items**

**Financial Results/Director and Auditor Reports**

Vote FOR approval of financial statements and director and auditor reports, unless:

• There are serious concerns about the accounts presented, audit procedures used or audit opinion rendered; or

• The company is not responsive to shareholder questions about specific items that should be publicly disclosed.

**Appointment of Auditors and Auditor Fees** 

Vote FOR the re-election of auditors and proposals authorizing the board to fix auditor fees unless:

• There are serious concerns about the accounts presented, audit procedures used or audit opinion rendered;

• There is reason to believe that the auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position;

• Name of the proposed auditor has not been published;

• The auditors are being changed without explanation;

• Non-audit-related fees are substantial, or are in excess of standard annual audit-related fees, or in excess of permitted local limits and guidelines; or

• The appointment of external auditors if they have previously served the company in an executive capacity or can otherwise be considered affiliated with the company.

**Appointment of Internal Statutory Auditors**

Vote FOR the appointment or re-election of statutory auditors, unless:

• There are serious concerns about the statutory reports presented or the audit procedures used;

• Questions exist concerning any of the statutory auditors being appointed; or

• The auditors have previously served the company in an executive capacity or can otherwise be considered affiliated with the company.

**Reincorporation Proposals**

Vote reincorporation proposals on a CASE-BY-CASE basis

**Allocation of Income** 

Vote FOR approval of the allocation of income, unless:

• The dividend payout ratio has been consistently low without adequate explanation; or

• The payout is excessive given the company's financial position.

**Stock (Scrip) Dividend Alternative**

Vote FOR most stock (scrip) dividend proposals.

Vote AGAINST proposals that do not allow for a cash option unless management demonstrates that the cash option is harmful to shareholder value.

**Amendments to Articles of Association**

Vote amendments to the articles of association on a CASE-BY-CASE basis.

**Change in Company Fiscal Term**

Vote FOR resolutions to change a company's fiscal term unless a company's motivation for the change is to postpone its annual general meeting.

**Lower Disclosure Threshold for Stock Ownership**

Vote AGAINST resolutions to lower the stock ownership disclosure threshold below 5% unless specific reasons exist to implement a lower threshold.

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**Amend Quorum Requirements**

Vote proposals to amend quorum requirements for shareholder meetings on a CASE-BY-CASE basis.

**Virtual Meetings** 

Generally vote FOR proposals allowing for the convening of hybrid\* shareholder meetings if it is clear that it is not the intention to hold virtual-only AGMs. Generally vote AGAINST proposals allowing for the convening of virtual-only\* shareholder meetings.

\* The phrase "virtual-only shareholder meeting" refers to a meeting of shareholders that is held exclusively through the use of online technology without a corresponding in-person meeting. The term "hybrid shareholder meeting" refers to an in-person, or physical, meeting in which shareholders are permitted to participate online.

**Public Benefit Corporation Proposals**

Generally vote FOR management proposals and CASE-BY-CASE on shareholder proposals related to the conversion of the company into a public benefit corporation.

**Transact Other Business**

Vote AGAINST other business when it appears as a voting item.

**Administrative Requests**

Generally vote FOR non-contentious administrative management requests.

**2. Board of Directors**

The board of directors should promote the interests of shareholders by acting in an oversight and/or advisory role; should consist of a majority of independent directors and / or meet local best practice expectations; and should be held accountable for actions and results related to their responsibilities.

**Voting on Director Nominees in Uncontested Elections**

Vote on director nominees should be determined on a CASE-BY-CASE basis taking into consideration the following:

• Adequate disclosure has not been provided in a timely manner; or

• There are clear concerns over questionable finances or restatements; or

• There have been questionable transactions or conflicts of interest; or

• There are any records of abuses against minority shareholder interests; or

• The board fails to meet minimum corporate governance standards; or

• There are reservations about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Director terms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bundling of proposals to elect directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Board independence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosure of named nominees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Combined Chairman/CEO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Election of former CEO as Chairman of the board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overboarded directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Composition of committees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Director independence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Number of directors on the board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lack of gender diversity on the board

• Specific concerns about the individual or company, such as criminal wrongdoing or breach of fiduciary responsibilities; or

• There are other considerations which may include sanction from government or authority, violations of laws and regulations, or other issues relate to improper business practice, failure to replace management, or egregious actions related to service on other boards.

**Board Composition**

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We generally believe diverse teams have the potential to outperform and we expect the companies that we invest in to focus on the importance of diversity. When evaluating board composition, we believe a diversity of ethnicity, gender and experience is an important consideration. We encourage companies to disclose the composition of their board in the proxy statement and may vote against members of the board without disclosure. See below how we execute our vote at companies that do not meet our diversity expectations.

Vote AGAINST members of the Nominating Committee:

• At companies if the board does not have at least 10% women directors, or does not meet the requirements of local listing rules or corporate governance codes or national targets;

• At companies in the FTSE100 if the board does not have at least one director from an underrepresented minority ethnic background, in line with the Parker review guidelines.

**Employee and /or Labor Representatives**

Vote FOR employee and/or labor representatives if they sit on either the audit or compensation committee and are required by law to be on those committees.

Vote AGAINST employee and/or labor representatives if they sit on either the audit or compensation committee, if they are not required to be on those committees.

**Director Independence**

**Classification of Directors** 

**Executive Director**

• Employee or executive of the company;

• Any director who is classified as a non-executive, but receives salary, fees, bonus, and/or other benefits that are in line with the highest-paid executives of the company.

**Non-Independent Non-Executive Director (NED)**

• Any director who is attested by the board to be a non-independent NED;

• Any director specifically designated as a representative of a significant shareholder of the company;

• Any director who is also an employee or executive of a significant shareholder of the company;

• Beneficial owner (direct or indirect) of at least 10% of the company's stock, either in economic terms or in voting rights (this may be aggregated if voting power is distributed among more than one member of a defined group, e.g., family members who beneficially own less than 10% individually, but collectively own more than 10%), unless market best practice dictates a lower ownership and/or disclosure threshold (and in other special market-specific circumstances);

• Government representative;

• Currently provides (or a relative provides) professional services to the company, to an affiliate of the company, or to an individual officer of the company or of one of its affiliates in excess of $10,000 per year;

• Represents customer, supplier, creditor, banker, or other entity with which company maintains transactional/commercial relationship (unless company discloses information to apply a materiality test);

• Any director who has conflicting or cross-directorships with executive directors or the chairman of the company;

• Relative of a current employee of the company or its affiliates;

• Relative of a former executive of the company or its affiliates;

• A new appointee elected other than by a formal process through the General Meeting (such as a contractual appointment by a substantial shareholder);

• Founder/co-founder/member of founding family but not currently an employee;

• Former executive (a cooling off period may be applied);

• Years of service is generally not a determining factor unless it is recommended best practice in a market and/or in extreme circumstances, in which case it may be considered; and

• Any additional relationship or principle considered to compromise independence under local corporate governance best practice guidance.

**Independent NED**

• No material connection, either directly or indirectly, to the company other than a board seat.

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**Employee Representative**

• Represents employees or employee shareholders of the company (classified as "employee representative" but considered a non-independent NED).

**Director Accountability**

Vote AGAINST individual directors who attend less than 75% of the board and committee meetings without a disclosed valid excuse.

Generally, vote FOR the bundled election of management nominees, unless adequate disclosures of the nominees have not been provided in a timely manner or if one or more of the nominees does not meet the expectation of our policy.

Other items considered for an AGAINST vote include specific concerns about the individual or the company, such as criminal wrongdoing or breach of fiduciary responsibilities, sanctions from government or authority, violations of laws and regulations, the presence of inappropriate related party transactions, or other issues related to improper business practices

Vote AGAINST members of the full board or appropriate committee (or only the independent chairman or lead director as may be appropriate in situations such as where there is a classified board and members of the appropriate committee are not up for re-election or the appropriate committee is comprised of the entire board) for the below reasons. New nominees will be considered on a case-by-case basis. Extreme cases may warrant a vote against the entire board.

• Material failures of governance, stewardship, or fiduciary responsibilities at the company,

• including but not limited to violations of the United Nations Global Compact principles and/or other significant global standards and failure to disclose material environmental, social and governance information;

• Egregious actions related to the 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;

• The board failed to act on a shareholder proposal that received approval of the majority of shares cast for the previous two consecutive years (a management proposal with other than a FOR recommendation by management will not be considered as sufficient action taken); an adopted proposal that is substantially similar to the original shareholder proposal will be deemed sufficient; (vote against members of the committee of the board that is responsible for the issue under consideration). If we did not support the shareholder proposal in both years, we will still vote against the committee member(s).

• The board failed to act on takeover offers where the majority of the shareholders tendered their shares;

• The company does not disclose various components of current emissions, a proxy for a company's dependency on fossil fuels and other sources of greenhouse gasses (Scope 1, Scope 2, Scope 3 emissions), material to the company's business;

• If in an extreme situation the board lacks accountability and oversight, coupled with sustained poor performance relative to peers.

**Discharge of Directors**

Generally vote FOR the discharge of directors, including members of the management board and/or supervisory board, unless there is reliable information about significant and compelling controversies that the board is not fulfilling its fiduciary duties warranted by:

• A lack of oversight or actions by board members which invoke shareholder distrust related to

• malfeasance or poor supervision, such as operating in private or company interest rather than in

• shareholder interest; or

• Any legal issues (e.g., civil/criminal) aiming to hold the board responsible for breach of trust in the past or related to currently alleged actions yet to be confirmed (and not only the fiscal year in question), such as price fixing, insider trading, bribery, fraud, and other illegal actions; or

• Other egregious governance issues where shareholders may bring legal action against the company or its directors; or

• Vote on a CASE-BY-CASE basis where a vote against other agenda items are deemed inappropriate.

**Committee Responsibilities and Expectations**

Companies should establish committees to oversee areas such as audit, executive and non-executive compensation, director nominations and ESG oversight. The responsibilities of the committees should be publicly disclosed.

**Audit Committee**

Vote AGAINST members of the Audit Committee if:

• Non-audit-related fees are substantial, or are in excess of standard annual audit-related fees, or in excess of permitted local limits and guidelines.

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• The company receives an adverse opinion on the company's financial statements from its auditor and there is not clear evidence that the situation has been remedied;

• There is excessive pledging or hedging of stock by executives;

• 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; or

• No members of the Audit Committee hold sufficient financial expertise.

Vote CASE-BY-CASE on members of the Audit Committee and/or the full board if poor accounting practices, which rise to a level of serious concern are identified, such as fraud, misapplication of accounting principles and material weaknesses identified in audit-related disclosures.

Examine the severity, breadth, chronological sequence and duration, as well as the company's efforts at remediation or corrective actions, in determining whether negative vote recommendations are warranted against the members of the Audit Committee who are responsible for the poor accounting practices, or the entire board.

**Remuneration Committee**

See section 3 on Remuneration for reasons to vote against members of the Remuneration Committee.

**Nominating/Governance Committee**

Vote AGAINST members of the Nominating/Governance Committee if:

• At the previous board election, any director received more than 50% withhold/against votes of the shares cast and the company has failed to address the underlying issue(s) that caused the high withhold/against vote;

• The board does not meet our diversity expectations;

• The board amends the company's bylaws or charter without shareholder approval in a manner that materially diminishes shareholders' rights or could adversely impact shareholders

**Voting on Director Nomineess in Contested Elections**

Vote on a CASE-BY-CASE basis in contested elections of directors, e.g., the election of shareholder nominees or the dismissal of incumbent directors, determining which directors are best suited to add value for shareholders.

The analysis will generally be based on, but not limited to, the following major decision factors:

• Company performance relative to its peers;

• Strategy of the incumbents versus the dissidents;

• Independence of board candidates;

• Experience and skills of board candidates;

• Governance profile of the company;

• Evidence of management entrenchment;

• Responsiveness to shareholders;

• Whether a takeover offer has been rebuffed; and

• Whether minority or majority representation is being sought.

**Other Board Related Proposals (Management and Shareholder)**

Vote AGAINST the introduction of classified boards and mandatory retirement ages for directors.

Vote AGAINST proposals to alter board structure or size in the context of a fight for control of the company or the board.

**Independent Board Chair** (for applicable markets)

We will generally vote AGAINST shareholder proposals requiring that the chairman's position be filled by an independent director, if the company satisfies 3 of the 4 following criteria:

• Two-thirds independent board, or majority in countries where employee representation is common practice;

• A designated, or a rotating, lead director, elected by and from the independent board members with clearly delineated and comprehensive duties;

• Fully independent key committees; and/or

• Established, publicly disclosed, governance guidelines and director biographies/profiles.

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**3. Remuneration** 

**Pay Practices**

Good pay practices should align management's interests with long-term shareholder value creation. Detailed disclosure of remuneration criteria is preferred; proof that companies follow the criteria should be evident and retroactive performance target changes without proper disclosure is not viewed favorably. Remuneration practices should allow a company to attract and retain proven talent. Some examples of poor pay practices include: abnormally large bonus payouts without justifiable performance linkage or proper disclosure, egregious employment contracts, excessive severance and/or change in control provisions, repricing or replacing of underwater stock options/stock appreciation rights without prior shareholder approval, and excessive perquisites. A company should also have an appropriate balance of short-term vs. long-term metrics and the metrics should be aligned with business goals and objectives.

If the company maintains problematic or poor pay practices, generally vote:

• AGAINST Management Say on Pay (MSOP) Proposals, Remuneration Reports; or

• AGAINST an equity-based incentive plan proposal if excessive non-performance-based equity awards are the major contributor to a pay-for-performance misalignment.

• If no MSOP or equity-based incentive plan proposal item is on the ballot, vote AGAINST from Remuneration Committee members.

**Remuneration Plans**

Vote CASE-BY-CASE on management proposals for a vote on executive remuneration, considering the following factors in the context of each company's specific circumstances and the board's disclosed rationale for its practices.

<u>Factors considered may include:</u>

• Pay for Performance Disconnect;

We will consider there to be a disconnect based on a quantitative assessment of the following: CEO pay vs. TSR ("Total Shareholder Return") and peers, CEO pay as a percentage of the median peer group or CEO pay vs. shareholder return over time.

• Long-term equity-based compensation is 100% time-based;

• Board's responsiveness if company received low shareholder support in the previous year's MSOP or remuneration vote;

• Abnormally large bonus payouts without justifiable performance linkage or proper disclosure;

• Egregious employment contracts;

• Excessive perquisites or excessive severance and/or change in control provisions;

• Repricing or replacing of underwater stock options without prior shareholder approval;

• Egregious pension/SERP (supplemental executive retirement plan) payouts;

• Extraordinary relocation benefits;

• Internal pay disparity; and

• Lack of transparent disclosure of compensation philosophy and goals and targets, including details on short-term and long-term performance incentives.

**Non-Executive Director Compensation**

Vote FOR proposals to award cash fees to non-executive directors unless the amounts are excessive relative to other companies in the country or industry.

Vote non-executive director compensation proposals that include both cash and share-based components on a CASE-BY-CASE basis.

Vote proposals that bundle compensation for both non-executive and executive directors into a single resolution on a CASE-BY-CASE basis.

Vote AGAINST proposals to introduce retirement benefits for non-executive directors.

**Director, Officer, and Auditor Indemnification and Liability Provisions**

Vote proposals seeking indemnification and liability protection for directors and officers on a CASE-BY-CASE basis.

Vote AGAINST proposals to indemnify auditors.

**Other Remuneration Related Proposals**

Vote on other remuneration related proposals on a CASE-BY-CASE basis.

**Remuneration Committee**

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When voting for members of the Remuneration Committee, factors considered may include:

• We voted against the company's MSOP in the previous year, the company's previous MSOP received significant opposition of votes cast and we are voting against this year's MSOP; and

• The board implements a MSOP on a less frequent basis than the frequency that received the plurality of votes cast

• Remuneration structure is widely inconsistent with local market best practices or regulations

**4. Shareholder Rights and Defenses**

**Antitakeover Mechanisms**

Generally vote AGAINST all antitakeover proposals, unless they are structured in such a way that they give shareholders the ultimate decision on any proposal or offer.

For the Netherlands, vote recommendations regarding management proposals to approve protective preference shares will be determined on a CASE-BY-CASE basis.

For French companies listed on a regulated market, generally VOTE AGAINST any general authorities impacting the share capital (i.e. authorities for share repurchase plans and any general share issuances with or without preemptive rights) if they can be used for antitakeover purposes without shareholders' prior explicit approval.

**5. Strategic Transactions, Capital Structures and other Business Considerations**

**Reorganizations/Restructurings**

Vote reorganizations and restructurings on a CASE-BY-CASE basis.

**Mergers and Acquisitions**

Vote CASE-BY-CASE on mergers and acquisitions taking into account the following based on publicly available information:

• Valuation;

• Market reaction;

• Strategic rationale;

• Management's track record of successful integration of historical acquisitions;

• Presence of conflicts of interest; and

• Governance profile of the combined company.

**Dual Class Structures**

Vote FOR resolutions that seek to maintain or convert to a one-share, one-vote capital structure.

Vote AGAINST requests for the creation or continuation of dual-class capital structures or the creation of new or additional super voting shares.

**Share Issuance Requests** 

*General Issuances:*

Vote FOR issuance requests with preemptive rights to a maximum of 100% over currently issued capital or any stricter limit set in local best practice recommendations or law.

Vote FOR issuance requests without preemptive rights to a maximum of 20% of currently issued capital or any stricter limit set in local best practice recommendations or law.

*Specific Issuances:*

Vote on a CASE-BY-CASE basis on all requests, with or without preemptive rights.

**Increases in Authorized Capital** 

Vote FOR non-specific proposals to increase authorized capital up to 100% over the current authorization unless the increase would leave the company with less than 30% of its new authorization outstanding, or any stricter limit set in local best practice recommendations or law.

Vote FOR specific proposals to increase authorized capital to any amount, unless:

• The specific purpose of the increase (such as a share-based acquisition or merger) does not meet

• guidelines for the purpose being proposed; or

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• The increase would leave the company with less than 30% of its new authorization outstanding after adjusting for all proposed issuances or any stricter limit set in local best practice recommendations or law.

Vote AGAINST proposals to adopt unlimited capital authorizations.

**Reduction of Capital**

Vote FOR proposals to reduce capital for routine accounting purposes unless the terms are unfavorable to shareholders.

Vote proposals to reduce capital in connection with corporate restructuring on a CASE-BY-CASE basis.

**Preferred Stock**

Vote FOR the creation of a new class of preferred stock or for issuances of preferred stock up to 50% of issued capital unless the terms of the preferred stock would adversely affect the rights of existing shareholders.

Vote FOR the creation/issuance of convertible preferred stock as long as the maximum number of common shares that could be issued upon conversion meets guidelines on equity issuance requests.

Vote AGAINST the creation of a new class of preference shares that would carry superior voting rights to the common shares.

Vote AGAINST the creation of blank check preferred stock unless the board clearly states that the authorization will not be used to thwart a takeover bid.

Vote proposals to increase blank check preferred authorizations on a CASE-BY-CASE basis.

**Debt Issuance Requests**

Vote non-convertible debt issuance requests on a CASE-BY-CASE basis, with or without preemptive rights.

Vote FOR the creation/issuance of convertible debt instruments as long as the maximum number of common shares that could be issued upon conversion meets guidelines on equity issuance requests.

Vote FOR proposals to restructure existing debt arrangements unless the terms of the restructuring would adversely affect the rights of shareholders.

**Increase in Borrowing Powers**

Vote proposals to approve increases in a company's borrowing powers on a CASE-BY-CASE basis.

**Share Repurchase Plans**

We will generally recommend FOR share repurchase programs taking into account whether:

• The share repurchase program can be used as a takeover defense;

• There is clear evidence of historical abuse;

• There is no safeguard in the share repurchase program against selective buybacks;

• Pricing provisions and safeguards in the share repurchase program are deemed to be unreasonable in light of market practice.

**Reissuance of Repurchased Shares**

Vote FOR requests to reissue any repurchased shares unless there is clear evidence of abuse of this authority in the past.

**Capitalization of Reserves for Bonus Issues/Increase in Par Value**

Vote FOR requests to capitalize reserves for bonus issues of shares or to increase par value.

**Reorganizations/Restructurings**

Vote reorganizations and restructurings on a CASE-BY-CASE basis.

**Reincorporation Proposals**

Vote reincorporation proposals on a CASE-BY-CASE basis.

**Related-Party Transactions**

Vote related-party transactions on a CASE-BY-CASE basis, considering factors including, but not limited to, the following:

• The parties on either side of the transaction;

• The nature of the asset to be transferred/service to be provided;

• The pricing of the transaction (and any associated professional valuation);

• The views of independent directors (where provided);

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• The views of an independent financial adviser (where appointed);

• Whether any entities party to the transaction (including advisers) is conflicted; and

• The stated rationale for the transaction, including discussions of timing

**6. Environmental and Social Issues** 

**Overall Approach**

Proposals considered under this category could include, among others, reports on:

1) employee labor and safety policies;

2) impact on the environment of the company's production or manufacturing operations;

3) societal impact of products manufactured;

4) risks throughout the supply chain or operations including labor practices, animal treatment practices within food production and conflict minerals; and

5) overall board structure, including diversity.

When evaluating environmental and social shareholder proposals, the following factors are generally considered:

• The company's current level of publicly available disclosure, including if the company already discloses similar information through existing reports or policies;

• If the company has implemented or formally committed to the implementation of a reporting program based on the Sustainability Accounting Standards Board's (SASB) materiality standards, the Task Force on Climate-related Financial Disclosure's (TCFD) recommendations, or a similar standard;

• Whether adoption of the proposal is likely to enhance or protect shareholder value;

• Whether the information requested concerns business issues that relate to a meaningful percentage of the company's business;

• The degree to which the company's stated position on the issues raised in the proposal could affect its reputation or sales, or leave it vulnerable to a boycott or selective purchasing;

• Whether the company has already responded in some appropriate manner to the request embodied in the proposal;

• What other companies in the relevant industry have done in response to the issue addressed in the proposal;

• Whether the proposal itself is well framed and the cost of preparing the report is reasonable;

• Whether the subject of the proposal is best left to the discretion of the board;

• Whether the company has material fines or violations in the area and if so, if appropriate actions have already been taken to remedy going forward;

• Whether providing this information would reveal proprietary or confidential information that would place the company at a competitive disadvantage.

**Environmental Issues**

**Climate Transition Plans**

Generally vote CASE-BY-CASE on management proposed climate transition plans. When evaluating management proposed plans, the following factors are generally considered:

• If the company has detailed disclosure of the governance, strategy, risk mitigation efforts, and metrics and targets based on the TCFD's recommendations, or a similar standard;

• If the company has detailed disclosure of their current emissions data based on the SASB materiality framework; and

• If the company has detailed disclosure in line with Paris Agreement goals.

Generally vote CASE-BY-CASE on shareholder proposals requesting climate transition plans. When evaluating these shareholder proposals, the following factors are generally considered:

• The company's current level of publicly available disclosure including if the company already discloses similar information through existing reports or policies;

• If the proposal asks for detailed disclosure according to the TCFD's recommendations;

• If the proposal asks for detailed disclosure of the company's current emissions data based on the SASB materiality framework;

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• If the proposal asks for long-term targets, as well as short and medium term milestones;

• If the proposal asks for targets to be aligned to a globally accepted framework, such as Paris Aligned or Net Zero;

• If the proposal asks for targets to be approved by the Science Based Target Initiative ("SBTi");

• If the proposal seeks to add reasonable transparency and is not onerous or overly prescriptive; and

• Whether the proposal is binding or non-binding.

**Environmental Sustainability Reporting**

Generally vote FOR shareholders proposals requesting the company to report on its policies, initiatives and oversight mechanisms related to environmental sustainability, including the impacts of climate change and biodiversity loss. The following factors will be considered:

• The company's current level of publicly available disclosure including if the company already discloses similar information through existing reports or policies;

• If the company has formally committed to the implementation of a reporting program based on the SASB materiality standards, the TCFD's recommendations, or a similar standard within a specified time frame;

• If the company's current level of disclosure is comparable to that of its industry peers; and

• If there are significant controversies, fines, penalties, or litigation associated with the company's environmental performance.

**Other Environmental Proposals**

Vote CASE-BY-CASE on the following shareholder proposals if relevant to the company:

• Seeking information on the financial, physical, or regulatory risks a company faces related to climate change on its operations and investment, or on how the company identifies, measures and manages such risks;

• Calling for the reduction of Greenhouse Gas (GHG) emissions;

• Seeking reports on responses to regulatory and public pressures surrounding climate change, and for disclosure of research that aided in setting company policies around climate change;

• Requesting an action plan including science based targets and a commitment to net zero emissions by 2050 or earlier;

• Requesting a report/disclosure of goals on GHG emissions from company operations and/or products;

• Requesting a company report on its energy efficiency policies; and

• Requesting reports on the feasibility of developing renewable energy resources.

**Social Issues**

**Board and Workforce Demographics**

A company should have a clear, public Equal Employment Opportunity (EEO) statement and/or diversity policy. Generally vote FOR proposals seeking to amend a company's EEO statement or diversity policies to additionally prohibit discrimination based on sexual orientation and/or gender identity.

Generally vote FOR proposals requesting reports on a company's efforts to diversify the board, unless:

• The gender and racial minority representation of the company's board is reasonably inclusive in relation to companies of similar size and business; and

• The board already reports on its nominating procedures and gender and racial minority initiatives on the board.

**Gender Pay Gap** 

Generally vote CASE-BY-CASE on proposals requesting reports on a company's pay data by gender, or a report on a company's policies and goals to reduce any gender pay gap, taking into account:

• The company's current policies and disclosure related to both its diversity and inclusion policies and practices and its compensation philosophy and fair and equitable compensation practices;

• Whether the company has been the subject of recent controversy, litigation or regulatory actions related to gender pay gap issues; and

• Whether the company's reporting regarding gender pay gap policies or initiatives is lagging its peers.

**Labor, Human and Animal Rights Standards**

Generally vote FOR proposals requesting a report on company or company supplier labor, human, and/or animal rights standards and policies, or on the impact of its operations on society, unless such information is already publicly disclosed considering:

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• The degree to which existing relevant policies and practices are disclosed;

• Whether or not existing relevant policies are consistent with internationally recognized standards;

• Whether company facilities and those of its suppliers are monitored and how;

• Company participation in fair labor organizations or other internationally recognized human rights initiatives;

• Scope and nature of business conducted in markets known to have higher risk of workplace labor/human rights abuse;

• Recent, significant company controversies, fines, or litigation regarding human rights at the company or its suppliers;

• The scope of the request; and

• Deviation from industry sector peer company standards and practices.

Generally vote CASE-BY-CASE on shareholder proposals requesting reports about a company's use of mandatory arbitrations in employment claims, taking into account the company's existing policies and disclosures of policies.

Generally vote CASE-BY-CASE on shareholder proposals requesting reports on the actions taken by a company to prevent sexual and other forms of harassment or on the risks posed by the company's failure to take such actions, taking into account the company's existing policies and disclosures of policies.

**Racial Equity Audit**

• Generally vote CASE-BY-CASE on shareholder proposals requesting the board oversee a racial equity audit. While we believe the decision to initiate an independent audit is best left to management judgment under the oversight of the board of directors, the following factors are generally considered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The degree to which existing relevant policies and practices are disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recent, significant company controversies, fines, or litigation regarding human rights at the company or its suppliers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the gender and racial minority representation of the company's board is reasonably inclusive in relation to companies of similar size and business.

**Political Contributions and Trade Association Spending/Lobbying Expenditures and Initiatives**

We generally believe that it is the role of boards and management to determine the appropriate level of disclosure of all types of corporate political activity. When evaluating these proposals, we consider the prescriptive nature of the proposal and the overall benefit to shareholders along with a company's current disclosure of policies, practices and oversight.

Generally vote AGAINST proposals asking the company to affirm political nonpartisanship in the workplace so long as:

• There are no recent, significant controversies, fines or litigation regarding the company's political contributions or trade association spending; and

• The company has procedures in place to ensure that employee contributions to company-sponsored political action committees (PACs) are strictly voluntary and prohibits coercion.

Generally vote AGAINST proposals requesting increased disclosure of a company's policies with respect to political contributions, lobbying and trade association spending as long as:

• There is no significant potential threat or actual harm to shareholders' interests;

• There are no recent significant controversies or litigation related to the company's political contributions or governmental affairs; and

• There is publicly available information to assess the company's oversight related to such expenditures of corporate assets.

We generally will vote AGAINST proposals asking for detailed disclosure of political contributions or trade association or lobbying expenditures.

We generally will vote AGAINST proposals barring the company from making political contributions. Businesses are affected by legislation at the federal, state, and local level and barring political contributions can put the company at a competitive disadvantage.

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**Region: Europe, Middle East and Africa (EMEA) Proxy Items**

*The following section is a broad summary of the Guidelines, which form the basis of the Policy with respect to EMEA public equity investments of operating and/or holding companies. Applying these guidelines is subject to certain regional and country-specific exceptions and modifications and is not inclusive of all considerations in each market.* 

**1. Business Items**

**Financial Results/Director and Auditor Reports**

Vote FOR approval of financial statements and director and auditor reports, unless:

• There are serious concerns about the accounts presented, audit procedures used or audit opinion rendered; or

• The company is not responsive to shareholder questions about specific items that should be publicly disclosed.

**Appointment of Auditors and Auditor Fees** 

Vote FOR the re-election of auditors and proposals authorizing the board to fix auditor fees unless:

• There are serious concerns about the accounts presented, audit procedures used or audit opinion rendered;

• There is reason to believe that the auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position;

• Name of the proposed auditor has not been published;

• The auditors are being changed without explanation;

• Non-audit-related fees are substantial, or are in excess of standard annual audit-related fees, or in excess of permitted local limits and guidelines; or

• The appointment of external auditors if they have previously served the company in an executive capacity or can otherwise be considered affiliated with the company.

**Appointment of Internal Statutory Auditors**

Vote FOR the appointment or re-election of statutory auditors, unless:

• There are serious concerns about the statutory reports presented or the audit procedures used;

• Questions exist concerning any of the statutory auditors being appointed; or

• The auditors have previously served the company in an executive capacity or can otherwise be considered affiliated with the company.

**Reincorporation Proposals**

Vote reincorporation proposals on a CASE-BY-CASE basis

**Allocation of Income** 

Vote FOR approval of the allocation of income, unless:

• The dividend payout ratio has been consistently low without adequate explanation; or

• The payout is excessive given the company's financial position.

**Stock (Scrip) Dividend Alternative**

Vote FOR most stock (scrip) dividend proposals.

Vote AGAINST proposals that do not allow for a cash option unless management demonstrates that the cash option is harmful to shareholder value.

**Amendments to Articles of Association**

Vote amendments to the articles of association on a CASE-BY-CASE basis.

**Change in Company Fiscal Term**

Vote FOR resolutions to change a company's fiscal term unless a company's motivation for the change is to postpone its annual general meeting.

**Lower Disclosure Threshold for Stock Ownership**

Vote AGAINST resolutions to lower the stock ownership disclosure threshold below 5% unless specific reasons exist to implement a lower threshold.

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**Amend Quorum Requirements**

Vote proposals to amend quorum requirements for shareholder meetings on a CASE-BY-CASE basis.

**Virtual Meetings** 

Generally vote FOR proposals allowing for the convening of hybrid\* shareholder meetings if it is clear that it is not the intention to hold virtual-only AGMs. Generally vote AGAINST proposals allowing for the convening of virtual-only\* shareholder meetings.

\* The phrase "virtual-only shareholder meeting" refers to a meeting of shareholders that is held exclusively through the use of online technology without a corresponding in-person meeting. The term "hybrid shareholder meeting" refers to an in-person, or physical, meeting in which shareholders are permitted to participate online.

**Public Benefit Corporation Proposals**

Generally vote FOR management proposals and CASE-BY-CASE on shareholder proposals related to the conversion of the company into a public benefit corporation.

**Transact Other Business**

Vote AGAINST other business when it appears as a voting item.

**Administrative Requests**

Generally vote FOR non-contentious administrative management requests.

**2. Board of Directors**

The board of directors should promote the interests of shareholders by acting in an oversight and/or advisory role; should consist of a majority of independent directors and / or meet local best practice expectations; and should be held accountable for actions and results related to their responsibilities.

**Voting on Director Nominees in Uncontested Elections**

Vote on director nominees should be determined on a CASE-BY-CASE basis taking into consideration the following:

• Adequate disclosure has not been provided in a timely manner; or

• There are clear concerns over questionable finances or restatements; or

• There have been questionable transactions or conflicts of interest; or

• There are any records of abuses against minority shareholder interests; or

• The board fails to meet minimum corporate governance standards; or

• There are reservations about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Director terms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bundling of proposals to elect directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Board independence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosure of named nominees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Combined Chairman/CEO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Election of former CEO as Chairman of the board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overboarded directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Composition of committees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Director independence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Number of directors on the board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lack of gender diversity on the board

• Specific concerns about the individual or company, such as criminal wrongdoing or breach of fiduciary responsibilities; or

• There are other considerations which may include sanction from government or authority, violations of laws and regulations, or other issues relate to improper business practice, failure to replace management, or egregious actions related to service on other boards.

**Board Composition**

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We generally believe diverse teams have the potential to outperform and we expect the companies that we invest in to focus on the importance of diversity. When evaluating board composition, we believe a diversity of ethnicity, gender and experience is an important consideration. We encourage companies to disclose the composition of their board in the proxy statement and may vote against members of the board without disclosure. See below how we execute our vote at companies that do not meet our diversity expectations.

Vote AGAINST members of the Nominating Committee:

• At companies if the board does not have at least 10% women directors, or does not meet the requirements of local listing rules or corporate governance codes or national targets;

**Employee and /or Labor Representatives**

Vote FOR employee and/or labor representatives if they sit on either the audit or compensation committee and are required by law to be on those committees.

Vote AGAINST employee and/or labor representatives if they sit on either the audit or compensation committee, if they are not required to be on those committees.

**Director Independence**

**Classification of Directors** 

**Executive Director**

• Employee or executive of the company;

• Any director who is classified as a non-executive, but receives salary, fees, bonus, and/or other benefits that are in line with the highest-paid executives of the company.

**Non-Independent Non-Executive Director (NED)**

• Any director who is attested by the board to be a non-independent NED;

• Any director specifically designated as a representative of a significant shareholder of the company;

• Any director who is also an employee or executive of a significant shareholder of the company;

• Beneficial owner (direct or indirect) of at least 10% of the company's stock, either in economic terms or in voting rights (this may be aggregated if voting power is distributed among more than one member of a defined group, e.g., family members who beneficially own less than 10% individually, but collectively own more than 10%), unless market best practice dictates a lower ownership and/or disclosure threshold (and in other special market-specific circumstances);

• Government representative;

• Currently provides (or a relative provides) professional services to the company, to an affiliate of the company, or to an individual officer of the company or of one of its affiliates in excess of $10,000 per year;

• Represents customer, supplier, creditor, banker, or other entity with which company maintains transactional/commercial relationship (unless company discloses information to apply a materiality test);

• Any director who has conflicting or cross-directorships with executive directors or the chairman of the company;

• Relative of a current employee of the company or its affiliates;

• Relative of a former executive of the company or its affiliates;

• A new appointee elected other than by a formal process through the General Meeting (such as a contractual appointment by a substantial shareholder);

• Founder/co-founder/member of founding family but not currently an employee;

• Former executive (a cooling off period may be applied);

• Years of service is generally not a determining factor unless it is recommended best practice in a market and/or in extreme circumstances, in which case it may be considered; and

• Any additional relationship or principle considered to compromise independence under local corporate governance best practice guidance.

**Independent NED**

• No material connection, either directly or indirectly, to the company other than a board seat.

**Employee Representative**

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• Represents employees or employee shareholders of the company (classified as "employee representative" but considered a non-independent NED).

**Director Accountability**

Vote AGAINST individual directors who attend less than 75% of the board and committee meetings without a disclosed valid excuse.

Generally, vote FOR the bundled election of management nominees, unless adequate disclosures of the nominees have not been provided in a timely manner or if one or more of the nominees does not meet the expectation of our policy.

Other items considered for an AGAINST vote include specific concerns about the individual or the company, such as criminal wrongdoing or breach of fiduciary responsibilities, sanctions from government or authority, violations of laws and regulations, the presence of inappropriate related party transactions, or other issues related to improper business practices

Vote AGAINST members of the full board or appropriate committee (or only the independent chairman or lead director as may be appropriate in situations such as where there is a classified board and members of the appropriate committee are not up for re-election or the appropriate committee is comprised of the entire board) for the below reasons. New nominees will be considered on a case-by-case basis. Extreme cases may warrant a vote against the entire board.

• Material failures of governance, stewardship, or fiduciary responsibilities at the company,

• including but not limited to violations of the United Nations Global Compact principles and/or other significant global standards and failure to disclose material environmental, social and governance information;

• Egregious actions related to the 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;

• The board failed to act on a shareholder proposal that received approval of the majority of shares cast for the previous two consecutive years (a management proposal with other than a FOR recommendation by management will not be considered as sufficient action taken); an adopted proposal that is substantially similar to the original shareholder proposal will be deemed sufficient; (vote against members of the committee of the board that is responsible for the issue under consideration). If we did not support the shareholder proposal in both years, we will still vote against the committee member(s).

• The board failed to act on takeover offers where the majority of the shareholders tendered their shares;

• The company does not disclose various components of current emissions, a proxy for a company's dependency on fossil fuels and other sources of greenhouse gasses (Scope 1, Scope 2, Scope 3 emissions), material to the company's business;

• If in an extreme situation the board lacks accountability and oversight, coupled with sustained poor performance relative to peers.

**Discharge of Directors**

Generally vote FOR the discharge of directors, including members of the management board and/or supervisory board, unless there is reliable information about significant and compelling controversies that the board is not fulfilling its fiduciary duties warranted by:

• A lack of oversight or actions by board members which invoke shareholder distrust related to

• malfeasance or poor supervision, such as operating in private or company interest rather than in

• shareholder interest; or

• Any legal issues (e.g., civil/criminal) aiming to hold the board responsible for breach of trust in the past or related to currently alleged actions yet to be confirmed (and not only the fiscal year in question), such as price fixing, insider trading, bribery, fraud, and other illegal actions; or

• Other egregious governance issues where shareholders may bring legal action against the company or its directors; or

• Vote on a CASE-BY-CASE basis where a vote against other agenda items are deemed inappropriate.

**Committee Responsibilities and Expectations**

Companies should establish committees to oversee areas such as audit, executive and non-executive compensation, director nominations and ESG oversight. The responsibilities of the committees should be publicly disclosed.

**Audit Committee**

Vote AGAINST members of the Audit Committee if:

• Non-audit-related fees are substantial, or are in excess of standard annual audit-related fees, or in excess of permitted local limits and guidelines.

• The company receives an adverse opinion on the company's financial statements from its auditor and there is not clear evidence that the situation has been remedied;

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• There is excessive pledging or hedging of stock by executives;

• 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; or

• No members of the Audit Committee hold sufficient financial expertise.

Vote CASE-BY-CASE on members of the Audit Committee and/or the full board if poor accounting practices, which rise to a level of serious concern are identified, such as fraud, misapplication of accounting principles and material weaknesses identified in audit-related disclosures.

Examine the severity, breadth, chronological sequence and duration, as well as the company's efforts at remediation or corrective actions, in determining whether negative vote recommendations are warranted against the members of the Audit Committee who are responsible for the poor accounting practices, or the entire board.

**Remuneration Committee**

See section 3 on Remuneration for reasons to vote against members of the Remuneration Committee.

**Nominating/Governance Committee**

Vote AGAINST members of the Nominating/Governance Committee if:

• At the previous board election, any director received more than 50% withhold/against votes of the shares cast and the company has failed to address the underlying issue(s) that caused the high withhold/against vote;

• The board does not meet our diversity expectations;

• The board amends the company's bylaws or charter without shareholder approval in a manner that materially diminishes shareholders' rights or could adversely impact shareholders

**Voting on Director Nomineess in Contested Elections**

Vote on a CASE-BY-CASE basis in contested elections of directors, e.g., the election of shareholder nominees or the dismissal of incumbent directors, determining which directors are best suited to add value for shareholders.

The analysis will generally be based on, but not limited to, the following major decision factors:

• Company performance relative to its peers;

• Strategy of the incumbents versus the dissidents;

• Independence of board candidates;

• Experience and skills of board candidates;

• Governance profile of the company;

• Evidence of management entrenchment;

• Responsiveness to shareholders;

• Whether a takeover offer has been rebuffed; and

• Whether minority or majority representation is being sought.

**Other Board Related Proposals (Management and Shareholder)**

Vote AGAINST the introduction of classified boards and mandatory retirement ages for directors.

Vote AGAINST proposals to alter board structure or size in the context of a fight for control of the company or the board.

**Independent Board Chair (for applicable markets)**

We will generally vote AGAINST shareholder proposals requiring that the chairman's position be filled by an independent director, if the company satisfies 3 of the 4 following criteria:

• Two-thirds independent board, or majority in countries where employee representation is common practice;

• A designated, or a rotating, lead director, elected by and from the independent board members with clearly delineated and comprehensive duties;

• Fully independent key committees; and/or

• Established, publicly disclosed, governance guidelines and director biographies/profiles.

**3. Remuneration** 

**Pay Practices**

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Good pay practices should align management's interests with long-term shareholder value creation. Detailed disclosure of remuneration criteria is preferred; proof that companies follow the criteria should be evident and retroactive performance target changes without proper disclosure is not viewed favorably. Remuneration practices should allow a company to attract and retain proven talent. Some examples of poor pay practices include: abnormally large bonus payouts without justifiable performance linkage or proper disclosure, egregious employment contracts, excessive severance and/or change in control provisions, repricing or replacing of underwater stock options/stock appreciation rights without prior shareholder approval, and excessive perquisites. A company should also have an appropriate balance of short-term vs. long-term metrics and the metrics should be aligned with business goals and objectives.

If the company maintains problematic or poor pay practices, generally vote:

• AGAINST Management Say on Pay (MSOP) Proposals, Remuneration Reports; or

• AGAINST an equity-based incentive plan proposal if excessive non-performance-based equity awards are the major contributor to a pay-for-performance misalignment.

• If no MSOP or equity-based incentive plan proposal item is on the ballot, vote AGAINST from Remuneration Committee members.

**Remuneration Plans**

Vote CASE-BY-CASE on management proposals for a vote on executive remuneration, considering the following factors in the context of each company's specific circumstances and the board's disclosed rationale for its practices.

<u>Factors considered may include:</u>

• Pay for Performance Disconnect;

We will consider there to be a disconnect based on a quantitative assessment of the following: CEO pay vs. TSR ("Total Shareholder Return") and peers, CEO pay as a percentage of the median peer group or CEO pay vs. shareholder return over time.

• Long-term equity-based compensation is 100% time-based;

• Board's responsiveness if company received low shareholder support in the previous year's MSOP or remuneration vote;

• Abnormally large bonus payouts without justifiable performance linkage or proper disclosure;

• Egregious employment contracts;

• Excessive perquisites or excessive severance and/or change in control provisions;

• Repricing or replacing of underwater stock options without prior shareholder approval;

• Egregious pension/SERP (supplemental executive retirement plan) payouts;

• Extraordinary relocation benefits;

• Internal pay disparity; and

• Lack of transparent disclosure of compensation philosophy and goals and targets, including details on short-term and long-term performance incentives.

**Non-Executive Director Compensation**

Vote FOR proposals to award cash fees to non-executive directors unless the amounts are excessive relative to other companies in the country or industry.

Vote non-executive director compensation proposals that include both cash and share-based components on a CASE-BY-CASE basis.

Vote proposals that bundle compensation for both non-executive and executive directors into a single resolution on a CASE-BY-CASE basis.

Vote AGAINST proposals to introduce retirement benefits for non-executive directors.

**Director, Officer, and Auditor Indemnification and Liability Provisions**

Vote proposals seeking indemnification and liability protection for directors and officers on a CASE-BY-CASE basis.

Vote AGAINST proposals to indemnify auditors.

**Other Remuneration Related Proposals**

Vote on other remuneration related proposals on a CASE-BY-CASE basis.

**Remuneration Committee**

When voting for members of the Remuneration Committee, factors considered may include:

• We voted against the company's MSOP in the previous year, the company's previous MSOP received significant opposition of votes cast and we are voting against this year's MSOP; and

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• The board implements a MSOP on a less frequent basis than the frequency that received the plurality of votes cast

• Remuneration structure is widely inconsistent with local market best practices or regulations

**4. Shareholder Rights and Defences**

**Antitakeover Mechanisms**

Generally vote AGAINST all antitakeover proposals, unless they are structured in such a way that they give shareholders the ultimate decision on any proposal or offer.

For the Netherlands, vote recommendations regarding management proposals to approve protective preference shares will be determined on a CASE-BY-CASE basis.

For French companies listed on a regulated market, generally VOTE AGAINST any general authorities impacting the share capital (i.e. authorities for share repurchase plans and any general share issuances with or without preemptive rights) if they can be used for antitakeover purposes without shareholders' prior explicit approval.

**5. Strategic Transactions, Capital Structures and other Business Considerations**

**Reorganizations/Restructurings**

Vote reorganizations and restructurings on a CASE-BY-CASE basis.

**Mergers and Acquisitions**

Vote CASE-BY-CASE on mergers and acquisitions taking into account the following based on publicly available information:

• Valuation;

• Market reaction;

• Strategic rationale;

• Management's track record of successful integration of historical acquisitions;

• Presence of conflicts of interest; and

• Governance profile of the combined company.

**Dual Class Structures**

Vote FOR resolutions that seek to maintain or convert to a one-share, one-vote capital structure.

Vote AGAINST requests for the creation or continuation of dual-class capital structures or the creation of new or additional super voting shares.

**Share Issuance Requests** 

*General Issuances:*

Vote FOR issuance requests with preemptive rights to a maximum of 100% over currently issued capital or any stricter limit set in local best practice recommendations or law.

Vote FOR issuance requests without preemptive rights to a maximum of 20% of currently issued capital or any stricter limit set in local best practice recommendations or law.

*Specific Issuances:*

Vote on a CASE-BY-CASE basis on all requests, with or without preemptive rights.

**Increases in Authorized Capital** 

Vote FOR non-specific proposals to increase authorized capital up to 100% over the current authorization unless the increase would leave the company with less than 30% of its new authorization outstanding, or any stricter limit set in local best practice recommendations or law.

Vote FOR specific proposals to increase authorized capital to any amount, unless:

• The specific purpose of the increase (such as a share-based acquisition or merger) does not meet guidelines for the purpose being proposed; or

• The increase would leave the company with less than 30% of its new authorization outstanding after adjusting for all proposed issuances or any stricter limit set in local best practice recommendations or law.

Vote AGAINST proposals to adopt unlimited capital authorizations.

**Reduction of Capital**

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Vote FOR proposals to reduce capital for routine accounting purposes unless the terms are unfavorable to shareholders.

Vote proposals to reduce capital in connection with corporate restructuring on a CASE-BY-CASE basis.

**Preferred Stock**

Vote FOR the creation of a new class of preferred stock or for issuances of preferred stock up to 50% of issued capital unless the terms of the preferred stock would adversely affect the rights of existing shareholders.

Vote FOR the creation/issuance of convertible preferred stock as long as the maximum number of common shares that could be issued upon conversion meets guidelines on equity issuance requests.

Vote AGAINST the creation of a new class of preference shares that would carry superior voting rights to the common shares.

Vote AGAINST the creation of blank check preferred stock unless the board clearly states that the authorization will not be used to thwart a takeover bid.

Vote proposals to increase blank check preferred authorizations on a CASE-BY-CASE basis.

**Debt Issuance Requests**

Vote non-convertible debt issuance requests on a CASE-BY-CASE basis, with or without preemptive rights.

Vote FOR the creation/issuance of convertible debt instruments as long as the maximum number of common shares that could be issued upon conversion meets guidelines on equity issuance requests.

Vote FOR proposals to restructure existing debt arrangements unless the terms of the restructuring would adversely affect the rights of shareholders.

**Increase in Borrowing Powers**

Vote proposals to approve increases in a company's borrowing powers on a CASE-BY-CASE basis.

**Share Repurchase Plans**

We will generally recommend FOR share repurchase programs taking into account whether:

• The share repurchase program can be used as a takeover defense;

• There is clear evidence of historical abuse;

• There is no safeguard in the share repurchase program against selective buybacks;

• Pricing provisions and safeguards in the share repurchase program are deemed to be unreasonable in light of market practice.

**Reissuance of Repurchased Shares**

Vote FOR requests to reissue any repurchased shares unless there is clear evidence of abuse of this authority in the past.

**Capitalization of Reserves for Bonus Issues/Increase in Par Value**

Vote FOR requests to capitalize reserves for bonus issues of shares or to increase par value.

**Reorganizations/Restructurings**

Vote reorganizations and restructurings on a CASE-BY-CASE basis.

**Reincorporation Proposals**

Vote reincorporation proposals on a CASE-BY-CASE basis.

**Related-Party Transactions**

Vote related-party transactions on a CASE-BY-CASE basis, considering factors including, but not limited to, the following:

• The parties on either side of the transaction;

• The nature of the asset to be transferred/service to be provided;

• The pricing of the transaction (and any associated professional valuation);

• The views of independent directors (where provided);

• The views of an independent financial adviser (where appointed);

• Whether any entities party to the transaction (including advisers) is conflicted; and

• The stated rationale for the transaction, including discussions of timing

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**6. Environmental and Social Issues** 

**Overall Approach**

Proposals considered under this category could include, among others, reports on:

1) employee labor and safety policies;

2) impact on the environment of the company's production or manufacturing operations;

3) societal impact of products manufactured;

4) risks throughout the supply chain or operations including labor practices, animal treatment practices within food production and conflict minerals; and

5) overall board structure, including diversity.

When evaluating environmental and social shareholder proposals, the following factors are generally considered:

• The company's current level of publicly available disclosure, including if the company already discloses similar information through existing reports or policies;

• If the company has implemented or formally committed to the implementation of a reporting program based on the Sustainability Accounting Standards Board's (SASB) materiality standards, the Task Force on Climate-related Financial Disclosure's (TCFD) recommendations, or a similar standard;

• Whether adoption of the proposal is likely to enhance or protect shareholder value;

• Whether the information requested concerns business issues that relate to a meaningful percentage of the company's business;

• The degree to which the company's stated position on the issues raised in the proposal could affect its reputation or sales, or leave it vulnerable to a boycott or selective purchasing;

• Whether the company has already responded in some appropriate manner to the request embodied in the proposal;

• What other companies in the relevant industry have done in response to the issue addressed in the proposal;

• Whether the proposal itself is well framed and the cost of preparing the report is reasonable;

• Whether the subject of the proposal is best left to the discretion of the board;

• Whether the company has material fines or violations in the area and if so, if appropriate actions have already been taken to remedy going forward;

• Whether providing this information would reveal proprietary or confidential information that would place the company at a competitive disadvantage.

**Environmental Issues**

**Climate Transition Plans**

Generally vote CASE-BY-CASE on management proposed climate transition plans. When evaluating management proposed plans, the following factors are generally considered:

• If the company has detailed disclosure of the governance, strategy, risk mitigation efforts, and metrics and targets based on the TCFD's recommendations, or a similar standard;

• If the company has detailed disclosure of their current emissions data based on the SASB materiality framework; and

• If the company has detailed disclosure in line with Paris Agreement goals.

Generally vote CASE-BY-CASE on shareholder proposals requesting climate transition plans. When evaluating these shareholder proposals, the following factors are generally considered:

• The company's current level of publicly available disclosure including if the company already discloses similar information through existing reports or policies;

• If the proposal asks for detailed disclosure according to the TCFD's recommendations;

• If the proposal asks for detailed disclosure of the company's current emissions data based on the SASB materiality framework;

• If the proposal asks for long-term targets, as well as short and medium term milestones;

• If the proposal asks for targets to be aligned to a globally accepted framework, such as Paris Aligned or Net Zero;

• If the proposal asks for targets to be approved by the Science Based Target Initiative ("SBTi");

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• If the proposal seeks to add reasonable transparency and is not onerous or overly prescriptive; and

• Whether the proposal is binding or non-binding.

**Environmental Sustainability Reporting**

Generally vote FOR shareholders proposals requesting the company to report on its policies, initiatives and oversight mechanisms related to environmental sustainability, including the impacts of climate change and biodiversity loss. The following factors will be considered:

• The company's current level of publicly available disclosure including if the company already discloses similar information through existing reports or policies;

• If the company has formally committed to the implementation of a reporting program based on the SASB materiality standards, the TCFD's recommendations, or a similar standard within a specified time frame;

• If the company's current level of disclosure is comparable to that of its industry peers; and

• If there are significant controversies, fines, penalties, or litigation associated with the company's environmental performance.

**Other Environmental Proposals**

Vote CASE-BY-CASE on the following shareholder proposals if relevant to the company:

• Seeking information on the financial, physical, or regulatory risks a company faces related to climate change on its operations and investment, or on how the company identifies, measures and manages such risks;

• Calling for the reduction of Greenhouse Gas (GHG) emissions;

• Seeking reports on responses to regulatory and public pressures surrounding climate change, and for disclosure of research that aided in setting company policies around climate change;

• Requesting an action plan including science based targets and a commitment to net zero emissions by 2050 or earlier;

• Requesting a report/disclosure of goals on GHG emissions from company operations and/or products;

• Requesting a company report on its energy efficiency policies; and

• Requesting reports on the feasibility of developing renewable energy resources.

**Social Issues**

**Board and Workforce Demographics**

A company should have a clear, public Equal Employment Opportunity (EEO) statement and/or diversity policy. Generally vote FOR proposals seeking to amend a company's EEO statement or diversity policies to additionally prohibit discrimination based on sexual orientation and/or gender identity.

Generally vote FOR proposals requesting reports on a company's efforts to diversify the board, unless:

• The gender and racial minority representation of the company's board is reasonably inclusive in relation to companies of similar size and business; and

• The board already reports on its nominating procedures and gender and racial minority initiatives on the board.

**Gender Pay Gap** 

Generally vote CASE-BY-CASE on proposals requesting reports on a company's pay data by gender, or a report on a company's policies and goals to reduce any gender pay gap, taking into account:

• The company's current policies and disclosure related to both its diversity and inclusion policies and practices and its compensation philosophy and fair and equitable compensation practices;

• Whether the company has been the subject of recent controversy, litigation or regulatory actions related to gender pay gap issues; and

• Whether the company's reporting regarding gender pay gap policies or initiatives is lagging its peers.

**Labor, Human and Animal Rights Standards**

Generally vote FOR proposals requesting a report on company or company supplier labor, human, and/or animal rights standards and policies, or on the impact of its operations on society, unless such information is already publicly disclosed considering:

• The degree to which existing relevant policies and practices are disclosed;

• Whether or not existing relevant policies are consistent with internationally recognized standards;

• Whether company facilities and those of its suppliers are monitored and how;

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• Company participation in fair labor organizations or other internationally recognized human rights initiatives;

• Scope and nature of business conducted in markets known to have higher risk of workplace labor/human rights abuse;

• Recent, significant company controversies, fines, or litigation regarding human rights at the company or its suppliers;

• The scope of the request; and

• Deviation from industry sector peer company standards and practices.

Generally vote CASE-BY-CASE on shareholder proposals requesting reports about a company's use of mandatory arbitrations in employment claims, taking into account the company's existing policies and disclosures of policies.

Generally vote CASE-BY-CASE on shareholder proposals requesting reports on the actions taken by a company to prevent sexual and other forms of harassment or on the risks posed by the company's failure to take such actions, taking into account the company's existing policies and disclosures of policies.

**Racial Equity Audit**

• Generally vote CASE-BY-CASE on shareholder proposals requesting the board oversee a racial equity audit. While we believe the decision to initiate an independent audit is best left to management judgment under the oversight of the board of directors, the following factors are generally considered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The degree to which existing relevant policies and practices are disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recent, significant company controversies, fines, or litigation regarding human rights at the company or its suppliers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the gender and racial minority representation of the company's board is reasonably inclusive in relation to companies of similar size and business.

**Political Contributions and Trade Association Spending/Lobbying Expenditures and Initiatives**

We generally believe that it is the role of boards and management to determine the appropriate level of disclosure of all types of corporate political activity. When evaluating these proposals, we consider the prescriptive nature of the proposal and the overall benefit to shareholders along with a company's current disclosure of policies, practices and oversight.

Generally vote AGAINST proposals asking the company to affirm political nonpartisanship in the workplace so long as:

• There are no recent, significant controversies, fines or litigation regarding the company's political contributions or trade association spending; and

• The company has procedures in place to ensure that employee contributions to company-sponsored political action committees (PACs) are strictly voluntary and prohibits coercion.

Generally vote AGAINST proposals requesting increased disclosure of a company's policies with respect to political contributions, lobbying and trade association spending as long as:

• There is no significant potential threat or actual harm to shareholders' interests;

• There are no recent significant controversies or litigation related to the company's political contributions or governmental affairs; and

• There is publicly available information to assess the company's oversight related to such expenditures of corporate assets.

We generally will vote AGAINST proposals asking for detailed disclosure of political contributions or trade association or lobbying expenditures.

We generally will vote AGAINST proposals barring the company from making political contributions. Businesses are affected by legislation at the federal, state, and local level and barring political contributions can put the company at a competitive disadvantage.

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**Region: Asia Pacific (APAC) Proxy Items**

*The following section is a broad summary of the Guidelines, which form the basis of the Policy with respect to APAC public equity investments of operating and/or holding companies. Applying these guidelines is subject to certain regional and country-specific exceptions and modifications and is not inclusive of all considerations in each market. For Japan-specific policies, see Japan Proxy Items from page X.*

**1. Business Items**

**Financial Results/Director and Auditor Reports**

Vote FOR approval of financial statements and director and auditor reports, unless:

• There are serious concerns about the accounts presented, audit procedures used or audit opinion rendered; or

• The company is not responsive to shareholder questions about specific items that should be publicly disclosed.

**Appointment of Auditors and Auditor Fees** 

Vote FOR the re-election of auditors and proposals authorizing the board to fix auditor fees unless:

• There are serious concerns about the accounts presented, audit procedures used or audit opinion rendered;

• There is reason to believe that the auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position;

• Name of the proposed auditor has not been published;

• The auditors are being changed without explanation;

• Non-audit-related fees are substantial, or are in excess of standard annual audit-related fees, or in excess of permitted local limits and guidelines; or

• The appointment of external auditors if they have previously served the company in an executive capacity or can otherwise be considered affiliated with the company.

**Appointment of Internal Statutory Auditors**

Vote FOR the appointment or re-election of statutory auditors, unless:

• There are serious concerns about the statutory reports presented or the audit procedures used;

• Questions exist concerning any of the statutory auditors being appointed; or

• The auditors have previously served the company in an executive capacity or can otherwise be considered affiliated with the company.

**Reincorporation Proposals**

Vote reincorporation proposals on a CASE-BY-CASE basis.

**Allocation of Income** 

Vote FOR approval of the allocation of income, unless:

• The dividend payout ratio has been consistently low without adequate explanation; or

• The payout is excessive given the company's financial position.

**Stock (Scrip) Dividend Alternative**

Vote FOR most stock (scrip) dividend proposals.

Vote AGAINST proposals that do not allow for a cash option unless management demonstrates that the cash option is harmful to shareholder value.

**Amendments to Articles of Association**

Vote amendments to the articles of association on a CASE-BY-CASE basis.

**Change in Company Fiscal Term**

Vote FOR resolutions to change a company's fiscal term unless a company's motivation for the change is to postpone its annual general meeting.

**Lower Disclosure Threshold for Stock Ownership**

Vote AGAINST resolutions to lower the stock ownership disclosure threshold below 5% unless specific reasons exist to implement a lower threshold.

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**Amend Quorum Requirements**

Vote proposals to amend quorum requirements for shareholder meetings on a CASE-BY-CASE basis.

**Virtual Meetings** 

Generally vote FOR proposals allowing for the convening of hybrid\* shareholder meetings if it is clear that it is not the intention to hold virtual-only AGMs. Generally vote AGAINST proposals allowing for the convening of virtual-only\* shareholder meetings.

\* The phrase "virtual-only shareholder meeting" refers to a meeting of shareholders that is held exclusively through the use of online technology without a corresponding in-person meeting. The term "hybrid shareholder meeting" refers to an in-person, or physical, meeting in which shareholders are permitted to participate online.

**Transact Other Business**

Vote AGAINST other business when it appears as a voting item.

**Administrative Requests**

Generally vote FOR non-contentious administrative management requests.

**2. Board of Directors**

The board of directors should promote the interests of shareholders by acting in an oversight and/or advisory role; should consist of a majority of independent directors and / or meet local best practice expectations; and should be held accountable for actions and results related to their responsibilities.

**Voting on Director Nominees in Uncontested Elections**

• Vote on director nominees should be determined on a CASE-BY-CASE basis taking into consideration the following:

• Adequate disclosure has not been provided in a timely manner; or

• There are clear concerns over questionable finances or restatements; or

• There have been questionable transactions or conflicts of interest; or

• There are any records of abuses against minority shareholder interests; or

• The board fails to meet minimum corporate governance standards; or

• There are reservations about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Director terms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bundling of proposals to elect directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Board independence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosure of named nominees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Combined Chairman/CEO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Election of former CEO as Chairman of the board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overboarded directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Composition of committees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Director independence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Number of directors on the board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lack of gender diversity on the board

• Specific concerns about the individual or company, such as criminal wrongdoing or breach of fiduciary responsibilities; or

• There are other considerations which may include sanction from government or authority, violations of laws and regulations, or other issues relate to improper business practice, failure to replace management, or egregious actions related to service on other boards.

**Board Composition**

We generally believe diverse teams have the potential to outperform and we expect the companies that we invest in to focus on the importance of diversity. When evaluating board composition, we believe a diversity of ethnicity, gender and experience is an important consideration. We encourage companies to disclose the composition of their board in the proxy statement and may vote against members of the board without disclosure. See below how we execute our vote at companies that do not meet our diversity expectations.

Vote AGAINST members of the Nominating Committee:

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• At companies if the board does not have at least 10% women directors, or does not meet the requirements of local listing rules or corporate governance codes or national targets;

**Employee and /or Labor Representatives**

Vote FOR employee and/or labor representatives if they sit on either the audit or compensation committee and are required by law to be on those committees.

Vote AGAINST employee and/or labor representatives if they sit on either the audit or compensation committee, if they are not required to be on those committees.

**Director Independence**

**Classification of Directors** 

**Executive Director**

• Employee or executive of the company;

• Any director who is classified as a non-executive, but receives salary, fees, bonus, and/or other benefits that are in line with the highest-paid executives of the company.

**Non-Independent Non-Executive Director (NED)**

• Any director who is attested by the board to be a non-independent NED;

• Any director specifically designated as a representative of a significant shareholder of the company;

• Any director who is also an employee or executive of a significant shareholder of the company;

• Beneficial owner (direct or indirect) of at least 10% of the company's stock, either in economic terms or in voting rights (this may be aggregated if voting power is distributed among more than one member of a defined group, e.g., family members who beneficially own less than 10% individually, but collectively own more than 10%), unless market best practice dictates a lower ownership and/or disclosure threshold (and in other special market-specific circumstances);

• Government representative;

• Currently provides (or a relative provides) professional services to the company, to an affiliate of the company, or to an individual officer of the company or of one of its affiliates in excess of $10,000 per year;

• Represents customer, supplier, creditor, banker, or other entity with which company maintains transactional/commercial relationship (unless company discloses information to apply a materiality test);

• Any director who has conflicting or cross-directorships with executive directors or the chairman of the company;

• Relative of a current employee of the company or its affiliates;

• Relative of a former executive of the company or its affiliates;

• A new appointee elected other than by a formal process through the General Meeting (such as a contractual appointment by a substantial shareholder);

• Founder/co-founder/member of founding family but not currently an employee;

• Former executive (a cooling off period may be applied);

• Years of service is generally not a determining factor unless it is recommended best practice in a market and/or in extreme circumstances, in which case it may be considered; and

• Any additional relationship or principle considered to compromise independence under local corporate governance best practice guidance.

**Independent NED**

• No material connection, either directly or indirectly, to the company other than a board seat.

**Employee Representative**

• Represents employees or employee shareholders of the company (classified as "employee representative" but considered a non-independent NED).

**Director Accountability**

Vote AGAINST individual directors who attend less than 75% of the board and committee meetings without a disclosed valid excuse.

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Generally, vote FOR the bundled election of management nominees, unless adequate disclosures of the nominees have not been provided in a timely manner or if one or more of the nominees does not meet the expectation of our policy.

Other items considered for an AGAINST vote include specific concerns about the individual or the company, such as criminal wrongdoing or breach of fiduciary responsibilities, sanctions from government or authority, violations of laws and regulations, the presence of inappropriate related party transactions, or other issues related to improper business practices

Vote AGAINST members of the full board or appropriate committee (or only the independent chairman or lead director as may be appropriate in situations such as where there is a classified board and members of the appropriate committee are not up for re-election or the appropriate committee is comprised of the entire board) for the below reasons. New nominees will be considered on a case-by-case basis. Extreme cases may warrant a vote against the entire board.

• Material failures of governance, stewardship, or fiduciary responsibilities at the company, including but not limited to violations of the United Nations Global Compact principles and/or other significant global standards and failure to disclose material environmental, social and governance information;

• Egregious actions related to the 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;

• The board failed to act on a shareholder proposal that received approval of the majority of shares cast for the previous two consecutive years (a management proposal with other than a FOR recommendation by management will not be considered as sufficient action taken); an adopted proposal that is substantially similar to the original shareholder proposal will be deemed sufficient; (vote against members of the committee of the board that is responsible for the issue under consideration). If we did not support the shareholder proposal in both years, we will still vote against the committee member(s).

• The board failed to act on takeover offers where the majority of the shareholders tendered their shares;

• The company does not disclose various components of current emissions, a proxy for a company's dependency on fossil fuels and other sources of greenhouse gasses (Scope 1, Scope 2, Scope 3 emissions), material to the company's business;

• If in an extreme situation the board lacks accountability and oversight, coupled with sustained poor performance relative to peers.

**Discharge of Directors**

Generally vote FOR the discharge of directors, including members of the management board and/or supervisory board, unless there is reliable information about significant and compelling controversies that the board is not fulfilling its fiduciary duties warranted by:

• A lack of oversight or actions by board members which invoke shareholder distrust related to

• malfeasance or poor supervision, such as operating in private or company interest rather than in

• shareholder interest; or

• Any legal issues (e.g., civil/criminal) aiming to hold the board responsible for breach of trust in the past or related to currently alleged actions yet to be confirmed (and not only the fiscal year in question), such as price fixing, insider trading, bribery, fraud, and other illegal actions; or

• Other egregious governance issues where shareholders may bring legal action against the company or its directors; or

• Vote on a CASE-BY-CASE basis where a vote against other agenda items are deemed inappropriate.

**Committee Responsibilities and Expectations**

Companies should establish committees to oversee areas such as audit, executive and non-executive compensation, director nominations and ESG oversight. The responsibilities of the committees should be publicly disclosed.

**Audit Committee**

Vote AGAINST members of the Audit Committee if:

• Non-audit-related fees are substantial, or are in excess of standard annual audit-related fees, or in excess of permitted local limits and guidelines.

• The company receives an adverse opinion on the company's financial statements from its auditor and there is not clear evidence that the situation has been remedied;

• There is excessive pledging or hedging of stock by executives;

• 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; or

• No members of the Audit Committee hold sufficient financial expertise.

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Vote CASE-BY-CASE on members of the Audit Committee and/or the full board if poor accounting practices, which rise to a level of serious concern are identified, such as fraud, misapplication of accounting principles and material weaknesses identified in audit-related disclosures.

Examine the severity, breadth, chronological sequence and duration, as well as the company's efforts at remediation or corrective actions, in determining whether negative vote recommendations are warranted against the members of the Audit Committee who are responsible for the poor accounting practices, or the entire board.

**Remuneration Committee**

See section 3 on Remuneration for reasons to vote against members of the Remuneration Committee.

**Nominating/Governance Committee**

Vote AGAINST members of the Nominating/Governance Committee if:

• At the previous board election, any director received more than 50% withhold/against votes of the shares cast and the company has failed to address the underlying issue(s) that caused the high withhold/against vote;

• The board does not meet our diversity expectations;

• The board amends the company's bylaws or charter without shareholder approval in a manner that materially diminishes shareholders' rights or could adversely impact shareholders

**Voting on Director Nominees in Contested Elections**

Vote on a CASE-BY-CASE basis in contested elections of directors, e.g., the election of shareholder nominees or the dismissal of incumbent directors, determining which directors are best suited to add value for shareholders.

The analysis will generally be based on, but not limited to, the following major decision factors:

• Company performance relative to its peers;

• Strategy of the incumbents versus the dissidents;

• Independence of board candidates;

• Experience and skills of board candidates;

• Governance profile of the company;

• Evidence of management entrenchment;

• Responsiveness to shareholders;

• Whether a takeover offer has been rebuffed; and

• Whether minority or majority representation is being sought.

**Other Board Related Proposals (Management and Shareholder)**

Vote AGAINST the introduction of classified boards and mandatory retirement ages for directors.

Vote AGAINST proposals to alter board structure or size in the context of a fight for control of the company or the board.

**Independent Board Chair** (for applicable markets)

We will generally vote AGAINST shareholder proposals requiring that the chairman's position be filled by an independent director, if the company satisfies 3 of the 4 following criteria:

• Two-thirds independent board, or majority in countries where employee representation is common practice;

• A designated, or a rotating, lead director, elected by and from the independent board members with clearly delineated and comprehensive duties;

• Fully independent key committees; and/or

• Established, publicly disclosed, governance guidelines and director biographies/profiles.

**3. Remuneration** 

**Pay Practices**

Good pay practices should align management's interests with long-term shareholder value creation. Detailed disclosure of remuneration criteria is preferred; proof that companies follow the criteria should be evident and retroactive performance target changes without proper disclosure is not viewed favorably. Remuneration practices should allow a company to attract and retain proven talent. Some examples of poor pay practices include: abnormally large bonus payouts without justifiable performance linkage or proper disclosure, egregious

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employment contracts, excessive severance and/or change in control provisions, repricing or replacing of underwater stock options/stock appreciation rights without prior shareholder approval, and excessive perquisites. A company should also have an appropriate balance of short-term vs. long-term metrics and the metrics should be aligned with business goals and objectives.

If the company maintains problematic or poor pay practices, generally vote:

• AGAINST Management Say on Pay (MSOP) Proposals, Remuneration Reports; or

• AGAINST an equity-based incentive plan proposal if excessive non-performance-based equity awards are the major contributor to a pay-for-performance misalignment.

• If no MSOP or equity-based incentive plan proposal item is on the ballot, vote AGAINST from Remuneration Committee members.

**Remuneration Plans**

Vote CASE-BY-CASE on management proposals for a vote on executive remuneration, considering the following factors in the context of each company's specific circumstances and the board's disclosed rationale for its practices.

<u>Factors considered may include:</u>

• Pay for Performance Disconnect;

We will consider there to be a disconnect based on a quantitative assessment of the following: CEO pay vs. TSR ("Total Shareholder Return") and peers, CEO pay as a percentage of the median peer group or CEO pay vs. shareholder return over time.

• Long-term equity-based compensation is 100% time-based;

• Board's responsiveness if company received low shareholder support in the previous year's MSOP or remuneration vote;

• Abnormally large bonus payouts without justifiable performance linkage or proper disclosure;

• Egregious employment contracts;

• Excessive perquisites or excessive severance and/or change in control provisions;

• Repricing or replacing of underwater stock options without prior shareholder approval;

• Egregious pension/SERP (supplemental executive retirement plan) payouts;

• Extraordinary relocation benefits;

• Internal pay disparity; and

• Lack of transparent disclosure of compensation philosophy and goals and targets, including details on short-term and long-term performance incentives.

**Non-Executive Director Compensation**

Vote FOR proposals to award cash fees to non-executive directors unless the amounts are excessive relative to other companies in the country or industry.

Vote non-executive director compensation proposals that include both cash and share-based components on a CASE-BY-CASE basis.

Vote proposals that bundle compensation for both non-executive and executive directors into a single resolution on a CASE-BY-CASE basis.

Vote AGAINST proposals to introduce retirement benefits for non-executive directors.

**Director, Officer, and Auditor Indemnification and Liability Provisions**

Vote proposals seeking indemnification and liability protection for directors and officers on a CASE-BY-CASE basis.

Vote AGAINST proposals to indemnify auditors.

**Other Remuneration Related Proposals**

Vote on other remuneration related proposals on a CASE-BY-CASE basis.

**Remuneration Committee**

When voting for members of the Remuneration Committee, factors considered may include:

• We voted against the company's MSOP in the previous year, the company's previous MSOP received significant opposition of votes cast and we are voting against this year's MSOP; and

• The board implements a MSOP on a less frequent basis than the frequency that received the plurality of votes cast

• Remuneration structure is widely inconsistent with local market best practices or regulations

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**4. Shareholder Rights and Defences**

**Antitakeover Mechanisms**

Generally vote AGAINST all antitakeover proposals, unless they are structured in such a way that they give

shareholders the ultimate decision on any proposal or offer.

**5. Strategic Transactions, Capital Structures and other Business Considerations**

**Reorganizations/Restructurings**

Vote reorganizations and restructurings on a CASE-BY-CASE basis.

**Mergers and Acquisitions**

Vote CASE-BY-CASE on mergers and acquisitions taking into account the following based on publicly available information:

• Valuation;

• Market reaction;

• Strategic rationale;

• Management's track record of successful integration of historical acquisitions;

• Presence of conflicts of interest; and

• Governance profile of the combined company.

**Dual Class Structures**

Vote FOR resolutions that seek to maintain or convert to a one-share, one-vote capital structure.

Vote AGAINST requests for the creation or continuation of dual-class capital structures or the creation of new or additional super voting shares.

**Share Issuance Requests** 

*General Issuances:*

Vote FOR issuance requests with preemptive rights to a maximum of 100% over currently issued capital or any stricter limit set in local best practice recommendations or law.

Vote FOR issuance requests without preemptive rights to a maximum of 20% of currently issued capital or any stricter limit set in local best practice recommendations or law. At companies in India, vote FOR issuance requests without preemptive rights to a maximum of 25% of currently issued capital.

*Specific Issuances:*

Vote on a CASE-BY-CASE basis on all requests, with or without preemptive rights.

**Increases in Authorized Capital** 

Vote FOR non-specific proposals to increase authorized capital up to 100% over the current authorization unless the increase would leave the company with less than 30% of its new authorization outstanding, or any stricter limit set in local best practice recommendations or law.

Vote FOR specific proposals to increase authorized capital to any amount, unless:

• The specific purpose of the increase (such as a share-based acquisition or merger) does not meet guidelines for the purpose being proposed; or

• The increase would leave the company with less than 30% of its new authorization outstanding after adjusting for all proposed issuances, or any stricter limit set in local best practice recommendations or law

Vote AGAINST proposals to adopt unlimited capital authorizations.

**Reduction of Capital**

Vote FOR proposals to reduce capital for routine accounting purposes unless the terms are unfavorable to shareholders.

Vote proposals to reduce capital in connection with corporate restructuring on a CASE-BY-CASE basis.

**Preferred Stock**

Vote FOR the creation of a new class of preferred stock or for issuances of preferred stock up to 50% of issued capital unless the terms of the preferred stock would adversely affect the rights of existing shareholders.

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Vote FOR the creation/issuance of convertible preferred stock as long as the maximum number of common

shares that could be issued upon conversion meets guidelines on equity issuance requests.

Vote AGAINST the creation of a new class of preference shares that would carry superior voting rights to the common shares.

Vote AGAINST the creation of blank check preferred stock unless the board clearly states that the authorization will not be used to thwart a takeover bid.

Vote proposals to increase blank check preferred authorizations on a CASE-BY-CASE basis.

**Debt Issuance Requests**

Vote non-convertible debt issuance requests on a CASE-BY-CASE basis, with or without preemptive rights.

Vote FOR the creation/issuance of convertible debt instruments as long as the maximum number of common shares that could be issued upon conversion meets guidelines on equity issuance requests.

Vote FOR proposals to restructure existing debt arrangements unless the terms of the restructuring would adversely affect the rights of shareholders.

**Increase in Borrowing Powers**

Vote proposals to approve increases in a company's borrowing powers on a CASE-BY-CASE basis.

**Share Repurchase Plans**

We will generally recommend FOR share repurchase programs taking into account whether:

• The share repurchase program can be used as a takeover defense;

• There is clear evidence of historical abuse;

• There is no safeguard in the share repurchase program against selective buybacks;

• Pricing provisions and safeguards in the share repurchase program are deemed to be unreasonable in light of market practice.

**Reissuance of Repurchased Shares**

Vote FOR requests to reissue any repurchased shares unless there is clear evidence of abuse of this authority in the past.

**Capitalization of Reserves for Bonus Issues/Increase in Par Value**

Vote FOR requests to capitalize reserves for bonus issues of shares or to increase par value.

**Reorganizations/Restructurings**

Vote reorganizations and restructurings on a CASE-BY-CASE basis.

**Reincorporation Proposals**

Vote reincorporation proposals on a CASE-BY-CASE basis.

**Related-Party Transactions**

Vote related-party transactions on a CASE-BY-CASE basis, considering factors including, but not limited to, the following:

• The parties on either side of the transaction;

• The nature of the asset to be transferred/service to be provided;

• The pricing of the transaction (and any associated professional valuation);

• The views of independent directors (where provided);

• The views of an independent financial adviser (where appointed);

• Whether any entities party to the transaction (including advisers) is conflicted; and The stated rationale for the transaction, including discussions of timing

**6. Environmental and Social Issues** 

**Overall Approach**

Proposals considered under this category could include, among others, reports on:

1) employee labor and safety policies;

2) impact on the environment of the company's production or manufacturing operations;

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3) societal impact of products manufactured;

4) risks throughout the supply chain or operations including labor practices, animal treatment practices within food production and conflict minerals; and

5) overall board structure, including diversity.

When evaluating environmental and social shareholder proposals, the following factors are generally considered:

• The company's current level of publicly available disclosure, including if the company already discloses similar information through existing reports or policies;

• If the company has implemented or formally committed to the implementation of a reporting program based on the Sustainability Accounting Standards Board's (SASB) materiality standards, the Task Force on Climate-related Financial Disclosure's (TCFD) recommendations, or a similar standard;

• Whether adoption of the proposal is likely to enhance or protect shareholder value;

• Whether the information requested concerns business issues that relate to a meaningful percentage of the company's business;

• The degree to which the company's stated position on the issues raised in the proposal could affect its reputation or sales, or leave it vulnerable to a boycott or selective purchasing;

• Whether the company has already responded in some appropriate manner to the request embodied in the proposal;

• What other companies in the relevant industry have done in response to the issue addressed in the proposal;

• Whether the proposal itself is well framed and the cost of preparing the report is reasonable;

• Whether the subject of the proposal is best left to the discretion of the board;

• Whether the company has material fines or violations in the area and if so, if appropriate actions have already been taken to remedy going forward;

• Whether providing this information would reveal proprietary or confidential information that would place the company at a competitive disadvantage.

**Environmental Issues**

**Climate Transition Plans**

Generally vote CASE-BY-CASE on management proposed climate transition plans. When evaluating management proposed plans, the following factors are generally considered:

• If the company has detailed disclosure of the governance, strategy, risk mitigation efforts, and metrics and targets based on the TCFD's recommendations, or a similar standard;

• If the company has detailed disclosure of their current emissions data based on the SASB materiality framework; and

• If the company has detailed disclosure in line with Paris Agreement goals.

Generally vote CASE-BY-CASE on shareholder proposals requesting climate transition plans. When evaluating these shareholder proposals, the following factors are generally considered:

• The company's current level of publicly available disclosure including if the company already discloses similar information through existing reports or policies;

• If the proposal asks for detailed disclosure according to the TCFD's recommendations;

• If the proposal asks for detailed disclosure of the company's current emissions data based on the SASB materiality framework;

• If the proposal asks for long-term targets, as well as short and medium term milestones;

• If the proposal asks for targets to be aligned to a globally accepted framework, such as Paris Aligned or Net Zero;

• If the proposal asks for targets to be approved by the Science Based Target Initiative ("SBTi");

• If the proposal seeks to add reasonable transparency and is not onerous or overly prescriptive; and

• Whether the proposal is binding or non-binding.

**Environmental Sustainability Reporting**

Generally vote FOR shareholders proposals requesting the company to report on its policies, initiatives and oversight mechanisms related to environmental sustainability, including the impacts of climate change and biodiversity loss. The following factors will be considered:

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• The company's current level of publicly available disclosure including if the company already discloses similar information through existing reports or policies;

• If the company has formally committed to the implementation of a reporting program based on the SASB materiality standards, the TCFD's recommendations, or a similar standard within a specified time frame;

• If the company's current level of disclosure is comparable to that of its industry peers; and

• If there are significant controversies, fines, penalties, or litigation associated with the company's environmental performance.

**Other Environmental Proposals**

Vote CASE-BY-CASE on the following shareholder proposals if relevant to the company:

• Seeking information on the financial, physical, or regulatory risks a company faces related to climate change on its operations and investment, or on how the company identifies, measures and manages such risks;

• Calling for the reduction of Greenhouse Gas (GHG) emissions;

• Seeking reports on responses to regulatory and public pressures surrounding climate change, and for disclosure of research that aided in setting company policies around climate change;

• Requesting an action plan including science based targets and a commitment to net zero emissions by 2050 or earlier;

• Requesting a report/disclosure of goals on GHG emissions from company operations and/or products;

• Requesting a company report on its energy efficiency policies; and

• Requesting reports on the feasibility of developing renewable energy resources.

**Social Issues**

**Board and Workforce Demographics**

A company should have a clear, public Equal Employment Opportunity (EEO) statement and/or diversity policy. Generally vote FOR proposals seeking to amend a company's EEO statement or diversity policies to additionally prohibit discrimination based on sexual orientation and/or gender identity.

Generally vote FOR proposals requesting reports on a company's efforts to diversify the board, unless:

• The gender and racial minority representation of the company's board is reasonably inclusive in relation to companies of similar size and business; and

• The board already reports on its nominating procedures and gender and racial minority initiatives on the board.

**Gender Pay Gap** 

Generally vote CASE-BY-CASE on proposals requesting reports on a company's pay data by gender, or a report on a company's policies and goals to reduce any gender pay gap, taking into account:

• The company's current policies and disclosure related to both its diversity and inclusion policies and practices and its compensation philosophy and fair and equitable compensation practices;

• Whether the company has been the subject of recent controversy, litigation or regulatory actions related to gender pay gap issues; and

• Whether the company's reporting regarding gender pay gap policies or initiatives is lagging its peers.

**Labor, Human and Animal Rights Standards**

Generally vote FOR proposals requesting a report on company or company supplier labor, human, and/or animal rights standards and policies, or on the impact of its operations on society, unless such information is already publicly disclosed considering:

• The degree to which existing relevant policies and practices are disclosed;

• Whether or not existing relevant policies are consistent with internationally recognized standards;

• Whether company facilities and those of its suppliers are monitored and how;

• Company participation in fair labor organizations or other internationally recognized human rights initiatives;

• Scope and nature of business conducted in markets known to have higher risk of workplace labor/human rights abuse;

• Recent, significant company controversies, fines, or litigation regarding human rights at the company or its suppliers;

• The scope of the request; and

• Deviation from industry sector peer company standards and practices.

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Generally vote CASE-BY-CASE on shareholder proposals requesting reports about a company's use of mandatory arbitrations in employment claims, taking into account the company's existing policies and disclosures of policies.

Generally vote CASE-BY-CASE on shareholder proposals requesting reports on the actions taken by a company to prevent sexual and other forms of harassment or on the risks posed by the company's failure to take such actions, taking into account the company's existing policies and disclosures of policies.

**Racial Equity Audit**

Generally vote CASE-BY-CASE on shareholder proposals requesting the board oversee a racial equity audit. While we believe the decision to initiate an independent audit is best left to management judgment under the oversight of the board of directors, the following factors are generally considered:

• The degree to which existing relevant policies and practices are disclosed;

• Recent, significant company controversies, fines, or litigation regarding human rights at the company or its suppliers; and

• Whether the gender and racial minority representation of the company's board is reasonably inclusive in relation to companies of similar size and business.

**Political Contributions and Trade Association Spending/Lobbying Expenditures and Initiatives**

We generally believe that it is the role of boards and management to determine the appropriate level of disclosure of all types of corporate political activity. When evaluating these proposals, we consider the prescriptive nature of the proposal and the overall benefit to shareholders along with a company's current disclosure of policies, practices and oversight.

Generally vote AGAINST proposals asking the company to affirm political nonpartisanship in the workplace so long as:

• There are no recent, significant controversies, fines or litigation regarding the company's political contributions or trade association spending; and

• The company has procedures in place to ensure that employee contributions to company-sponsored political action committees (PACs) are strictly voluntary and prohibits coercion.

Generally vote AGAINST proposals requesting increased disclosure of a company's policies with respect to political contributions, lobbying and trade association spending as long as:

• There is no significant potential threat or actual harm to shareholders' interests;

• There are no recent significant controversies or litigation related to the company's political contributions or governmental affairs; and

• There is publicly available information to assess the company's oversight related to such expenditures of corporate assets.

We generally will vote AGAINST proposals asking for detailed disclosure of political contributions or trade association or lobbying expenditures.

We generally will vote AGAINST proposals barring the company from making political contributions. Businesses are affected by legislation at the federal, state, and local level and barring political contributions can put the company at a competitive disadvantage.

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**Region: Japan Proxy Items**

*The following section is a broad summary of the Guidelines, which form the basis of the Policy with respect to Japanese public equity investments of operating and/or holding companies. Applying these guidelines is not inclusive of all considerations in the Japanese market.*

**1. Operational Items**

**Financial Results/Director and Auditor Reports**

Vote FOR approval of financial statements and director and auditor reports, unless:

• There are concerns about the accounts presented or audit procedures used; or

• The company is not responsive to shareholder questions about specific items that should be publicly disclosed.

**Appointment of Auditors and Auditor Fees** 

Vote FOR the re-election of auditors and proposals authorizing the board to fix auditor fees, unless:

• There are serious concerns about the accounts presented, audit procedures used or audit opinion rendered;

• There is reason to believe that the auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position;

• Name of the proposed auditor has not been published;

• The auditors are being changed without explanation;

• Non-audit-related fees are substantial or are in excess of standard annual audit-related fees; or

• The appointment of external auditors if they have previously served the company in an executive capacity or can otherwise be considered affiliated with the company.

**Reincorporation Proposals**

Vote reincorporation proposals on a CASE-BY-CASE basis.

**Allocation of Income** 

Vote FOR approval of the allocation of income, unless:

• The dividend payout ratio is less than 20%, and is not appropriate or sufficient when considering the company's financial position; or

• The company proposes the payments even though the company posted a net loss for the year under review, and the payout is excessive given the company's financial position;

**Amendments to Articles of Association**

Vote amendments to the articles of association on a CASE-BY-CASE basis.

**Change in Company Fiscal Term**

Vote FOR resolutions to change a company's fiscal term unless a company's motivation for the change is to postpone its annual general meeting.

**Amend Quorum Requirements**

Vote proposals to amend quorum requirements for shareholder meetings on a CASE-BY-CASE basis.

**Virtual Meetings** 

Generally vote AGAINST proposals allowing for the convening of virtual-only\* shareholder meetings.

\* The phrase "virtual-only shareholder meeting" refers to a meeting of shareholders that is held exclusively through the use of online technology without a corresponding in-person meeting. The term "hybrid shareholder meeting" refers to an in-person, or physical, meeting in which shareholders are permitted to participate online.

**2. Board of Directors and Statutory Auditors**

The board of directors should promote the interests of shareholders by acting in an oversight and/or advisory role; should have independent oversight of management; and should be held accountable for actions and results related to their responsibilities.

**Voting on Director Nominees in Uncontested Elections** 

Vote on director nominees should be determined on a CASE-BY-CASE basis taking into consideration the following:.

• The company's committee structure: statutory auditor board structure, U.S.-type three committee structure, or audit committee structure; or

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• Adequate disclosure has not been provided in a timely manner; or

• There are clear concerns over questionable finances or restatements; or

• There have been questionable transactions or conflicts of interest; or

• There are any records of abuses against minority shareholder interests; or

• The board fails to meet minimum corporate governance standards; or

• There are reservations about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Director terms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bundling of proposals to elect directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Board independence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disclosure of named nominees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Combined Chairman/CEO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Election of former CEO as Chairman of the board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overboarded directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Composition of committees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Director independence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Number of directors on the board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lack of gender diversity on the board

• Specific concerns about the individual or company, such as criminal wrongdoing or breach of fiduciary responsibilities; or

• There are other considerations which may include sanctions from government or authority, violations of laws and regulations, or other issues related to improper business practice, failure to replace management, or egregious actions related to service on other boards.

Vote AGAINST top executives when the company has an excessive amount of strategic shareholdings.

Vote AGAINST top executives when the company has posted average return on equity (ROE) of less than five percent over the last five fiscal years.

Vote AGAINST top executives when the company does not disclose various components of current emissions, a proxy for a company's dependency on fossil fuels and other sources of greenhouse gasses (such as Scope 1, Scope 2, Scope 3 emissions), material to the company's business. For companies with 3-committee structure boards, vote AGAINST the Audit Committee Chair.

**Board Composition**

We generally believe diverse teams have the potential to outperform and we expect the companies that we invest in to focus on the importance of diversity. When evaluating board composition, we believe a diversity of ethnicity, gender and experience is an important consideration. We encourage companies to disclose the composition of their board in the proxy statement and may vote against members of the board without disclosure. See below how we execute our vote at companies that do not meet our diversity expectations.

Vote AGAINST members of the Nominating Committee if the Board does not have at least 10% women directors. For Japanese boards with statutory auditors or audit committee structure, vote AGAINST top executives.

**Director Independence**

**Classification of Directors**

**Inside Director**

• Employee or executive of the company;

• Any director who is not classified as an outside director of the company.

**Non-Independent Non-Executive Director (affiliated outsider)**

• Any director specifically designated as a representative of a significant shareholder of the company;

• Any director who is/was also an employee or executive of a significant shareholder of the company;

• Beneficial owner (direct or indirect) of at least 10% of the company's stock, or one of the top 10 shareholders, either in economic terms or in voting rights (this may be aggregated if voting power is distributed among more than one member of a defined group, e.g., family members who beneficially own less than 10% individually, but collectively own more than 10%)

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• Government representative;

• Currently provides or previously provided professional services to the company or to an affiliate of the company;

• Represents customer, supplier, creditor, banker, or other entity with which company maintains

• transactional/commercial relationship (unless company discloses information to apply a materiality test);

• Any director who worked at the company's external audit firm (auditor).

• Any director who has conflicting or cross-directorships with executive directors or the chairman of the company;

• Relative of a current employee of the company or its affiliates;

• Any director who works or has worked at a company whose shares are held by the company in question as strategic shareholdings (i.e. "cross-shareholdings")

• Former executive;

• Any director who has served at a company as an outside director for 12 years or more;

• Any additional relationship or principle considered to compromise independence under local corporate governance best practice guidance.

• "Cooling off period" for former employees or executives' representation of significant shareholders and other stakeholders, as well as professional services is considered based on the market best practices and liquidity of executive labor market.

**Independent Non-Executive Directors (independent outsider)**

• No material connection, either directly or indirectly, to the company other than a board seat.

At companies adopting a board with a statutory auditor committee structure or an audit committee structure, vote AGAINST top executives when the board consists of fewer than two outside directors or less than 1/3 of the board consists of outside directors.

At companies adopting an audit committee structure, vote AGAINST affiliated outside directors who are audit committee members.

At companies adopting a U.S.-type three committee structure, vote AGAINST members of Nominating Committee when the board consists of fewer than two outside directors or less than 1/3 of the board consists of outside directors.

At companies adopting a U.S.-type three committee structure, vote AGAINST affiliated outside directors when less than a majority of the board consists of independent outside directors.

At controlled companies adopting board with a statutory auditor structure or an audit committee structure, vote AGAINST top executives if the board does not consist of majority independent outside directors.

**Director Accountability**

Vote AGAINST individual outside directors who attend less than 75% of the board and/or committee meetings without a disclosed valid excuse.

Other items considered for an AGAINST vote include specific concerns about the individual or the company, such as criminal wrongdoing or breach of fiduciary responsibilities, sanctions from government or authority, violations of laws and regulations, the presence of inappropriate related party transactions, or other issues related to improper business practices

Vote AGAINST members of the full board or appropriate committee (or only the independent chairman or lead director as may be appropriate in situations such as where there is a classified board and members of the appropriate committee are not up for re-election or the appropriate committee is comprised of the entire board) for the below reasons. New nominees will be considered on a case-by-case basis. Extreme cases may warrant a vote against the entire board.

• Material failures of governance, stewardship, or fiduciary responsibilities at the company,

• including but not limited to violations of the United Nations Global Compact principles and/or other significant global standards and failure to disclose material environmental, social and governance information;

• Egregious actions related to the 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;

• The board adopts or renews a poison pill without shareholder approval, does not commit to putting it to shareholder vote within 12 months of adoption (or in the case of a newly public company, does not commit to put the pill to a shareholder vote within 12 months following the IPO), or reneges on a commitment to put the pill to a vote, and has not yet received a withhold/against recommendation for this issue;

• The board failed to act on takeover offers where the majority of the shareholders tendered their shares;

• If in an extreme situation the board lacks accountability and oversight, coupled with sustained poor performance relative to peers.

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**Voting on Director Nomineess in Contested Elections**

Vote on a CASE-BY-CASE basis in contested elections of directors, e.g., the election of shareholder nominees or the dismissal of incumbent directors, determining which directors are best suited to add value for shareholders.

The analysis will generally be based on, but not limited to, the following major decision factors:

• Company performance relative to its peers;

• Strategy of the incumbents versus the dissidents;

• Independence of board candidates;

• Experience and skills of board candidates;

• Governance profile of the company;

• Evidence of management entrenchment;

• Responsiveness to shareholders;

• Whether a takeover offer has been rebuffed;

• Whether minority or majority representation is being sought.

**Other Board Related Proposals (Management and Shareholder)**

Vote AGAINST the introduction of classified boards and mandatory retirement ages for directors.

Vote AGAINST proposals to alter board structure or size in the context of a fight for control of the company or the board.

**Independent Board Chair** 

We will generally vote AGAINST shareholder proposals requiring that the chairman's position be filled by an independent director, if the company satisfies 3 of the 4 following criteria:

• Two-thirds independent board;

• A designated, or a rotating, lead director, elected by and from the independent board members with clearly delineated and comprehensive duties;

• Fully independent key committees; and/or

• Established, publicly disclosed, governance guidelines and director biographies/profiles.

**Statutory Auditor Elections**

**Statutory Auditor Independence**

Vote AGAINST affiliated outside statutory auditors.

For definition of affiliated outsiders, see "Classification of Directors**"**

**Statutory Auditor Appointment**

Vote FOR management nominees taking into consideration the following:

• Adequate disclosure has not been provided in a timely manner; or

• There are clear concerns over questionable finances or restatements; or

• There have been questionable transactions or conflicts of interest; or

• There are any records of abuses against minority shareholder interests; or

• The board fails to meet minimum corporate governance standards; or

• Specific concerns about the individual or company, such as criminal wrongdoing or breach of fiduciary responsibilities; or

• Outside statutory auditor's attendance at less than 75% of the board and statutory auditor meetings without a disclosed valid excuse; or

• Unless there are other considerations which may include sanctions from government or authority, violations of laws and regulations, or other issues related to improper business practice, failure to replace management, or egregious actions related to service on other boards.

**3. Compensation**

**Director Compensation**

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Vote FOR proposals to award cash fees to non-executive directors unless the amounts are excessive relative to other companies in the country or industry.

Vote non-executive director compensation proposals that include both cash and share-based components on a CASE-BY-CASE basis.

Vote proposals that bundle compensation for both non-executive and executive directors into a single resolution on a CASE-BY-CASE basis.

Vote AGAINST proposals to introduce retirement bonuses for outside directors and/or outside statutory auditors, unless the amounts are disclosed and are not excessive relative to other companies in the country or industry.

**Compensation Plans**

Vote compensation plans on a CASE-BY-CASE basis.

**Director, Officer, and Auditor Indemnification and Liability Provisions**

Vote proposals seeking indemnification and liability protection for directors and statutory auditors on a CASE-BY-CASE basis.

Vote AGAINST proposals to indemnify auditors.

**4. Shareholder Rights and Defenses** 

**Antitakeover Mechanisms**

Generally vote AGAINST all antitakeover proposals, unless certain conditions are met to ensure the proposal is intended to enhance shareholder value, including consideration of the company's governance structure, the anti-takeover defense duration, the trigger mechanism and governance, and the intended purpose of the antitakeover defense.

**5. Strategic Transactions and Capital Structures** 

**Reorganizations/Restructurings**

Vote reorganizations and restructurings on a CASE-BY-CASE basis.

**Mergers and Acquisitions**

Vote CASE-BY-CASE on mergers and acquisitions taking into account the following based on publicly available information:

• Valuation;

• Market reaction;

• Strategic rationale;

• Management's track record of successful integration of historical acquisitions;

• Presence of conflicts of interest; and

• Governance profile of the combined company.

**Dual Class Structures**

Vote FOR resolutions that seek to maintain or convert to a one-share, one-vote capital structure.

Vote AGAINST requests for the creation or continuation of dual-class capital structures or the creation of new or additional super voting shares.

**Share Issuance Requests** 

*General Issuances:*

Vote FOR issuance requests with preemptive rights to a maximum of 100% over currently issued capital.

Vote FOR issuance requests without preemptive rights to a maximum of 20% of currently issued capital.

*Specific Issuances:*

Vote on a CASE-BY-CASE basis on all requests, with or without preemptive rights.

**Increases in Authorized Capital** 

Vote FOR non-specific proposals to increase authorized capital up to 100% over the current authorization unless the increase would leave the company with less than 30% of its new authorization outstanding.

Vote FOR specific proposals to increase authorized capital to any amount, unless:

• The specific purpose of the increase (such as a share-based acquisition or merger) does not meet guidelines for the purpose being proposed.

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Vote AGAINST proposals to adopt unlimited capital authorizations.

**Reduction of Capital**

Vote FOR proposals to reduce capital for routine accounting purposes unless the terms are unfavorable to shareholders.

Vote proposals to reduce capital in connection with corporate restructuring on a CASE-BY-CASE basis.

**Preferred Stock**

Vote FOR the creation of a new class of preferred stock or for issuances of preferred stock up to 50% of issued capital unless the terms of the preferred stock would adversely affect the rights of existing shareholders.

Vote FOR the creation/issuance of convertible preferred stock as long as the maximum number of common shares that could be issued upon conversion meets guidelines on equity issuance requests.

Vote AGAINST the creation of a new class of preference shares that would carry superior voting rights to the common shares.

Vote AGAINST the creation of blank check preferred stock unless the board clearly states that the authorization will not be used to thwart a takeover bid.

Vote proposals to increase blank check preferred authorizations on a CASE-BY-CASE basis.

**Share Repurchase Plans**

We will generally recommend FOR share repurchase programs taking into account whether:

• The share repurchase program can be used as a takeover defense;

• There is clear evidence of historical abuse;

• There is no safeguard in the share repurchase program against selective buybacks;

• Pricing provisions and safeguards in the share repurchase program are deemed to be unreasonable in light of market practice.

**Related-Party Transactions**

Vote related-party transactions on a CASE-BY-CASE basis, considering factors including, but not limited to, the following:

• The parties on either side of the transaction;

• The nature of the asset to be transferred/service to be provided;

• The pricing of the transaction (and any associated professional valuation);

• The views of independent directors (where provided);

• The views of an independent financial adviser (where appointed);

• Whether any entities party to the transaction (including advisers) is conflicted; and

• The stated rationale for the transaction, including discussions of timing.

**6. Environmental and Social Issues** 

**Overall Approach**

Proposals considered under this category could include, among others, reports on:

1) employee labor and safety policies;

2) impact on the environment of the company's production or manufacturing operations;

3) societal impact of products manufactured;

4) risks throughout the supply chain or operations including labor practices, animal treatment practices within food production and conflict minerals; and

5) overall board structure, including diversity.

When evaluating environmental and social shareholder proposals, the following factors are generally considered:

• The company's current level of publicly available disclosure, including if the company already discloses similar information through existing reports or policies;

• If the company has implemented or formally committed to the implementation of a reporting program based on the Sustainability Accounting Standards Board's (SASB) materiality standards, the Task Force on Climate-related Financial Disclosure's (TCFD) recommendations, or a similar standard;

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• Whether adoption of the proposal is likely to enhance or protect shareholder value;

• Whether the information requested concerns business issues that relate to a meaningful percentage of the company's business;

• The degree to which the company's stated position on the issues raised in the proposal could affect its reputation or sales, or leave it vulnerable to a boycott or selective purchasing;

• Whether the company has already responded in some appropriate manner to the request embodied in the proposal;

• What other companies in the relevant industry have done in response to the issue addressed in the proposal;

• Whether the proposal itself is well framed and the cost of preparing the report is reasonable;

• Whether the subject of the proposal is best left to the discretion of the board;

• Whether the company has material fines or violations in the area and if so, if appropriate actions have already been taken to remedy going forward;

• Whether providing this information would reveal proprietary or confidential information that would place the company at a competitive disadvantage.

**Environmental Issues**

**Climate Transition Plans**

Generally vote CASE-BY-CASE on management proposed climate transition plans. When evaluating management proposed plans, the following factors are generally considered:

• If the company has detailed disclosure of the governance, strategy, risk mitigation efforts, and metrics and targets based on the TCFD's recommendations, or a similar standard;

• If the company has detailed disclosure of their current emissions data based on the SASB materiality framework; and

• If the company has detailed disclosure in line with Paris Agreement goals.

Generally vote CASE-BY-CASE on shareholder proposals requesting climate transition plans. When evaluating these shareholder proposals, the following factors are generally considered:

• The company's current level of publicly available disclosure including if the company already discloses similar information through existing reports or policies;

• If the proposal asks for detailed disclosure according to the TCFD's recommendations;

• If the proposal asks for detailed disclosure of the company's current emissions data based on the SASB materiality framework;

• If the proposal asks for long-term targets, as well as short and medium term milestones;

• If the proposal asks for targets to be aligned to a globally accepted framework, such as Paris Aligned or Net Zero;

• If the proposal asks for targets to be approved by the Science Based Target Initiative ("SBTi");

• If the proposal seeks to add reasonable transparency and is not onerous or overly prescriptive; and

• Whether the proposal is binding or non-binding.

**Environmental Sustainability Reporting**

Generally vote FOR shareholders proposals requesting the company to report on its policies, initiatives and oversight mechanisms related to environmental sustainability, including the impacts of climate change and biodiversity loss. The following factors will be considered:

• The company's current level of publicly available disclosure including if the company already discloses similar information through existing reports or policies;

• If the company has formally committed to the implementation of a reporting program based on the SASB materiality standards, the TCFD's recommendations, or a similar standard within a specified time frame;

• If the company's current level of disclosure is comparable to that of its industry peers; and

• If there are significant controversies, fines, penalties, or litigation associated with the company's environmental performance.

**Other Environmental Proposals**

Vote CASE-BY-CASE on the following shareholder proposals if relevant to the company:

• Seeking information on the financial, physical, or regulatory risks a company faces related to climate change on its operations and investment, or on how the company identifies, measures and manages such risks;

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• Calling for the reduction of Greenhouse Gas (GHG) emissions;

• Seeking reports on responses to regulatory and public pressures surrounding climate change, and for disclosure of research that aided in setting company policies around climate change;

• Requesting an action plan including science based targets and a commitment to net zero emissions by 2050 or earlier;

• Requesting a report/disclosure of goals on GHG emissions from company operations and/or products;

• Requesting a company report on its energy efficiency policies; and

• Requesting reports on the feasibility of developing renewable energy resources.

**Social Issues**

**Board and Workforce Demographics**

A company should have a clear, public Equal Employment Opportunity (EEO) statement and/or diversity policy. Generally vote FOR proposals seeking to amend a company's EEO statement or diversity policies to additionally prohibit discrimination based on sexual orientation and/or gender identity.

Generally vote FOR proposals requesting reports on a company's efforts to diversify the board, unless:

• The gender and racial minority representation of the company's board is reasonably inclusive in relation to companies of similar size and business; and

• The board already reports on its nominating procedures and gender and racial minority initiatives on the board.

**Gender Pay Gap** 

Generally vote CASE-BY-CASE on proposals requesting reports on a company's pay data by gender, or a report on a company's policies and goals to reduce any gender pay gap, taking into account:

• The company's current policies and disclosure related to both its diversity and inclusion policies and practices and its compensation philosophy and fair and equitable compensation practices;

• Whether the company has been the subject of recent controversy, litigation or regulatory actions related to gender pay gap issues; and

• Whether the company's reporting regarding gender pay gap policies or initiatives is lagging its peers.

**Labor, Human and Animal Rights Standards**

Generally vote FOR proposals requesting a report on company or company supplier labor, human, and/or animal rights standards and policies, or on the impact of its operations on society, unless such information is already publicly disclosed considering:

• The degree to which existing relevant policies and practices are disclosed;

• Whether or not existing relevant policies are consistent with internationally recognized standards;

• Whether company facilities and those of its suppliers are monitored and how;

• Company participation in fair labor organizations or other internationally recognized human rights initiatives;

• Scope and nature of business conducted in markets known to have higher risk of workplace labor/human rights abuse;

• Recent, significant company controversies, fines, or litigation regarding human rights at the company or its suppliers;

• The scope of the request; and

• Deviation from industry sector peer company standards and practices.

Generally vote CASE-BY-CASE on shareholder proposals requesting reports about a company's use of mandatory arbitrations in employment claims, taking into account the company's existing policies and disclosures of policies.

Generally vote CASE-BY-CASE on shareholder proposals requesting reports on the actions taken by a company to prevent sexual and other forms of harassment or on the risks posed by the company's failure to take such actions, taking into account the company's existing policies and disclosures of policies.

**Racial Equity Audit**

Generally vote CASE-BY-CASE on shareholder proposals requesting the board oversee a racial equity audit. While we believe the decision to initiate an independent audit is best left to management judgment under the oversight of the board of directors, the following factors are generally considered:

• The degree to which existing relevant policies and practices are disclosed;

• Recent, significant company controversies, fines, or litigation regarding human rights at the company or its suppliers; and

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Whether the gender and racial minority representation of the company's board is reasonably inclusive in relation to companies of similar size and business.

**Political Contributions and Trade Association Spending/Lobbying Expenditures and Initiatives**

We generally believe that it is the role of boards and management to determine the appropriate level of disclosure of all types of corporate political activity. When evaluating these proposals, we consider the prescriptive nature of the proposal and the overall benefit to shareholders along with a company's current disclosure of policies, practices and oversight.

Generally vote AGAINST proposals asking the company to affirm political nonpartisanship in the workplace so long as:

• There are no recent, significant controversies, fines or litigation regarding the company's political contributions or trade association spending; and

• The company has procedures in place to ensure that employee contributions to company-sponsored political action committees (PACs) are strictly voluntary and prohibits coercion.

Generally vote AGAINST proposals requesting increased disclosure of a company's policies with respect to political contributions, lobbying and trade association spending as long as:

• There is no significant potential threat or actual harm to shareholders' interests;

• There are no recent significant controversies or litigation related to the company's political contributions or governmental affairs; and

• There is publicly available information to assess the company's oversight related to such expenditures of corporate assets.

We generally will vote AGAINST proposals asking for detailed disclosure of political contributions or trade association or lobbying expenditures.

We generally will vote AGAINST proposals barring the company from making political contributions. Businesses are affected by legislation at the federal, state, and local level and barring political contributions can put the company at a competitive disadvantage.

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**Janus Henderson Investors US LLC (formerly known as Janus Capital Management LLC)** <br>**Janus Henderson Investors**

**Proxy Voting Policy and Procedures**

**Last Review Date: March 2021**

**CONTENTS**

1. Overview

1.1 Policy Statement

1.2 Key Principals

1.3 Scope

1.4 Roles and Responsibilities

1.5 References

1.6 Escalation Requirements

2. Additional Definitions

3. Proxy Voting Procedures

3.1 Voting Generally

3.2 Abstentions

3.3 Funds of Funds'

3.4 Conflicts of Interest

4. Reporting, Oversight and Recordkeeping

4.1 Client and Regulatory Reporting

4.2 Proxy Voting and Proxy Voting Service Oversight

4.3 Record Retention

5. Amendments

Proxy Voting Guidelines

Directors and Boards

Auditors and Accounting Issues

Compensation Issues

Capitalization, Issuances, Transactions, Shareholder Rights, and Other Corporate Matters

Environmental and Social Issues

Miscellaneous, Administrative and Routine Items

Proposals Outside the Guidelines

**1. OVERVIEW**

**1.1 POLICY STATEMENT**

Where Janus Henderson Investors has been provided voting discretion, it has a responsibility to vote proxies in the best interest of each client.<sup>1</sup> Janus Henderson Investors has adopted this Proxy Voting Policy and Procedures to ensure that proxies are voted in the best interest of clients without regard to any relationship that Janus Henderson Investors or any affiliated person of Janus Henderson Investors may have with the issuer or personnel of the issuer. Subject to specific provisions in a client's account documentation related to exception voting, Janus Henderson Investors will generally only accept direction from a client to vote proxies for that client's account pursuant to: 1) the JHI Voting Guidelines; 2) the ISS Benchmark Policy; or 3) the ISS Taft-Hartley Voting Guidelines.

<sup>1</sup> On behalf of accounts subject to the Employee Retirement Income Security Act of 1974 (ERISA), Janus Henderson Investors will vote proxies unless the power to vote such shares has been expressly retained by the appointing fiduciary in the investment management agreement. Janus Henderson Investors recognizes that the exercise of voting rights on securities held by ERISA plans is a fiduciary duty that must be exercised with care, skill, prudence and diligence. As such, where Janus Henderson Investors has voting responsibility for ERISA plans, they will vote proxies solely in the best interest of the participants and beneficiaries of such plans

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**1.2 KEY PRINCIPLES**

• Janus Henderson Investors will vote proxies in the best interest of each client.

• Janus Henderson Investors will identify and manage any conflicts of interest which might affect a voting decision.

• Janus Henderson Investors will disclose its voting decisions to clients upon request and to the public where required or consistent with local market practice.

• Janus Henderson Investors will maintain records supporting its voting decisions

**1.3 SCOPE**

This Policy applies to Janus Henderson Investors and each of the client accounts for which it has proxy voting responsibilities, other than those advised or sub-advised by Intech Investment Management LLC or Kapstream Capital Pty Ltd.

**1.4 ROLES AND RESPONSIBILITIES**

**<u>Portfolio Management.</u>** Portfolio Management is responsible for determining how to vote proxies with respect to securities held in the client accounts they manage. Where Portfolio Management chooses to vote contrary to the Guidelines and as otherwise specified herein, Portfolio Management is required to provide a sufficient written rationale for their vote. Outside the United States, Portfolio Management is also required to provide a sufficient written rationale whenever they seek to exercise discretion to vote against the management of the issuer of the proxy.

**<u>Operations Control</u>.** Operations Control is generally responsible for administering the proxy voting process as set forth in this Policy for client accounts whose Portfolio Management is located inside the United States. Operations Control works with the Proxy Voting Service and is responsible for ensuring that all meeting notices are reviewed against the Guidelines, the ISS Benchmark Policy or the Taft-Hartley Guidelines, and proxy matters are communicated to Portfolio Management for consideration pursuant to this Policy.

**<u>GRI Team.</u>** The GRI Team is generally responsible for administering the proxy voting process as set forth in this Policy for client accounts whose Portfolio Management is located outside the United States. The GRI Team works with the Proxy Voting Service and is responsible for reviewing shareholder meeting agendas, voting recommendations, and additional relevant documents and making voting decisions in consultation with Portfolio Management.

**<u>Proxy Voting Committee</u>.** The Proxy Voting Committee develops Janus Henderson Investors' positions on all major corporate issues, maintains and updates the Guidelines, manages conflicts of interest related to proxy voting and oversees the voting process generally, including by reviewing results of diligence on the Proxy Voting Service.

**<u>Proxy Voting Service</u>.** The Proxy Voting Service provides research services relating to proxy issues. The Proxy Voting Service also assists in certain functions relating to the voting of proxies. Among other things, the Proxy Voting Service is responsible for coordinating with clients' custodians to ensure that all proxy materials received by the custodians relating to the clients' portfolio securities are processed in a timely fashion. In addition, the Proxy Voting Service is responsible for submitting Janus Henderson Investors' votes in accordance with the Guidelines or as otherwise instructed by Janus Henderson Investors and is responsible for maintaining copies of all proxy statements received from issuers and promptly providing such materials to Janus Henderson Investors upon request. The Proxy Voting Service also provides voting disclosure services, including filing of the Form N-PX in the United States.

**1.5 REFERENCES**

Rule 206(4)-7 of the Investment Advisers Act Rule

30b1-4 of the Investment Company Act

Rule 239.15 et seq. of the Investment Company Act

Commission Delegated Regulation (EU) No 231/2013, Article 37

Commission Directive 2010/43/EU, Article 21

FCA COLL 6.6A.6

CSSF Regulation 10-04, Article 23

UN Principles for Responsible Investment

IMAS Singapore Stewardship Principles

SFC Principles of Responsible Ownership

FRC UK Stewardship Code

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**1.6 ESCALATION REQUIREMENTS**

You should report any known or suspected violations of this policy to Risk and Compliance or senior management. You can also report violations via the incident management form within the governance, risk management and compliance system (GRC/BWise). Any material breach of this Policy or the principles outlined herein, including the intentional failure to disclose a material conflict of interest, may result in severe sanctions, including a letter of censure, suspension or termination of employment.

**2. ADDITIONAL DEFINITIONS**

**GRI Team** refers to the Governance and Responsible Investing team.

**Janus Henderson Investors** includes all investment advisory subsidiaries of Janus Henderson Group plc, including but not limited to Janus Henderson Investors US LLC (formerly known as Janus Capital Management LLC) and Perkins Investment Management LLC, which have been designated by the Boards of Trustees of Janus Investment Fund, Janus Aspen Series, Clayton Street Trust, and Janus Detroit Street Trust to vote proxies for Janus Henderson Investors' proprietary mutual funds and ETFs, as applicable.

**JHI Proxy Voting Guidelines** or the **Guidelines** refers to the voting guidelines adopted by Janus Henderson Investors and outlined at Appendix A.

**Policy** means this Proxy Voting Policy and Procedures.

**Portfolio Management** refers to the portfolio managers, assistant portfolio managers, and analysts supporting a given client account.

**Proxy Administrator** refers to the person performing administrative functions in support of the proxy voting program. For client accounts advised or sub-advised by Janus Henderson Investors entities located inside the United States, those functions are performed by Operations Control. For client accounts advised or sub-advised by Janus Henderson Investors entities located outside the United States, those functions are performed by the GRI Team.

**Proxy Voting Committee** or the **Committee** refers to the Janus Henderson Investors Proxy Voting Committee. The Committee is comprised of representatives from the Office of the Treasurer, Operations Control, Compliance, as well as the GRI team and equity portfolio management who provide input on behalf of the investment team. Internal legal counsel serves as a consultant to the Committee and is a non-voting member.

**Proxy Voting Service** or **ISS** refers to Institutional Shareholder Services Inc.

**3. PROXY VOTING PROCEDURES**

**3.1 VOTING GENERALLY**

Where the Guidelines address the proxy matter being voted on, votes will be cast in accordance with the Guidelines unless directed otherwise. Portfolio Management and the GRI Team may vote contrary to the Guidelines at their discretion and with sufficient rationale documented in writing. Where the (1) Guidelines call for Portfolio Management or GRI Team input and/or (2) the proxy matter being voted on relates to a company and/or issue for which the Proxy Voting Services does not have research, analysis and/or a recommendation available, the Proxy Voting Service will refer proxy questions to the Proxy Administrator for further instruction. In the event Portfolio Management or the GRI Team is unable to provide input on a referred proxy item, Janus Henderson Investors will abstain from voting the proxy item.

Notwithstanding the above, with respect to clients who have instructed Janus Henderson Investors to vote proxies in accordance with the Taft-Hartley Guidelines or the ISS Benchmark Policy, the Proxy Voting Service will cast all proxy votes in strict accordance with those policies.

For all client accounts advised or sub-advised by Janus Henderson Investors entities located inside the United States and certain client accounts advised or sub-advised by Janus Henderson Investors entities located outside the United States, Janus Henderson relies on pre-populated and/or automated voting. That means the Proxy Voting Service will automatically populate the proxy voting system in accordance with the Guidelines, the Taft- Hartley Guidelines or the ISS Benchmark Policy. For those proxy proposals with a default policy position, the votes will be cast as populated in the system by the Proxy Voting Service unless directed otherwise by Janus Henderson Investors. For those proxy proposals without a default policy position (i.e., refer items), the votes will be cast as populated in the system by Janus Henderson Investors.

From time to time, issuers and/or ballot issue sponsors may publicly report additional information that may be relevant to the application of the Guidelines, the Taft-Hartley Guidelines or the ISS Benchmark Policy or the exercise of discretion by Portfolio Management ("supplemental materials"). To the extent the Proxy Voting Service identifies such supplemental materials, it will review that information and determine whether it has a material effect on the application of the Guidelines, the Taft-Hartley Guidelines or the ISS Benchmark Policy. The Proxy Voting Service is then responsible for ensuring that any votes pre-populated in the proxy voting system are appropriately updated and Janus Henderson is provided appropriate notice of such changes, including through availability of an updated research report. In all events, the Proxy Voting Service will notify Janus Henderson Investors of any supplemental materials identified so that they can be considered as part of the voting process, including with respect to items requiring Portfolio Management input.

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**3.2 ABSTENTIONS**

Janus Henderson Investors recognizes that in certain circumstances the cost to clients associated with casting a proxy vote may exceed the benefits received by clients from doing so. In those situations, Janus Henderson Investors may decide to abstain from voting. For instance, in many countries, shareholders who vote proxies for shares of an issuer are not able to trade in that company's stock within a given period of time on or around the shareholder meeting date ("<u>share blocking</u>"). In countries where share blocking is practiced, Janus Henderson Investors will only vote proxies if Janus Henderson Investors determines that the benefit of voting the proxies outweighs the risk of not being able to sell the securities. Similarly, in some instances, Janus Henderson Investors may participate in a securities lending program. Generally, if shares of an issuer are on loan, the voting rights are transferred and the lending party cannot vote the shares. In deciding whether to recall securities on loan, Janus Henderson Investors will evaluate whether the benefit of voting the proxies outweighs the cost of recalling them. Furthermore, in circumstances where a client held a security as of record date, but the holdings were sold prior to the shareholder meeting, Janus Henderson Investors may abstain from voting that proxy.

**3.3 FUNDS OF FUNDS**

Janus Henderson Investors advises certain accounts that invest in other funds ("<u>funds</u> <u>of</u> <u>funds</u>") advised by Janus Henderson Investors or its affiliated persons. From time to time, a fund of funds may be required to vote proxies for the underlying funds in which it is invested. In those circumstances, there may be a conflict of interest between Janus Henderson Investors and its clients. To mitigate that conflict, whenever an underlying fund submits a matter to a vote of its shareholders, Janus Henderson Investors will vote shares held by a fund-of-funds account in the same proportion as the votes of the other shareholders in the underlying fund ("<u>echo vote</u>") or refrain from voting such shares to the extent that cost or other considerations outweigh the benefits of voting such shares.

In addition, Janus Henderson Investors advises certain funds of funds that invest in ETFs and other funds advised by unaffiliated persons. These funds of funds may enter into a written participation agreement with the underlying fund that allows the fund of funds to own shares of the fund in excess of what is generally permitted by law. Participation agreements generally require funds of funds whose ownership of the underlying fund exceeds a certain percentage to agree to echo vote its shares. Accordingly, if an underlying fund submits a matter to a vote of its shareholders, Janus Henderson Investors will echo vote, or solicit voting instructions from the fund of funds' shareholders, to the extent required by a participation agreement.

**3.4 CONFLICTS OF INTEREST**

Because the Guidelines, the ISS Benchmark Policy and the Taft-Hartley Guidelines pre-establish voting positions, application of those rules to default positions should, in most cases, adequately address any possible conflicts of interest. For situations where Portfolio Management or the GRI Team seek to exercise discretion when voting proxies, Janus Henderson Investors has implemented additional policies and controls described below to mitigate any conflicts of interest.

Portfolio Management or the GRI Team is required to disclose any actual or potential conflicts of interest that may affect its exercise of voting discretion. Actual or potential conflicts of interest include but are not limited to the existence of any communications from the issuer, proxy solicitors or others designed to improperly influence Portfolio Management or the GRI Team in exercising its discretion or the existence of significant relationships with the issuer.

Janus Henderson Investors also proactively monitors and tests proxy votes for any actual or potential conflicts of interest. Janus Henderson Investors maintains a list of significant relationships for purposes of assessing potential conflicts with respect to proxy voting, which may include significant intermediaries, vendors or service providers, clients and other relationships. In the event Portfolio Management or the GRI Team intend to vote against the Guidelines with respect to an issuer on the significant relationships list, the Proxy Administrator will notify the Committee which will review the rationale provided by Portfolio Management in advance of the vote. In the event Portfolio Management or the GRI Team intend to exercise discretion to vote contrary to Proxy Voting Service's recommendations and with management as to an issuer on the significant relationships list, the Proxy Administrator will notify the Committee, which will review the rationale provided by Portfolio Management or the GRI Team in advance of the vote. If the Committee determines the rationale is inadequate, the proxy vote will be cast as in accordance with the Guidelines or as instructed by the Committee. In addition, on a quarterly basis, the Committee reviews all votes that deviate from the Guidelines and assesses the adequacy of the portfolio managers' stated rationale.

Any personal conflict of interest related to a specific proxy vote should be reported to the Committee prior to casting a vote. In the event a personal conflict of interest is disclosed or identified, the Committee will determine whether that person should recuse himself or herself from the voting determination process. In such circumstances, the proxy vote will be cast in accordance with the Guidelines or as instructed by the Chief Investment Officer or his or her delegate. Compliance also reviews all refer votes contrary to the ISS recommendations and with management to identify any undisclosed personal conflicts of interest.

If a proxy vote is referred to the Chief Investment Officer or his or her delegate or to the Committee, the decision made and basis for the decision will be documented by the Committee.

**4. REPORTING, OVERSIGHT AND RECORDKEEPING**

**4.1 CLIENT AND REGULATORY REPORTING**

Janus Henderson Investors will provide clients with such information on proxy voting as agreed or otherwise set forth herein. Upon request, Janus Henderson Investors will provide clients with the proxy voting record for their accounts. Janus Henderson will publicly disclose vote

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reporting in line with local market requirements or practices. In the United States, on an annual basis, Janus Henderson Investors will provide proxy voting records for each proprietary mutual fund or ETF for the one-year period ending on June 30th on Janus Henderson Investors' website at www.janushenderson.com/proxyvoting. Such voting record, on Form N-PX, is also available on the SEC's website at www.sec.gov.

Janus Henderson Investors shall present this Policy and the Guidelines to the board of trustees of the proprietary mutual funds or ETFs advised by Janus Henderson Investors at least annually and shall provide such other information and reports requested by such boards to fulfill their oversight function.

Except as noted in this Policy or required by law, Janus Henderson Investors generally does not provide information to anyone on how it voted or intends to vote on a particular matter still pending. Unless that information has otherwise been made public, Janus Henderson Investors may confirm to issuers, their agents or other third parties that votes have been cast but not how or how many votes were cast. Notwithstanding the foregoing, Portfolio Management and the GRI Team have the discretion to indicate to issuers or their agents how they voted or intend to vote in the context of discussions with issuers and their management as part of Janus Henderson Investors' ongoing investment analysis process.

A complete copy of Janus Henderson Investors' proxy voting policies and procedures, including specific guidelines, will be made available at www.janushenderson.com.

**4.2 PROXY VOTING AND PROXY VOTING SERVICE OVERSIGHT**

The Committee will ensure sufficient oversight of proxy voting through periodic review of voting decisions, operational issues and conflicts of interest as discussed herein. The Committee will review such information as it deems appropriate to discharge these responsibilities.

In addition, Janus Henderson Investors will conduct periodic due diligence reviews of the Proxy Voting Service via on-site, video or telephonic meetings and by written questionnaires. As part of this periodic due diligence process, Janus Henderson Investors shall collect information that is reasonably sufficient to support the conclusion that the Proxy Voting Service has the capacity and competency to adequately analyze the matters for which they provide research and voting recommendations. In connection with the periodic due diligence review, Janus Henderson Investors shall consider, among other things, (1) the adequacy and quality of the Proxy Voting Service's staffing, personnel, and/or technology; (2) disclosure from the Proxy Voting Service regarding its methodologies in formulating voting recommendations; and (3) whether the Proxy Voting Service has adequate policies and procedures to identify, disclose, and address actual and potential conflicts of interest. In further exercise of its oversight responsibility, Janus Henderson Investors shall periodically sample the proxy votes cast on behalf of clients to ensure whether the Guidelines were applied correctly to such votes.

**4.3 RECORD RETENTION**

Janus Henderson Investors will retain proxy statements received regarding client securities, records of votes cast on behalf of clients, records of client requests for proxy voting information and all documents prepared by Janus Henderson Investors regarding votes cast in contradiction to the Guidelines. In addition, Janus Henderson Investors will retain internally-generated documents that are material to a proxy voting decision, such as the Guidelines, Committee materials and other internal research relating to voting decisions. Proxy statements received from issuers are generally available from the issuer's, the relevant regulatory authority's and/or the market place's websites. They may also be available from the third-party voting service upon request. All materials discussed above will be retained in accordance with any applicable record retention obligations.

**5. AMENDMENTS**

This Policy is subject to review on an annual or more frequent basis by the Committee. In reviewing the Policy, the Committee reviews Janus Henderson Investors' proxy voting record over the prior year, including exceptions to the Guidelines requested by Portfolio Management or the GRI Team, to determine whether any adjustments should be made. The Committee also reviews changes to the Guidelines recommended by the Proxy Voting Service, discusses such changes with the Proxy Voting Service, and solicits feedback from Portfolio Management on such changes. Once the Guidelines have been approved by the Committee and clients where required, they are distributed to the Proxy Administrator and the Proxy Voting Service for implementation.

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**APPENDIX A**

**PROXY VOTING GUIDELINES**

Janus Henderson Investors will generally vote all proxies relating to portfolio securities held in client accounts for which it has been delegated voting authority in accordance with these Guidelines and the implementation instructions provided to the Proxy Voting Service. Nonetheless, because proxy issues and the circumstances of individual companies are so varied, there may be instances when Janus Henderson Investors may not vote in strict adherence to the Guidelines. Portfolio Management and the GRI Team are responsible for monitoring significant corporate developments, including proxy proposals submitted to shareholders, and instructing votes contrary to the Guidelines where they reasonably believe that is in the best interest of clients.

Janus Henderson Investors recognizes that corporate governance systems vary a great deal between jurisdictions according to factors such as cultural issues, laws and regulations, the extent of shareholder rights, the level of dispersed ownership and the stage of development more generally. In formulating our approach to corporate governance, we are conscious that a "one size fits all" policy is not appropriate. We will therefore seek to vary our voting activities according to the local market and its standards of best practices.

While Janus Henderson Investors has attempted to address the most common issues through the Guidelines, there will be various proxy voting proposals that are not addressed by the Guidelines or that require case-by-case resolution under the Guidelines. Moreover, there may be various proxy voting proposals as to which the Proxy Voting Service does not have or provide research, analysis and recommendations. For example, the Proxy Voting Service may not provide research, analysis and recommendations for proxy voting proposals of privately-held companies. In such instances, those proposals will be referred to Portfolio Management or the GRI Team for resolution. In exercising discretion, Janus Henderson Investors may take into consideration the information and recommendations of the Proxy Voting Service but will vote all proxies based on its own conclusions regarding the best interests of its clients.

In many cases, a security may be held by client accounts managed by multiple portfolio managers. While Janus Henderson Investors generally casts votes consistently across client accounts it manages, different portfolio managers may vote differently on the same matter in the exercise of their discretion. For example, different portfolio managers may reasonably reach different conclusions as to what is in the best interest of their clients based on their independent judgments. In addition, in rare circumstances, an individual portfolio manager may reasonably reach different conclusions as to what is in the best interests of different clients depending on each individual client account's investment strategy or its objectives.

**Directors AND BoardS**

Janus Henderson Investors recognises the diversity of corporate governance models across different markets and does not advocate any one form of board structure. However, it also recognises there are certain key functions which are or should be common across all markets:

• Reviewing and guiding corporate strategy, major plans of action, risk policy, annual budgets and business plans; setting performance objectives; monitoring implementation and corporate performance; and overseeing major capital expenditures, acquisitions and divestitures;

• Monitoring the effectiveness of the company's governance practices and making changes as needed;

• Selecting, compensating, monitoring and, where necessary, replacing key executives and overseeing succession planning;

• Aligning key executive and board compensation with the longer-term interests of the company and its shareholders;

• Ensuring a formal and transparent board nomination and election process;

• Monitoring and managing potential conflicts of interest of management, board members and shareholders, including misuse of corporate assets and abuse in related party transactions;

• Ensuring the integrity of the corporation's accounting and financial reporting systems, including the independent audit, and that appropriate systems of control are in place, in particular, systems for risk management, financial and operational control, and compliance with the law and relevant standards;

• Monitoring the quality of relationships with key stakeholders; and

• Overseeing the process of disclosure and communications.

Boards of directors should include the number and types of qualified directors sufficient to ensure effective discharge of these responsibilities, including independent non-executive directors with appropriate skills, experience and knowledge. The responsibilities of such non-executive directors should include monitoring and contributing effectively to the strategy and performance of management, staffing key committees of the board and influencing the conduct of the board as a whole. Consistent with this principle of independence, a board of directors should generally have a non-executive chairperson.

The board of directors should establish audit, compensation and nomination/succession committees. These should be composed wholly or predominantly of independent directors. Companies should publicly disclose the terms of reference of these committees and give an account to shareholders in an annual report or other regulatory filing of how their responsibilities have been discharged. The chairpersons and members of these committees should be appointed by the board as a whole according to a transparent procedure.

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Janus Henderson Investors believes the board of directors, or supervisory board, as an entity, and each of its members, as an individual, is a fiduciary for all shareholders, and should be accountable to the shareholder body as a whole. Each director should therefore generally stand for election on an annual basis.

In recognition of these principles, Janus Henderson Investors has adopted the following default policy positions among others:

**Board Classification** – Janus Henderson Investors will generally vote against proposals to classify boards of directors and for proposals to declassify boards of directors.

**Board Size** – Janus Henderson Investors will generally vote in favor of proposals to increase the size of a board of directors so long as the board would retain a majority of independent directors. Janus Henderson Investors will generally vote against proposals to decrease the size of a board of directors which are intended as anti-takeover measures.

**Director Independence** – Janus Henderson Investors will generally vote in favor of proposals to increase the minimum number of independent directors. Janus Henderson Investors will generally vote in favor of proposals to separate the role of the chairman from the role of the CEO.

**Director Indemnification** – Janus Henderson Investors will generally vote in favor of proposals regarding director indemnification arrangements provided such provisions are not deemed excessive or inappropriate.

**Uncontested Elections** –Janus Henderson Investors will generally vote in favor of director candidates that result in the board having a majority of independent directors and oppose director candidates that result in the board not having a majority of independent directors. After taking into consideration country-specific practices, Janus Henderson Investors will generally vote in favor of individual director candidates unless they:

• attend less than 75% of the board and committee meetings without a valid excuse;

• ignore or otherwise fail to respond appropriately to shareholder proposals receiving majority shareholder support;

• are not responsive to advisory votes on executive compensation matters;

• fail to provide appropriate oversight of company's risk management practices;

• are non-independent directors and sit on the audit, compensation or nominating committees;

• are non-independent directors and the board does not have an audit, compensation, or nominating committee;

• are audit committee members and the non-audit fees paid to the auditor are excessive;

• are audit committee members and poor accounting practices rise to a level of serious concern, or other serious issues surrounding the audit process or arrangement exist;

• serve as directors on an excessive number of boards;

• are compensation committee members and the company has poor compensation practices;

• adopt a long term poison pill without shareholder approval or make material adverse changes to an existing poison pill;

• are the chair of the nominating committee, or are otherwise responsible for the nomination process, of a board that does not have any female directors, and the company has not provided a reasonable explanation for its lack of gender diversity; and/or

• amend the company's bylaws or charter without shareholder approval in a manner that materially diminishes shareholders' rights or that could adversely impact shareholders.

**Contested Elections** – Janus Henderson Investors will evaluate proposals relating to contested director candidates on case-by-case basis.

**Cumulative Voting** – Janus Henderson Investors will generally vote in favor of proposals to adopt cumulative voting unless otherwise recommended by the Proxy Voting Service.

**AUDITORS AND ACCOUNTING ISSUES**

Janus Henderson Investors believes boards of directors should maintain robust structures and processes to ensure sound internal controls and to oversee all aspects of relationships with auditors. Boards of directors should generally have appropriately constituted audit committees with sufficient levels of financial expertise in accordance with prevailing legislation or best practice. The audit committee should ensure that the company gives a balanced and clear presentation of its financial position and prospects and clearly explains its accounting principles and policies. The audit committee should ensure that the independence of the external auditors is not compromised by conflicts of interest (e.g., financial conflicts arising from the award of non-audit assignments).

In recognition of these principles, Janus Henderson Investors has adopted the following default policy positions among others:

**Uncontested Auditors** – Janus Henderson Investors will generally vote in favor of proposals to approve external auditors unless:

• the auditor has a financial interest in or association with the company and is therefore not independent;

• fees for non-audit services are excessive;

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• there is reason to believe the auditor has rendered an opinion which may be neither accurate nor indicative of the company's financial position;

• the auditor is being changed without explanation; or

• the auditor is not identified by name.

**Contested Auditors** – Janus Henderson Investors will evaluate proposals relating to contested auditors on a case-by-case basis.

**COMPENSATION ISSUES**

Janus Henderson Investors believes compensation of executive directors and key executives should be aligned with the interests of shareholders. Performance criteria attached to share-based compensation should be demanding. Requirements for directors and senior executives to acquire and retain company shares that are meaningful in the context of their cash compensation are also appropriate. The design of senior executives' contracts should not commit companies to 'payment for failure'. Boards should pay attention to minimising this risk when drawing up contracts and to resist pressure to concede excessively generous severance conditions. Any share-based compensation should be subject to shareholder approval.

Companies should disclose in each annual report or proxy statement the board's policies on executive compensation (and preferably the compensation of individual board members and top executives), as well as the composition of such compensation so that investors can judge whether corporate pay policies and practices are appropriately designed.

Broad-based employee share ownership plans or other profit-sharing programs are effective market mechanisms that promote employee participation. When reviewing whether to support proposed new share schemes, we place particular importance on the following factors:

• The overall potential cost of the scheme, including the level of dilution;

• The issue price of share options relative to the market price;

• The use of performance conditions aligning the interests of participants with shareholders;

• The holding period (i.e., the length of time from the award date to the earliest date of exercise); and

• The level of disclosure.

In recognition of these principles, Janus Henderson Investors has adopted the following default policy positions among others:

**Executive and Director Equity-Based Compensation Plans** – Janus Henderson Investors will generally vote in favor of equity-based compensation plans unless they create an inconsistent relationship between long-term share performance and compensation, do not demonstrate good stewardship of investors' interests, or contain problematic features. Janus Henderson Investors considers the following, non-exhaustive list of practices to be problematic and generally votes against plans or amendments to plans that:

• provide for re-pricing of underwater options;

• provide for automatic replenishment ("evergreen") or reload options;

• create an inconsistent relationship between long term share performance and compensation increases; and/or

• are proposed by management and do not demonstrate good stewardship of investors' interests regarding executive compensation or are a vehicle for poor compensation practices.

Janus Henderson Investors will generally vote against proposals permitting material amendments to equity-based compensation plans without shareholder approval.

**Long-Term Ownership** – Janus Henderson Investors will generally vote in favor of proposals intended to increase long-term stock ownership by executives, officers and directors. These may include:

• requiring executive officers and directors to hold a minimum amount of stock in the company;

• requiring stock acquired through exercised options to be held for a certain period of time; and

• using restricted stock grants instead of options.

**Director and Officer Loans** – Janus Henderson Investors will generally oppose proposals requesting approval of loans to officers, executives and board members of an issuer.

**Say-on-Pay** – Janus Henderson Investors will generally vote in favor of annual advisory votes on executive compensation (say-on-pay frequency). Janus Henderson Investors will generally vote with management on advisory votes on executive compensation (say-on-pay) unless Janus Henderson Investors determines problematic pay practices are maintained.

**Executive Severance Agreements** – Janus Henderson Investors will evaluate proposals to approve or cancel executive severance agreements on a case-by-case basis. Janus Henderson Investors will vote in favor of proposals to require executive severance agreements to be submitted for shareholder approval unless the proposal requires shareholder approval prior to entering into employment contracts.

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**Employee Stock Option Plans (ESOP) and Stock Purchase Plans (ESPP)** – Janus Henderson Investors will generally vote in favor of proposals relating to ESOPs and ESPPs unless the shares purchased through the plans are discounted more than the market norm, the shares allocated to the plans are excessive, and/or the plans contain other problematic features.

**Option Expensing and Repricing** – Janus Henderson Investors will generally vote in favor of proposals requiring the expensing of options. Janus Henderson Investors will generally vote against proposals providing for the repricing of options.

**CAPITALIZATION, ISSUANCES, TRANSACTIONS, SHAREHOLDER RIGHTS, AND OTHER CORPORATE MATTERS**

Janus Henderson Investors believes all shareholders should be treated equitably. Companies' ordinary shares should provide one vote for each share, and companies should act to ensure the owners' rights to vote.

Any major strategic modifications to the core businesses of a company should not be made without prior shareholder approval. Equally, any major corporate changes, which in substance or effect, materially dilute the equity or erode the economic interests or share ownership rights of existing shareholders should not be made without prior shareholder approval of the proposed change. Such changes may include but are not limited to modifications to articles or bylaws and the implementation of shareholder rights plans or so called "poison pills."

We will not support proposals that have the potential to reduce shareholder rights, such as significant open-ended authorities to issue shares without pre-emption rights or anti-takeover proposals, unless companies provide a compelling rationale for why they are in shareholder interests.

In recognition of these principles, Janus Henderson Investors has adopted the following default policy positions among others:

**Capital Stock** – Subject to local market standards, Janus Henderson Investors will generally vote in favor of proposals seeking to increase the number of shares of common or preferred stock authorized for issue unless the company does not adequately justify the need for the additional shares. Janus Henderson Investors will generally vote against proposals to authorize preferred stock whose voting, conversion, dividend and other rights are determined at the discretion of the board of directors when the stock is issued ("blank check stock"). Janus Henderson Investors will generally vote against proposals for different classes of stock with different voting rights.

**Stock Splits** – Janus Henderson Investors will generally vote in favor of proposals to split shares unless they negatively affect the ability to trade shares or the economic value of a share.

**Share Issuances** - Janus Henderson Investors will generally vote in favor of proposals related to share issuances with and without preemptive rights, provided that voting in favor of such proposals is consistent with local market standards, such proposals are not considered excessive in the context of the issuer and such proposals do not provide for different levels of voting rights.

**Debt Issuances** – Janus Henderson Investors will evaluate proposals regarding the issuance of debt, including convertible debt, on a case- by-case basis.

**Mergers, Acquisitions and Other Significant Corporate Transactions** – Janus Henderson Investors will evaluate proposals regarding acquisitions, mergers, tender offers or changes in control on a case-by-case basis, including any related proposals such as share issuances or advisory votes on golden parachutes.

**Reorganization, Restructuring and Liquidation** – Janus Henderson Investors will evaluate plans of reorganization, restructuring and liquidation on a case-by-case basis.

**Shareholder Rights Plans and Other Anti-Takeover Mechanisms** – Janus Henderson Investors will generally vote against shareholder rights plans or other proposals designed to prevent or obstruct corporate takeovers (includes poison pills), unless such measures are proposed in a transparent and independent fashion and designed primarily as a short-term means to protect a tax benefit, or are structured in such a way that they give shareholders the ultimate decision on any proposal or offer. This general policy supersedes any other more specific policy to the contrary.

**Change in Jurisdiction of Incorporation or Organization** - Janus Henderson Investors will generally vote in favor of proposals regarding changes in the jurisdiction of incorporation or organization of an issuer.

**Confidential Voting** – Janus Henderson Investors will generally vote in favor of proposals to provide for confidential voting and independent tabulation of voting results.

**Supermajority Voting** – Janus Henderson Investors will generally vote against proposals to provide for supermajority voting (e.g., to approve acquisitions or mergers).

**Special Meetings** – Janus Henderson Investors will generally vote in favor of management proposals to allow shareholders to call special meetings. Janus Henderson Investors will generally vote in favor of shareholder proposals to allow shareholders to call special meetings, unless such right is already provided at a level consistent with local best practice and the shareholder proposal would further reduce the required threshold. Such proposals will be evaluated on a case-by-case basis.

**Written Consents** – Janus Henderson Investors will generally vote in favor of management proposals to allow action by shareholders' written consent. Janus Henderson Investors will evaluate shareholder proposals to allow action by shareholders' written consent on a case-by-case basis.

**Proxy Access** – Janus Henderson Investors will evaluate proposals related to proxy access on a case-by-case basis.

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**ENVIRONMENTAL AND SOCIAL ISSUES**

Janus Henderson Investors believes that good management of stakeholder relationships contributes to business success and long-term shareholder value. These stakeholders include not only shareholders but also employees, consumers, debtholders, business partners, neighbors and the wider global community.

Nonetheless, as a fiduciary for its clients, Janus Henderson is primarily concerned with the impact of proposals on a company's performance and economic value. Janus Henderson Investors recognizes that environmental and social issues are associated with risks, costs and benefits which, in well-run companies, management will generally be best equipped to assess. As such, Janus Henderson Investors will generally vote with management on environmental and social proposals unless it identifies areas of weakness or deficiency relative to peers and/or industry best practices or feels that management has failed to adequately respond to shareholder concerns. In such instances, Janus Henderson Investors will evaluate the proposals on a case-by-case basis.

**MISCELLANEOUS, ADMINISTRATIVE AND ROUTINE ITEMS**

Janus Henderson Investors believes that management should generally have discretion to make certain types of decisions, including how to use existing capital. In addition, in certain jurisdictions, shareholder approval of certain routine or administrative matters may be required. On these types of issues, Janus Henderson will generally defer to management unless it believes these decisions are not being made, or these actions are not being taken, in good faith.

In recognition of these principles, Janus Henderson Investors has adopted the following default policy positions among others:

**Dividends** – Janus Henderson Investors will generally vote in favor of management proposals relating to the issuance of dividends. Janus Henderson Investors will evaluate shareholder proposals relating to the issuance of dividends on a case-by-case basis.

**Share Repurchase Plans** - Janus Henderson Investors will generally vote in favor of management proposals regarding share repurchases. Janus Henderson Investors will evaluate shareholder proposals relating to share repurchases on a case-by-case basis.

**"Other Business"** – Janus Henderson Investors will generally vote against proposals to approve "other business" when it appears as a voting item.

**Designation of Exclusive Forum** - Janus Henderson Investors will generally vote in favor of proposals designating an exclusive forum in federal court or Delaware state court (for companies organized in Delaware). Janus Henderson will evaluate proposals designating an exclusive forum in other jurisdictions on a case-by-case basis.

**PROPOSALS OUTSIDE THE GUIDELINES**

For proposals outside the scope of the Guidelines or instructions otherwise provided to the Proxy Voting Service, Janus Henderson Investors will generally rely on the recommendation of the Proxy Voting Service.

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**J.P. Morgan Investment Management Inc.** 

**Global Proxy Voting Guidelines** 

**North America, Europe, Middle East, Africa, Central America, South America, and Asia**

**April 1, 2022**

**Corporate Governance Policy & Voting Guidelines**

**JPMorgan Asset Management Global Proxy Voting GUIDELINES**

**A. Objective**

As an investment adviser within JPMorgan Asset Management, each of the entities listed on Exhibit A attached hereto (each referred to individually as a "JPMAM Entity" and collectively as "JPMAM") may be granted by its clients the authority to vote the proxies of the securities held in client portfolios. In such cases, JPMAM's objective is to vote proxies in the best interests of its clients.

JPMAM incorporates detailed guidelines for voting proxies on specific types of issues (the "Guidelines"). The Guidelines have been developed and approved by the relevant Proxy Committee (as defined below) with the objective of encouraging corporate action that enhances shareholder value. Because proxy proposals and individual company facts and circumstances may vary, JPMAM may not always vote proxies in accordance with the Guidelines.

**B. Proxy Committee**

To oversee the proxy-voting process on an ongoing basis, a Proxy Committee has been established for each global location where proxy-voting decisions are made. Each Proxy Committee is composed of a Proxy Administrator (as defined below) and senior officers from among the Investment, Legal, Compliance and Risk Management Departments. The primary functions of each Proxy Committee include: (1) determining the independence of any third-party vendor which it has delegated proxy voting responsibilities and to conclude that there are no conflicts of interest that would prevent such vendor from providing such proxy voting services prior to delegating proxy responsibilities; (2) review and approval of the Guidelines annually; and (3) the provision of advice and recommendations on general proxy-voting matters as well as on specific voting issues to be implemented by the relevant JPMAM Entity. The Proxy Committee may delegate certain of its responsibilities to subgroups composed of at least 3 Proxy Committee members. The Proxy Committee meets at least quarterly, or more frequently as circumstances dictate. The Global Head of Investment Stewardship is a member of each regional committee and, working with the regional Proxy Administrators, is charged with overall responsibility for JPMIM's approach to governance issues including proxy voting worldwide and coordinating regional proxy voting guidelines in accordance with applicable regulations and best practices. The Proxy Committees escalate to the AM Business Control Committee and/or the AM Bank Fiduciary Committee for issues and errors while strategy related matters for escalation will be escalated to the Sustainable Investing Oversight Committee.

**C. The Proxy Voting Process**

JPMAM investment professionals monitor the corporate actions of the companies held in their clients' portfolios. To assist JPMAM investment professionals with public companies' proxy voting proposals, a JPMAM Entity may, but shall not be obligated to, retain the services of an independent proxy voting service ("Independent Voting Service"). The Independent Voting Service is assigned responsibility for various functions, which may include one or more of the following: coordinating with client custodians to ensure that all proxy materials are processed in a timely fashion; providing JPMAM with a comprehensive analysis of each proxy proposal and providing JPMAM with recommendations on how to vote each proxy proposal based on the Guidelines or, where no Guideline exists or where the Guidelines require a case-by-case analysis, on the Independent Voting Service's analysis; and executing the voting of the proxies in accordance with Guidelines and its recommendation, except when a recommendation is overridden by JPMAM, as described below. If those functions are not assigned to an Independent Voting Service, they are performed or coordinated by a Proxy Administrator (as defined below). The Proxy Voting Committee has adopted procedures to identify significant proxies and to recall shares on loan.<sup>1</sup>

Each JPMAM Entity appoints a JPMAM professional to act as a proxy administrator ("Proxy Administrator") for each global location of such entity where proxy-voting decisions are made. The Proxy Administrators are charged with oversight of these Procedures and the entire proxy-voting process. Their duties, in the event an Independent Voting Service is retained, include the following: evaluating the quality of services provided by the Independent Voting Service; escalating proposals identified by the Independent Voting Service as non-routine, but for which a Guideline exists (including, but not limited to, compensation plans, anti-takeover proposals, reincorporation, mergers, acquisitions and proxy-voting contests) to the attention of the appropriate investment professionals and confirming the Independent Voting Service's recommendation with the appropriate JPMAM investment professional (documentation of those confirmations will be retained by the appropriate Proxy Administrator); escalating proposals identified by the Independent Voting Service as not being covered by the Guidelines (including proposals requiring a case-by-case determination under the Guidelines) to the appropriate investment professional and obtaining a recommendation with respect thereto; reviewing recommendations of JPMAM investment professionals with respect to proposals not covered by the Guidelines (including proposals requiring a case-by-case determination under the Guidelines) or, within the US, to

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<sup>1</sup>The Proxy Voting Committee may determine: (a) not to recall securities on loan if, in its judgment, the negative consequences to clients of recalling the loaned securities would outweigh the benefits of voting in the particular instance or (b) not to vote certain foreign securities positions if, in its judgment, the expense and administrative inconvenience or other burdens outweigh the benefits to clients of voting the securities.

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override the Guidelines (collectively, "Overrides"); referring investment considerations regarding Overrides to the Proxy Committee, if necessary; determining, in the case of Overrides, whether a material conflict, as described below, exists; escalating material conflicts to the Proxy Committee; and maintaining the records required by these Procedures.

In the event investment professionals are charged with recommending how to vote the proxies, the Proxy Administrator's duties include the following: reviewing recommendations of investment professionals with respect to Overrides; referring investment considerations regarding such Overrides to the Proxy Committee, if necessary; determining, in the case of such Overrides, whether a material conflict, as described below, exists; escalating material conflicts to the Proxy Committee; and maintaining the records required by these Procedures.

In the event a JPMAM investment professional makes a recommendation in connection with an Override, the investment professional must provide the appropriate Proxy Administrator with a written certification ("Certification") which shall contain an analysis supporting his or her recommendation and a certification that he or she (A) received no communication in regard to the proxy that would violate either the J.P. Morgan Chase ("JPMC") Safeguard Policy (as defined below) or written policy on information barriers, or received any communication in connection with the proxy solicitation or otherwise that would suggest the existence of an actual or potential conflict between JPMAM'S interests and that of its clients and (B) was not aware of any personal or other relationship that could present an actual or potential conflict of interest with the clients' interests.

In certain circumstances JPMAM may abstain and/or delegate proxy voting to the Independent Voting service including the following: 1) for certain commingled funds that are index replication portfolios and the JPMorgan Custom Invest Strategies, JPMAM is permitted in certain instances to delegate its proxy voting authority in whole or in part to the Independent Voting Service. This delegation may occur where JPMAM is restricted under applicable laws from voting a particular security or to permit JPMAM to utilize exemptions applicable to positions in bank or bank holding company stocks held in such funds. 2) where securities are held only in certain passive index tracking portfolios and not owned in our active accounts, the proxy may be voted in accordance with the Independent Voting Service. 3) for securities that were held in an account on record date but not on the date of the proxy vote, we may abstain from voting where JPMAM no longer holds the position.

**D. Conflicts of Interest** 

**Material Conflicts of Interest** 

The U.S. Investment Advisers Act of 1940 requires that the proxy-voting procedures adopted and implemented by a U.S. investment adviser include procedures that address material conflicts of interest that may arise between the investment adviser's interests and those of its clients. To address such material potential conflicts of interest, JPMAM relies on certain policies and procedures. In order to maintain the integrity and independence of JPMAM's investment processes and decisions, including proxy-voting decisions, and to protect JPMAM's decisions from influences that could lead to a vote other than in its clients' best interests, JPMC (including JPMAM) has adopted several policies including: the Conflicts of Interest Policy – Firmwide, Information Safeguarding and Barriers Policy – Firmwide and Information Safeguarding and Barriers Policy – MNPI Firmwide Supplement. Material conflicts of interest are further avoided by voting in accordance with JPMAM's predetermined Guidelines.

Given the breadth of JPMAM's products and service offerings, it is not possible to enumerate every circumstance that could give rise to a material conflict. Examples of such material conflicts of interest that could arise include, without limitation, circumstances in which:

management of a JPMAM client or prospective client, distributor or prospective distributor of its investment management products, or critical vendor, is soliciting proxies and failure to vote in favor of management may harm JPMAM's relationship with such company and materially impact JPMAM's business;

a personal relationship between a JPMAM officer and management of a company or other proponent of a proxy proposal could impact JPMAM's voting decision;

The proxy being voted is for JPMorgan Chase & Co stock or for J.P. Morgan Funds;

The proxy administrator has actual knowledge that a JPMAM affiliate is an investment banker or rendered a fairness opinion with respect to the matter that is the subject of the proxy vote.

Depending on the nature of the Conflict, JPMAM may elect to take one or more of the following measures, or other appropriate action:

Removing certain Adviser personnel from the proxy voting process;

"Walling off" personnel with knowledge of the conflict to ensure that such personnel do not influence the relevant proxy vote;

Voting in accordance with the applicable Proxy Guidelines, if any, if the application of the Proxy Guidelines would objectively result in the casting of a proxy vote in a predetermined manner; or

Deferring the vote to an independent voting service, if any, that will vote in accordance with its own recommendation. However, JPMAM may request an exception to this process to vote against a proposal rather than referring it to an independent third party ("Exception Request") where the Proxy Administrator has actual knowledge indicating that a JPMAM affiliate is an investment banker or rendered a fairness opinion with respect to the matter that is the subject of a proxy vote. The Proxy Committee shall review the Exception Request and shall determine whether JPMAM should vote against the proposal or whether such proxy should still be referred to an independent third party due to the potential for additional conflicts or otherwise.

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**Potential Conflicts**

The below are potential conflicts and may be evaluated on a case by case basis, to determine whether they are material and therefore require escalation.

JPMAM may cast proxy votes consistent with Client(s) investment strategies which may conflict with the investment strategies of other JPMAM clients, and notably, individual proxy votes may differ between clients;

JPMAM clients may invest in the same company or in which a single client may invest in the same company but in multiple accounts. In those situations, two or more clients, or one client with different accounts, may be invested in strategies having different investment objectives, investment styles, or portfolio managers. As a result, JPMAM may cast different votes on behalf of different clients or on behalf of the same client with different accounts;

JPMAM, or our clients, may participate in stocklending programs or lend stock to third parties whose investment objectives may be different to ours and as a result the third parties may cast proxy votes that conflict with the investment strategies of our clients;

JPMAM may engage with companies on behalf of impact and sustainable funds that have different objectives to other funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v)

JPMAM may have a different position on corporate governance matters than its parent company (JPMC);

vi)

JPMAM clients may want us to engage or vote on corporate governance issues that further their interests, however, are not consistent with our policies;

vii)

JPMAM may participate in collaborative engagements with other industry participants which may include joining a coalition, working with other asset managers / owners on issues relating to the 5 priorities, and / or signing of public statements and resolutions that may have conflicting or differing positions on corporate governance matters

**E. Escalation of Material Conflicts of Interest**

When an Override occurs, the investment professional must complete the Certification and the Proxy Administrator will review the circumstances surrounding such Certification. When a potential material conflict of interest has been identified, the Proxy Administrator, and as necessary, a legal and/or compliance representative from the Proxy Committee will evaluate the potential conflict and determine whether an actual material conflict of interest exists, and if so, will recommend how the relevant JPMAM entity will vote the proxy. Sales and marketing professionals will be precluded from participating in the decision-making process.

The resolution of all potential and actual material conflict issues will be documented in order to demonstrate that JPMAM acted in the best interests of its clients.

**F. Recordkeeping**

JPMAM is required to maintain in an easily accessible place for all records relating to the proxy voting process, according to the retention requirements set out by the various global regulatory regimes. Those records include the following:

• a copy of the JPMAM Proxy Voting Procedures and Guidelines;

• a copy of each proxy statement received on behalf of JPMAM clients;

• a record of each vote cast on behalf of JPMAM client holdings;

• a copy of each written request by a client for information on how JPMAM voted proxies on behalf of the client, as well as a copy of any written response by JPMAM to any request by a JPMAM client for information on how JPMAM voted proxies on behalf of our client.

It should be noted that JPMAM reserves the right to use the services of the Independent Voting Service to maintain certain required records in accordance with all applicable regulations.

Exhibit A

• JPMorgan Chase Bank, N.A.

• JPMorgan Asset Management (UK) Limited

• J.P. Morgan Investment Management Inc.

• JPMorgan Asset Management (Asia Pacific) Limited

• JPMorgan Asset Management (Singapore) Limited

• JPMorgan Asset Management (Japan) Ltd

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• J.P. Morgan Private Investments, Inc.

• Bear Stearns Asset Management Inc.

**II: Proxy Voting Guidelines**

JPMAM is a global asset management organization with the capabilities to invest in securities of issuers located around the globe. Because the regulatory framework and the business cultures and practices vary from region to region, our proxy voting guidelines have been customized for each region to take into account such variations.

JPMAM currently has four sets of proxy voting guidelines covering the regions of (1) North America, (2) Europe, Middle East, Africa, Central America and South America (3) Asia (ex-Japan) and (4) Japan, respectively. Notwithstanding the variations among the guidelines, all of these guidelines have been designed with the uniform objective of encouraging corporate action that enhances shareholder value. As a general rule, in voting proxies of a particular security, each JPMAM Entity will apply the guidelines of the region in which the issuer of such security is organized.

In March 2007, JPMAM signed the Principles for Responsible Investment, an initiative of the UN Secretary-General.

**A: North America** 

**1. Board of Directors**

**A. Uncontested Director Elections**

Votes on director nominees should be made on a case-by-case (for) basis. Votes generally will be WITHHELD from directors who:

1)

attend less than 75 percent of the board and committee meetings without a valid excuse for the absences.

2)

adopt or renew a poison pill without shareholder approval, does not commit to putting it to shareholder vote within 12 months of adoption (or in the case of an newly public company, do not commit to put the pill to a shareholder vote within 12 months following the IPO), or reneges on a commitment to put the pill to a vote, and has not yet received a withhold recommendation for this issue.

3)

are inside or affiliated outside directors and serve on the audit, compensation, or nominating committees. For purposes of defining "affiliation" we will apply either the NYSE listing rule for companies listed on that exchange or the NASDAQ listing rule for all other companies.

4)

ignore a shareholder proposal that is approved by a i) majority of the shares outstanding, or ii) majority of the votes cast. The review period will be the vote results over a consecutive two year time frame.

5)

are inside or affiliated outside directors and the full board serves as the audit, compensation, or nominating committee or the company does not have one of these committees.

6)

are insiders and affiliated outsiders on boards that are not at least majority independent. In the case of controlled companies vote FOR non-independent directors who serve on committees other than the audit committee.

7)

are CEOs of publicly-traded companies who serve on more than two public boards (besides his or her own board) and all other directors who serve on more than four public company boards.

8)

are compensation committee members where there is a pay-for performance disconnect for Russell 3000 companies. (See 9a – Stock-Based Incentive Plans, last paragraph). WITHHOLD votes from compensation committee members if the company does not submit one-time transferable stock options to shareholders for approval.

9)

are audit committee members in circumstances in which there is evidence (such as audit reports or reports mandated under the Sarbanes Oxley Act) that there exists material weaknesses in the company's internal controls.

10)

are compensation committee members who were present at the time of the grant of backdated options or options the pricing or the timing of which we believe may have been manipulated to provide additional benefits to executives.

11)

demonstrated history of poor performance or inadequate risk oversight.

12)

and/or committee members when the board adopts changes to the company's by-laws or charter without shareholder approval if the changes materially diminish shareholder rights.

13)

chair the board, are lead independent directors, or chair governance committees of publicly traded companies where employees have departed for significant violation of code of conduct without claw back of compensation.

14)

for newly public companies, vote case-by-case on directors as we believe the company should have the appropriate time frame to mature and better its governance structure and practices.

**B. CEO Votes**

Except as otherwise described above, we generally do not vote against a sitting CEO in recognition of the impact the vote may have on the management of the company.

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**C. Proxy Access**

Generally vote for shareholder proposals requesting companies to amend their by-laws in order to facilitate shareholders' ability to nominate candidates for directors as long as the minimum threshold of share ownership is 3% (defined as either a single shareholder or group of shareholders) and the minimum holding period of share ownership is 3 years. Generally, we will oppose proposals which restrict share ownership thresholds to a single shareholder.

We recognize the importance of shareholder access to the ballot process as one means to ensure that boards do not become self-perpetuating and self-serving. We generally support the board when they have adopted proxy access at a 3% / 3 year threshold either through a majority supported shareholder ballot or by adopting the bylaw on its own initiative. However, we are also aware that some proposals may promote certain interest groups to the detriment of shareholders generally and could be disruptive to the nomination process. Hence, we will generally vote against shareholder proposals which seek to amend an existing proxy access by law unless the terms of the proxy access right is unduly restrictive to shareholders.

**2. Proxy Contests**

**A. Election of Directors**

Votes in a contested election of directors must be evaluated on a case-by-case basis, considering the following factors: long-term financial performance of the subject company relative to its industry; management's track record; background to the proxy contest; qualifications of director nominees (both slates); evaluation of what each side is offering shareholders as well as the likelihood that the proposed objectives and goals can be met; and stock ownership positions.

**B. Reimburse Proxy Solicitation Expenses**

Decisions to provide full reimbursement for dissidents waging a proxy contest should be made on a case-by-case basis.

**3. Ratification of Auditors**

Vote for proposals to ratify auditors, unless an auditor has a financial interest in or association with the company, and is therefore not independent; or there is reason to believe that the independent auditor has rendered an opinion that is neither accurate nor indicative of the company's financial position.

Generally vote against auditor ratification and withhold votes from Audit Committee members if non-audit fees exceed audit fees.

Vote case-by-case on auditor Rotation Proposals: tenure of Audit Firm; establishment and disclosure of a renewal process whereby the auditor is regularly evaluated for both audit quality and competitive price; length of the rotation period advocated in the proposal; significant audit related issues; and number of annual Audit Committee meetings held and the number of financial experts that serve on the Audit Committee.

Generally vote against auditor indemnification and limitation of liability; however we recognize there may be situations where indemnification and limitations on liability may be appropriate.

**4. Proxy Contest Defenses**

**A. Board Structure: Staggered vs. Annual Elections**

Proposals regarding classified boards will be voted on a case-by-case basis. Classified boards normally will be supported if the company's governing documents contain each of the following provisions:

• Majority of board composed of independent directors,

• Nominating committee composed solely of independent directors,

• Do not require more than a two-thirds shareholders' vote to remove a director, revise any bylaw or revise any classified board provision,

• Confidential voting (however, there may be a provision for suspending confidential voting during proxy contests),

• Ability of shareholders to call special meeting or to act by written consent with 90 days' notice,

• Absence of superior voting rights for one or more classes of stock,

• Board does not have the sole right to change the size of the board beyond a stated range that been approved by shareholders, and

• Absence of shareholder rights plan that can only be removed by the incumbent directors (dead-hand poison pill).

**B. Shareholder Ability to Remove Directors**

Vote against proposals that provide that directors may be removed only for cause.

Vote for proposals to restore shareholder ability to remove directors with or without cause.

Vote against proposals that provide that only continuing directors may elect replacements to fill board vacancies.

Vote for proposals that permit shareholders to elect directors to fill board vacancies.

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**C. Cumulative Voting**

Cumulative voting proposals will be voted on a case-by-case basis. If there are other safeguards to ensure that shareholders have reasonable access and input into the process of nominating and electing directors, cumulative voting is not essential. Generally, a company's governing documents must contain the following provisions for us to vote against restoring or providing for cumulative voting:

• Annually elected board,

• Majority of board composed of independent directors,

• Nominating committee composed solely of independent directors,

• Confidential voting (however, there may be a provision for suspending confidential voting during proxy contests),

• Ability of shareholders to call special meeting or to act by written consent with 90 days' notice,

• Absence of superior voting rights for one or more classes of stock,

• Board does not have the sole right to change the size of the board beyond a stated range that has been approved by shareholders, and

• Absence of shareholder rights plan that can only be removed by the incumbent directors (dead-hand poison pill).D. Shareholder Ability to Call Special Meeting

**D. Shareholder Ability to Call Special Meeting**

Vote against proposals to restrict or prohibit shareholder ability to call special meetings so long as the ability to call special meetings requires the affirmative vote of less than 15% of the shares outstanding. The ability to call special meetings enables shareholders to remove directors or initiate a shareholder resolution without having to wait for the next scheduled meeting, should require more than a de minimis number of shares to call the meeting and subject the company to the expense of a shareholder meeting.

Vote for proposals that remove restrictions on the right of shareholders to act independently of management.

**E. Shareholder Ability to Act by Written Consent**

We generally vote for proposals to restrict or prohibit shareholder ability to take action by written consent. The requirement that all shareholders be given notice of a shareholders' meeting and matters to be discussed therein seems to provide a reasonable protection of minority shareholder rights.

We generally vote against proposals to allow or facilitate shareholder action by written consent, unless the company does not permit the right to call special meetings, or if there are undue restrictions on shareholders' rights to call special meetings.

**F. Shareholder Ability to Alter the Size of the Board**

Vote for proposals that seek to fix the size of the board.

Vote against proposals that give management the ability to alter the size of the board without shareholder approval.

**5. Tender Offer Defenses**

**A. Poison Pills**

Vote for shareholder proposals that ask a company to submit its poison pill for shareholder ratification.

Review on a case-by-case basis shareholder proposals to redeem a company's poison pill.

Studies indicate that companies with a rights plan secure higher premiums in hostile takeover situations.

Review on a case-by-case basis management proposals to ratify a poison pill. We generally look for shareholder friendly features including a two- to three-year sunset provision, a permitted bid provision, a 20 percent or higher flip-in provision, and the absence of dead-hand features.

If the board refuses to redeem the pill 90 days after an offer is announced, ten percent of the shares may call a special meeting or seek a written consent to vote on rescinding the pill.

**B. Fair Price Provisions**

Vote proposals to adopt fair price provisions on a case-by-case basis, evaluating factors such as the vote required to approve the proposed acquisition, the vote required to repeal the fair price provision, and the mechanism for determining the fair price.

Generally, vote against fair price provisions with shareholder vote requirements greater than a majority of disinterested shares.

**C. Greenmail**

Vote for proposals to adopt antigreenmail charter or bylaw amendments or otherwise restrict a company's ability to make greenmail payments.

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**D. Unequal Voting Rights**

Generally, vote against dual-class recapitalizations as they offer an effective way for a firm to thwart hostile takeovers by concentrating voting power in the hands of management or other insiders.

Vote for dual-class recapitalizations when the structure is designed to protect economic interests of investors.

**E. Supermajority Shareholder Vote Requirement to Amend Charter or Bylaws**

Vote against management proposals to require a supermajority shareholder vote to approve charter and bylaw amendments. Supermajority provisions violate the principle that a simple majority of voting shares should be all that is necessary to effect change regarding a company.

Vote for shareholder proposals to lower supermajority shareholder vote requirements for charter and bylaw amendments.

**F. Supermajority Shareholder Vote Requirement to Approve Mergers**

Vote against management proposals to require a supermajority shareholder vote to approve mergers and other significant business combinations. Supermajority provisions violate the principle that a simple majority of voting shares should be all that is necessary to effect change regarding a company.

Vote for shareholder proposals to lower supermajority shareholder vote requirements for mergers and other significant business combinations.

**6. Miscellaneous Board Provisions**

**A. Separate Chairman and CEO Positions**

We will generally vote for proposals looking to separate the CEO and Chairman roles unless the company has governance structures in place that can satisfactorily counterbalance a combined chairman and CEO/president post. Such a structure should include most or all of the following:

• Designated lead director, appointed from the ranks of the independent board members with clearly delineated duties. At a minimum these should include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Presides at all meetings of the board at which the chairman is not present, including executive sessions of the independent directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Serves as liaison between the chairman and the independent directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Approves information sent to the board,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Approves meeting agendas for the board,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Approves meeting schedules to assure that there is sufficient time for discussion of all agenda items,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Has the authority to call meetings of the independent directors, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) If requested by major shareholders, ensures that he is available for consultation and direct communication;

• 2/3 of independent board;

• All-independent key committees;

• Committee chairpersons nominated by the independent directors;

• CEO performance is reviewed annually by a committee of outside directors; and

• Established governance guidelines.

Additionally, the company should not have underperformed its peers and index on a one-year and three-year basis, unless there has been a change in the Chairman/CEO position within that time. Performance will be measured according to shareholder returns against index and peers.

**B. Lead Directors and Executive Sessions**

In cases where the CEO and Chairman roles are combined, we will vote for the appointment of a "lead" (non-insider) director and for regular "executive" sessions (board meetings taking place without the CEO/Chairman present).

**C. Majority of Independent Directors**

We generally vote for proposals that call for the board to be composed of a majority of independent directors. We believe that a majority of independent directors can be an important factor in facilitating objective decision making and enhancing accountability to shareholders.

Vote for shareholder proposals requesting that the board's audit, compensation, and/or nominating committees include independent directors exclusively.

Generally vote for shareholder proposals asking for a 2/3 independent board.

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**D. Stock Ownership Requirements**

Vote for shareholder proposals requiring directors to own a minimum amount of company stock in order to qualify as a director or to remain on the board, so long as such minimum amount is not excessive or unreasonable.

**E. Hedging / Pledging of Securities**

We support full disclosure of the policies of the company regarding pledging and/or hedging of company stocks by executives and board directors. We will vote FOR shareholder proposals which ask for disclosure of this policy. We will vote Case by Case for directors if it is determined that hedging and /or pledging of securities has occurred.

**F. Term of Office**

Vote against shareholder proposals to limit the tenure of outside directors. Term limits pose artificial and arbitrary impositions on the board and could harm shareholder interests by forcing experienced and knowledgeable directors off the board.

**G. Board Composition**

We support board refreshment, independence, and a diverse skillset for directors. We believe that board composition should contribute to overall corporate strategies and risk management and will evaluate the board's skills, expertise, and qualifications. As a matter of principle, we expect our investee companies to be committed to diversity and inclusiveness in their general recruitment policies as we believe such diversity contributes to the effectiveness of boards. We will utilize our voting power to bring about change where Boards are lagging in gender and racial/ethnic diversity. We will generally vote against the chair of the Nominating Committee when the issuer does not disclose the gender or racial and ethnic composition of the Board. Aggregated diversity data will be considered as adequate in instances where individual directors do not wish to disclose personal identification. We will generally vote against the chair of the Nominating Committee when the issuer lacks any gender diversity or any racial/ethnic diversity unless there are mitigating factors. Mitigating factors include, among other factors, recent retirement of relevant directors, a relatively new public company, and an ongoing search for a director. We generally will vote case-by-case on shareholder proposals which seek to force the board to add specific expertise or to change the composition of the board.

**H. Director and Officer Indemnification and Liability Protection**

Proposals concerning director and officer indemnification and liability protection should be evaluated on a case-by-case basis.

Vote against proposals to limit or eliminate director and officer liability for monetary damages for violating the relevant duty of care.

Vote against indemnification proposals that would expand coverage beyond legal expenses to acts, such as negligence, that are more serious violations of fiduciary obligations than mere carelessness.

Vote for proposals that provide such expanded coverage in cases when a director's or officer's legal defense was unsuccessful only if: (1) the director was found to have acted in good faith and in a manner that he reasonably believed was in the company's best interests, and (2) the director's legal expenses would be covered.

**I. Board Size**

Vote for proposals to limit the size of the board to 15 members.

**J. Majority Vote Standard**

We would generally vote for proposals asking for the board to initiate the appropriate process to amend the company's governance documents (certificate of incorporation or. bylaws) to provide that director nominees shall be elected by the affirmative vote of the majority of votes cast at an annual meeting of shareholders. We would generally review on a case-by-case basis proposals that address alternative approaches to a majority vote requirement.

**K. Zombie Directors**

Generally vote against the chair of the nominating committee if one or more directors remain on the board after having received less than majority of votes cast in the prior election.

**7. Miscellaneous Governance Provisions**

**A. Independent Nominating Committee**

Vote for the creation of an independent nominating committee.

**B. Confidential Voting**

Vote for shareholder proposals requesting that companies adopt confidential voting, use independent tabulators, and use independent inspectors of election as long as the proposals include clauses for proxy contests as follows: In the case of a contested election, management should be permitted to request that the dissident group honor its confidential voting policy. If the dissidents agree, the policy remains in place. If the dissidents do not agree, the confidential voting policy is waived.

Vote for management proposals to adopt confidential voting.

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**C. Equal Access**

Vote for shareholder proposals that would give significant company shareholders equal access to management's proxy material in order to evaluate and propose voting recommendations on proxy proposals and director nominees and to nominate their own candidates to the board.

**D. Bundled Proposals**

Review on a case-by-case basis bundled or "conditioned" proxy proposals. In the case of items that are conditioned upon each other, examine the benefits and costs of the packaged items. In instances where the joint effect of the conditioned items is not in shareholders' best interests, vote against the proposals. If the combined effect is positive, support such proposals.

**E. Charitable Contributions**

Vote against shareholder proposals regarding charitable contributions. In the absence of bad faith, self-dealing, or gross negligence, management should determine which contributions are in the best interests of the company.

**F. Date/Location of Meeting**

Vote against shareholder proposals to change the date or location of the shareholders' meeting. No one site will meet the needs of all shareholders.

**G. Include Nonmanagement Employees on Board**

Vote against shareholder proposals to include nonmanagement employees on the board. Constituency representation on the board is not supported, rather decisions are based on director qualifications.

**H. Adjourn Meeting if Votes are Insufficient**

Vote for proposals to adjourn the meeting when votes are insufficient. Management has additional opportunities to present shareholders with information about its proposals.

**I. Other Business**

Vote for proposals allowing shareholders to bring up "other matters" at shareholder meetings.

**J. Disclosure of Shareholder Proponents**

Vote for shareholder proposals requesting that companies disclose the names of shareholder proponents. Shareholders may wish to contact the proponents of a shareholder proposal for additional information.

**K. Exclusive Venue**

Generally, vote for management proposals which seek shareholder approval to make the state of incorporation the exclusive forum for disputes, if the company is a Delaware corporation; otherwise, vote on a case-by-case basis on management proposals which seek shareholder approval to make the state of incorporation, or another state, the exclusive forum for disputes.

Vote against the independent chair or lead independent director and members of the nominating/governance committee where the company has unilaterally adopted such policy after going public without shareholder approval or engagement, unless the company is a Delaware Corporation.

**L. Virtual Only Annual General Meeting**

Annual stockholders' meetings should allow fair and open access for dialogue between the management of the company and shareholders We have concerns that there may be restrictions on shareholder participation in a virtual only annual general meeting. Such a meeting should only be held in exceptional circumstances, such as during pandemic, and that companies should explain why it is necessary to hold the meeting in this manner.

Generally vote for management proposals allowing for the convening of shareholder meetings by electronic means, so long as the governing documents do not prohibit in-person meetings

**8. Capital Structure**

**A. Common Stock Authorization** 

Review proposals to increase the number of shares of common stock authorized for issue on a case-by-case basis.

Vote against proposals to increase the number of authorized shares of a class of stock that has superior voting rights in companies that have dual-class capital structure.

**B. Stock Distributions: Splits and Dividends**

Vote for management proposals to increase common share authorization for a stock split, provided that the increase in authorized shares would not result in an excessive number of shares available for issuance given a company's industry and performance as measured by total shareholder returns.

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**C. Reverse Stock Splits**

Vote for management proposals to implement a reverse stock split that also reduces the number of authorized common shares to a level where the number of shares available for issuance is not excessive given a company's industry and performance in terms of shareholder returns.

Vote case-by-case on proposals to implement a reverse stock split that does not proportionately reduce the number of shares authorized for issue.

**D. Blank Check Preferred Authorization**

Vote against proposals authorizing the creation of new classes of preferred stock with unspecified voting, conversion, dividend distribution, and other rights ("blank check" preferred stock).

Vote for proposals to create "blank check" preferred stock in cases when the company expressly states that the stock will not be used as a takeover device.

Vote against such proposals unless it explicitly states that the preferred stock cannot be used as anti-takeover mechanism or prevent change in control or mergers and acquisitions

Vote for proposals to authorize preferred stock in cases when the company specifies voting, dividend, conversion, and other rights of such stock and the terms of the preferred stock appear reasonable.

Vote case-by-case on proposals to increase the number of blank check preferred shares after analyzing the number of preferred shares available for issue given a company's industry and performance as measured by total shareholder returns.

**E. Shareholder Proposals Regarding Blank Check Preferred Stock**

Vote for shareholder proposals to have blank check preferred stock placements, other than those shares issued for the purpose of raising capital or making acquisitions in the normal course of business, submitted for shareholder ratification.

**F. Adjustments to Par Value of Common Stock**

Vote for management proposals to reduce the par value of common stock. The purpose of par value is to establish the maximum responsibility of a shareholder in the event that a company becomes insolvent.

**G. Restructurings/Recapitalizations**

Review proposals to increase common and/or preferred shares and to issue shares as part of a debt restructuring plan or if the company is in danger of being delisted on a case-by-case basis. Consider the following issues:

• Dilution—How much will ownership interest of existing shareholders be reduced, and how extreme will dilution to any future earnings be?

• Change in Control—Will the transaction result in a change in control of the company?

• Bankruptcy—Generally, approve proposals that facilitate debt restructurings unless there are clearsigns of self-dealing or other abuses.

**H. Share Repurchase Programs**

Vote for management proposals to institute open-market share repurchase plans in which all shareholders may participate on equal terms.

**I. Targeted Share Placements**

These shareholder proposals ask companies to seek stockholder approval before placing 10% or more of their voting stock with a single investor. The proposals are in reaction to the placemen by various companies of a large block of their voting stock in an ESOP, parent capital fund or with a single friendly investor, with the aim of protecting themselves against a hostile tender offer. These proposals are voted on a case by case basis after reviewing the individual situation of the company receiving the proposal.

**9. Execute and Director Compensation**

**A. Stock-based Incentive Plans**

Votes with respect to compensation plans should be determined on a case-by-case basis. The analysis of compensation plans focuses primarily on the transfer of shareholder wealth (the dollar cost of pay plans to shareholders). Other matters included in our analysis are the amount of the company's outstanding stock to be reserved for the award of stock options, whether the exercise price of an option is less than the stock's fair market value at the date of the grant of the options, and whether the plan provides for the exchange of outstanding options for new ones at lower exercise prices.

In addition, we will assess the structure of the equity plan taking into consideration certain plan features as well as grant practices. This will include whether dividends are paid or accrued to the unvested equity awards. Once the cost of the plan is estimated and other features are taken into consideration, the plan will be reviewed to determine if it is in the best interest of the shareholders. Problematic pay practices will have a bearing on whether we support the plan. We will consider the pay practices of other companies in the relevant industry and peer companies in this analysis.

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Review case-by-case stock based plans for companies which rely heavily upon stock for incentive compensation, taking into consideration the factors mentioned above. These companies include high growth and financial services companies where the plan cost as measured by shareholder value transfer (SVT) appears to be high.

For companies in the Russell 3000 we will generally vote against a plan and/or withhold from members of the compensation committee, when there is a disconnect between the CEO's pay and performance (an increase in pay and a decrease in performance), the main source for the pay increase is equity-based, and the CEO participates in the plan being voted on. Specifically, if the company has significantly underperformed over the long term, and its CEO also had an increase in total direct or targeted compensation from the prior year, it would signify a disconnect in pay and performance. Generally vote against management proposal on executive compensation when there is significant increase in target compensation despite long term underperformance.

**B. Approval of Cash or Cash-and-Stock Bonus Plans**

Vote for cash or cash-and-stock bonus plans to exempt the compensation from limits on deductibility under the provisions of Section 162(m) of the Internal Revenue Code.

**C. Shareholder Proposals to Limit Executive and Director Pay**

Generally, vote for shareholder proposals that seek additional disclosure of executive and director pay information.

Review on a case-by-case basis all other shareholder proposals that seek to limit executive and director pay.

Review on a case-by-case basis shareholder proposals for performance pay such as indexed or premium priced options if a company has a history of oversized awards and one-, two- and three-year returns below its peer group.

**D. Say on Pay – Advisory Vote**

Generally, review on a case-by-case basis executive pay and practices as well as certain aspects of outside director compensation.

Where the company's Say on Pay proposal received 60% or less support on its previous Say on Pay proposal, WITHHOLD votes for the compensation committee and or vote against the current Say on Pay proposal unless the company has demonstrated active engagement with shareholders to address the issue as well as the specific actions taken to address the low level of support. Where executive compensation seems excessive relative to peers and is not supported by long term performance, or where we believe performance metrics and targets used to determine executive compensation are not aligned with long term shareholder value, WITHHOLD from select members of the compensation committee.

In the case of externally-managed REITs, generally vote against the advisory vote as there is a lack of transparency in both compensation structure and payout.

**Say on Pay – Frequency**

JPMAM will review compensation versus long/term performance on an annual basis.

**E. Golden and Tin Parachutes**

Review on a case-by-case basis all proposals to ratify or cancel golden or tin parachutes. Favor golden parachutes that limit payouts to less than three times salary, plus guaranteed retirement and target bonus.

Change-in-control payments should only be made when there is a significant change in company ownership structure, and when there is a loss of employment or substantial change in job duties associated with the change in company ownership structure ("double-triggered"). Change-in-control provisions should exclude excise tax gross-up and eliminate the acceleration of vesting of equity awards upon a change in control unless provided under a double-trigger scenario.

Generally vote case-by-case for proposals calling companies to adopt a policy of obtaining shareholder approval for any future agreements and corporate policies that could oblige the company to make payments or awards following the death of a senior executive in the form of unearned salary or bonuses, accelerated vesting or the continuation in force of unvested equity grants, perquisites and other payments or awards made in lieu of compensation. This would not apply to any benefit programs or equity plan proposals for which the broad-based employee population is eligible.

**F. 401(k) Employee Benefit Plans**

Vote for proposals to implement a 401(k) savings plan for employees.

**G. Employee Stock Purchase Plans**

Vote for qualified employee stock purchase plans with the following features: the purchase price is at least 85 percent of fair market value; the offering period is 27 months or less; and potential voting power dilution (shares allocated to the plan as a percentage of outstanding shares) is ten percent or less.

Vote for nonqualified employee stock purchase plans with the following features: broad-based participation (i.e., all employees of the company with the exclusion of individuals with five percent or more of beneficial ownership of the company); limits on employee

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contribution, which may be a fixed dollar amount or expressed as a percentage of base salary; company matching contribution up to 25 percent of the employee's contribution, which is effectively a discount of 20 percent from market value; and no discount on the stock price on the date of purchase since there is a company matching contribution.

**H. Option Expensing**

Generally, vote for shareholder proposals to expense fixed-price options.

**I. Option Repricing**

In most cases, we take a negative view of option repricings and will, therefore, generally vote against such proposals. We do, however, consider the granting of new options to be an acceptable alternative and will generally support such proposals, provided such options are valued appropriately.

**J. Stock Holding Periods**

Generally vote against all proposals requiring executives to hold the stock received upon option exercise for a specific period of time.

**K. Transferable Stock Options**

Review on a case-by-case basis proposals to grant transferable stock options or otherwise permit the transfer of outstanding stock options, including cost of proposal and alignment with shareholder interests.

**L. Recoup Bonuses**

1)

Vote FOR on shareholder proposals to recoup unearned incentive bonuses or other incentive payments made to senior executives if it is later determined that fraud, misconduct, or negligence significantly contributed to a restatement of financial results that led to the awarding of unearned incentive compensation.

2)

Vote FOR shareholder proposals to recoup incentive payments if it is determined that the individual engaged in misconduct or poor performance prior to payment of the award or bonus, and that such award or bonus would not have been paid, in whole or in part, had the misconduct or poor performance been known prior to payment.

**M. Two Tiered Compensation**

Vote against proposals to adopt a two tiered compensation structure for board directors.

**10. Incorporation**

**A. Reincoporation Outside of the United States**

Review on a case-by-case basis proposals to reincorporate the company outside of the U.S.

**B. Voting on State Takeover Statues**

Review on a case-by-case basis proposals to opt in or out of state takeover statutes (including control share acquisition statutes, control share cash-out statutes, freezeout provisions, fair price provisions, stakeholder laws, poison pill endorsements, severance pay and labor contract provisions, antigreenmail provisions, and disgorgement provisions).

**C. Voting on Reincorporation Proposals**

Proposals to change a company's state of incorporation should be examined on a case-by-case basis. Review management's rationale for the proposal, changes to the charter/bylaws, and differences in the state laws governing the companies.

**11. Mergers and Corporate Restructurings**

**A. Mergers and Acquisitions**

Votes on mergers and acquisitions should be considered on a case-by-case basis, taking into account factors including the following: anticipated financial and operating benefits; offer price (cost vs. premium); prospects of the combined companies; how the deal was negotiated; and changes in corporate governance and their impact on shareholder rights.

**B. Nonfinancial Effects of a Merger or Acquisition**

Some companies have proposed a charter provision which specifies that the board of directors may examine the nonfinancial effect of a merger or acquisition on the company. This provision would allow the board to evaluate the impact a proposed change in control would have on employees, host communities, suppliers and/or others. We generally vote against proposals to adopt such charter provisions. We feel it is the directors' fiduciary duty to base decisions solely on the financial interests of the shareholders.

**C. Corporate Restructuring**

Votes on corporate restructuring proposals, including minority squeezeouts, leveraged buyouts, "going private" proposals, spin-offs, liquidations, and asset sales, should be considered on a case-by-case basis.

**D. Spin-offs**

Votes on spin-offs should be considered on a case-by-case basis depending on the tax and regulatory advantages, planned use of sale proceeds, market focus, and managerial incentives.

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**E. Asset Sales**

Votes on asset sales should be made on a case-by-case basis after considering the impact on the balance sheet/working capital, value received for the asset, and potential elimination of diseconomies.

**F. Liquidations**

Votes on liquidations should be made on a case-by-case basis after reviewing management's efforts to pursue other alternatives, appraisal value of assets, and the compensation plan for executives managing the liquidation.

**G. Appraisal Rights**

Vote for proposals to restore, or provide shareholders with, rights of appraisal. Rights of appraisal provide shareholders who are not satisfied with the terms of certain corporate transactions the right to demand a judicial review in order to determine a fair value for their shares.

**H. Changing Corporate Name**

Vote for changing the corporate name.

**12. Social and Environmental Issues**

We believe that a company's environmental policies may have a long-term impact on the company's financial performance. We believe that good corporate governance policies should consider the impact of company operations on the environment and the cost of compliance with laws and regulations relating to environmental matters, physical damage to the environment (including the costs of clean-ups and repairs), consumer preferences and capital investments related to climate change. Furthermore, we believe that corporate shareholders have a legitimate need for information to enable them to evaluate the potential risks and opportunities that climate change and other environmental matters pose to the company's operations, sales and capital investments. We acknowledge that many companies disclose their practices relating to social and environmental issues and that disclosure is improving over time. We generally encourage a level of reporting that is not unduly costly or burdensome and which does not place the company at a competitive disadvantage, but which provides meaningful information to enable shareholders to evaluate the impact of the company's environmental policies and practices on its financial performance.

With regard to social issues, among other factors, we consider the company's labor practices, supply chain, how the company supports and monitors those issues, what types of disclosure the company and its peers currently provide, and whether the proposal would result in a competitive disadvantage for the company.

In evaluating how to vote environmental proposals, considerations may include but are not limited to the following—

Issuer Considerations

• Asset profile of the company, including whether it is exposed to potentially declining demand for the company's products or services due to environmental considerations

• capital deployment of the company

• cost structure of the company, including its position on the cost curve, expected impact of future carbon tax and exposure to high fixed operating costs

• corporate behavior of the company, including whether senior management is incentivized for long-term returns

• demonstrated capabilities of the company, its strategic planning process, and past performanceProposal Considerations

• current level of disclosure of the company and consistency of disclosure across its industry

• whether the company incorporates environmental or social issues in a risk assessment or risk reporting framework.

Proposal Considerations

• would adoption of the proposal inform and educate shareholders and have companies that adopted proposal provided insightful and meaningful information that would allow shareholders to evaluate the long-term risks and performance of the company

• does the proposal require disclosure that is already addressed by existing and proposed mandated regulatory requirements or formal guidance at the local, state, or national level or the company's existing disclosure practices

• does the proposal create the potential for unintended consequences such as a competitive disadvantage. In general, we support management disclosure practices that are overall consistent with the goals and objective expressed above. Proposals with respect to companies that have been involved in controversies, fines or litigation are expected to be subject to heightened review and consideration.

In general, we support management disclosure practices that are overall consistent with the goals and objective expressed above. Proposals with respect to companies that have been involved in controversies, fines or litigation are expected to be subject to heightened review and consideration.

Vote against chair of committee responsible for providing oversight of environmental matters and/or risk where we believe the company is lagging peers in terms of disclosure, business practices or targets. Vote against committee members, lead independent director and/or board chair for companies that have lagged over several years.

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An engaged and diverse employee base is integral to a company's ability to innovate, respond to a diverse customer base and engage with diverse communities in which the company operates, thus delivering shareholder returns. JPMAM will generally support shareholder resolutions seeking the company to disclose data on workforce demographics including diversity, and release of EEO-1 or comparable data, where such disclosure is deemed inadequate.

We expect engaged Boards to provide oversight of Human Capital Management (HCM); a company's management of its workforce including human resources policies including code of conduct, use of full time versus part time employees, workforce cost, employee engagement and turnover, talent development, retention and training, compliance record, and health and safety. JPMAM will vote case by case on shareholder resolutions seeking disclosure of HCM. JPMAM will generally vote against shareholder proposals seeking HCM information which is considered confidential or sensitive information by the Board.

**A. Military Business**

Vote case-by-case on defense issue proposals.

Vote case-by-case on disclosure reports that seek additional information on military-related operations.

**B. International Labor Organization Code of Conduct**

Vote case-by-case on proposals to endorse international labor organization code of conducts.

Vote case-by-case on disclosure reports that seek additional information on company activities in this area.

**C. Promote Human Rights**

Vote case-by-case on proposals to promote human rights.

Vote case-by-case on disclosure reports that seek additional information on company activities regarding human rights.

**D. Equal Employment Opportunity and Discrimination**

Vote case-by-case on proposals regarding equal employment opportunities and discrimination.

Vote case-by-case on disclosure reports that seek additional information about affirmative action efforts, particularly when it appears that companies have been unresponsive to shareholder requests.

**E. Animal Rights**

Vote case-by-case on proposals that deal with animal rights.

**F. Product Integrity and Marketing**

Vote case-by-case on proposals that ask companies to end their production of legal, but socially questionable, products.

Vote case-by-case on disclosure reports that seek additional information regarding product integrity and marketing issues.

Vote case-by-case on resolutions requesting the disclosure and implementation of Internet privacy and censorship policies and procedures.

Vote case-by-case on proposals requesting the company to report on its policies, initiatives/procedures, oversight mechanisms related to toxic materials, including certain product line toxicities, and/or product safety in its supply chain.

**G. Human Resources Issues**

Vote case-by-case on proposals regarding human resources issues.

Vote case-by-case on disclosure reports that seek additional information regarding human resources issues.

**H. Link Executive Pay with Social and/or Environmental Criteria**

Vote case-by-case on proposals to link executive pay with the attainment of certain social and/or environmental criteria.

Vote case-by-case on disclosure reports that seek additional information regarding this issue.

**I. High Risk Markets**

Vote case-by-case on requests for the company to review and report on the financial and reputation risks associated with operations in "high risk" markets, such as a terrorism-sponsoring state or otherwise.

**J. Political Contribution** 

Generally vote against proposals asking the company to affirm political non-partisanship in the workplace.

Vote against proposals to publish the company's political contributions taking into consideration recent, significant controversies, fines or litigation regarding the company's political contributions or trade association spending.

**13. Foreign Proxies**

Responsibility for voting non-U.S. proxies rests with our Proxy Voting Committees located in London, Tokyo, and Hong Kong. The Proxy Committee is composed of senior analysts and portfolio managers and officers of the Legal and Compliance Department.

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**14. Pre-Solicitation Contact**

From time to time, companies will seek to contact analysts, portfolio managers and others in advance of the formal proxy solicitation to solicit support for certain contemplated proposals. Such contact can potentially result in the recipient receiving material non-public information and result in the imposition of trading restrictions. Accordingly, pre-solicitation contact should occur only under very limited circumstances and only in accordance with the terms set forth herein.

**What is material non-public information?**

The definition of material non-public information is highly subjective. The general test, however, is whether or not such information would reasonably affect an investor's decision to buy, sell or hold securities, or whether it would be likely to have a significant market impact. Examples of such information include, but are not limited to:

• a pending acquisition or sale of a substantial business;

• financial results that are better or worse than recent trends would lead one to expect;

• major management changes;

• an increase or decrease in dividends;

• calls or redemptions or other purchases of its securities by the company;

• a stock split, dividend or other recapitalization; or

• financial projections prepared by the Company or the Company's representatives.

**What is pre-solicitation contact?**

Pre-solicitation contact is any communication, whether oral or written, formal or informal, with the Company or a representative of the Company regarding proxy proposals prior to publication of the official proxy solicitation materials. This contact can range from simply polling investors as to their reaction to a broad topic, e.g., "How do you feel about dual classes of stock?" to very specific inquiries, e.g., "Here's a term sheet for our restructuring. Will you vote to approve this?"

Determining the appropriateness of the contact is a factual inquiry which must be determined on a case-by-case basis. For instance, it might be acceptable for us to provide companies with our general approach to certain issues. Promising our vote, however, is prohibited under all circumstances. In the event that you are contacted in advance of the publication of proxy solicitation materials, please notify the Proxy Administrator immediately. The Company or its representative should be instructed that all further contact should be with the Proxy Administrator. The Proxy Administrator will make the determination to contact the Legal/Compliance departments if needed.

It is also critical to keep in mind that as a fiduciary, we exercise our proxies solely in the best interests of our clients. Outside influences, including those from within J.P. Morgan Chase should not interfere in any way in our decision making process. Any calls of this nature should be escalated by the Proxy Administrator to the Legal/Compliance Department.

**B. Europe, Middle East, Africa, Central America and South America**

**I. Policy**

Corporate Governance addresses the agency problems that are induced by the separation of ownership and control in the modern corporation. J.P. Morgan Asset Management ('JPMAM') is committed to delivering superior investment performance to its clients worldwide. We believe that one of the drivers of investment performance is an assessment of the corporate governance principles and practices of the companies in which we invest our clients' assets and we expect those companies to demonstrate high standards of governance in the management of their business at all times.

We have set out herein the principles which provide the framework for our corporate governance and proxy voting activity. Although these apply primarily to the UK and Europe and therefore principally concern accounts managed from the London office, our colleagues in New York, Tokyo and Hong Kong have similar guidelines, consistent with law and best practice in these different locations. Full details are available on request.

Our UK Guidelines are based on the revised UK Corporate Governance Code. Any company complying with its provisions can usually expect JPMAM to support its corporate governance policies. JPMAM works closely with the UK Financial Reporting Council

(FRC) and the Investment Association (IA), and we abide by these organisations' corporate governance principles and also take their guidance into account when implementing our policy. If a company chooses to deviate from the provisions of the Code, we will give the explanations due consideration and take them into account as appropriate, based on our overall assessment of the standards of corporate governance evidenced at the company.

For Continental European markets, we expect companies to comply with local Corporate Governance Codes, where they exist. We fully recognise that, in certain European markets, there are areas where local law or practice prescribe differing structures or processes to those found in the UK, which must be taken into account. In markets where a comparable standard does not exist, we will use our own Guidelines

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as the primary basis for our voting and corporate governance activity, whilst taking local market practice into consideration where applicable. JPMAM also is a member of the European Funds and Asset Management Association (EFAMA), the International Corporate Governance Network (ICGN) and the Asian Corporate Governance Association (ACGA) and will take their guidance into account where appropriate.

In our view, our Guidelines meet with the requirements of the US Department of Labor recommendations as they apply to ERISA and US Mutual Funds.

**Voting** 

JPMAM manages the voting rights of the shares entrusted to it as it would manage any other asset (although it should be noted that not all of our clients delegate voting authority to us. Some do not authorise us to vote, or delegate voting to a third party). It is the policy of JPMAM to vote shares held in its clients' portfolios in a prudent and diligent manner, based exclusively on our reasonable judgement of what will best serve the financial interests of the beneficial owners of the security. So far as is practicable we will vote at all of the meetings called by companies in which we are invested.

It should be noted that JPMAM treats every proxy on a case-by-case basis, voting for or against each resolution, or actively withholding our vote as appropriate. Our primary concern at all times is the best economic interests of our clients. These Guidelines are therefore an indication only of JPMAM's normal voting policy. The investment analyst or portfolio manager always has discretion to override the policy should individual circumstances dictate.

Certain markets require that shares being tendered for voting purposes are temporarily immobilised from trading until after the shareholder meeting has taken place. Other markets require a local representative to be hired in order to attend the meeting and vote in person on our behalf, empowered with Power of Attorney documentation which can represent considerable cost to clients. Elsewhere, notably Emerging Markets, it may not always be possible to obtain sufficient information to make an informed decision in good time to vote, or there may be specific financial risks where, for example, voting can preclude participating in certain types of corporate action. In these instances, it may sometimes be in our clients' best interests to intentionally refrain from voting in certain overseas markets from time to time.

As our Guidelines are primarily targeted at companies listed on main stock exchanges, it is sometimes difficult for smaller companies to apply the same corporate governance rules and we will look at any issues for such companies on a case-by-case basis. We would, however, encourage them to apply the highest possible standards of governance.

**Proxy Committee** 

To oversee the proxy-voting process on an ongoing basis, a Proxy Committee has been established for each global location where proxy-voting decisions are made. Each Proxy Committee is composed of a Proxy Administrator (as defined below) and senior officers from among the Investment, Legal, Compliance and Risk Management Departments. The primary functions of each Proxy Committee are:

(1) determine the independence of any third-party vendor which it has delegated proxy voting responsibilities and to conclude that there are no conflicts of interest that would prevent such vendor from providing such proxy voting services prior to delegating proxy responsibilities; (2) review and approve the Guidelines annually; and (3) provide advice and recommendations on general proxy-voting matters as well as on specific voting issues to be implemented by the relevant JPMAM Entity. The Proxy Committee may delegate certain of its responsibilities to subgroups composed of at least 3 Proxy Committee members. The Proxy Committee meets at least quarterly, or more frequently as circumstances dictate. The Global Head of Stewardship is a member of each regional committee and, working with the regional Proxy Administrators, is charged with overall responsibility for JPMAM's approach to governance issues including proxy voting worldwide and coordinating regional proxy voting guidelines in accordance with applicable regulations and best practices. The Proxy Committees escalate to the AM Business Control Committee and/or the AM Bank Fiduciary Committee for issues and errors while strategy related matters for escalation will be escalated to the Sustainable Investing Oversight Committee.

**Stewardship and Engagement** 

As long-term owners, we regard regular, systematic and direct contact with senior company management, both executive and non-executive, as crucially important. For UK and European companies in particular, Investment Stewardship specialists routinely attend scheduled one-to-one meetings alongside analysts and portfolio managers, as well as convene dedicated meetings as required in order to debate areas of concern.

**Conflicts of Interest** 

Typical conflicts include where JPMC or its Affiliates are involved in a transaction at an investee company, or provide banking or other services, or where JPM personnel sit on other company boards.

In order to maintain the integrity and independence of JPMAM's proxy voting decisions, JPMorgan Chase (including JPMAM) has established formal barriers designed to restrict the flow of information between JPMC's securities, lending, investment banking and other divisions to JPMAM investment professionals. The policy is available to download from our website.

A conflict is deemed to exist when voting in relation to JPMorgan Chase & Co, or for JPMorgan Funds, or when JPMAM has knowledge that a JPMorgan affiliate is an advisor or has rendered a fairness opinion with respect to the matter being voted upon. When such conflicts are

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identified, JPMAM will call upon an independent third-party to make the voting decision, either in accordance with JPMAM voting guidelines or by the third party using its own guidelines, or when a JPMorgan affiliate receives a voting recommendation from a third party, as guided by Compliance. In certain circumstances, we may elect not to vote. A record of all such decisions is available to clients on request.

**Stocklending** 

Stock which is lent cannot normally be voted, as the right to vote is effectively lent with the shares. For routine voting, JPMAM views the revenue from lending activities to be of more value to the client than the ability to vote. However, we reserve the right to recall stock on loan in exceptional circumstances, in order to protect our clients' interests in the event of a particularly important or close vote, or if we feel lent stock risks being used in a manner which may impede ongoing engagement activity.

Finally, it should be pointed out that this document is intended as an overview only. Specific issues should always be directed to your account administrator or portfolio manager, or the J.P. Morgan Investment Stewardship Team.

**II. Voting Guidelines**

**1. Reports & Accounts**

**Annual Report**

Reports and accounts should be both detailed and transparent and should be submitted to shareholders for approval. They should meet accepted reporting standards, such as those prescribed by of the International Accounting Standards Board (IASB) and should meet with the spirit as well as the letter of those reporting standards. We agree with the UK Corporate Governance Code, that the company's annual report and accounts, when taken as a whole, should be fair, balanced and understandable, a primary outcome of which is for the narrative sections of the annual report to reflect more accurately the company's position, performance and prospects

The annual report should include a statement of compliance with relevant codes of best practice, in markets where they exist, together with detailed explanations regarding any area of non-compliance.

Legal disclosure varies from market to market. If, in our opinion, a company's standards of disclosure (whilst meeting minimum legal requirements) are insufficient in any particular area, we will inform company management of our concerns. Depending on the circumstances, we will either abstain or vote against the resolution concerned. Similar consideration would relate to the use of inappropriate accounting methods.

**Remuneration Report**

The remuneration policy as it relates to senior management should ideally be presented to shareholders as a separate voting item. We would expect the report to contain full details of all aspects of individual director's emoluments. We will endeavour to engage with the company or seek an explanation regarding any areas of remuneration which fall outside our guidelines and we will abstain or vote against the remuneration report and, if appropriate, members of the Remuneration Committee, if we feel that explanation is insufficient. Any material changes to compensation arrangements should be put to shareholders for approval.

Under the requirements of SRD II (Shareholder Rights Directive), and best practice under the European Commission's guidelines, companies are asked to provide disclosure on amounts paid to executives, alignment between company performance and pay out to executives. Companies should provide disclosure of variable incentive targets, levels of achievement and performance awards made after the performance period. Companies should clearly outline discretionary authority by the board or remuneration committee to adjust pay outcomes.

We encourage companies to provide information on the ratio of CEO pay to median employee pay, and explain the reasons for changes to the ratio year on year and how it is consistent with the company's wider policies on employee pay, reward and progression. Companies should also have regard to gender pay gaps (if any) and indicate to shareholders how the issue is to be addressed.

Several markets worldwide now have a binding vote on remuneration policy. In our view, remuneration policies should stand the test of time, and should not need amendment on an annual or biennial basis. We would therefore expect votes on remuneration policies to occur normally every third year, the maximum allowed under the regulations, and will regard it as concerning where companies feel the need to bring proposed changes to shareholders more frequently than this. Similarly, reporting under the new regulations should not necessarily lead to an increase in the volume of data provided. Investors expect clear and concise reports that are effective at communicating how executive pay is linked to delivery of the company's strategy in the long-term. see *Compensation.*

**2. Dividends**

Proposals for the payment of dividends should be presented to shareholders for approval and should be fully disclosed in advance of the meeting. We will vote against dividend proposals if we deem the payout ratio to be too low, or if the earnings and cash cover are inadequate and payment of the proposed dividend would prejudice the solvency or future prospects of the company.

**3. Board of Directors**

**Board Structure**

Companies should be controlled by an effective board, with an appropriate balance of executive and non-executive directors, such that no single stakeholder or group of stakeholders has a disproportionate or undue level of influence. JPMAM is generally in favour of unitary

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boards of the type found in the UK, as opposed to tiered board structures. We find that unitary boards offer flexibility while, with a tiered structure, there is a risk of upper tier directors becoming remote from the business, while lower tier directors become deprived of contact with outsiders of wider experience. No director should be excluded from the requirement to submit him/herself for re-election on a regular basis.

In our view, the board has a vital role to play in shaping and embedding a healthy corporate culture. The values and standards of behaviour set by the board are an important influence on culture within the organisation and we believe there are strong links between governance and establishing a culture that supports long-term success. In our view, there is a role for the board in establishing and promoting the culture, values and ethics of the company and in setting the 'tone from the top'. We agree with the UK Financial Reporting Council (FRC), that a company's culture should promote integrity and openness, value diversity and be responsive to the views of shareholders and wider stakeholders.

**Board Independence**

JPMAM believes that a strong independent element to a board is essential to the effective running of a company. The calibre and number of non-executive directors on a board should be such that their views will carry significant weight in the board's decisions.

We agree with the ICGN, that the majority of a board should be independent, especially if the company has a joint Chairman / CEO. JPMAM will use its voting powers to encourage appropriate levels of board independence, whilst taking into account local market practice In order to help assess their contribution to the company, the time spent by each non-executive director should be disclosed to shareholders, as well as their attendance at board and committee meetings. Boards should also create and maintain a formal succession plan, to ensure orderly refreshment of the board, and minimise over-dependence on any certain individual.

**Chairman**

Boards should be headed by an effective Chairman, who is independent on appointment, and who meets the same ongoing independence criteria, including tenure, as other non-executive directors. There should be a clear division of responsibilities at the head of a company, such that no one individual has unfettered powers of decision. JPMAM believes that the roles of Chairman and Chief Executive Officer should normally be separate and will generally vote against combined posts.

**Board Size** 

Board size should be appropriate to the size and complexity of the company. JPMAM will exercise its voting powers in favour of reducing excessively-large boards wherever possible. Boards with more than 15 directors are usually deemed excessively large, whereas less than 5 directors may be too small to provide sufficient levels of independence for key committees.

**Board Diversity** 

JPMAM is committed to supporting inclusive organisations where everyone can succeed on merit, regardless of gender, sexual orientation, disability or ethnic and religious background. Recruiting individuals with unique skills, experiences and diverse backgrounds is a fundamental part of strengthening a business, and is an important consideration when searching for new board members. Although we do not endorse quotas, we expect boards to have a strategy to improve female representation in particular. To this end, we generally support the target of one-third of board positions being held by women, as recommended by the UK Government's Women on Boards Report, the Davies Review and the Hampton-Alexander Review. We will utilise our voting power to bring about change where companies are lagging, as well as engage with Nominations Committees where appropriate. We also expect companies to consider diversity in its widest sense, both at board level and throughout the business. In support of the Parker Review, we will monitor changes of UK Boards, in increasing ethnic diversity, and ask for transparency and disclosure of progress made.

**Board Committees** 

Boards should delegate key oversight functions, such as responsibility for Audit, Nominations and Remuneration issues, to independent committees. The Chairman and members of any committee should be clearly identified in the annual report. Any committee should have the authority to engage independent advisers where appropriate at the company's expense.

Audit Committees should consist solely of non-executive directors, who are independent of management. The Committee should include at least one person with appropriate financial qualifications but they should all undergo appropriate training that provides and maintains a reasonable degree of financial literacy. Formal arrangements should be in place for the committee to hold regular meetings with external auditors, without executive or staff presence and they should have an explicit right of unrestricted access to company documents and information.

Nomination Committees should be majority-independent and have an independent chair. The responsibilities of the Committee should include assessing the skills, diversity and competencies of directors, to ensure that the board has an appropriate range of expertise. The Committee should also manage the process for formally evaluating the performance of the board, its committees and directors, and reporting on this process to shareholders in the Annual Report, as well as maintaining formal and transparent arrangements for succession planning for the board and senior executives.

Remuneration Committees should be majority-independent and have an independent chair. The responsibilities of the Committee should include reviewing and recommending policies relating to remuneration, retention and termination of senior executives, ensuring that, through

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these policies, executives are properly motivated to drive the long term success of the company, and that incentives are appropriately aligned, and overseeing the remuneration framework for non-executive directors. The Remuneration Committee should be ready to engage with and where necessary, receive feedback from, relevant stakeholders including large institutional shareholders and the wider workforce. *See Remuneration Report*

Boards of banks, or other large or complex companies, should establish a Risk Committee to provide independent oversight and advice to the board on the current risk exposures of the entity and future risk strategy, in order to manage these issues effectively within their business. These bodies should give a summary of their activities in the Annual Report.

**Director Independence** 

We agree with the ICGN that a director will generally be deemed to be independent if he or she has no significant financial, familial or other ties with the company which might pose a conflict and has not been employed in an executive capacity by the company for at least the previous ten years.

A non-executive director who has served more than three terms (or ten years) in the same capacity can no longer normally be deemed to be independent. Directors staying on beyond this duration would require the fullest explanation to shareholders, and we would expect such directors to offer themselves for re-election annually.

In determining our vote, we will always consider independence issues on a case-by-case basis, taking into account any exceptional individual circumstances, together with local markets' differing attitudes to director independence.

**Director's Liability** 

In certain markets, this proposal asks shareholders to give blanket discharge from responsibility for all decisions made during the previous financial year. Depending on the market, this resolution may or may not be legally binding and may not release the board from its legal responsibility.

JPMAM will usually vote against discharging the board from responsibility in cases of pending litigation, or if there is evidence of wrongdoing for which the board must be held accountable.

Companies may arrange Directors and Officers ('D&O') liability insurance to indemnify executives in certain circumstances, such as class action lawsuits and other litigation. JPMAM generally supports such proposals, although we do not approve of arrangements where directors are given 100% indemnification, as this could absolve them of responsibility for their actions and encourage them to act recklessly. Such arrangements should not extend to third parties, such as auditors.

**Multiple Directorships** 

Non-executive directors should have sufficient time to meet their board responsibilities. In order to be able to devote sufficient time to his or her duties, we would not normally expect a non-executive to hold more than three significant directorships at any one time. For executives, only one additional non-executive post would normally be considered appropriate without further explanation.

We agree with the UK Corporate Governance Code that no single individual should chair more than one major listed company.

**Investment Trust and Fund Directors** 

In the UK, the Boards of investment trust companies are unusual in being normally comprised solely of non-executive directors. JPMAM generally prefers that the majority of such boards (including the Chairman) are independent of the management company. We believe this to be appropriate and expect investment trust boards to comply with the Association of Investment Companies (AIC) Code of Corporate Governance.

We note that the AIC Code does not make explicit recommendations on board tenure. We take this into account when assessing director independence, although we agree with the AIC that investment trust companies should have a formal policy on tenure and that any director serving beyond three terms should offer themselves for re-election annually. We also believe that at least half of the board of an investment trust company (including the Chairman) should be non-executive directors having served for less than nine years, in order to ensure that the board does not become ossified with a large number of long-serving directors.

SICAV and other fund board directors should comply with the ALFI Code of Conduct, or equivalent codes where they exist.

**4. Compensation**

**Directors' Contracts**

JPMAM believes that directors' contracts should be of one year's duration or less, and payments on termination should not exceed one year's fixed compensation. This is accepted market best practice in the UK as well as other major European markets. Special provisions whereby additional payment becomes due in the event of a change of control are an inappropriate use of shareholder funds and should be discouraged. Market practice regarding the length of director's service contracts varies enormously: JPMAM is cognisant that it would be inappropriate to enforce UK standards in some other markets. To this end, JPMAM will take into account local market practice when making judgements in this area. Company Chairmen should not normally have executive-style contractual arrangements with the company which include severance terms.

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**Executive Director's Remuneration** 

Executive remuneration is and will remain a contentious issue, particularly the overall quantum of remuneration. Policy in this area cannot easily be prescribed by any code or formula to cater for all circumstances and must depend on responsible and well-informed judgement on the part of remuneration committees. Any remuneration policy should be transparent, simple to understand and fully disclosed to shareholders in a separate Remuneration Report within the Annual Report. Compensation should contain both a fixed element, set by reference to the external market but always cognisant of pay within a company's general workforce, and a variable element, which fully aligns the executive with shareholders and where superior awards can only be achieved by attaining superior performance.

Due consideration should also be given to the effective management of risk within the business. This should be reflected in remuneration arrangements, in order to incentivise appropriate behaviours and, more importantly, discourage excessive risk taking, which may be detrimental to shareholders. Compensation arrangements should provide alignment between managers and shareholders across the cycle, and due consideration should be given to devices such as clawback or bonus/malus arrangements in order to avoid payment for failure.

JPMAM will generally vote against shareholder proposals to restrict arbitrarily the compensation of executives or other employees. We feel that the specific amounts and types of employee compensation are within the ordinary business responsibilities of the board and the company management. However, the remuneration of executive directors should be determined by independent remuneration committees and fully disclosed to shareholders. Any stock option plans or long-term incentive plans should meet our guidelines for such plans set forth herein.

We believe firmly that directors should be encouraged to hold meaningful amounts of company stock, equivalent to at least two year's salary, which should be maintained for the duration of employment. Increasingly, we expect directors to maintain a meaningful shareholding in the company for at least one year following their departure. Unvested stock from in-flight incentive plan cycles may count towards this shareholding requirement.

Transaction bonuses, one-off retention awards, or other retrospective ex-gratia payments, should not be made. Similarly, recruitment awards for incoming executives should be limited to the value of awards forgone, and be granted on equivalent terms.

**Non-Executive Director's Remuneration** 

JPMAM believes that non-executive directors should be paid, at least in part, in shares of the company wherever possible, in order to align their interests with the interests of shareholders. Performance criteria, however, should never be attached. Non-executive directors should not be awarded share options or performance based share awards.

**Fixed Compensation** 

Executives are entitled to a basic salary set by reference to the external market and in particular benchmarked against the company's immediate peers. Acknowledging that salary often forms the basis for variable compensation, we believe annual increases in salary should be limited and generally in line with the wider workforce of the company. Substantial increases in salary should be fully justified to shareholders. We do not approve of large increases in fixed salary as a retention mechanism.

**Variable Compensation** 

We generally prefer any variable compensation arrangement to have a short-term and long-term component. Annual bonuses are now a common feature of compensation packages. We prefer that bonuses be capped at a multiple of salary benchmarked against a company's sector. In industries that operate an overall bonus pool we at least expect a cap on the overall potential pool. Whilst we recognise that annual bonus targets are often, though not always, commercially sensitive, we expect a high degree of disclosure on performance metrics (pre-award) and performance against those metrics

(post-award). Payment of bonus for executives should take the form of cash and shares deferred for a defined period of time. Bonus malus and/or clawback are also expected features of any bonus scheme.

For the long-term component, share-based Long-Term Incentive Plans (LTIPs) and Share Option Schemes (SOSs) should be designed to give directors incentive to perform at the highest levels, and grants under such schemes should be subject to appropriate performance criteria which are challenging and which reflect the company's long-term strategy and objectives over an appropriate period (at least three years, and preferably five years or more) There should be no award for below-median performance, and awards for at-median performance should be modest. Beneficiaries should be encouraged to retain any resultant shares for a suitable time, and should not benefit from free-matching shares for no other reason than a decision to defer compensation already earned. Restricted Share Awards (RSAs), which substitute traditional performance criteria in exchange for long-term ownership of company stock, may be appropriate for some companies. Any move to RSAs should be fully justified by the remuneration committee. We will also wish to satisfy our selves that the company has demonstrated historically appropriate levels of remuneration and has established a relationship of trust with shareholders. If moving from traditional long-term incentives to restricted shares, the remuneration committee should consider the appropriate level of discount to award levels, to reflect the certainty of restricted shares. Restricted shares should, in our view, be retained for a period of time after retirement or departure from the company, in order to incentivise executives to ensure an orderly transition.

We will generally vote against the re-setting of performance conditions on existing awards, the cancellation and re-issue, re-testing or re-pricing of underwater awards, the backdating of awards or discounted awards.

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All incentive plans should be clearly explained and fully disclosed to both shareholders and participants and put to shareholders for approval. Furthermore, each director's awards, awarded or vested, should be detailed, including term, performance conditions, exercise prices (if any), and the market price of the shares at the date of exercise. They should also take into account appropriate levels of dilution. Best practice requires that share options be fully expensed, so that shareholders can assess their true cost to the company. The assumptions and methodology behind the expensing calculation should also be explained to shareholders.

In all markets JPMAM will vote in favour of well-structured schemes with keen incentives and clear and specific performance criteria, which are challenging in nature and fully disclosed to shareholders in advance. We also favour simplicity both in the number of variable incentive schemes and in their structure. We will vote against payments which are excessive, or performance criteria which are undemanding, or where there is excessive discretion exercised by remuneration committees. We will also oppose incentive arrangements which are not subject to formal caps, or appropriate tapering arrangements. We would expect remuneration committees to explain why criteria are considered to be challenging and how they align the interests of shareholders with the interests of the recipients.

**Pensions** 

JPMAM believes that executive pension arrangements should mirror those of the wider workforce particularly with regard to contribution levels. JPMAM believes it is inappropriate for executives to participate in pension arrangements which are materially different to those of employees (such as receiving a higher contribution, or continuing to participate in a final salary arrangement, when employees have been transferred to a defined contribution scheme). One-off payments into individual director's pension schemes, changes to pension entitlements and waivers concerning early retirement provisions must be fully disclosed and justified to shareholders.

**5. Auditors**

**Auditor Independence**

Auditors must provide an independent and objective check on the way in which the financial statements have been prepared and presented. JPMAM will vote against the appointment or re-appointment of auditors who are not perceived as being independent, or where there has been an audit failure. The length of time both the audit company and the audit partner have served in their capacity with a given company may be a factor in determining independence.

**Auditor Rotation** 

In order to safeguard the independence of the audit, companies should rotate their auditor over time. We agree with the provisions of the UK Competition Commission, that companies should put their external audit contract out to competitive tender at least every ten years.

**Auditor Remuneration** 

Companies should be encouraged to distinguish clearly between audit and non-audit fees. Audit committees should keep under review the non-audit fees paid to the auditor, both in relation to the size of the total audit fee and in relation to the company's total expenditure on consultancy. A mechanism should be in place to ensure that consultancy work is put out to competitive tender.

We would oppose non-audit fees consistently exceeding audit fees, where no explanation was given to shareholders. Audit fees should never be excessive.

**Auditor Indemnification** 

JPMAM is opposed to the use of shareholders' funds to indemnify auditors. *see Audit Committee*

**6. Issue of Capital**

**Issue of Equity**

In most countries, company law requires that shareholder approval be obtained in order to increase the authorised share capital of the company. Any new issue of equity should take into account appropriate levels of dilution.

JPMAM believes strongly that any new issue of equity should first be offered to existing shareholders on a pre-emptive basis. Pre-emption rights are a fundamental right of ownership and we will vote against 'cash box' structures or other attempts to suspend, bypass or eliminate pre-emption rights, unless they are for purely technical reasons (e.g. rights offers which may not be legally offered to shareholders in certain jurisdictions). We prefer that these issuances are sought annually, and generally do not support multi-year capital issuances, or shares which are issued at a preferential discount to third parties as part of a related-party transaction.

JPMAM will vote against increases in capital which would allow the company to adopt 'poison pill' takeover defence tactics, or where the increase in authorised capital would dilute shareholder value in the long-term.

**Issue of Debt**

JPMAM will vote in favour of proposals which will enhance a company's long-term prospects. We will vote against any uncapped or poorly-defined increase in bank borrowing powers or borrowing limits, as well as issuances which would result in the company reaching an unacceptable level of financial leverage, where there is a material reduction in shareholder value, or where such borrowing is expressly intended as part of a takeover defence.

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**Share Repurchase Programmes**

JPMAM will vote in favour of share repurchase or buy-back programmes where the repurchase would be in the best interests of shareholders and where the company is not thought to be able to use the cash in a more useful way. We will vote against abusive schemes, or where shares are repurchased at an inappropriate point in the cycle, or when shareholders' interests could be better served by deployment of the cash for alternative uses.

**7. Mergers / Acquisitions**

Mergers and acquisitions are always referred to individual portfolio managers and/or investment analysts for a case-by-case decision, based exclusively on the best economic interests of our clients. In exceptional circumstances, we will split our vote and vote differently for individual clients depending on the respective desired investment outcomes of our portfolio managers. JPMAM may occasionally split its vote between different client constituents for technical reasons, such as cross-border mergers where certain groups of clients may not be able to hold the resultant stock, or to reflect differing portfolio strategies and/or investment outcomes.

As a general rule, JPMAM will favour mergers and acquisitions where the proposed acquisition price represents fair value, where shareholders cannot realise greater value through other means and where all shareholders receive fair and equal treatment under the merger/acquisition terms.

**8. Related-Party Transactions**

Related party transactions (RPTs) are common in a number of jurisdictions. These are transactions between a company and its related parties, and generally come in two forms: one-off transactions, typically asset purchases or disposals, and; recurring transactions occurring during the ordinary course of business, usually in the form of the ongoing sale and purchase of goods and services.

According to the materiality and nature of the transaction, the RPT may need to be disclosed and submitted to a shareholder meeting for approval. Any shareholder who has a material interest in the transaction should abstain from voting on the resolution. If a RPT requires shareholder approval, the company should establish a board committee comprising solely of independent directors, and appoint an independent advisor to prepare a recommendation to minority shareholders.

We will assess one-off transactions on a case by case basis. Where we are convinced by the strategic rationale and the fairness of the transaction terms, we will vote in favour. At the same time, we would expect the independent directors to disclose how they have made their recommendation to minority shareholders, so that shareholders can make an informed decision on this transaction.

For recurring transactions, we would expect that details are disclosed in the Annual Report, and that they be subject to shareholders' approval on a periodic basis. We would expect all such transactions to have been conducted on an arms-length basis, on normal commercial terms.

**9. Voting Rights**

JPMAM believes in the fundamental principle of 'one share, one vote'. Accordingly, we will vote to phase out dual voting rights or classes of share which either confer special voting rights to certain stakeholders, or restricted voting rights and we will oppose attempts to introduce new ones. We are opposed to mechanisms that skew voting rights, such as voting right limits or cumulative voting; directors should represent all shareholders equally and voting power should accrue in direct proportion to the shareholder's equity capital commitment to the company.

Minority shareholders should be protected from abusive actions by, or in the interests of, controlling shareholders, acting either directly or indirectly, and should have effective means of redress. Shareholders should also have the right to formally approve material related-party transactions at Annual General Meetings.

While certain fundamental changes to a company's business, Articles of Association, or share capital should require a supermajority vote, voting on routine business should require a simple majority only (51%). We will generally oppose amendments to require inappropriate supermajority votes, or supermajority requirements which are being introduced as a tool to entrench management.

**10. Other**

**Poison Pills**

Poison pills, or shareholder rights plans, are devices designed to defend against hostile takeover. Typically, they give shareholders of a target company or a friendly third party, the right to purchase shares at a substantial discount to market value, or shares with special conversion rights in the event of a pre-defined 'triggering event' occurring (such as an outsider's acquisition of a certain percentage of stock). Corporations may or may not be able to adopt poison pills without shareholder approval, depending on the market.

JPMAM is fundamentally opposed to any artificial barrier to the efficient functioning of markets. The market for corporate control should, ultimately, be for shareholders, not managers, to decide. We find no clear evidence that poison pills enhance shareholder value. Rather, they are used as tools to entrench management.

JPMAM will generally vote against anti-takeover devices and support proposals aimed at revoking existing plans. Where anti-takeover devices exist, they should be fully disclosed to shareholders and shareholders should be given the opportunity to review them periodically.

**Composite Resolutions**

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Agenda items at shareholder meetings should be presented in such a way that they can be voted upon clearly, distinctly and unambiguously. We normally oppose deliberately vague, composite or 'bundled' resolutions, depending on the context and local market practice.

Any amendments to Articles of Association should be presented to shareholders in such a way that they can be voted on independently. Shareholders should similarly be able to vote on the election of directors individually, rather than in bundled slates.

**AOB**

We will generally vote against 'any other business' resolutions where we cannot determine the exact nature of the business to be voted on.

**Social / Environmental Issues**

We believe that a company's environmental policies may have a long-term impact on the company's financial performance. We believe that good corporate governance policies should consider the impact of company operations on the environment and the cost of compliance with laws and regulations relating to environmental matters, physical damage to the environment (including the costs of clean-ups and repairs), consumer preferences and capital investments related to climate change. Furthermore, we believe that corporate shareholders have a legitimate need for information to enable them to evaluate the potential risks and opportunities that climate change and other environmental matters pose to the company's operations, sales and capital investments. We acknowledge that many companies disclose their practices relating to social and environmental issues and that disclosure is improving over time. We generally encourage a level of reporting that is not unduly costly or burdensome and which does not place the company at a competitive disadvantage, but which provides meaningful information to enable shareholders to evaluate the impact of the company's environmental policies and practices on its financial performance.

With regard to social issues, among other factors, we consider the company's labor practices, supply chain, how the company supports and monitors those issues, what types of disclosure the company and its peers currently provide, and whether the proposal would result in a competitive disadvantage for the company.

In evaluating how to vote environmental proposals, considerations may include but are not limited to the following:

<u>Issuer Considerations</u>

• asset profile of the company, including whether it is exposed to potentially declining demand for the company's products or services due to environmental considerations

• capital deployment of the company

• cost structure of the company, including its position on the cost curve, expected impact of future carbon tax and exposure to high fixed operating costs

• corporate behavior of the company, including whether senior management is incentivized for long-term returns

• demonstrated capabilities of the company, its strategic planning process, and past performance

• current level of disclosure of the company and consistency of disclosure across its industry

• whether the company incorporates environmental or social issues in a risk assessment or risk reporting framework

<u>Proposal Considerations</u>

• would adoption of the proposal inform and educate shareholders and have companies that adopted the proposal provide insightful and meaningful information that would allow shareholders to evaluate the long-term risks and performance of the company

• does the proposal require disclosure that is already addressed by existing and proposed mandated regulatory requirements or formal guidance at the local, state, or national level or the company's existing disclosure practices

• does the proposal create the potential for unintended consequences such as a competitive disadvantage.

In general, we support management disclosure practices that are overall consistent with the goals and objective expressed above. Proposals with respect to companies that have been involved in controversies, fines or litigation are expected to be subject to heightened review and consideration.

Vote against chair of committee responsible for providing oversight of environmental matters and/or risk where we believe the company is lagging peers in terms of disclosure, business practices or targets. Vote against committee members, lead independent director and/or board chair for companies that have lagged over several years.

An engaged and diverse employee base is integral to a company's ability to innovate, respond to a diverse customer base and engage with diverse communities in which the company operates, thus delivering shareholder returns. JPMAM will generally support shareholder resolutions seeking the company to disclose data on workforce demographics including diversity.

We expect engaged Boards to provide oversight of Human Capital Management (HCM); a company's management of its workforce including human resources policies including code of conduct, use of full time versus part time employees, workforce cost, employee engagement and

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turnover, talent development, retention and training, compliance record, and health and safety. JPMAM will vote case by case on shareholder resolutions seeking disclosure of HCM. JPMAM will generally vote against shareholder proposals seeking HCM information which is considered confidential or sensitive information by the Board.

<u>Shareholder Resolutions</u>

In a number of jurisdictions, shareholders have the right to submit proposals at shareholder meetings, providing eligibility and other requirements have been met. Such proposals can be wide ranging, and may include: governance reforms, capital management issues, and disclosures surrounding environmental and social risks.

When assessing shareholder proposals, we review each resolution on its merits. Our sole criteria of support is: does this proposal enhance shareholder rights; and is this proposal in the long term interests of all shareholders? Where we are convinced the proposal meets these objective, it will receive our vote in support. However, we will not support proposals which are frivolous or supportive of a narrow activist agenda, nor will we support those which are unduly constraining on managements, or are already in managements' remit.

Where a proposal is focused on an issue that needs to be addressed, we would expect the board and management to demonstrate that the company will comply with the resolution within a reasonable time-frame. Where the company fails to respond sufficiently or with the appropriate sense of urgency, we may vote against the re-election of one or more directors at subsequent meetings.

**Charitable Issues** 

Charitable donations are generally acceptable, provided they are within reasonable limits and fully disclosed to shareholders.

**Political Issues** 

JPMAM does not support the use of shareholder funds for political donations.

**Virtual Only Annual General Meeting**

As annual general meetings (AGMs) should be fair, constructive, and open to dialogue between the management of the company and shareholders, in principle, we support the holding of a hybrid virtual annual general meetings. However, we have concerns that there may be restrictions on shareholder participation in a virtual only annual general meeting, so we think that such a meeting should only be held in exceptional circumstances, such as during pandemic, and that companies should explain why it is necessary to hold the meeting in this manner.

J.P. Morgan Asset Management

London Proxy Committee

**C. Asia ex Japan**

**I. Corporate Governance Policies**

J.P. Morgan Asset Management (JPMAM) is committed to meeting client objectives by delivering the strongest possible risk-adjusted returns. We believe that a key contributor to this is a thorough understanding of the corporate governance practices of the companies in which we invest. We expect all our investee companies to demonstrate the highest standards of governance in the management of their businesses, as far as is reasonably practicable.

We have set out in this document some information underpinning the principles behind our proxy voting guidelines. These principles are based on the OECD's Principles of Corporate Governance, as well as on the governance codes of the jurisdictions in which our investee companies are domiciled. But regardless of location or jurisdiction, we believe companies should abide by the following:

**Board and Director Responsibilities** 

Companies should be headed by a strong and effective board to drive the long term success of the company. It should contain an appropriate combination of executive and non-executive directors, able to make decisions on behalf of all shareholders, separate from the individual interests of management and / or controlling shareholders. The board should set strategic objectives, oversee operational performance and establish the company's long term values and standards. At the same time it should be responsible for establishing prudent and effective risk controls to protect the company's assets and safeguard shareholder interests. Finally, the board should be responsible for selecting the key executives tasked with developing and executing corporate strategy, and for ensuring that executive remuneration is aligned with the longer term interests of shareholders. All directors should act in the best interests of the company and its shareholders, consistent with their statutory and fiduciary obligations.

**Shareholder Rights** 

Shareholders should have the opportunity to participate in, and vote at, general meetings, and should be furnished with sufficient information on a timely basis to make informed voting decisions. Arrangements that enable certain shareholders to obtain a disproportionate degree of control relative to their equity ownership should be disclosed upfront, and anti-takeover devices should not be used to shield management and the board from ongoing accountability.

**Equitable Treatment** 

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All shareholders of the same class should be treated equally, and all shares within the same class should carry the same rights. Impediments to cross border voting should be eliminated, and companies should not make it difficult or expensive for shareholders to cast their votes. Minority shareholders should be protected from unfair and / or abusive actions by controlling shareholders.

**Stakeholders' Rights** 

Stakeholders, including individual employees and their representative bodies, should be able to communicate their concerns about illegal or unethical practices to the board, and their rights should not be compromised for doing so. Where stakeholders participate in the corporate governance process, they should have access to relevant and timely information for that participation to be effective.

**Sustainability** 

All companies should conduct themselves in a socially responsible way. Non-financial environmental and social issues have the potential to seriously impair the value of businesses, as well as create significant reputational damage. We expect the companies in which we invest, to behave in an ethical and responsible manner, observing their wider societal obligations to their communities and to the environment. Since transparency in how a business manages ESG risks is increasingly part of the overall value proposition, we believe that companies will only thrive in the longer term if they put sustainability at the heart of their governance processes.

**Disclosure and Transparency** 

Companies should ensure that accurate information on all matters of relevance is publicly disclosed, to allow shareholders to make an informed and balanced assessment of a company's performance and its prospects. This should include its operating performance, its financial condition, and its governance practices and policies. Information about board members, including their qualifications, other company directorships and their level of independence should be disclosed, so that shareholders can make an informed assessment of their suitability in their proxy voting decisions.

Our assessment of corporate governance practice is based on the regulations and codes of best practice in the jurisdictions in which our investee companies are domiciled. Any company complying with these codes, and with the general principles stated above, should usually expect to receive our support. If a company chooses to deviate from the provisions of the governance codes specific to its jurisdiction, we will give its explanation due consideration and take this into account in our proxy voting, based on our assessment of its governance standards.

**II. Policy and Procedures**

**Proxy Voting**

JPMAM manages the voting rights of the shares entrusted to us, as we would manage any asset, although it should be noted that not all clients delegate voting authority to us; some retain voting decisions for themselves or delegate voting to a third party. But where authorized to do so, it is the policy of JPMAM to vote shares held in client portfolios in a prudent and diligent manner, based on our reasonable judgment of what is in the best interests of clients.

JPMAM treats every proxy on a case-by-case basis, voting for or against each resolution, or actively withholding our vote as appropriate. Our concern at all times is the best economic interests of our clients. These Guidelines are therefore an indication of JPMAM's normal voting policy, since our investment professionals always have the discretion to override these guidelines should individual circumstances dictate.

To assist us in the filing of proxies, JPMAM retains the services of Institutional Shareholder Services Inc. (ISS), a proxy voting services advisor. As part of this service, ISS makes recommendations on each board resolution requiring a shareholder vote. While we take note of these recommendations, we are not obliged to follow them if we have a contrary view; our portfolio managers vote according to our own governance principles and guidelines, and our own research insights. Records of our voting activities are maintained by our Asset Servicing group, and any deviation from our stated policies is documented, to ensure all proxies are exercised appropriately.

So far as is practicable, we vote at all meetings called by companies in which we are invested. However, certain markets may require that shares being tendered for voting are temporarily immobilized from trading until after the shareholder meeting has taken place. Other markets may require a local representative to be hired, under a Power-of-Attorney, to attend the meeting and vote on our behalf; this can incur considerable additional cost to clients. Finally, it may not always be possible to obtain sufficient information to make an informed decision in good time to vote, or there may be specific circumstances where voting can preclude participating in certain types of corporate actions. In these instances, it may sometimes be in clients' best interests to intentionally refrain from voting. But in all other circumstances we endeavour to safeguard clients' interests.

We note that it can be difficult for smaller companies in emerging economies to apply the same governance standards, as it is for companies operating in developed economies and markets. We will look at any governance related issues of such companies on a case-by-case basis, and take their context into account before arriving at our voting decision. Nevertheless, we encourage all companies to apply the highest standards of governance wherever possible, in the belief that strong standards of governance will ultimately translate into higher shareholder returns.

**Proxy Committee** 

The responsibility for JPMAM's voting policy for portfolios managed in the Asia Pacific region (outside Japan) lies with the Asia ex-Japan Proxy Committee. The Committee's role is to set JPMAM's corporate governance policy and practices in respect of investee companies, and to oversee the proxy voting process. The Committee is composed of senior investors and corporate governance professionals, supported by

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specialists from Legal, Compliance, Risk and other relevant groups. The Committee meets quarterly and reports into the AM APAC Business Control Committee as well as the Global Head of Investment Stewardship. The Global Head of Investment Stewardship is a member of each regional committee and, working with the regional Proxy Administrators, is charged with overall responsibility for JPMAM's approach to governance issues including proxy voting worldwide and coordinating regional proxy voting guidelines in accordance with applicable regulations and best practices. The Proxy Committees escalate to the AM Business Control Committee and/or the AM Bank Fiduciary Committee for issues and errors while strategy related matters for escalation will be escalated to the Sustainable Investing Oversight Committee.

**Stewardship and Engagement** 

As long term owners, we regard regular, systematic and direct contact with senior company management as essential in helping us discharge our stewardship responsibilities. We therefore engage actively with our investee companies, to keep abreast of strategic, operating and financial developments in order to ensure that our clients' interests are represented and protected. Where appropriate, our stewardship specialists may convene meetings with company representatives at the boardroom level to discuss issues of particular concern.

JPMAM endorses the stewardship principles promoted by different regulators and industry bodies in the region. We believe our existing stewardship activities meet the standards required under these principles. Our statements of commitment can be viewed from our website or by accessing the following links:

For the Singapore Stewardship Principles for Responsible Investors supported by Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX):

https://am.jpmorgan.com/content/dam/jpm-am-aem/asiapacific/sg/en/policies/singapore-stewardship-principles-for-responsible-investors.pdf

For the Principles of Responsible Ownership issued by the Securities and Futures Commission (SFC) in Hong Kong:

https://am.jpmorgan.com/content/dam/jpm-am-aem/asiapacific/hk/en/corporate-governance-pdf/PRO1609.pdf

For the Principles of Internal Governance and Asset Stewardship issued by the Financial Services Council (FSC) of Australia:

https://am.jpmorgan.com/content/dam/jpm-am-aem/asiapacific/au/en/policies/principles-internal-governance-asset-stewardship.pdf

For, more information on our stewardship activities, please refer to our white paper on Investment-led Stewardship which is available from our website, or by accessing the following link:

https://am.jpmorgan.com/blob-

gim/1383664293468/83456/J.P.%20Morgan%20Asset%20Management%20investment%20stewardship%20statement.pdf

**Conflicts of Interest** 

JPMAM is part of the JP Morgan Chase group (JPMC), which provides a range of banking and investment services. Conflicts of interest arise from time to time in the normal course of business, both within and between, JPMC affiliates. However, procedures are in place to make sure these conflicts can be managed and resolved. Typical conflicts may include instances where a JPMC affiliate is involved in a transaction at an investee company, is providing banking or other services for that company, or where JPMC connected personnel may sit on a company's board.

In order to maintain the integrity and independence of our voting decisions, businesses within the JPMC group have established formal barriers designed to restrict the flow of information between affiliated entities. This includes information from JPMC's securities, investment banking and custody divisions to JPMAM's investment professionals. A formal policy with respect to Conflicts of interest Disclosure has been established to manage such conflicts, and is available for download from our website.

Where a material conflict of interest is identified with respect to proxy voting, JPMAM may contact individual clients to approve any voting decision, may call upon independent third parties (eg, our proxy voting service advisor) to make the voting decision on our behalf, or may elect not to exercise the proxy. A record of all such decisions is kept by the Asset Services group and is reviewed by the relevant Proxy Committee at committee meetings. This record is available to clients upon request.

**III. Proxy Voting Guidelines**

**Reports and Accounts** 

**Annual Report**

Company reports and accounts should be detailed and transparent, and should be submitted to shareholders for approval. They should meet accepted reporting standards, such as those prescribed by of the International Accounting Standards Board (IASB), and should meet with the spirit as well as the letter of those reporting standards. They should be fair, balanced and understandable, and the narrative sections covering corporate strategy, operating activities and risk management should accurately detail the company's position, performance and prospects.

The annual report should include a statement of compliance with the relevant codes of best practice in the jurisdictions where they exist, together with detailed explanations regarding any instances of non- compliance.

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Legal disclosure varies from jurisdiction to jurisdiction. If, in our opinion, a company's standards of disclosure (whilst meeting minimum legal requirements) are insufficient, we will inform company management of our concerns. Depending on the circumstances, we will either abstain from voting, or vote against the relevant resolution put to shareholders. Similar considerations, relating to the use of inappropriate or overly aggressive accounting methods, also apply.

**Remuneration Report** 

Establishing an effective remuneration policy for senior executives is a key consideration at board level. The purpose of remuneration is to attract, retain and reward competent executives who can drive the long term growth of the company; ensuring that remuneration is appropriate for the role assigned should therefore be a particular concern of shareholders. Ideally a company's remuneration policy, as it relates to senior management, should be presented to shareholders as a separate voting item. However we recognize that practices differ between jurisdictions, and a shareholder vote on this is not yet standard in Asia.

At the same time, we would expect companies to disclose the main components of remuneration for key directors and executives. Ideally this should take into consideration: the amounts paid and the mix between short term and long term awards, the performance criteria used to benchmark awards and whether these are capped or uncapped, and the use made of any discretionary authority by boards or remuneration committees to adjust pay outcomes. In the event that remuneration awards fall outside our guidelines (see Remuneration section below), we will endeavor to seek an explanation from the company, and may vote against remuneration reports and/or members of the remuneration committees, if satisfactory explanations are not forthcoming.

Where shareholders are able to exercise a binding vote on remuneration policies, we believe that such policies should stand the test of time. But in the event that awards are amended or revised, any material changes should be put to shareholders for approval. We encourage companies to provide information on the ratio of CEO pay to median employee pay, and to explain the reasons for changes to the ratio as it unfolds year by year. Companies should also have regard to gender pay gaps and to indicate to shareholders how this issue is being addressed.

Finally in its reporting to shareholders, remuneration committees and / or boards should provide clear and concise reports that are effective at communicating how executive pay is linked to the delivery of the company's strategy over the forecast time horizon, and how it is aligned to shareholder interests.

**Dividends**

Practice differs by jurisdiction as to whether companies are required to submit dividend resolutions for approval at shareholder meetings. In some jurisdictions, dividends can be declared by board resolution alone. However, in those jurisdictions where shareholder approval is mandated, we may vote against such proposals if we deem the payout ratio to be too low, particularly if cash is being hoarded with little strategic intent. Conversely, if we consider a proposed dividend to be too high in relation to a company's underlying earnings capability, we may also vote against the resolution, if we believe this could jeopardize the company's long term prospects and solvency.

**Board and Directors**

**Board Oversight Responsibilities** 

To ensure sustainable success in the long-term, companies should be controlled by a strong and effective board, which is accountable to shareholders and considers the interests of the various stakeholders they depend on. The board should comprise competent individuals with the necessary skills, background and experience to provide objective oversight of management. All directors should submit themselves for re-election on a regular basis.

We believe that one of the key functions of a board is to set a company's values and standards, and establish a culture that is geared to the long term success of the enterprise and be responsive to the wider stakeholders. A healthy culture serves as unifying force for the organization, and helps align the stated purpose and core values of the entity with the strategy and business model pursued. Conversely, a dysfunctional culture has the potential to undermine a business and create significant risk for shareholders.

The board should be responsible for defining the values and behaviors that will help the company excel and for ensuring that there is alignment between its purpose, core values, strategic direction and operating activities. The standards of behavior set by the board should resonate across the entire organization. We believe that there are strong links between high standards of governance, a healthy corporate culture, and superior shareholder returns.

**Board Independence** 

We believe that a strong independent board is essential to the effective running of a company. The number of the independent non-executive directors (INEDs) on a board should be sufficient so that their views carry weight in the board's decision-making. INEDs should be willing and able to challenge the views of the CEO and other directors to ensure that alternative viewpoints are heard. The required number of independent directors on a board is often set by governance codes, but notwithstanding this, we are strongly of the view that the majority of members should be independent to encourage the broadest diversity of opinion and representation of views.

At a minimum, we would expect that INEDs should make up at least one third of all company boards. We will seek for greater independent representation than this where:

• The Chairman and CEO role is combined, or

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• The Chairman and CEO are family members, or

• The Chairman is not independent.

Where we believe there to be an insufficient number of INEDs, we will vote against the re-election of some, or all directors at shareholder meetings, unless an acceptable explanation is provided.

In order to help assess their individual contributions to the company, the time spent on company business by each non-executive director should be disclosed to shareholders, as well as their attendance records at board and committee meetings. Boards should also create and maintain a formal succession plan, to ensure the orderly refreshment of board membership, and to minimize over-dependence on a narrow cohort of individuals.

**Chairman** 

Boards should be headed by an effective Chairman, who, ideally, is independent on appointment. There should be a clear division of responsibilities at the head of a company, such that no one individual has unfettered powers of decision-making. JPMAM believes that the roles of Chairman and Chief Executive Officer should be separate to provide for a separation of responsibilities. But in instances where the two roles are combined, a Lead Independent Director should be identified to provide oversight over executive decisions, and to maintain an alternative channel of communication between the board and its shareholders.

In instances where a company, with no majority independent board, does not have an independent Chairman or a designated Lead Director, and where a satisfactory explanation has not been provided, we will vote against the re-election of the Chairman, and other directors, at shareholder meetings.

**Board Size** 

Boards should be appropriate to the size and complexity of the company. JPMAM will exercise its voting powers in favor of reducing excessively large boards wherever possible. Unless the size and complexity of the company demands it, boards with more than 15 directors are usually too large, whereas boards with less than five directors are too small to provide sufficient levels of independent representation on key governance committees. A board should be large enough to manage required governance processes, and yet still sufficiently compact to promote open dialogue between directors.

**Board Diversity** 

We are committed to supporting inclusive organizations where everyone, regardless of gender, sexual orientation, disability or ethnic and religious background, can succeed on merit.

At the board level, we believe that boards which reflect a wide range of perspectives and opinion helps to enhance shareholder value. Diverse boardrooms help companies make better strategic decisions and assist in navigating increasingly complex issues, including geopolitical risks, regulatory changes and disruptive technologies. Recruiting individuals with the necessary skills, varied experiences and diverse backgrounds should be a fundamental part of strengthening a business.

We expect boards to have a strategy to improve female representation in particular, and we will utilize our voting power to bring about change where companies are lagging in this respect. As a matter of principle we expect our investee companies to be committed to diversity and inclusiveness in all aspects of their businesses.

**Board Committees** 

To strengthen the governance process, boards should delegate key oversight functions, such as responsibility for Audit, Nomination and Remuneration issues, to separate committees. The Chairman and members of any Committee should be clearly identified in the Annual Report. Any Committee should have the authority to engage independent advisers where appropriate at the company's expense.

**Audit Committees** should consist solely of non-executive directors, who are independent of management. A demonstrably independent audit is essential for investor confidence. The Committee should include at least one person with an appropriate financial background, but all committee members should undergo appropriate training that provides for, and maintains, a reasonable level of financial literacy. The terms of reference of the Audit Committee should include the power to determine the scope of the audit process, to review the effectiveness of the external auditor, and to access any information arising from the internal audit process. Formal arrangements should be in place for the Committee to hold regular meetings with external auditors, without executive or staff involvement, and it should have the right of unrestricted access to all necessary company information to enable it to discharge its responsibilities.

**Nomination Committees** should be majority-independent and have an independent chair. The responsibilities of the Committee should include: assessing the skills and competencies of directors to ensure that the board has an appropriate range of expertise; managing the process for evaluating the performance of the board, its committees and directors, and reporting on this process to shareholders in the Annual Report; and maintaining formal and transparent arrangements for succession planning at the board and senior management level.

**Remuneration Committees** should be majority-independent and have an independent chair. The responsibilities of the Committee should include: reviewing and recommending policies relating to remuneration, retention and termination of senior executives; ensuring that,

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through these policies, executives are properly motivated to drive the long term success of the company, and that incentives are appropriately aligned; and overseeing the remuneration framework for non-executive directors. The Remuneration Committee should be ready to engage with and receive feedback from relevant stakeholders. The remuneration report should be the responsibility of the Remuneration Committee.

Boards of banks, insurance companies, and other large or complex companies, should consider establishing a Risk Committee to provide independent oversight and advice to the board on the risk management strategy of the company. As with other committees, this Committee should give a summary of its activities in the Annual Report.

**Director Independence and Tenure** 

A director will generally be deemed to be independent if he or she has no significant financial, familial or other ties with the company which might pose a conflict of interest. A non-executive director who has served more than three terms (or nine years) in the same capacity is no longer, normally, deemed to be independent. Directors staying on beyond this term would require the fullest explanation to shareholders. We will consider voting against appointment of independent directors who are deemed to be non-independent.

At the same time, it is essential that a company should attract and retain strong, experienced and knowledgeable board members able to contribute to its direction and success. Companies could consider re-appointing long servicing independent directors as non-executive directors or board advisors. To allow for periodic board refreshment, we would encourage companies to articulate their approach on term limits and retirement age, and insofar as exceptions arise, to explain why this should be warranted given the board's composition and the individual director's contribution. We also encourage boards to regularly conduct board evaluations, with a self-assessment at least annually and an evaluation facilitated by third party every three years.

In determining our vote, we will always consider independence and tenure issues on a case-by-case basis, taking into account any exceptional individual circumstances.

**Multiple Directorships** 

To carry out their responsibilities effectively, non-executive directors must be able to commit an appropriate amount of time to board matters. In order to be able to devote sufficient time to his or her duties, we would not normally expect a non-executive director to hold more than three significant directorships at any one time. However, in the case of related group companies, we believe it is reasonable for an individual to hold up to six directorships, as long as this does not impact his/her ability to discharge his/her duties. In our view, it is the responsibility of the Chairman to ensure that all directors are participating actively, and are contributing proportionately to the work-load of the board.

For executive directors, only one additional non-executive post would normally be considered appropriate without further explanation.

**Meeting Attendance** 

Directors should ensure they attend all board meetings and relevant committee meetings within their remit. We will consider voting against director re-election proposals for individuals with poor attendance records, unless compelling reasons for absence are disclosed.

**Directors' Liability** 

In certain markets, shareholders may be asked to give boards a blanket discharge from responsibility for all decisions made during the previous financial year. Depending on the jurisdiction, this resolution may or may not be legally binding, and may not release the board from its legal responsibility.

JPMAM will usually vote against discharging the board from responsibility in cases of pending litigation, or if there is evidence of wrongdoing, for which the board must be held accountable.

Companies may arrange Directors and Officers ("D&O") liability insurance to indemnify executives in certain circumstances, such as class action lawsuits and other litigation. JPMAM generally supports such proposals, although we do not approve of arrangements where directors are given 100% indemnification, as this could absolve them of responsibility for their actions and encourage them to act recklessly. Such arrangements should not extend to third parties, such as auditors.

**Remuneration**

**Key Principles** 

The key purpose of remuneration is to attract, retain and reward executives who are fundamental to the long term success of the company. Executive remuneration is, and will, remain a contentious area, particularly the overall quantum of remuneration. Policy in this area cannot easily be prescribed by any one code or formula to cater for all circumstances and it must depend on responsible and well- informed judgments on the part of Remuneration Committees. Any remuneration policy should be clear, transparent, simple to understand for both executives and investors, and fully disclosed to shareholders. At a senior executive level, remuneration should contain both a fixed element - set by reference to the external market - and a variable element, which fully aligns the executive with shareholder interests, and where superior awards can only be achieved by achieving superior performance against well-defined metrics.

Due consideration should be given to the effective management of risk within the business. This should be reflected in remuneration arrangements, which incentivize appropriate behavior and discourage excessive risk taking. Pay should be aligned to the long term success of

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the business and the returns achieved by shareholders, and due consideration should be given to claw-back arrangements, to avoid payment for failure. Remuneration committees should use the discretion afforded to them by shareholders to ensure that pay awards properly reflect the business performance achieved.

We believe firmly that executive directors should be encouraged to hold meaningful amounts of company stock throughout the duration of their board tenure. However, transaction bonuses, one-off retention awards, or other retrospective ex-gratia payments, should not be made, and we will vote against such awards when proposed at shareholder meetings. Recruitment awards for incoming executives should be limited to the value of awards forgone, and be granted on equivalent terms.

We will generally vote against shareholder proposals to restrict arbitrarily the compensation of executives or other employees. We feel that the specific amounts and types of employee compensation are within the ordinary remit of the board. At the same time, the remuneration of executive directors should be determined by independent remuneration committees and fully disclosed to shareholders. We would expect that stock option plans or long-term incentive plans should meet our compensation guidelines (see below).

**Fixed Compensation** 

Executives are entitled to a basic salary set by reference to the external market, and in particular benchmarked against the company's immediate peers. While acknowledging that salary often forms the basis for variable compensation arrangements, we believe annual increases in salary should be limited, and generally be in line with the wider workforce of the company. Substantial increases in salary, for example, where an executive has been promoted, should be fully justified to shareholders. We do not approve of large increases in fixed salary as a retention mechanism.

**Variable Compensation** 

We generally prefer any variable compensation arrangement to have both a short-term and long-term component. Annual bonuses are now a common feature of compensation packages, and we recommend that bonuses be benchmarked against the sector in which the company operates. Whilst we recognize that annual bonus targets are often commercially sensitive, we expect a high degree of disclosure on performance metrics (pre-award) and performance against those metrics (post-award). Payment of bonuses for executives should take the form of cash and deferred shares. Claw-back arrangements should be a feature of any variable compensation scheme.

For the long-term component of variable compensation schemes, share-based Long-Term Incentive Plans (LTIPs) and Share Option Schemes (SOSs) should be designed to give executives an incentive to perform at the highest levels; grants under such schemes should be subject to appropriate performance criteria, which reflect the company's long-term strategy and objectives over an appropriate time horizon. There should be no award for below-median performance, and awards for at- median performance should be modest at best. Beneficiaries should be encouraged to retain any resultant shares for the duration of their employment.

We will generally vote against the re-setting of performance conditions on existing awards, the cancellation and re-issue, re-testing or re-pricing of underwater awards, and the backdating of awards or discounted awards.

All incentive plans should be clearly explained and disclosed to shareholders, and, ideally, put to a shareholder vote for approval. Furthermore, each director's awards, awarded or vested, should be detailed, including the term, performance conditions, exercise prices (if any), and the market price of the shares at the date of exercise. Best practice requires that share options be expensed fully, so that shareholders can assess their true cost to the company. The assumptions and methodology behind the expensing calculation should also be explained to shareholders.

To ensure that incentive plans operate in a way that benefits both employees and shareholders, we expect a limit on the level of dilution that can occur, and an upper performance cap or appropriate tapering arrangements for individual awards.

We will vote in favor of well-structured compensation schemes with keen incentives and clear and specific performance criteria, which are challenging in nature and fully disclosed to shareholders. We will vote against remuneration awards which we deem to be excessive, or performance criteria which are undemanding. We would expect remuneration committees to explain why criteria used are considered to be challenging, and how they align the interests of recipients with the long term interests of shareholders.

**Pension Arrangements** 

Pension arrangements should be transparent and cost-neutral to shareholders. JPMAM believes it is inappropriate for executives to participate in pension arrangements, which are materially different to those of employees (such as continuing to participate in a final salary arrangement, when employees have been transferred to a defined contribution scheme). One-off payments into an individual director's pension scheme, changes to pension entitlements, and waivers concerning early retirement provisions should be fully disclosed and justified to shareholders.

**Non-Executive Director Remuneration** 

The role of the non-executive director is to monitor the strategy, performance and remuneration of executives and to protect the interests of shareholders. Non-executive directors should receive sufficient remuneration to attract and retain suitably qualified individuals and encourage them to undertake their role diligently.

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JPMAM believes that non-executive directors should be paid, at least in part, in shares of the company wherever possible, in order to align their interests with the interests of shareholders. Performance criteria, however, should never be attached. Non-executive directors should not be awarded share options or performance based share awards. Neither should they receive retrospective ex-gratia payments at the termination of their service on the board. In the event that such remuneration schemes or payments are proposed, we will vote against these proposals.

**5. Auditors**

**Auditor Independence**

Auditors must provide an independent and objective check on the way in which the financial statements have been prepared and presented. The appointment of a company's auditor should be reviewed and approved by shareholders on an annual basis. We will vote against the appointment or re-appointment of auditors who are not perceived as independent, or where there has been an unambiguous audit failure. The length of time that both the audit company and the audit partner have served in their capacity may be a factor in determining independence.

**Auditor Rotation** 

In order to safeguard the independence of the audit, companies should rotate their designated auditor over time. We believe that companies should put their external audit contract out to tender at least every ten years.

**Auditor Remuneration** 

We expect companies to make a detailed disclosure on auditor remuneration. Companies should be encouraged to distinguish clearly between audit and non-audit fees. Audit Committees should keep under review the non-audit fees paid to the auditor, both in relation to the size of the total audit fee and in relation to the company's total expenditure on consultancy services.

Full details of all non-audit work should be disclosed. If there is a lack of explanation over the nature of non-audit services, or if there is reason to believe that the nature of these services could impair the independence of the audit, we will oppose the re-appointment of the auditor.

If the quantum of non-audit fees consistently exceed audit fees, and if no explanation is given to shareholders, we will vote against the auditor remuneration resolution.

**Auditor Indemnification** 

We are opposed to the use of shareholders' funds to indemnify auditors.

**6. Capital Management**

**Issue of Equity** 

Company law requires that shareholder approvals be obtained to increase the share capital of a company; at the same time, shareholders need to be aware of the expected levels of dilution resulting from new equity issuance. We will generally vote in favor of equity increases which enhance a company's long term prospects, but we will vote against issuance terms that we consider excessively dilutive.

We believe strongly that any new issue of equity should first be offered to existing shareholders before being made available more broadly. Pre-emption rights are a fundamental right of ownership and we will generally vote against any attempts to deprive shareholders of these rights, except under very limited terms. At the same time, companies should have the ability to issue additional equity to provide flexibility in their financing arrangements. In many jurisdictions, companies routinely ask shareholders for authority to issue new equity up to a certain percentage of issued capital, and up to a maximum discount to prevailing market prices (the so-called "general mandate").

As shareholders, we recognize the flexibility that the general mandate gives companies, and we wish to be supportive of such proposals. However, we also recognize that these mandates can be open to abuse, particularly if this results in excessively dilutive issuance. In particular, we believe the maximum number of additional shares represented by these proposals (including the rei-issuance of repurchased shares if any) should be limited to 10% of existing equity capital, and the maximum discount of such issues to prevailing prices should similarly be limited to 10%.

We note that the listing rules in some jurisdictions permit issuance on considerably more relaxed terms than implied by these limits. In Hong Kong, for example, companies can seek approval to issue up to 20% of issued equity, at up to a 20% discount to prevailing market prices. We believe strongly that the dilution risk implied by these limits is excessive, and we tend to vote against such requests, unless a strong explanation has been provided justifying such terms.

When seeking shareholder approval for a general mandate, we would urge a company to provide the following details:

An explanation of the need for a general mandate request, and the rationale for the size of the issue and the discount cap,

• Details of placements made under the general mandate during the preceding three years,

• Details of alternative methods of financing that may have been considered by the board

JPMAM will vote against equity issues, which allows the company to adopt "poison pill" takeover defense tactics, or where the increase in authorized capital excessively dilutes existing shareholder interests.

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**Debt Issuance** 

JPMAM will generally vote in favor of debt issuance proposals, which we believe will enhance a company's long-term prospects. At the same time, we will vote against any uncapped or poorly-defined increase in bank borrowing powers or borrowing limits, as well as debt issuance which could result in an unacceptable degree of financial leverage assumed. We will also vote against proposals to increase borrowings, expressly as part of a takeover defense.

**Share Repurchase Programs** 

JPMAM will generally vote in favor of share repurchase or buy-back programs where we believe the repurchase is in the best interests of shareholders. At the same time, we will vote against abusive repurchase schemes, or when shareholders' interests could be better served by deployment of the cash for alternative uses. When purchased, we prefer that such shares are cancelled immediately, rather than taken into Treasury for re-issuance at a later date.

**7. Mergers, Acquisitions and Related Party Transactions**

Mergers and acquisitions are always considered on a case-by-case basis, and votes are determined exclusively by the best interests of our clients. In exceptional circumstances, we may split our vote and vote differently for individual clients depending on unique client circumstances. JPMAM may also split its vote between different clients for technical reasons, such as cross-border mergers, where certain clients may not be able to hold the resultant security in portfolios.

JPMAM will vote in favor of mergers/acquisitions where the proposed acquisition price represents fair value for shareholders, where shareholders cannot realize greater value through other means, and where all shareholders receive equal treatment under the merger/acquisition terms. Where the transaction involves related parties – see below – we would expect the board to establish a committee of independent directors to review the transaction and report separately to shareholders. There should be a clear value enhancing rationale for the proposed transaction.

**Related Party Transactions** 

Related party transactions (RPTs) are common in a number of Asia Pacific jurisdictions. These are transactions between a company and its related parties, and generally come in two forms: a) one-off transactions, typically asset purchases or disposals, and b), recurring transactions occurring during the ordinary course of business, usually in the form of the ongoing sale and purchase of goods and services.

According to the materiality and nature of the transaction, the RPT may need to be disclosed and submitted to a shareholder meeting for approval. Any shareholder who has a material interest in the transaction should abstain from voting on the resolution. If a RPT requires shareholder approval, the company should establish a board committee comprising solely of independent directors, and appoint an independent advisor to prepare a recommendation to minority shareholders.

We will assess one-off transactions on a case by case basis. Where we are convinced by the strategic rationale and the fairness of the transaction terms, we will vote in favor. At the same time, we would expect the independent directors to disclose how they have made their recommendation to minority shareholders, so that shareholders can make an informed decision on this transaction.

For recurring transactions, we would expect that details are disclosed in the Annual Report, and that they be subject to shareholders' approval on a periodic basis. We would expect all such transactions to have been conducted on an arms-length basis, on normal commercial terms.

**8. Voting Rights**

Voting rights are the defining feature of equity ownership, and effective corporate governance depends on the willingness and ability of shareholders to exercise their votes. As a matter of principle, we believe that one share should equal one vote, and we are opposed to mechanisms that skew voting rights in favor of founder shareholders or other privileged groups. Unfortunately, the "one share, one vote" principle has been eroded in recent years, as regulators have permitted the listing of companies with weighted voting rights and other dual class features. This has reduced the ability of minority shareholders in these companies to use their voting power to hold their managements or controlling shareholders fully to account, in view of the lack of proportionality that unequal voting structures confer.

To provide protection for minority investors, we believe that companies with dual class structures should review these control features on a regular basis and seek periodic shareholder approvals. This should give those shareholders not enjoying such voting privileges the opportunity to affirm these structures, or to establish mechanisms, such as sunset clauses, which can phase out these unequal advantages after a prescribed period of time.

Independent directors, unaffiliated to controlling shareholders, should recognize their obligation to represent all shareholders equally, irrespective of the skew in voting rights. We will vote against the re-election of independent directors if valid concerns arise that the interests of minority shareholders are being compromised by the actions of controlling shareholders, enjoying disproportionate voting rights.

Elsewhere, while certain fundamental changes to a company's business, Articles of Association, or share capital should require a supermajority vote, voting on routine business should require a simple majority only (51%). We will generally oppose amendments that require inappropriate supermajority votes, or use supermajority requirements as a tool to entrench existing managements.

**9. Environmental and Social Issues**

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We believe that a company's environmental policies may have a long-term impact on the company's financial performance. We believe that good corporate governance policies should consider the impact of company operations on the environment and the cost of compliance with laws and regulations relating to environmental matters, physical damage to the environment (including the costs of clean-ups and repairs), consumer preferences and capital investments related to climate change. Furthermore, we believe that corporate shareholders have a legitimate need for information to enable them to evaluate the potential risks and opportunities that climate change and other environmental matters pose to the company's operations, sales and capital investments. We acknowledge that many companies disclose their practices relating to social and environmental issues and that disclosure is improving over time. We generally encourage a level of reporting that is not unduly costly or burdensome and which does not place the company at a competitive disadvantage, but which provides meaningful information to enable shareholders to evaluate the impact of the company's environmental policies and practices on its financial performance.

With regard to social issues, among other factors, we consider the company's labor practices, supply chain, how the company supports and monitors those issues, what types of disclosure the company and its peers currently provide, and whether the proposal would result in a competitive disadvantage for the company.

In evaluating how to vote environmental proposals, considerations may include but are not limited to the following—

<u>Issuer Considerations</u>

• asset profile of the company, including whether it is exposed to potentially declining demand for the company's products or services due to environmental considerations

• capital deployment of the company;

• cost structure of the company, including its position on the cost curve, expected impact of future carbon tax and exposure to high fixed operating costs

• corporate behavior of the company, including whether senior management is incentivized for long-term returns

• demonstrated capabilities of the company, its strategic planning process, and past performance

• current level of disclosure of the company and consistency of disclosure across its industry

• whether the company incorporates environmental or social issues in a risk assessment or risk reporting framework

<u>Proposal Considerations</u>

• would adoption of the proposal inform and educate shareholders and have companies that adopted proposal provided insightful and meaningful information that would allow shareholders to evaluate the long-term risks and performance of the company

• does the proposal require disclosure that is already addressed by existing and proposed mandated regulatory requirements or formal guidance at the local, state, or national level or the company's existing disclosure practices

• does the proposal create the potential for unintended consequences such as a competitive disadvantage.

In general, we support management disclosure practices that are overall consistent with the goals and objective expressed above. Proposals with respect to companies that have been involved in controversies, fines or litigation are expected to be subject to heightened review and consideration.

Vote against chair of committee responsible for providing oversight of environmental matters and/or risk where we believe the company is lagging peers in terms of disclosure, business practices or targets. Vote against committee members, lead independent director and/or board chair for companies that have lagged over several years.

An engaged and diverse employee base is integral to a company's ability to innovate, respond to a diverse customer base and engage with diverse communities in which the company operates, thus delivering shareholder returns. JPMAM will generally support shareholder resolutions seeking the company to disclose data on workforce demographics including diversity, where such disclosure is deemed inadequate.

We expect engaged Boards to provide oversight of Human Capital Management (HCM); a company's management of its workforce including human resources policies including code of conduct, use of full time versus part time employees, workforce cost, employee engagement and turnover, talent development, retention and training, compliance record, and health and safety. JPMAM will vote case by case on shareholder resolutions seeking disclosure of HCM. JPMAM will generally vote against shareholder proposals seeking HCM information which is considered confidential or sensitive information by the Board.

**10. Shareholder Resolutions**

In a number of jurisdictions, shareholders have the right to submit proposals at shareholder meetings, providing eligibility and other requirements have been met. Such proposals can be wide ranging, and may include: governance reforms, capital management issues, and disclosures surrounding environmental and social risks.

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When assessing shareholder proposals, we review each resolution on its merits. Our sole criteria of support is: does this proposal enhance shareholder rights; and is this proposal in the long term interests of all shareholders? Where we are convinced the proposal meets these objective, it will receive our vote in support. However, we will not support proposals which are frivolous or supportive of a narrow activist agenda; nor will we support those which are unduly constraining on managements, or are already in managements' remit.

Where a proposal is focused on an issue that needs to be addressed, we would expect the board and management to demonstrate that company will comply with the resolution within a reasonable time-frame. But where the company fails to respond sufficiently or with the appropriate sense of urgency, we may vote against the re-election of one or more directors at subsequent meetings.

**11. Other Corporate Governance Matters**

**Amendments to Articles of Association** 

These proposals can vary from routine changes to reflect regulatory change to significant changes that can substantially alter the governance of a company. We will review these proposals on a case by case basis, and will support those proposals that we believe are in the best interests of shareholders.

**Anti-takeover Devices** 

Poison pills, and other anti-takeover devices, are arrangements designed to defend against hostile takeover. Typically, they give shareholders of a target company or a friendly third party, the right to purchase shares at a substantial discount to market value, or shares with special conversion rights in the event of a pre-defined "triggering event" (such as an outsider's acquisition of a certain percentage of company stock). Companies may be able to adopt poison pills without shareholder approval, depending on the jurisdiction concerned.

We are fundamentally opposed to any artificial barrier to the efficient functioning of markets. The market for corporate control should, ultimately, be for all shareholders to decide. We find no clear evidence that poison pills enhance shareholder value. Rather, they tend to be used as tools to entrench existing management.

We will generally vote against anti-takeover devices and support proposals aimed at revoking such plans. Where anti-takeover devices exist, they should be fully disclosed to shareholders and shareholders should be given the opportunity to review them periodically.

**Composite Resolutions** 

Agenda items at shareholder meetings should be presented so that they can be voted upon clearly, distinctly and unambiguously. We normally oppose deliberately vague, composite or "bundled" resolutions, depending on the context and local market practice. Likewise we will generally vote against "any other business" resolutions, where the exact nature of the proposal has not been presented to shareholders in advance.

Any amendments to a company's Articles of Association, for example, should be presented to shareholders in such a way that they can be voted on independently. Shareholders should similarly be able to vote on the election of directors individually, rather than as part of bundled slates.

**Charitable Donations** 

Charitable donations are generally acceptable, provided they are within reasonable limits and fully disclosed to shareholders.

**Political Donations** 

We do not support the use of shareholder funds for political purposes.

**Virtual Only Annual General Meeting**

As annual general meetings (AGMs) should be fair, constructive, and open to dialogue between the management of the company and shareholders, in principle, we support the holding of a hybrid virtual annual general meetings. However, we have concerns that there may be restrictions on shareholder participation in a virtual only annual general meeting, so we think that such a meeting should only be held in exceptional circumstances, such as during pandemic, and that companies should explain why it is necessary to hold the meeting in this manner.

J.P. Morgan Asset Management

Asia ex Japan Proxy Committee

1<sup>st</sup> April 2022

**D. Japan**

**Basic Policy on Corporate Governance** 

JPMorgan Asset Management (Japan) Ltd fully endorses the 2020 revision of the Japanese version of the Stewardship Code and, we have disclosed the steps we follow with regard to the principles of the Code. We recognize the importance of corporate governance when evaluating companies and we will continue with our efforts to engage with companies as responsible institutional investors.

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We also positively evaluate the Corporate Governance Code introduced in June 2015 which we believe serves to further enhance corporate governance in Japan.

J.P. Morgan Asset Management is a signatory to the United Nations Principles for Responsible Investment (UN PRI) which commits participants to six Principles, with the aim of incorporating ESG criteria into their processes when making stock selection decisions and promoting ESG disclosure.

**1. Purpose of proxy voting**

JPMorgan Asset Management (Japan) Ltd (AMJ) manages the voting rights of the shares entrusted to it as it would manage any other asset. It is the policy of AMJ to vote in a prudent and diligent manner, based exclusively on our reasonable judgment of what will best serve the financial interests of the beneficial owners of the security. When exercising our vote, our aim is to evaluate the governance of the company concerned and maximize returns to shareholders over the medium to long term.

**2. Proxy voting principles**

• We will vote at all of the meetings called by companies in which we are invested on behalf of our clients who have authorized us to vote.

• In principle, we will not abstain or withhold our vote. This is to prevent the worst possible outcome, a shareholder meeting failing to meet its quorum and thereby not be effective.

• We look to an enhancement of corporate value over the medium to long term and sustained growth of the company concerned through our proxy voting.

• We recognize the importance of constructive engagements with companies, as an on-going dialogue on ways to raise corporate value can lead to maximizing medium to long term investment returns for our clients. Therefore, we ask companies to be open and responsive when we seek to have investor engagements.

• If any agenda item is couched in vague terms or lacking in explanation, so that it would be possible to interpret the item in a manner detrimental to the rights of shareholders, in principle we will not support such a proposal.

1<sup>st</sup> April 2022

J.P. Morgan Asset Management (Japan) Ltd.

Japan Proxy Committee

**Voting Guidelines**

**1. Distribution of income/Dividends and share buybacks**

As investors, we are seeking sustainable earnings growth over the medium to long term and an expansion in shareholder value of the companies we invest in; thus we believe that concentrating solely on shareholders returns would not be appropriate. During different phases in a company's development, we understand that the balance between retained earnings, capital expenditure and investment in the business, and returns to shareholders will change.

As a general rule, we will vote against any proposal for the appropriation of profits which involves a pay-out ratio of less than 50% (after taking into account other forms of pay-outs to shareholders such as share repurchase programs), if the capital ratio is equal to or greater than 50% and there is no further need to increase the level of retained earnings. Also, even in the event that the capital ratio is less than 50%, we will vote against management if the pay-out ratio is deemed to be strikingly low (after taking into account other forms of pay-outs such as share repurchase programs) without a valid reason. We believe that, in general, companies should target a total shareholder return of 30%.

The guidelines above relating to a company's capital ratio have not been applied in the case of financial institutions; the income allocation proposals for financial institutions have been assessed on a case by case basis. We note, however, that the capital ratio in the banking industry has improved in recent years and thus believe conditions look more favourable now for returns to shareholders to be enhanced. Thus we believe that financial institutions should also target a total shareholder return of 30%. In instances where we deem that further retention of earnings is no longer required, we believe a total shareholder return greater than 50% would be appropriate.

If the appropriation of profits is not tabled as an item at the annual general meeting, in principle, we will vote against the re-election of directors, in cases where the above conditions are not met.

In addition, we will oppose the dividend proposal where we believe it will prejudice the solvency or future prospects of the company.

When making our decision, we take into account the history of the company's return to shareholders, not just the outcome of the most recent financial year.

Where a company seeks to amend its articles of association to allow the distribution of income by way of board resolution, we will generally vote against such a proposal We will, however, support an amendment to allow distribution of income by way of board resolution if it is clear that under normal circumstances the income allocation proposal will be presented to the annual general meeting and is thus a measure to allow the company to make distributions in exceptional circumstances.

**2. Boards and Directors**

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**Election of Directors**

We will generally support the election of directors. However, if the candidate(s) infringes our guidelines with regard to the independence of directors or the number of directors, we will not support the proposal.

In addition, in the case of the re-election of directors, we will vote against candidates who infringe our guidelines pertaining to the length of tenure, pay-out ratio, poorly performing companies, anti-social activities, cross shareholdings, stock options, anti-hostile takeover measures, mergers and acquisitions, capital raising, borrowing and share repurchase programmes. Also, we will not support the re-election of external board members

(external directors and external statutory auditors) whose attendance at board meetings falls below 75%. Where there are no external board members, we will generally oppose the re-election of the representative director(s).

**Number of Directors** 

Boards with more than 15 directors are deemed excessively large, and AMJ will exercise its voting powers in favour of reducing large boards wherever possible. AMJ believes a board with 15 directors or less is appropriate in Japan as well. To ensure a swift management decision-making process, in principle, we will therefore vote against a resolution for the election of directors where the premise is that the board will consist of more than 15 directors.

**Director's Term of Office** 

Every director should be subject to a re-election process and we believe the term of office should be one year's duration or less. We well support amendment to the articles reducing the director's term of office to one year; in principle, we will vote against a proposal where the term exceeds one year.

**Length of tenure** 

We will take the length of tenure into consideration when a director is subject to re-election. In particular, when a director who has served for a long period is offered for re-election, we will take factors such as the company's performance during that time into consideration.

**Separation of Chairman and CEO** 

AMJ believes it is preferable if the role of Chairman and CEO is separate in Japan as well.

**External Directors on the Board of Directors** 

We encourage the election of multiple external directors on the board of directors since we believe that having multiple external directors is essential for the board to form an objective perspective on the company and act effectively. Therefore, unless majority of the board of directors is comprised of external directors or candidates for external director at the annual general meeting (AGM), in principle, we will vote against the election of the representative directors, such as the president of the company. When making our decision on this issue, we will not take the independence of the external director or the candidate for external director into consideration. Our decision regarding the independence of an external director will be reflected in our vote on that individual candidate.

**Composition of the Board of Directors** 

We believe that it is not only the number of external directors which is of consequence but attach importance to the composition of the board of directors. The board has a responsibility to reflect the interest of all the company's stakeholders, such as its clients, employees and investors.

Thus, consideration should be given to achieving a suitable balance in terms of the areas of expertise, gender, nationality, seniority or length of tenure on the board of the individual board members. Recruiting individuals with unique skills, experiences and diverse backgrounds is a fundamental part of strengthening a business, and is an important consideration when searching for new board members.

We feel that gender equality in particular is one of the top priorities for Japanese corporate boards to resolve. We thus seek to deepen our understanding of the board structure through our engagement with companies, and we will also convey our message through our vote for or against the election of directors, where we believe our vote can contribute towards enhancing corporate value on the issues noted above. In principle, if there is no female representation on the board, we will vote against the election of the representative directors, such as the president of the company.

We also expect companies to consider and address diversity in its widest sense, both at the board level and throughout the business such as the senior management tier.

**Independence of external directors** 

Even if the candidate for external director meets the standards of local Japanese requirements, we believe the following candidates cannot be deemed independent without adequate explanation from the company; and in general will oppose their election as an external director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Was or is employed at an affiliate company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Was or is employed at a large shareholder or major business partner

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Was or is employed at a legal firm, accounting firm, taxation firm, consultant or financial institution such as a bank where a business relationship exists with the company concerned so that a conflict of interest exists

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Was or is employed at a company in which the investee company holds shares (cross shareholdings of equity)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. An external director whose tenure exceeds 10 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Any other candidate who also appears subject to a conflict of interest will be opposed.

These criteria apply equally to directors at boards with committees, boards with statutory auditors and boards with supervisory committees.

We will generally support a proposal to change the structure of the board from a statutory auditor type to one with a board with committees. We support measures to delegate key oversight functions such as Remuneration, Nomination and Audit to independent committees. We will also generally support a change to a board with supervisory committee, provided the company provides a clear and rational explanation behind such a move.

**Dismissal of Directors** 

In principle, we will vote against measures to make the dismissal of directors more difficult.

**Election of Statutory Auditors** 

We will generally support the election of statutory auditors, though we will oppose candidates for external statutory auditor based on our criteria for independence described in the following section. In the case of the re-election of statutory auditors, we will vote against candidates who infringe our guidelines pertaining to anti-social activities. Also, we will not support the re-election of external statutory auditors whose attendance at board meetings falls below 75%.

**Independence of external statutory auditors** 

Even if the candidate for external statutory auditor meets the standards of local Japanese requirements, we believe the following candidates cannot be deemed independent without adequate explanation from the company; and in general will oppose their election as an external statutory auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Was or is employed at an affiliate company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Was or is employed at a large shareholder or major business partner

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Was or is employed at a legal firm, accounting firm, taxation firm, consultant or financial institution such as a bank where a business relationship exists with the company concerned so that a conflict of interest exists

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Was or is employed at a company in which the investee company holds shares (cross shareholdings of equity)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. An external statutory auditor whose tenure exceeds 10 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Any other candidate who also appears subject to a conflict of interest will be opposed.

These criteria apply equally to candidates for alternate external statutory auditors.

**3. Director's Remuneration**

The voting decision will be made in a comprehensive manner taking into account matters such as the recent trend in the company's earnings. We expect the director remuneration process to be transparent and support the disclosure of individual director remuneration. We believe that director remuneration is best determined following advice from a remuneration committee independent of management; we do not support the process whereby the board gives the representative director discretion to determine the remuneration of individual directors. In principle, we will support shareholder resolutions in favour of the disclosure of individual director's remuneration and bonus payments.

We expect companies to have a remuneration system comprised of a reasonable mix of fixed and variable (based on short term and medium to long term incentives) compensation. The fixed component should reflect practices in the industry and also be consistent with the wider policies on employee pay. The variable element should be linked to performance and be designed in a manner to reward performance. We support the disclosure of the structure of director's remuneration and the linkage of director's remuneration to the company's performance. In addition, we encourage the companies to disclose key performance indicators (KPIs) or figures that clearly explain how the overall remuneration quantum, the ratio of fixed-pay to variables, or the ratio of cash to stock-based payment are decided. We support the introduction of clawback or malus clauses in order to prevent excessive risk taking which can negatively impact shareholder value and excessive pay.

In cases where there has been anti-social activity or the company has had poor performance, votes will be cast against the re-election of directors, where this is deemed appropriate. However, where there are no other appropriate proposals, we may vote against an increase in directors' pay or the payment of bonuses.

**Retirement bonus** 

The voting decision will be made in a comprehensive manner taking into account matters such as the recent trend in the company's earnings. In principle, we will support shareholder resolutions in favour of the disclosure of individual director's retirement bonus payments.

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AMJ will vote against

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Golden parachutes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Retirement bonus payments to external directors and external statutory auditors. In cases where there has been anti-social activity or the company has had poor performance, votes will be cast against the re-election of directors, where this is deemed appropriate. However, where there are no other appropriate proposals, we may vote against the payment of retirement bonuses to directors.

**Stock Options and Equity Remuneration Plans**

In terms of alignment with the interest of shareholders, we believe it is meaningful for directors and employees to hold the company stock and welcome the award of stock options and equity compensation. Long-term incentive arrangements, such as share option schemes and L-TIPs, should be dependent upon challenging performance criteria and there should be no award for below median performance. The terms should be clearly explained and fully disclosed to shareholders and participants.

We will vote against the proposal in the following cases

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The terms of the stock option or equity remuneration plan are unclear or not fully disclosed. Deep discount stock option plans will only be supported if exercise is prohibited in the first three years following the award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In general, we will not support a proposal where the dilution from existing schemes and the new program requiring annual general meeting approval exceeds 10%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Transaction bonuses, or other retrospective ex-gratia payments, should not be made

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. We will generally vote against the cancellation and re-issue, re-testing or re-pricing, of underwater options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. External directors and statutory auditors (both internal and external), as well as third parties such as clients should not be participants in stock option schemes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Equity remuneration for external directors and statutory auditors (both internal and external) should not be linked to performance. Nor should third parties receive equity.

**4. Appointment of external audit firms**

Auditors must provide an independent and objective check on the way in which the financial statements have been prepared and presented. We will oppose an appointment where we believe a conflict of interest may exist.

**Exemption from liability** 

Apart from those instances where local rules allow, in general, we will vote against a limitation in the legal liability of directors and statutory auditors.

We believe agreements should not be concluded with external audit firms exempting them from liability and we will oppose proposals to amend articles of association to permit the introduction of such agreements.

**5. Poorly performing companies**

During our scrutiny of management proposals at AGMs, we will be cognisant of the recent trend in a company's earnings. For example, where a company has seen a recurring decline in earnings, recorded a large loss, or continuously reported a noticeably low level of return (such as a company with a permanently low ROE), we may determine the poor performance of the company needs to be reflected in our voting activity. (We do not have a ROE target as such, but look at the level and trend in ROE when evaluating companies). In such instances, AMJ will vote against the re-election of a director where shareholder value has been negatively impacted by the poor performance attributable to mistakes made during the director's term.

**6. Efforts to improve capital efficiency**

We expect company management to have due regard for the cost of capital. If a company does not show signs that it is seeking to improve the efficient use of capital, where we believe the company's capital management will lead to depressed earnings or a deterioration in corporate and shareholder value, AMJ will vote against the re-election of the representative director(s) or the director in charge.

**7. Anti-social activities**

This is an item included within a Japanese context. There is no strict definition of anti-social activity, but in this context refers to companies, for example, subject to official sanctions from their regulatory bodies or have violated the law during the fiscal year in question. In addition, companies which have caused severe social problems or through their actions negatively impacted earnings and caused a severe loss to shareholder value will be considered. Emphasis is placed on the possibility or otherwise of the impairment of shareholder value through these activities.

AMJ expects companies which have been involved in anti-social activities to disclose such activities to shareholders, together with the countermeasures and the remedial measures adopted. If the parties directly involved in the anti-social activity remain on the board of

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directors, in general, we will vote against the election of those directors and/or statutory auditors concerned. However, where there are no other appropriate proposals, we may vote against the directors' remuneration, the payment of bonuses or retirement bonuses to directors, or the award of stock options.

**8. Cross-shareholdings**

This is an item included within a Japanese context. Due to potential conflict of interest, the risk of the proxy vote becoming inconsequential, and capital efficiency concerns, in general, we believe companies should not have cross-shareholdings in other companies. Therefore, we will vote against the re-election of the representative director(s) or the director in charge at companies which are expanding cross-shareholdings, companies with a low likelihood of liquidating the existing cross-shareholdings, or companies who endorse the idea of cross-shareholdings.

We have observed cases where disclosures on cross-shareholdings provided by companies are either too complex or too vague; this can be obstructive for investors to have constructive engagement on the topic. Therefore, we ask the companies to provide full quantitative and qualitative explanation on past proxy voting activities, potential conflict of interest of owning shares in business partners, and the economic rationale for existing cross-shareholdings.

**9. Adoption of anti-hostile takeover measures**

AMJ considers such measures on a case-by-case basis. In principle we will oppose such measures, unless it is clear such measures are necessary and effective and will serve to enhance shareholder value. AMJ will generally vote against anti-takeover devices and support proposals aimed at revoking existing plans. AMJ will vote against increases in capital where the increase in authorised capital would dilute shareholder value in the long-term. Also, if management adopts other measures which fulfill the function of an anti-hostile takeover measure without seeking shareholder approval, methods of expressing a vote against management will be determined as deemed appropriate.

In a Japanese context, the following are among the steps we believe that can be viewed as "poison pill" equivalents: 1) MPO financings; 2) increases in authorized share capital without adequate explanation; 3) large scale dilution to parties other than shareholders; 4) issuance of "golden shares"; 5) deliberate changes as to the timing of re-election of directors; 6) lengthy extensions to the directors' term. From the viewpoint of the safeguarding of shareholder rights, we will oppose the re-election of directors, for example, in this context.

**10 Capital Structure**

**Issue of classified stock**

We will oppose the issue of classified stock without a rational explanation regarding the purpose of such a means of fund-raising.

**Increase in the authorized share capital** 

AMJ will vote against the increase in the authorized share capital when we believe this will be detrimental to shareholder value.

**Capital Increase** 

Capital increases will be judged on a case-by-case basis depending on its purpose. AMJ will vote against capital increases if the purpose is to defend against a takeover.

When new shares are issued, in principle, we believe existing shareholders should be given precedence. Even if this is not the case, we will look at each instance with due care.

If there is no opportunity to indicate our view at the shareholders meeting and we hold a negative view regarding a capital increase during the fiscal year in question, we will oppose the election of directors.

**Borrowing of Funds** 

AMJ will vote against abrupt increases in borrowing of funds if the purpose is to defend against a takeover. If there is no opportunity to indicate our view at the shareholders meeting and we hold a negative view regarding the borrowing of funds, we will oppose the re-election of directors.

**Share Repurchase Programs** 

AMJ will vote in favour of share repurchase programs if it leads to an increase in the value of the company's shares. If there is no opportunity to indicate our view at the shareholders meeting and we hold a negative view regarding the share repurchase program, we will oppose the re-election of directors.

**11. Mergers / Acquisitions**

Mergers and acquisitions must only be consummated at a price representing fair value. If there is no opportunity to indicate our view at the shareholders meeting and we hold a negative view regarding the merger/acquisition, we will oppose the re-election of directors.

**12. Virtual Only Annual General Meeting**

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As annual general meetings (AGMs) should be fair, constructive, and open to dialogue between the management of the company and shareholders, in principle, we support the holding of a hybrid virtual annual general meetings. However, we have concerns that there may be restrictions on shareholder participation in a virtual only annual general meeting, so we think that such a meeting should only be held in exceptional circumstances, such as during pandemic, and that companies should explain why it is necessary to hold the meeting in this manner.

**13. Social and Environmental Issues**

We believe that a company's environmental policies may have a long-term impact on the company's financial performance. We believe that good corporate governance policies should consider the impact of company operations on the environment and the cost of compliance with laws and regulations relating to environmental matters, physical damage to the environment (including the costs of clean-ups and repairs), consumer preferences and capital investments related to climate change. Furthermore, we believe that corporate shareholders have a legitimate need for information to enable them to evaluate the potential risks and opportunities that climate change and other environmental matters pose to the company's operations, sales and capital investments. We acknowledge that many companies disclose their practices relating to social and environmental issues and that disclosure is improving over time. We generally encourage a level of reporting that is not unduly costly or burdensome and which does not place the company at a competitive disadvantage, but which provides meaningful information to enable shareholders to evaluate the impact of the company's environmental policies and practices on its financial performance.

With regard to social issues, among other factors, we consider the company's labor practices, supply chain, how the company supports and monitors those issues, what types of disclosure the company and its peers currently provide, and whether the proposal would result in a competitive disadvantage for the company.

In evaluating how to vote environmental proposals, considerations may include but are not limited to the following—

<u>Issuer Considerations</u>

• Asset profile of the company, including whether it is exposed to potentially declining demand for the company's products or services due to environmental considerations

• capital deployment of the company

• cost structure of the company, including its position on the cost curve, expected impact of future carbon tax and exposure to high fixed operating costs

• corporate behavior of the company, including whether senior management is incentivized for long-term returns

• demonstrated capabilities of the company, its strategic planning process, and past performance

• current level of disclosure of the company and consistency of disclosure across its industry

• whether the company incorporates environmental or social issues in a risk assessment or risk reporting framework

<u>Proposal Considerations</u>

• would adoption of the proposal inform and educate shareholders and have companies that adopted proposal provided insightful and meaningful information that would allow shareholders to evaluate the long-term risks and performance of the company

• does the proposal require disclosure that is already addressed by existing and proposed mandated regulatory requirements or formal guidance at the local, state, or national level or the company's existing disclosure practices

• does the proposal create the potential for unintended consequences such as a competitive disadvantage.

In general, we support management disclosure practices that are overall consistent with the goals and objective expressed above. Proposals with respect to companies that have been involved in controversies, fines or litigation are expected to be subject to heightened review and consideration.

Vote against chair of committee responsible for providing oversight of environmental matters and/or risk where we believe the company is lagging peers in terms of disclosure, business practices or targets. Vote against committee members, lead independent director and/or board chair for companies that have lagged over several years.

An engaged and diverse employee base is integral to a company's ability to innovate, respond to a diverse customer base and engage with diverse communities in which the company operates, thus delivering shareholder returns. JPMAM will generally support shareholder resolutions seeking the company to disclose data on workforce demographics including diversity, where such disclosure is deemed inadequate.

We expect engaged Boards to provide oversight of Human Capital Management (HCM); a company's management of its workforce including human resources policies including code of conduct, use of full time versus part time employees, workforce cost, employee engagement and turnover, talent development, retention and training, compliance record, and health and safety. JPMAM will vote case by case on shareholder resolutions seeking disclosure of HCM. JPMAM will generally vote against shareholder proposals seeking HCM information which is considered confidential or sensitive information by the Board.

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**14. Conflicts of Interest**

In order to maintain the integrity and independence of AMJ's proxy-voting decisions, without undue influence from business relations with investee companies and to avoid conflicts of interest, AMJ refers to the view of third party governance specialists to form an objective and rational judgment.

There is a possibility that conflicts of interest may arise with other group companies within the JPMorgan Chase (the ultimate parent company of JPMAM) group as such companies may be providing funds or acting as the underwriter for investee companies. In order to maintain the integrity and independence of AMJ's proxy-voting decisions, JPMorgan Chase has established formal barriers designed to restrict the flow of information between its securities, lending, investment banking and other divisions to investment professionals in the Asset Management division.

Nonetheless, where a potential material conflict of interest has been identified, AMJ, within the scope permitted by regulations and with clients, will call upon an independent third-party to make the voting decision, or it will contact individual clients to approve any voting decision, or may elect not to vote.

**15. Shareholder proposals**

When deciding how we will vote a shareholder proposal, we scrutinise every item on a case-by-case basis, based on our judgment of what serves to enhance corporate value over the medium to long term, keeping in mind the best economic interests of our clients.

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**Madison Asset Management, LLC**

**PROXY VOTING POLICY**

**MADISON INVESTMENT HOLDINGS, INC. AND AFFILIATES**

**I. INTRODUCTION**

In accordance with Rule 206(4)-6 of the Investment Advisers Act of 1940, as amended, Madison Investment Holdings, Inc. and affiliates ("Madison" or the "Firm") has adopted the following proxy voting policies and procedures (the "Policy"). This Policy applies to Madison and anyone acting on its behalf and at its designation, in connection with the voting of proxies. This Policy consists of the policies, procedures and requirements set forth below and will be periodically reviewed and amended as needed. Capitalized terms used but not otherwise defined herein have the meanings ascribed to them in Madison's Compliance Manual.

**II. DEFINITIONS**

**Proxy** or **Proxies** as used in this Policy includes the submission of a security holder vote by Proxy instrument, in person at a meeting of security holders or by written consent.

**III. POLICY**

This Policy applies to Madison and each of its officers and anyone acting on its behalf and at its designation, in connection with the voting of proxies. This Policy consists of the policies, procedures and requirements set forth below and will be periodically reviewed and amended as needed.

It is Madison's general policy to vote Proxies in the best interest of its clients. Accordingly, Madison will vote all Proxies in a manner intended to promote the client's investment objectives and to maximize investment returns, while following the investment restrictions and policies of each client, generally, as set forth in the governing documents of the relevant client. Madison will typically vote a security's proxy in accordance with the recommendations of that security's Board of Directors' recommendations, including, but not limited to:

• Changes in corporate governance;

• Changes in corporate structure;

• Appointment of auditors;

• Social responsibility programs;

• Compensation plans for executives; and

• Mergers and acquisitions, as applicable.

Madison will typically vote against shareholder proposals, however, Madison seeks the best of interests of its clients, and is not bound by the recommendations of a security's Board of Directors or the recommendations of any third party proxy research and voting service.

Madison will use the services of an independent third party (e.g. Glass Lewis or Broadridge) for research, recommendations, and voting services. In the use of such services, Madison will typically vote the actual proxies on behalf of its clients. As discussed herein, where there is a material conflict of interest with a client or material conflict of interest with a client's portfolio holdings, Madison will typically defer to the voting recommendations of the third party proxy research provider, and vote that proxy in accordance with the instructions of the third party proxy voting service provider.

In the event Madison has proxies to vote, there may be instances when the Firm refrains from voting a Proxy, such as when Madison determines that the cost of voting the Proxy exceeds the expected benefit to the client and would not be in the client's best interest. For example, the cost of voting certain foreign proxies may exceed the benefit to clients. Madison cannot anticipate every situation, and certain issues are better handled on a case-by-case basis. Proxy voting decisions are generally made by the relevant Madison Portfolio Management teams with knowledge of the security, and coordinated by Madison operations personnel.

In cases where a proxy will not be voted or, as described below, voted against the Board of Directors' recommendation, Madison's policy is to make a notation to the file containing the records for such security explaining the Firm's action or inaction, as the case may be. The majority of clients have elected that Madison vote the proxies on their behalf. The Firm votes client proxies in one of two ways. Proxy votes are either cast through Proxy Edge, a service which provides notification of proxy meetings and establishes voting through their electronic platform, or votes are made through proxyvote.com for those accounts which have not yet been set up on Proxy Edge.

**IV. ADMINISTRATION**

The CCO will be responsible for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overall compliance with this Policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reviewing and updating the Policy, as appropriate.

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**V. MATERIAL CONFLICTS OF INTEREST**

In the event Madison determines there is or may be a material conflict of interest between Madison and a client or client's portfolio holdings when voting Proxies, Madison will seek to resolve the issue in the best interest of its client. Madison will address such actual or potential material conflicts of interest using one of the following procedures:

• Madison may vote the Proxy using the established objective policies described above;

• Madison may engage a third party to recommend a vote with respect to the Proxy based on application of the policies set forth herein or Madison may bring the Proxy to senior management of the Firm to make a determination; or

• Madison may employ such other method as is deemed appropriate under the circumstances, given the nature of the conflict.

Although it is not likely, in the event there is a conflict of interest between Madison and a client in connection with a material proxy vote, Madison will typically employ the services of an independent third party proxy services firm to make the proxy voting decision in accordance with Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended.

In the absence of any conflict, if any member of the relevant Portfolio Management team determines that it would be in the clients' best interests to vote against management recommendations (or, for Madison Scottsdale, any particular portfolio manager makes such determination), then the decision should be brought to the attention of the management team, or any subcommittee appointed by the management team from among its members, to ratify the decision to stray from the general policy of voting with management. Such ratification need not be in writing.

**VI. DISCLOSURES**

Madison will make the following disclosures to clients:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon request by a client, a copy of the Policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon request by a client, the Proxy voting record for Proxies voted on behalf of the client.

**VII. RECORDKEEPING**

Madison will keep the following records, if applicable:

1. A copy of the Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A copy of each Proxy statement received with respect to client portfolio securities, except when a Proxy statement is available on the SEC's EDGAR public filing system, Madison may rely on that filing in lieu of keeping its own copy;

3. A record of each Proxy vote cast by Madison on behalf of a client;

4. A record of each Proxy vote Madison refrained from voting on behalf of a client;

5. A copy of any document prepared by Madison that was material to a Proxy voting decision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. A copy of each written client request for information regarding how Madison voted Proxies on behalf of clients and any written response by Madison to any client requests shall be maintained in such client's file.

Madison has retained the services of Proxy Edge to maintain the records of the proxy votes cast on behalf of clients. To the extent the Firm votes any proxies outside of this service, then copies of the voted proxy must be maintained in the applicable client or research file, as the case may be.

**VIII. AMENDMENTS** 

This Policy may be amended from time to time by the CCO.

January 2022

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**Milliman Financial Risk Management LLC**

**PROXY VOTING POLICY** 

Milliman Financial Risk Management LLC ("Milliman FRM"), as a matter of policy and as a fiduciary, has responsibility for voting proxies for portfolio securities consistent with the best economic interests of Investment Companies for which it is the primary investment adviser or a sub-adviser to whom proxy voting has been delegated by the client's fund board. Milliman FRM maintains written policies and procedures as to the handling, research, voting and reporting of proxy voting and makes appropriate disclosures about its proxy policies and practices. Milliman FRM's policy and practice includes the responsibility to monitor corporate actions, receive and vote client proxies and disclose any potential conflicts of interest as well as making information available to clients about the voting of proxies for their portfolio securities and maintaining relevant and required records.

**RESPONSIBILITY** 

Milliman FRM's Chief Compliance Officer and Compliance team are responsible for the implementation and monitoring of this proxy voting policy, practices, disclosures and record keeping, including outlining the voting guidelines in these procedures.

Milliman FRM employs a third party proxy advisory firm (a "Proxy Adviser") to effectuate voting and the receipt of records related to voting, and employs policies and procedures in order to evaluate the services of the Proxy Adviser. Milliman FRM's CCO and Proxy Committee are responsible for developing and overseeing "Proxy Voting Guidelines" where applicable, including oversight of the Proxy Adviser.

**DISCLOSURE**

Milliman FRM will provide conspicuously displayed information in its Form ADV Part 2A summarizing this proxy voting policy and procedures.

**PROCEDURES** 

1. <u>Principles and Guidelines</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. Principles**. Milliman FRM's primary purpose is to vote proxies in the best interests of Investment Companies for which it is the primary adviser and will *generally* vote for, against, consider on a case-by-case basis, or abstain from voting as indicated below. Milliman FRM may utilize independent research reports to inform its proxy voting.

**b. Proxy Committee.** Milliman FRM's Proxy Committee meets at least quarterly. Among other duties, the Committee:

i. Reviews voting activity during the previous quarter;

ii. Reviews timely voting issues which may be relevant to clients, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Performs diligence and oversight of the Proxy Adviser to ensure the information and advice received results in proxy voting that is in the best interest of Milliman FRM's clients, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• evaluating any Proxy Adviser in advance of retention;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• evaluating the process for addressing potential factual errors, incompleteness or methodological weakness in the Proxy Adviser's analysis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adopting policies for evaluating the Proxy Adviser's services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Determining when to exercise proxy voting opportunities.

2. <u>Circumstances</u>.

i. Milliman FRM is Primary Investment Adviser

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where Milliman FRM serves as the primary investment adviser to the Investment Company, Milliman FRM's Proxy Committee will utilize the Proxy Voting Guidelines.

ii. Milliman FRM is Sub-adviser, and Investment Company retains voting rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where Milliman serves as a sub-adviser to the Investment Company and the Investment Company has retained the right to vote its own proxies, Milliman FRM will not be obligated to take any action with respect to proxy voting.

iii. Milliman FRM is Sub-adviser, and Investment Company delegates voting rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where Milliman FRM serves as a sub-adviser to the Investment Company and the Investment Company has delegated proxy voting responsibility to Milliman FRM, Milliman FRM will utilize the Proxy Voting Guidelines.

iv. Milliman is Primary Investment Adviser or Sub-Adviser to Mutual Funds of Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Milliman FRM serves as investment adviser to certain investment companies which invest in other investment companies that are not affiliated ("Underlying Funds") and are required by the Investment Company Act of 1940, as amended (the "1940 Act") Act to handle proxies received from Underlying Funds in a certain manner. Notwithstanding the guidelines provided in these

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procedures, it is the policy of Milliman FRM to vote all proxies received from the Underlying Funds in the same proportion that all shares of the Underlying Funds are voted, or in accordance with instructions received from fund shareholders, pursuant to Section 12(d)(1)(F) of the 1940 Act.

3. <u>Obtaining More Information</u>. Investment Companies for which Milliman FRM is the primary adviser may obtain a record of Milliman FRM's proxy voting, free of charge, by calling its main office at (312) 726-0677.

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**Morgan Stanley Investment Management Inc.**

**Morgan Stanley Investment Management** <br>**EQUITY Proxy Voting Policy and Procedures**

**1. POLICY STATEMENT**

Morgan Stanley Investment Management's policy and procedures for voting proxies, the Equity Proxy Voting Policy and Procedures (the "Policy"), with respect to securities held in the accounts of clients applies to those Morgan Stanley Investment Management ("MSIM") entities that provide discretionary investment management services and for which an MSIM entity has authority to vote proxies.<sup>1</sup> For purposes of this Policy, clients shall include: Morgan Stanley U.S. registered investment companies, other Morgan Stanley pooled investment vehicles, and MSIM separately managed accounts (including accounts for Employee Retirement Income Security ("ERISA") clients and ERISA-equivalent clients). This Policy is reviewed and updated as necessary to address new and evolving proxy voting issues and standards.

The MSIM entities covered by this Policy currently include the following: Morgan Stanley AIP GP LP, Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Limited, Morgan Stanley Investment Management Company, Morgan Stanley Saudi Arabia, MSIM Fund Management (Ireland) Limited, Morgan Stanley Asia Limited, Morgan Stanley Investment Management (Japan) Co. Limited, Morgan Stanley Investment Management Private Limited, Morgan Stanley Eaton Vance CLO Manager LLC, and Morgan Stanley Eaton Vance CLO CM LLC (each an "MSIM Affiliate" and collectively referred to as the "MSIM Affiliates" or as "we" below).

Each MSIM Affiliate will use its best efforts to vote proxies as part of its authority to manage, acquire and dispose of account assets.

• With respect to the U.S. registered investment companies sponsored, managed or advised by any MSIM Affiliate (the "MS Funds"), each MSIM Affiliate will vote proxies under this Policy pursuant to authority granted under its applicable investment advisory agreement or, in the absence of such authority, as authorized by the Board of Directors/Trustees of the MS Funds.

• For other pooled investment vehicles (e.g., UCITS), each MSIM Affiliate will vote proxies under this Policy pursuant to authority granted under its applicable investment advisory agreement or, in the absence of such authority, as authorized by the relevant governing board.

• For separately managed accounts (including ERISA and ERISA-equivalent clients), each MSIM Affiliate will vote proxies under this Policy pursuant to authority granted under the applicable investment advisory agreement or investment management agreement. Where an MSIM Affiliate has the authority to vote proxies on behalf of ERISA and ERISA-equivalent clients, the MSIM Affiliate must do so in accordance with its fiduciary duties under ERISA (and the Internal Revenue Code).

• In certain situations, a client or its fiduciary may reserve the authority to vote proxies for itself or an outside party or may provide an MSIM Affiliate with a statement of proxy voting policy. The MSIM Affiliate will comply with the client's policy

An MSIM Affiliate will not vote proxies unless the investment management agreement, investment advisory agreement or other authority explicitly authorizes the MSIM Affiliate to vote proxies.

MSIM Affiliates will vote proxies in a prudent and diligent manner and in the best interests of clients, including beneficiaries of and participants in a client's benefit plan(s) for which the MSIM Affiliates manage assets, consistent with the objective of maximizing long-term investment returns ("Client Proxy Standard") and this Policy. In addition to voting proxies of portfolio companies, MSIM routinely engages with, or, in some cases, may engage a third party to engage with, the management or board of companies in which we invest on a range of environmental, social and governance issues. Governance is a window into or proxy for management and board quality. MSIM engages with companies where we have larger positions, voting issues are material or where we believe we can make a positive impact on the governance structure. MSIM's engagement process, through private communication with companies, allows us to understand the governance structures at investee companies and better inform our voting decisions.

<u>Retention and Oversight of Outsourced Proxy Voting</u> – Certain MSIM exchange-traded funds ("ETFs") will follow Calvert Research and Management's ("Calvert") Proxy Voting Policies and Procedures and the Global Proxy Voting Guidelines set forth in Appendix A of the Calvert Proxy Voting Policies and Procedures. MSIM's oversight of Calvert's proxy voting engagement is ongoing pursuant to the 40 Act Fund Service Provider and Vendor Oversight Policy

<u>Retention and Oversight of Proxy Advisory Firms</u> – Institutional Shareholder Services ("ISS") and Glass Lewis (together with other proxy research providers as we may retain from time to time, the "Research Providers") are independent advisers that specialize in providing a variety of fiduciary-level proxy-related services to institutional investment managers, plan sponsors, custodians, consultants, and other institutional investors. The services provided include in-depth research, global issuer analysis, record retention, ballot processing and voting recommendations.

To facilitate proxy voting MSIM has retained Research Providers to provide company level reports that summarize key data elements contained within an issuer's proxy statement. Although we are aware of the voting recommendations included in the Research Providers' company level reports, these recommendations are not an input into our vote nor is any potential vote prepopulated based on a Research Provider's research. MSIM votes all proxies based on its own proxy voting policies, consultation with the investment teams, and in the best interests of each client. In addition to research, MSIM retains ISS to provide vote execution, reporting, and recordkeeping services.

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As part of MSIM's ongoing oversight of the Research Providers, MSIM performs periodic due diligence on the Research Providers. Topics of the reviews include, but are not limited to, conflicts of interest, methodologies for developing their policies and vote recommendations, and resources.

<u>Voting Proxies for Certain Non-U.S. Companies</u> - Voting proxies of companies located in some jurisdictions may involve several problems that can restrict or prevent the ability to vote such proxies or entail significant costs. 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; (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) the imposition of restrictions on the sale of the securities for a period of time in proximity to the shareholder meeting; and (vi) requirements to provide local agents with power of attorney to facilitate our voting instructions. As a result, we vote clients' non-U.S. proxies on a best efforts basis only, after weighing the costs and benefits of voting such proxies, consistent with the Client Proxy Standard. ISS has been retained to provide assistance in connection with voting non-U.S. proxies.

<u>Securities Lending</u> - MS Funds or any other investment vehicle sponsored, managed or advised by an MSIM affiliate may participate in a securities lending program through a third party provider. The voting rights for shares that are out on loan are transferred to the borrower and therefore, the lender *(i.e.,* an MS Fund or another investment vehicle sponsored, managed or advised by an MSIM affiliate) is not entitled to vote the lent shares at the company meeting. In general, MSIM believes the revenue received from the lending program outweighs the ability to vote and we will not recall shares for the purpose of voting. However, in cases in which MSIM believes the right to vote outweighs the revenue received, we reserve the right to recall the shares on loan on a best efforts basis.

<sup>1</sup> This Policy does not apply to MSIM's authority to exercise certain decision-making rights associated with investments in loans and other fixed income instruments (collectively, for purposes hereof, "Fixed Income Instruments).

**2. GENERAL PROXY VOTING GUIDELINES**

To promote consistency in voting proxies on behalf of our clients, we follow this Policy (subject to any exception set forth herein). As noted above, certain ETFs will follow Calvert's Global Proxy Voting Guidelines set forth in Appendix A of Calvert's Proxy Voting Policies and Procedures and the proxy voting guidelines discussed in this section do not apply to such ETFs. See Appendix A of Calvert's Proxy Voting Policies and Procedures for a general discussion of the proxy voting guidelines to which these ETFs will be subject.

The Policy addresses a broad range of issues, and provides general voting parameters on proposals that arise most frequently. However, details of specific proposals vary, and those details affect particular voting decisions, as do factors specific to a given company. Pursuant to the procedures set forth herein, we may vote in a manner that is not in accordance with the following general guidelines, provided the vote is approved by the Proxy Review Committee (see Section 3) and is consistent with the Client Proxy Standard. Morgan Stanley AIP GP LP (Morgan Stanley AIP") will follow the procedures as described in Appendix A.

We endeavor to integrate governance and proxy voting policy with investment goals, using the vote to encourage portfolio companies to enhance long-term shareholder value and to provide a high standard of transparency such that equity markets can value corporate assets appropriately.

We seek to follow the Client Proxy Standard for each client. At times, this may result in split votes, for example when different clients have varying economic interests and / or priorities reflected in their mandates with respect to the outcome of a particular voting matter (such as a case in which varied ownership interests in two companies involved in a merger result in different stakes in the outcome). We also may split votes at times based on differing views of portfolio managers.

We may abstain from or vote against matters for which disclosure is inadequate.

**A. Routine Matters.**

We generally support routine management proposals. The following are examples of routine management proposals:

• Approval of financial statements and auditor reports if delivered with an unqualified auditor's opinion.

• General updating/corrective amendments to the charter, articles of association or bylaws, unless we believe that such amendments would diminish shareholder rights.

Most proposals related to the conduct of the annual meeting, with the following exceptions. We generally oppose proposals that relate to "the transaction of such other business which may come before the meeting," and open-ended requests for adjournment. However, where management specifically states the reason for requesting an adjournment and the requested adjournment would facilitate passage of a proposal that would otherwise be supported under this Policy (i.e., an uncontested corporate transaction), the adjournment request will be supported. We do not support proposals that allow companies to call a special meeting with a short (generally two weeks or less) time frame for review. We generally support shareholder proposals advocating confidential voting procedures and independent tabulation of voting results.

**B. Board of Directors.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**

**<u>Election of directors:</u>** Votes on board nominees can involve balancing a variety of considerations. In vote decisions, we may take into consideration whether the company has a majority voting policy in place that we believe makes the director vote more meaningful. In the absence of a proxy contest, we generally support the board's nominees for director except as follows:

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• We consider withholding support from or voting against a nominee if we believe a direct conflict exists between the interests of the nominee and the public shareholders, including failure to meet fiduciary standards of care and/or loyalty. We may oppose directors where we conclude that actions of directors are unlawful, unethical or negligent. We consider opposing individual board members or an entire slate if we believe the board is entrenched and/or dealing inadequately with performance problems; if we believe the board is acting with insufficient independence between the board and management; or if we believe the board has not been sufficiently forthcoming with information on key governance or other material matters.

• We consider withholding support from or voting against interested directors if the company's board does not meet market standards for director independence, or if otherwise we believe board independence is insufficient. We refer to prevalent market standards as promulgated by a stock exchange or other authority within a given market (e.g., New York Stock Exchange or Nasdaq rules for most U.S. companies, and The Combined Code on Corporate Governance in the United Kingdom). Thus, for an NYSE company with no controlling shareholder, we would expect that at a minimum a majority of directors should be independent as defined by NYSE. Where we view market standards as inadequate, we may withhold votes based on stronger independence standards. Market standards notwithstanding, we generally do not view long board tenure alone as a basis to classify a director as non-independent.

1. At a company with a shareholder or group that controls the company by virtue of a majority economic interest in the company, we have a reduced expectation for board independence, although we believe the presence of independent directors can be helpful, particularly in staffing the audit committee, and at times we may withhold support from or vote against a nominee on the view the board or its committees are not sufficiently independent. In markets where board independence is not the norm (e.g. Japan), however, we consider factors including whether a board of a controlled company includes independent members who can be expected to look out for interests of minority holders.

2. We consider withholding support from or voting against a nominee if he or she is affiliated with a major shareholder that has representation on a board disproportionate to its economic interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Depending on market standards, we consider withholding support from or voting against a nominee who is interested and who is standing for election as a member of the company's compensation/remuneration, nominating/governance or audit committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We consider withholding support from or voting against nominees if the term for which they are nominated is excessive. We consider this issue on a market-specific basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We consider withholding support from or voting against nominees if in our view there has been insufficient board renewal (turnover), particularly in the context of extended poor company performance. Also, if the board has failed to consider diversity, including but not limited to, gender and ethnicity, in its board composition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We consider withholding support from or voting against a nominee standing for election if the board has not taken action to implement generally accepted governance practices for which there is a "bright line" test. For example, in the context of the U.S. market, failure to eliminate a dead hand or slow hand poison pill would be seen as a basis for opposing one or more incumbent nominees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In markets that encourage designated audit committee financial experts, we consider voting against members of an audit committee if no members are designated as such. We also consider voting against the audit committee members if the company has faced financial reporting issues and/or does not put the auditor up for ratification by shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We believe investors should have the ability to vote on individual nominees, and may abstain or vote against a slate of nominees where we are not given the opportunity to vote on individual nominees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We consider withholding support from or voting against a nominee who has failed to attend at least 75% of the nominee's board and board committee meetings within a given year without a reasonable excuse. We also consider opposing nominees if the company does not meet market standards for disclosure on attendance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We consider withholding support from or voting against a nominee who appears overcommitted, particularly through service on an excessive number of boards. Market expectations are incorporated into this analysis; for U.S. boards, we generally oppose election of a nominee who serves on more than five public company boards (excluding investment companies), or public company CEOs that serve on more than two outside boards given level of time commitment required in their primary job.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We consider withholding support from or voting against a nominee where we believe executive remuneration practices are poor, particularly if the company does not offer shareholders a separate "say-on-pay" advisory vote on pay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.**

**<u>Discharge of Directors' Duties:</u>** In markets where an annual discharge of directors' responsibility is a routine agenda item, we generally support such discharge. However, we may vote against discharge or abstain from voting where there are serious findings of fraud or other unethical behavior for which the individual bears responsibility. The annual discharge of responsibility represents shareholder approval of disclosed actions taken by the board during the year and may make future shareholder action against the board difficult to pursue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.**

**<u>Board Independence</u>**: We generally support U.S. shareholder proposals requiring that a certain percentage (up to 66 <sup>2</sup>∕3%) of the company's board members be independent directors, and promoting all-independent audit, compensation and nominating/governance committees.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.**

**<u>Board Diversity</u>**: We generally support shareholder proposals urging diversity of board membership with respect to gender, race or other factors where we believe the board has failed to take these factors into account. We will also consider not supporting the re-election of the nomination committee and / or chair (or other resolutions when the nomination chair is not up for re-election) where we perceive limited progress in gender diversity, with the expectation where feasible and with consideration of any idiosyncrasies of individual markets, that female directors represent not less than a third of the board, unless there is evidence that the company has made significant progress in this area. In markets where information on director ethnicity is available, and it is legal to obtain it, and where it is relevant, we will generally also consider not supporting the re-election of the nomination committee chair (or other resolutions when the nomination chair is not up for re-election) if the board lacks ethnic diversity and has not outlined a credible diversity strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.**

**<u>Majority Voting</u>**: We generally support proposals requesting or requiring majority voting policies in election of directors, so long as there is a carve-out for plurality voting in the case of contested elections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f.**

**<u>Proxy Access</u>**: We consider proposals on procedures for inclusion of shareholder nominees and to have those nominees included in the company's proxy statement and on the company's proxy ballot on a case-by-case basis. Considerations include ownership thresholds, holding periods, the number of directors that shareholders may nominate and any restrictions on forming a group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g.**

**<u>Reimbursement for Dissident Nominees</u>**: We consider proposals on procedures for inclusion of shareholder nominees and to have those nominees included in the company's proxy statement and on the company's proxy ballot on a case-by-case basis. Considerations include ownership thresholds, holding periods, the number of directors that shareholders may nominate and any restrictions on forming a group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h.**

**<u>Proposals to Elect Directors More Frequently</u>**: In the U.S. public company context, we usually support shareholder and management proposals to elect all directors annually (to "declassify" the board), although we make an exception to this policy where we believe that long-term shareholder value may be harmed by this change given particular circumstances at the company at the time of the vote on such proposal. As indicated above, outside the United States we generally support greater accountability to shareholders that comes through more frequent director elections, but recognize that many markets embrace longer term lengths, sometimes for valid reasons given other aspects of the legal context in electing boards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.**

**<u>Cumulative Voting</u>**: We generally support proposals to eliminate cumulative voting in the U.S. market context. (Cumulative voting provides that shareholders may concentrate their votes for one or a handful of candidates, a system that can enable a minority bloc to place representation on a board.) U.S. proposals to establish cumulative voting in the election of directors generally will not be supported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**j.**

**<u>Separation of Chairman and CEO Positions</u>**: We vote on shareholder proposals to separate the Chairman and CEO positions and/or to appoint an independent Chairman based in part on prevailing practice in particular markets, since the context for such a practice varies. In many non-U.S. markets, we view separation of the roles as a market standard practice, and support division of the roles in that context. In the United States, we consider such proposals on a case-by-case basis, considering, among other things, the existing board leadership structure, company performance, and any evidence of entrenchment or perceived risk that power is overly concentrated in a single individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**k.**

**<u>Director Retirement Age and Term Limits</u>**: Proposals setting or recommending director retirement ages or director term limits are voted on a case-by-case basis that includes consideration of company performance, the rate of board renewal, evidence of effective individual director evaluation processes, and any indications of entrenchment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**l.**

**<u>Proposals to Limit Directors' Liability and/or Broaden Indemnification of Officers and Directors</u>**: Generally, we will support such proposals provided that an individual is eligible only if he or she has not acted in bad faith, with gross negligence or with reckless disregard of their duties.

**C. Statutory Auditor Boards.** 

The statutory auditor board, which is separate from the main board of directors, plays a role in corporate governance in several markets. These boards are elected by shareholders to provide assurance on compliance with legal and accounting standards and the company's articles of association. We generally vote for statutory auditor nominees if they meet independence standards. In markets that require disclosure on attendance by internal statutory auditors, however, we consider voting against nominees for these positions who failed to attend at least 75% of meetings in the previous year. We also consider opposing nominees if the company does not meet market standards for disclosure on attendance.

**D. Corporate Transactions and Proxy Fights.** 

We examine proposals relating to mergers, acquisitions and other special corporate transactions (i.e., takeovers, spin-offs, sales of assets, reorganizations, restructurings and recapitalizations) on a case-by-case basis in the interests of each fund or other account. Proposals for mergers or other significant transactions that are friendly and approved by the Research Providers usually are supported if there is no portfolio manager objection. We also analyze proxy contests on a case-by-case basis.

**E. Changes in Capital Structure.** 

We generally support the following:

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• Management and shareholder proposals aimed at eliminating unequal voting rights, assuming fair economic treatment of classes of shares we hold.

• U.S. management proposals to increase the authorization of existing classes of common stock (or securities convertible into common stock) if: (i) a clear business purpose is stated that we can support and the number of shares requested is reasonable in relation to the purpose for which authorization is requested; and/or (ii) the authorization does not exceed 100% of shares currently authorized and at least 30% of the total new authorization will be outstanding. (We consider proposals that do not meet these criteria on a case-by-case basis.)

• U.S. management proposals to create a new class of preferred stock or for issuances of preferred stock up to 50% of issued capital, unless we have concerns about use of the authority for anti-takeover purposes.

• Proposals in non-U.S. markets that in our view appropriately limit potential dilution of existing shareholders. A major consideration is whether existing shareholders would have preemptive rights for any issuance under a proposal for standing share issuance authority. We generally consider market-specific guidance in making these decisions; for example, in the U.K. market we usually follow Association of British Insurers' ("ABI") guidance, although company-specific factors may be considered and for example, may sometimes lead us to voting against share authorization proposals even if they meet ABI guidance.

• Management proposals to authorize share repurchase plans, except in some cases in which we believe there are insufficient protections against use of an authorization for anti-takeover purposes.

• Management proposals to reduce the number of authorized shares of common or preferred stock, or to eliminate classes of preferred stock.

• Management proposals to effect stock splits.

• Management proposals to effect reverse stock splits if management proportionately reduces the authorized share amount set forth in the corporate charter. Reverse stock splits that do not adjust proportionately to the authorized share amount generally will be approved if the resulting increase in authorized shares coincides with the proxy guidelines set forth above for common stock increases.

• Management dividend payout proposals, except where we perceive company payouts to shareholders as inadequate.

We generally oppose the following (notwithstanding management support):

• Proposals to add classes of stock that would substantially dilute the voting interests of existing shareholders.

• Proposals to increase the authorized or issued number of shares of existing classes of stock that are unreasonably dilutive, particularly if there are no preemptive rights for existing shareholders. However, depending on market practices, we consider voting for proposals giving general authorization for issuance of shares not subject to pre-emptive rights if the authority is limited.

• Proposals that authorize share issuance at a discount to market rates, except where authority for such issuance is de minimis, or if there is a special situation that we believe justifies such authorization (as may be the case, for example, at a company under severe stress and risk of bankruptcy).

• Proposals relating to changes in capitalization by 100% or more.

We consider on a case-by-case basis shareholder proposals to increase dividend payout ratios, in light of market practice and perceived market weaknesses, as well as individual company payout history and current circumstances. For example, currently we perceive low payouts to shareholders as a concern at some Japanese companies, but may deem a low payout ratio as appropriate for a growth company making good use of its cash, notwithstanding the broader market concern.

**F. Takeover Defenses and Shareholder Rights.**

• **<u>Shareholder Rights Plans</u>**: We generally support proposals to require shareholder approval or ratification of shareholder rights plans (poison pills). In voting on rights plans or similar takeover defenses, we consider on a case-by-case basis whether the company has demonstrated a need for the defense in the context of promoting long-term share value; whether provisions of the defense are in line with generally accepted governance principles in the market (and specifically the presence of an adequate qualified offer provision that would exempt offers meeting certain conditions from the pill); and the specific context if the proposal is made in the midst of a takeover bid or contest for control.

• **<u>Supermajority Voting Requirements</u>**: We generally oppose requirements for supermajority votes to amend the charter or bylaws, unless the provisions protect minority shareholders where there is a large shareholder. In line with this view, in the absence of a large shareholder we support reasonable shareholder proposals to limit such supermajority voting requirements. Also, we oppose provisions that do not allow shareholders any right to amend the charter of bylaws.

• **<u>Shareholders Right to Call a Special Meeting</u>**: We consider proposals to enhance a shareholder's rights to call meetings on a case-by-case basis. At large-cap U.S. companies, we generally support efforts to establish the right of holders of 10% or more of shares to call special meetings, unless the board or state law has set a policy or law establishing such rights at a threshold that we believe to be acceptable.

• **<u>Written Consent Rights</u>**: In the U.S. context, we examine proposals for shareholder written consent rights on a case-by-case basis.

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• **<u>Reincorporation</u>**: We consider management and shareholder proposals to reincorporate to a different jurisdiction on a case-by-case basis. We oppose such proposals if we believe the main purpose is to take advantage of laws or judicial precedents that reduce shareholder rights.

• **<u>Anti-greenmail Provisions</u>**: Proposals relating to the adoption of anti-greenmail provisions will be supported, provided that the proposal: (i) defines greenmail; (ii) prohibits buyback offers to large block holders (holders of at least 1% of the outstanding shares and in certain cases, a greater amount) not made to all shareholders or not approved by disinterested shareholders; and (iii) contains no anti-takeover measures or other provisions restricting the rights of shareholders.

• **<u>Bundled proposals</u>**: We may consider opposing or abstaining on proposals if disparate issues are "bundled" and presented for a single vote.

**G. Auditors.**

We generally support management proposals for selection or ratification of independent auditors. However, we may consider opposing such proposals with reference to incumbent audit firms if the company has suffered from serious accounting irregularities and we believe rotation of the audit firm is appropriate, or if fees paid to the auditor for non-audit-related services are excessive. Generally, to determine if non-audit fees are excessive, a 50% test will be applied (i.e., non-audit-related fees should be less than 50% of the total fees paid to the auditor). We generally vote against proposals to indemnify auditors.

**H. Executive and Director Remuneration.**

We generally support the following:

• Proposals for employee equity compensation plans and other employee ownership plans, provided that our research does not indicate that approval of the plan would be against shareholder interest. Such approval may be against shareholder interest if it authorizes excessive dilution and shareholder cost, particularly in the context of high usage ("run rate") of equity compensation in the recent past; or if there are objectionable plan design and provisions.

• Proposals relating to fees to outside directors, provided the amounts are not excessive relative to other companies in the country or industry, and provided that the structure is appropriate within the market context. While stock-based compensation to outside directors is positive if moderate and appropriately structured, we are wary of significant stock option awards or other performance-based awards for outside directors, as well as provisions that could result in significant forfeiture of value on a director's decision to resign from a board (such forfeiture can undercut director independence).

• Proposals for employee stock purchase plans that permit discounts, but only for grants that are part of a broad-based employee plan, including all non-executive employees, and only if the discounts are limited to a reasonable market standard or less.

• Proposals for the establishment of employee retirement and severance plans, provided that our research does not indicate that approval of the plan would be against shareholder interest.

We generally oppose retirement plans and bonuses for non-executive directors and independent statutory auditors.

In the U.S. context, we generally vote against shareholder proposals requiring shareholder approval of all severance agreements, but we generally support proposals that require shareholder approval for agreements in excess of three times the annual compensation (salary and bonus) or proposals that require companies to adopt a provision requiring an executive to receive accelerated vesting of equity awards if there is a change of control **<u>and</u>** the executive is terminated. We generally oppose shareholder proposals that would establish arbitrary caps on pay. We consider on a case-by-case basis shareholder proposals that seek to limit Supplemental Executive Retirement Plans (SERPs), but support such shareholder proposals where we consider SERPs excessive.

Shareholder proposals advocating stronger and/or particular pay-for-performance models will be evaluated on a case-by-case basis, with consideration of the merits of the individual proposal within the context of the particular company and its labor markets, and the company's current and past practices. While we generally support emphasis on long-term components of senior executive pay and strong linkage of pay to performance, we consider factors including whether a proposal may be overly prescriptive, and the impact of the proposal, if implemented as written, on recruitment and retention.

We generally support proposals advocating reasonable senior executive and director stock ownership guidelines and holding requirements for shares gained in executive equity compensation programs.

We generally support shareholder proposals for reasonable "claw-back" provisions that provide for company recovery of senior executive bonuses to the extent they were based on achieving financial benchmarks that were not actually met in light of subsequent restatements.

Management proposals effectively to re-price stock options are considered on a case-by-case basis. Considerations include the company's reasons and justifications for a re-pricing, the company's competitive position, whether senior executives and outside directors are excluded, potential cost to shareholders, whether the re-pricing or share exchange is on a value-for-value basis, and whether vesting requirements are extended.

Say-on-Pay: We consider proposals relating to an advisory vote on remuneration on a case-by-case basis. Considerations include a review of the relationship between executive remuneration and performance based on operating trends and total shareholder return over multiple

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performance periods. In addition, we review remuneration structures and potential poor pay practices, including relative magnitude of pay, discretionary bonus awards, tax gross ups, change-in-control features, internal pay equity and peer group construction. As long-term investors, we support remuneration policies that align with long-term shareholder returns.

**I. Social and Environmental Issues.**

Shareholders in the United States and certain other markets submit proposals encouraging changes in company disclosure and practices related to particular social and environmental matters. MSIM believes that relevant social and environmental issues, including principal adverse sustainability impacts, can influence risk and return. Consequently, we consider how to vote on proposals related to social and environmental issues on a case-by-case basis by determining the relevance of social and environmental issues identified in the proposal and their likely impacts on shareholder value. In reviewing proposals on social and environmental issues, we consider a company's current disclosures and our understanding of the company's management of material social and environmental issues in comparison to peers. We seek to balance concerns on reputational and other risks that lie behind a proposal against costs of implementation, while considering appropriate shareholder and management prerogatives. We may abstain from voting on proposals that do not have a readily determinable financial impact on shareholder value and we may oppose proposals that intrude excessively on management prerogatives and/or board discretion. We generally vote against proposals requesting reports or actions that we believe are duplicative, related to matters not material to the business, or that would impose unnecessary or excessive costs. We consider proposals on these sustainability risks, opportunities and impacts on a case-by-case basis but generally support proposals that seek to enhance useful disclosure. We focus on understanding the company's business and commercial context and recognise that there is no one size fits all that can apply to all companies. In assessing and prioritising proposals, we carefully reflect on the materiality of the issues as well as the sector and geography in which the company operates. We also consider the explanation companies provide where they may depart from best practice to assess the adequacy and appropriateness of measures that are in place.

**Environmental Issues:**

We generally support proposals that, if implemented, would enhance useful disclosure on climate, biodiversity, and other environmental risks, such as disclosures aligned with SASB (Sustainability Accounting Standards Board) and the TCFD (Task Force on Climate-related Financial Disclosures). We also generally support proposals that aim to meaningfully reduce or mitigate a company's impact on the global climate. We generally will support reasonable proposals to reduce negative environmental impacts and ameliorate a company's overall environmental footprint, including any threats to biodiversity in ecologically sensitive areas. We generally will also support proposals asking companies to report on their environmental practices, policies and impacts, including environmental damage and health risks resulting from operations, and the impact of environmental liabilities on shareholder value

**Social Issues:**

We generally support proposals that, if implemented, would enhance useful disclosure on employee and board diversity, including gender, race, and other factors. We consider proposals on other social issues on a case-by-case basis but generally support proposals that:

• Seek to enhance useful disclosure or improvements on material issues such as human rights risks, supply chain management. workplace safety, human capital management and pay equity.

• Encourage policies to eliminate gender-based violence and other forms of harassment from the workplace.

We may consider withholding support where we have material concerns in relation to a company's involvement/remediation of a breach of global conventions such as UN Global Compact Principles on Human Rights, Labour Standards, Environment and Business Malpractice.

**J. Funds of Funds.**

Certain MS Funds advised by an MSIM Affiliate invest only in other MS Funds. If an underlying fund has a shareholder meeting, in order to avoid any potential conflict of interest, such proposals will be voted in the same proportion as the votes of the other shareholders of the underlying fund, unless otherwise determined by the Proxy Review Committee. In markets where proportional voting is not available we will not vote at the meeting, unless otherwise determined by the Proxy Review Committee. Other MS Funds invest in unaffiliated funds. If an unaffiliated underlying fund has a shareholder meeting and the MS Fund owns more than 25% of the voting shares of the underlying fund, the MS Fund will vote its shares in the unaffiliated underlying fund in the same proportion as the votes of the other shareholders of the underlying fund to the extent possible.

<u>Voting Conditions Triggered Under Rule 12d1-4</u>

Rule 12d1-4 sets forth the conditions under which a registered fund ("acquiring fund") may invest in excess of the statutory limits of Section 12(d)(1) of the 1940 Act (for example by owning more than 3% of the total outstanding voting stock) in another registered fund ("acquired fund"). In the event that a Morgan Stanley "acquiring fund" invests in an "acquired fund" in reliance on Rule 12d1-4 under the 1940 Act, and the MS Fund and its "advisory group" (as defined in Rule 12d1-4) hold more than (i) 25% of the total outstanding voting stock of a particular open-end fund (including ETFs) or (ii) 10% of the total outstanding voting stock of a particular closed-end fund, the Morgan Stanley "acquiring fund" and its "advisory group" will be required to vote all shares of the open- or closed-end fund held by the fund and its "advisory group" in the same proportion as the votes of the other shareholders of the open- or closed-end fund.

Because MSIM and Eaton Vance are generally considered part of the same "advisory group," an Eaton Vance "acquiring fund" that is required to comply with the voting conditions set forth in Rule 12d1-4 could potentially implicate voting conditions for a MS Fund invested

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in the same open- or closed-end fund as the Eaton Vance "acquiring fund." The Committee will be notified by Compliance if the conditions are triggered for a particular open- or closed-end fund holding in an MS Fund. In the event that the voting conditions in Rule 12d1-4 are triggered, please refer to the Morgan Stanley Funds Fund of Funds Investment Policy for specific information on Rule 12d1-4 voting requirements and exceptions

**3. ADMINISTRATION OF THE POLICY**

The MSIM Proxy Review Committee (the "Committee") has overall responsibility for the Policy. The Committee consists of investment professionals who represent the different investment disciplines and geographic locations of MSIM, and is chaired by the director of the Global Stewardship Team ("GST"). Because proxy voting is an investment responsibility and may affect shareholder value, and because of their knowledge of companies and markets as well as their understanding of their clients' objectives, portfolio managers and other members of investment staff play a key role in proxy voting, and the GST will consult with investment teams ahead of decisions on proxy votes. Consequently, there may be instances where we may split votes at times based on differing views of portfolio managers and / or different client objectives. The GST administers and implements the Policy, as well as monitoring services provided by the proxy advisory firms, third-party proxy engagements and other research providers used in the proxy voting process. As noted above, certain ETFs will follow Calvert's Proxy Voting Policy and Procedures, which is administered by Calvert's Proxy Voting and Engagement Department and overseen by Calvert's Proxy Voting and Engagement Committee. The GST periodically monitors Calvert's proxy voting with respect to securities held by the ETFs.

The GST Director is responsible for identifying issues that require Committee deliberation or ratification. The GST, working with advice of investment teams and the Committee, is responsible for voting on routine items and on matters that can be addressed in line with these Policy guidelines. The GST has responsibility for voting case-by-case where guidelines and precedent provide adequate guidance.

The Committee may periodically review and has the authority to amend, as necessary, the Policy and establish and direct voting positions consistent with the Client Proxy Standard.

GST and members of the Committee may take into account Research Providers' recommendations and research as well as any other relevant information they may request or receive, including portfolio manager and/or analyst comments and research, as applicable. Generally, proxies related to securities held in client accounts that are managed pursuant to quantitative, index or index-like strategies ("Index Strategies") will be voted in the same manner as those held in actively managed accounts, unless economic interests or investment guidelines of the accounts differ. Because accounts managed using Index Strategies are passively managed accounts, research from portfolio managers and/or analysts related to securities held in these accounts may not be available. If the affected securities are held only in accounts that are managed pursuant to Index Strategies, and the proxy relates to a matter that is not described in this Policy, the GST will consider all available information from the Research Providers, and to the extent that the holdings are significant, from the portfolio managers and/or analysts.

**A. Committee Procedures**

The Committee meets at least quarterly, and reviews and considers changes to the Policy at least annually. Through meetings and/or written communications, the Committee is responsible for monitoring and ratifying material "split votes" (i.e., allowing certain shares of the same issuer that are the subject of the same proxy solicitation and held by one or more MSIM portfolios to be voted differently than other shares) and/or "override voting" (i.e., voting all MSIM portfolio shares in a manner contrary to the Policy). The Committee will review developing issues and approve upcoming votes, as appropriate, for matters as requested by GST.

The Committee reserves the right to review voting decisions at any time and to make voting decisions as necessary to ensure the independence and integrity of the votes.

**B. Material Conflicts of Interest**

In addition to the procedures discussed above, if the GST Director determines that an issue raises a material conflict of interest, the GST Director may request a special committee ("Special Committee") to review, and recommend a course of action with respect to, the conflict(s) in question.

A potential material conflict of interest could exist in the following situations, among others:

• The issuer soliciting the vote is a client of MSIM or an affiliate of MSIM and the vote is on a matter that materially affects the issuer.

• The proxy relates to Morgan Stanley common stock or any other security issued by Morgan Stanley or its affiliates except if echo voting is used, as with MS Funds, as described herein.

• Morgan Stanley has a material pecuniary interest in the matter submitted for a vote (e.g., acting as a financial advisor to a party to a merger or acquisition for which Morgan Stanley will be paid a success fee if completed).

• One of Morgan Stanley's independent directors or one of MS Funds' directors also serves on the board of directors or is a nominee for election to the board of directors of a company held by an MS Fund or affiliate.

If the GST Director determines that an issue raises a potential material conflict of interest, depending on the facts and circumstances, the issue will be addressed as follows:

• If the matter relates to a topic that is discussed in this Policy, the proposal will be voted as per the Policy.

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

• If the matter is not discussed in this Policy or the Policy indicates that the issue is to be decided case-by-case, the proposal will be voted in a manner consistent with the Research Providers, provided that all the Research Providers consulted have the same recommendation, no portfolio manager objects to that vote, and the vote is consistent with MSIM's Client Proxy Standard.

• If the Research Providers' recommendations differ, the GST Director will refer the matter to a Special Committee to vote on the proposal, as appropriate.

Any Special Committee shall be comprised of the GST Director, and at least two portfolio managers (preferably members of the Committee), as approved by the Committee. The GST Director may request non-voting participation by MSIM's General Counsel or his/her designee and the Chief Compliance Officer or his/her designee. In addition to the research provided by Research Providers, the Special Committee may request analysis from MSIM Affiliate investment professionals and outside sources to the extent it deems appropriate.

**C. Proxy Voting Reporting**

The CGT will document in writing all Committee and Special Committee decisions and actions, which documentation will be maintained by the GST for a period of at least six years. To the extent these decisions relate to a security held by an MS Fund, the GST will report the decisions to each applicable Board of Trustees/Directors of those MS Funds (the "Board") at each Board's next regularly scheduled Board meeting. The report will contain information concerning decisions made during the most recently ended calendar quarter immediately preceding the Board meeting.

In addition, to the extent that Committee and Special Committee decisions and actions relate to a security held by other pooled investment vehicles, the GST will report the decisions to the relevant governing board of the pooled investment vehicle. MSIM will promptly provide a copy of this Policy to any client requesting it.

MSIM will also, upon client request, promptly provide a report indicating how each proxy was voted with respect to securities held in that client's account.

MSIM's Legal Department, in conjunction with GST and GST IT for MS Fund reporting and with the AIP investment team for AIP Closed-End 40 Act Fund reporting, is responsible for filing an annual Form N-PX on behalf of each MS Fund and AIP Closed-End 40 Act Fund for which such filing is required, indicating how all proxies were voted with respect to each such fund's holdings.

Also, MSIM maintains voting records of individual agenda items a company meetings in a searchable database on its website on a rolling 12-month basis.

In addition, ISS provides vote execution, reporting and recordkeeping services to MSIM.

**4. RECORDKEEPING**

Records are retained in accordance with Morgan Stanley's **Global Information Management Policy**, 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 **Global Information Management Policy** incorporates Morgan Stanley's **Master Retention Schedule**, which lists various record classes and associated retention periods on a global basis.

**5. POLICY GOVERNANCE** 

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| | |
|:---|:---|
| Effective: | December 2022 |
| Owner: | MSIM Policies and Procedures Group Head  |
| Approver: | MSIM CCO |
| Contact Information: | &nbsp;&nbsp; Corporate Governance (Navindu Katugampola); Compliance Policies (Elise Clark); <br> AIP Compliance (Carol Fitzer); Legal (Michael Keane; Nick DiLorenzo)<br>|
| Risk Addressed: | &nbsp;&nbsp; Proxies are not voted according to agreed guidelines; proxies are not voted in the <br> best interest of clients<br>|
| Relevant Law and Other Sources: | &nbsp;&nbsp; Rule 206(4)-6 and Rule 204-2, as amended, under the Advisers Act; Supplemental <br> Guidance Regarding Proxy Voting Responsibilities of Investment Advisers; Form <br> N1-A. Item 12; Employee Retirement Income Security Act ("ERISA") and the <br> Internal Revenue Code (the "Code").<br>|
| Intranet Location: <u>https://policy.webfarm.ms.com/policies/portal/#/document-preview/1999684?sectionid=1c0f603e-199a-430b-89d0-d65b21826650</u> | Intranet Location: <u>https://policy.webfarm.ms.com/policies/portal/#/document-preview/1999684?sectionid=1c0f603e-199a-430b-89d0-d65b21826650</u> |

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Approved by the Board September 2015, September 27–28, 2016, September 27–28, 2017, October 3–4, 2018, September 24–25, 2019, September 30 – October 1, 2020, March 1-2, 2022; December 7-8, 2022.

**Appendix A**

Appendix A applies to the following accounts managed by Morgan Stanley AIP GP LP (i) closed-end funds registered under the Investment Company Act of 1940, as amended; (ii) discretionary separate accounts; (iii) unregistered funds; and (iv) non-discretionary accounts offered in connection with AIP's Custom Advisory Portfolio Solutions service. Generally, AIP will follow the guidelines set forth in Section II of MSIM's Proxy Voting Policy and Procedures. To the extent that such guidelines do not provide specific direction, or AIP determines that consistent with the Client Proxy Standard, the guidelines should not be followed, the Proxy Review Committee has delegated the voting

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authority to vote securities held by accounts managed by AIP to the Fund of Hedge Funds investment team, the Private Markets investment team or the Portfolio Solutions team of AIP. A summary of decisions made by the applicable investment teams will be made available to the Proxy Review Committee for its information at the next scheduled meeting of the Proxy Review Committee.

In certain cases, AIP may determine to abstain from determining (or recommending) how a proxy should be voted (and therefore abstain from voting such proxy or recommending how such proxy should be voted), such as where the expected cost of giving due consideration to the proxy does not justify the potential benefits to the affected account(s) that might result from adopting or rejecting (as the case may be) the measure in question.

<u>Waiver of Voting Rights</u>

For regulatory reasons, AIP may either 1) invest in a class of securities of an underlying fund (the "Fund") that does not provide for voting rights; or 2) waive 100% of its voting rights with respect to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any rights with respect to the removal or replacement of a director, general partner, managing member or other person acting in a similar capacity for or on behalf of the Fund (each individually a "Designated Person," and collectively, the "Designated Persons"), which may include, but are not limited to, voting on the election or removal of a Designated Person in the event of such Designated Person's death, disability, insolvency, bankruptcy, incapacity, or other event requiring a vote of interest holders of the Fund to remove or replace a Designated Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any rights in connection with a determination to renew, dissolve, liquidate, or otherwise terminate or continue the Fund, which may include, but are not limited to, voting on the renewal, dissolution, liquidation, termination or continuance of the Fund upon the occurrence of an event described in the Fund's organizational documents; <u>provided</u>, <u>however</u>, that, if the Fund's organizational documents require the consent of the Fund's general partner or manager, as the case may be, for any such termination or continuation of the Fund to be effective, then AIP may exercise its voting rights with respect to such matter.

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**Pacific Investment Management Company LLC**

**Global Proxy Voting Policy Summary** 

**Policy Statement:** PIMCO adopted a written proxy voting policy ("Proxy Policy") as required by Rule 206(4)-6 under the Advisers Act. The Proxy Policy is intended to foster PIMCO's compliance with its fiduciary obligations and applicable law. The Proxy Policy applies to any voting or consent rights with respect to securities held in accounts over which PIMCO has discretionary voting authority. The Proxy Policy is designed in a manner reasonably expected to ensure that voting and consent rights are exercised in the best interests of PIMCO's clients.

**Overview:** As a general matter, PIMCO will adhere to its fiduciary obligations for any proxies it has the authority to vote on behalf of its clients. Each proxy is voted on a case-by-case basis, taking into account relevant facts and circumstances. When considering client proxies<sup>1</sup>, PIMCO may determine not to vote a proxy in limited circumstances.

**Equity Securities.** <sup>2</sup>PIMCO has retained an Industry Service Provider ("ISP")<sup>3</sup> to provide research and voting recommendations for proxies relating to Equity Securities in accordance with the ISP's guidelines. By following the guidelines of an independent third party, PIMCO seeks to mitigate potential conflicts of interest PIMCO may have with respect to proxies covered by the ISP.

PIMCO will follow the recommendations of the ISP unless: (i) the ISP does not provide a voting recommendation; or (ii) a PM/Analyst decides to override the ISP's voting recommendation. In each case as described above, the Legal and Compliance department will review the proxy to determine whether an actual or potential conflict of interest exists. When the ISP does not provide a voting recommendation, the relevant PM/Analyst will make a determination regarding how, or if, the proxy will be voted by completing required documentation

**Fixed Income Securities.** Fixed income securities can be processed as proxy ballots or corporate action-consents<sup>4</sup> at the discretion of the issuer/custodian.

When processed as proxy ballots, the ISP generally does not provide a voting recommendation and their role is limited to election processing and recordkeeping. In such instances, any elections would follow the standard process discussed above for Equity Securities.

When processed as corporate action-consents, the Legal and Compliance department will review all election forms to determine whether an actual or potential conflict of interest exists with respect to the PM's consent election. PIMCO's Credit Research and Portfolio Management Groups are responsible for issuing recommendations on how to vote proxy ballots and corporation action-consents with respect to fixed income securities.

**Resolution of potential conflicts of interest.** The Proxy Policy permits PIMCO to seek to resolve material conflicts of interest by pursuing any one of several courses of action. With respect to material conflicts of interest between PIMCO and a client account, the Proxy Policy permits PIMCO to either: (i) convene a working group to assess and resolve the conflict (the "Proxy Working Group"); or (ii) vote in accordance with protocols previously established by the Proxy Policy, the Proxy Working Group and/or other relevant procedures approved by PIMCO's Legal and Compliance department or PIMCO's Conflict Committee with respect to specific types of conflicts.

PIMCO will supervise and periodically review its proxy voting activities and the implementation of the Proxy Policy. PIMCO's Proxy Policy, and information about how PIMCO voted a client's proxies, is available upon request.

**<u>ISP Oversight</u>:** Consistent with its fiduciary obligations, PIMCO will perform periodic due diligence and oversight of ISP's engaged to provide PIMCO with proxy voting research and recommendations. PIMCO's due diligence and oversight process includes, but is not limited to, the evaluation of: the ISP's capacity and competency to provide proxy voting research and recommendations<sup>4</sup> and the ISP's compliance program.

**<u>Sub-Adviser Engagement</u>:** As an investment manager, PIMCO may exercise its discretion to engage a Sub-Adviser to provide portfolio management services to certain PIMCO-affiliated Funds. Consistent with its management responsibilities, the Sub-Adviser will assume the authority for voting proxies on behalf of PIMCO for these Funds. Sub-Advisers may utilize third parties to perform certain services related to their portfolio management responsibilities. As a fiduciary, PIMCO will maintain oversight of the investment management responsibilities (which may include proxy voting) performed by the Sub-Adviser and contracted third parties.

<sup>1</sup> Proxies generally describe corporate action consent rights (relative to fixed income securities) and proxy voting ballots (relative to fixed income or equity securities) as determined by the issuer or custodian.

<sup>2</sup> The term "Equity Securities" means common and preferred stock, including common and preferred shares issued by investment companies; it does not include debt securities convertible into equity securities.

<sup>3</sup> The ISP for Equity Securities proxy voting is Institutional Shareholder Services ("ISS"), Inc., 1177 Avenue of the Americas 2<sup>nd</sup> Floor, New York NY 10036.

<sup>4</sup> Voting or consent rights shall not include matters which are primarily decisions to buy or sell investments, such as tender offers, exchange offers, conversions, put options, redemptions, and Dutch auctions.

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**PGIM Quantitative Solutions LLC (formerly, QMA LLC)**

**Proxy Voting Policies and Procedures**

It is the policy of PGIM Quantitative Solutions LLC ("PQS") to vote proxies on client securities in the best long-term economic interest of its clients (i.e., the mutual interests of clients in seeing the appreciation in value of a common investment over time). In the case of pooled accounts, PQS's policy is to vote proxies on securities in such account in the best long-term economic interest of the pooled account. In the event of any actual or potential conflict of interest between PQS and its clients or affiliates, PQS votes in accordance with the policy of its proxy voting advisor rather than its own policy.

PQS's proxy voting policy contains detailed voting guidelines on a wide variety of issues commonly voted upon by shareholders. These guidelines reflect PQS's judgment of how to further the best long-range economic interest of its clients through the shareholder voting process. They also reflect PQS's general philosophy on corporate governance matters and its approach to governance and other issues that may often arise when voting ballots on the various securities held in client accounts. PQS's guidelines are not intended to limit the analysis of individual issues at specific companies nor do they indicate how it will vote in every instance. Rather, they express PQS's views about various ballot issues generally, and provide insight into how it typically approaches such issues. PQS may consider Environmental, Social and Governance (ESG) factors in its voting decisions. Where ballot issues are not addressed by PQS's policy, or when circumstances may suggest a vote not in accordance with its established guidelines, PQS's voting decisions are made on a case-by-case basis taking into consideration the potential economic impact of the proposal as well as any circumstances that may result in restrictions on trading the security. Case-by-case, or manual, evaluation of a ballot item entails consideration of various, specific factors as they relate to a particular issuer and/or proposed action. For example, when performing manual evaluation of a ballot item relating to executive compensation (which will generally occur if PQS receives research suggesting a vote "against" the item), we consider such factors as stock performance, financial position and compensation practices of the issuer relative to its peers, change in control, tax gross-up and clawback policies of the issuer, pay inequality and other corporate practices, although not all factors may be relevant or of equal significance to a specific matter. With respect to contested meetings, which we always vote on a case-by-case basis, we consider research provided by PQS's proxy advisor as well as other sources of information available in the marketplace, in order to understand the issues on both sides of the contest and determine our view. With respect to mergers and acquisitions, we consider whether a fairness opinion as to valuation has been obtained.With respect to non-U.S. holdings, PQS takes into account additional restrictions in some countries that might impair its ability to trade those securities or have other potentially adverse economic consequences, and generally votes non-U.S. securities on a best efforts basis if PQS determines that voting is in the best economic interest of its clients. PQS may be unable to vote proxies in countries where clients or their custodians do not have the ability to cast votes due to lack of documentation or operational capacity, or otherwise. The Fund determines whether fund securities out on loan are to be recalled for voting purposes and PQS is not involved in any such decision. PQS's Proxy Voting Committee includes representatives of PQS's Investment, Operations, Compliance, Risk and Legal teams. This committee is responsible for interpreting the proxy voting policy, identifying conflicts of interest, and periodically assessing the effectiveness of the policies and procedures.

PQS utilizes the services of a third party proxy voting advisor, and has directed the proxy advisor, upon receipt of proxies, to vote in a manner consistent with PQS's established proxy voting guidelines described above (assuming timely receipt of proxy materials from issuers and custodians). PQS conducts regular due diligence on its proxy advisor. In accordance with its obligations under the Advisers Act, PQS provides full disclosure of its proxy voting policy, guidelines and procedures to its clients upon their request, and will also provide to any client, upon request, the proxy voting records for that client's securities.

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**PineBridge Investments LLC**

**PROXY VOTING POLICIES AND PROCEDURES**

**I. Introduction** 

Proxy voting is an important right of shareholders, such as PineBridge Clients, for which PineBridge must take reasonable care and diligence to ensure such rights are properly and timely exercised. PineBridge, as a fiduciary for its Clients, must vote proxies in their best interest. We believe considering forward looking improvement in ESG issues is in the economic interest of our Clients. Please refer to the PineBridge Stewardship and Engagement Policy for details on how PineBridge interacts with companies, entities or other market participants on Environmental, Social and Governance (ESG) issues.

**II. Policy Statement**

***Proxy Procedures -*** As a registered investment adviser that votes (or delegates the voting of) securities held in Client portfolios, PineBridge has implemented proxy voting procedures that are reasonably designed to help ensure that a) PineBridge votes proxies in the best interest of its Clients; b) describes its proxy voting procedures to its Clients, and c) discloses to Clients how they may obtain information on how PineBridge voted their proxies. These procedures are designed to help enable PineBridge to manage material conflicts of interest. While PineBridge must disclose its votes upon request to Clients, no public disclosure is required. (Note that disclosure is required for any mutual funds advised by PineBridge, on Form N-PX.

***Record-Keeping -*** PineBridge must retain (i) these proxy voting policies and procedures; (ii) proxy statements received regarding Client securities; (iii) records of votes it casts on behalf of Clients; (iv) records of Client requests for proxy voting information, and; (v) any documents prepared by PineBridge that were material to making a decision how to vote, or that memorialized the basis for the decision. PineBridge may rely on proxy statements filed on EDGAR instead of keeping its own copies and rely on proxy statements and records of proxy votes cast by PineBridge that are maintained by contract with a third-party proxy voting service or other third party

***Proxies of Shares of Non-U.S. Corporations -*** PineBridge has implemented general voting policies with respect to non-U.S. shares owned by Clients. However, although U.S. companies must give shareholders at least 20 days' advance notice to vote proxies, some non-U.S. companies may provide considerably shorter notice or none at all. PineBridge is not required to "rush" voting decisions in order to meet an impractical deadline, and as a result, PineBridge or PineBridge affiliates' regional designees under certain circumstances may not vote certain proxies. In addition, certain non-U.S. regulations impose additional costs to a Portfolio that votes proxies, and PineBridge will take that into consideration when determining whether or not to vote.

In the case of a material conflict between the interests of PineBridge and those of its Clients, PineBridge will take steps to address such conflicts (which may include consulting with counsel) and will attempt to resolve all conflicts in the Client's best interest.

**III. Procedures**

• Compliance is responsible for ensuring that the PineBridge ADV includes the appropriate language summarizing PineBridge's proxy voting procedures and for updating the summary in the ADV whenever the procedures are updated. Compliance is also responsible for consulting with Legal to ensure that PineBridge's proxy voting policy is kept up to date and in a form appropriate for transmission to Clients.

• If a Client or potential Client requests a copy of the Proxy Voting Policy from Client Relations or Sales, Compliance should be contacted for the most recent version, or it may be obtained from the intranet. Client Relations will send to such Client a copy of the current version of the voting procedures within 7 days and will ensure that Compliance receives a log of each Client's request and the action taken.

• If a Client requests access to the records of how PineBridge voted its proxies, the Client should be assured that this will be provided, and Operations should be consulted. Operations has access to these proxy voting records.

• PineBridge has established a Stewardship Committee (the "Committee"), which is responsible for defining and monitoring PineBridge's proxy voting strategy and process. The Committee is comprised of members of senior management, portfolio management, Compliance, Legal, Product and Operations.

• The Committee conducts an annual review of the proxy voting guidelines for domestic and non-U.S. Portfolios. Guidelines are reviewed to ensure that the interests of PineBridge's Clients are best served.

• Issues not addressed in the voting guidelines are determined on a case-by-case basis with input from the Committee and portfolio managers.

• PineBridge has engaged a third-party vendor to administer proxy voting on its behalf. The vendor receives, in a majority of cases, proxies directly from the Client's custodian and votes them based on PineBridge' s voting guidelines.

• In circumstances where PineBridge receives proxies directly, these proxies must be sent to the vendor promptly. The vendor then votes them in accordance with PineBridge's voting guidelines. The vendor maintains a listing of all votes cast on behalf of PineBridge Clients.

December 20, 2021

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**PineBridge Investments LLC**

**STEWARDSHIP & ENGAGEMENT POLICY**

**I. PineBridge Stewardship and Engagement Policy** 

The following stewardship and engagement policy sets forth how PineBridge endeavors to interact with companies, entities, and other market participants on environmental, social and governance (ESG) issues. The policy broadly applies to all asset classes, with the aim of achieving the investment and ESG objectives of PineBridge and its clients. Individual strategies may have specific policies that complement PineBridge's overarching policy.

**Stewardship and engagement philosophy** 

Stewardship is a vital aspect of managing assets on behalf of our clients' behalf, and it is an important component of ESG incorporation that benefits both PineBridge and the companies or entities in which we invest. We believe that an ongoing open dialogue with our investee companies is an effective way to drive positive change, encourage transparency, and ultimately promote and participate in sustainable long-term value creation.

We define stewardship as individual or collaborative activities that seek to protect and enhance the value of the companies and entities in which we invest and thereby help attain our investment objectives. Stewardship activities may include, but are not limited to, engagement with issuers (in all asset classes and for both current and potential investees); voting at shareholder meetings; filing shareholder resolutions/proposals; taking direct roles on investee boards and board committees; negotiating with and monitoring suppliers with regard to stewardship actions in the investment chain; engaging with policymakers; engaging with standard-setters; and contributing to public goods (such as research) and public discourse (such as media) that support stewardship goals.

When we refer to engagement, we mean purposeful, targeted communication with an entity (e.g., a company, government, industry body, or regulator) on particular matters of concern, with the goal of encouraging change with an individual issuer or addressing a marketwide or systemic risk (such as climate change). While we treat regular communications to gain information as part of our ongoing research or investment due diligence, and in turn as part of our ESG incorporation and stewardship activities, we do *not* categorize such communication as *engagement,* per se. Engagement is undertaken to *improve ESG risk management* or to *develop more sustainable business practices*.<sup>1</sup>

<sup>1</sup> Defined according to definitions from the PRI and the Investment Consultants Sustainability Working Group (ICSWG, 2021) on engagement, and the CFA Global ESG Disclosure Standards for Investment Products (2021) on stewardship.

**Engagement themes** 

In our engagement efforts, we distinguish between material bottom-up ESG *issues* and top-down ESG *themes*. The bottom-up engagement *issues* will differ from sector to sector and from asset class to asset class, and they inform our investment due diligence process and ESG incorporation. The top-down *themes* are engagement issues PineBridge has prioritized and committed to across all asset classes. Though specific implementation of engagement can differ from asset class to asset class, our objectives and the way we measure progress facilitate uniform tracking and reporting across all asset classes as we work to address the following three common themes:

**1) Climate Change** 

At PineBridge we recognize that climate change poses an increasingly urgent threat to society and the global economy. As both an enterprise and as an investor entrusted by our clients to manage risks and opportunities, we believe we can play a critical role in supporting the global journey to a carbon-neutral world, in line with the Paris Agreement's objective of limiting global warming to 1.5° C. PineBridge is committed to help drive actionable change on greenhouse gas emissions as a signatory of the Net Zero Asset Managers Initiative. We will engage with companies that demonstrate a prudent investment opportunity along with a path toward supporting global carbon neutrality. For example, engaging with a car manufacturer to lower the CO2 emissions of their cars.

**2) Diversity & Inclusion** 

We believe that a diverse and inclusive corporate culture is central to driving better business outcomes and fostering growth. Our belief is that each person brings unique strengths to a business and that each person shares responsibility for helping to ensure an inclusive and welcoming culture of equity. In our stewardship and engagement efforts, we aim to ensure companies are espousing equitable and inclusive recruitment, development, and promotion practices. Where needed, we will hold company leaders accountable to promote a more inclusive and diverse workplace. An example is engagement to advocate for a more diverse board of directors at an investee company.

**3) Human Rights** 

As a signatory of the UN Global Compact, we recognize that ensuring human rights and dignity is essential to sustainable development. Our obligation to our clients is to address the risk of (potential) involvement of companies or entities in which we invest or may invest in gross human rights abuses or corporate negligence, as well as ensuring that PineBridge is aligned with applicable laws and UN conventions. For example, engaging with a company to address serious health and safety incidents. We believe that a diverse, strong and inclusive workforce is central to driving better business outcomes and fostering growth

We believe strong governance and ESG performance drives both financial and societal value. Effective management and board oversight, programmatic assessments of D&I and compensation practices, and the protection of investor rights go hand in hand with a culture that

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promotes accountability, favors prudent risk management, encourages employee engagement, and yields organizational alpha. Given our bottom-up incorporation of ESG into our investment process, stewardship around such ESG issues is an organic part of how we invest. Where we see potential or a need to seek improvements in material ESG practices or performance of an entity in which we invest, we will endeavor to formally engage with such company in addition to the engagements we perform related to our top-down prioritized ESG engagement themes. Such material ESG issues may not relate to specific themes but rather result from the bottom-up incorporation of ESG into our process and can differ from company to company, sector to sector, and asset class to asset class.

**II. Engagement Approach** 

We follow a four-step approach in our engagement process:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Identify opportunities.** We identify engagement opportunities based on the most material and salient ESG issues flagged as part of our continual bottom-up ESG analysis and our top-down focus themes. We prioritize engagement based on the scale of our holdings of the underlying securities, the materiality or salience of the ESG concerns, and our exposure to those concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Set objectives.** We formulate clear, distinct, time-bound, and measurable engagement objectives in line with our engagement themes.

**3. Select method.** We define the most suitable engagement method and engagement plan depending on the engagement objective(s).

**4. Record progress.** We document our engagement activities and progress made and any follow-up actions needed.

**III. Methods of Stewardship and Engagement** 

Depending on our engagement objectives, we will employ any or all of the following methods in our stewardship and engagement efforts:

• Verbal or written communication with investee companies or other entities. This can be achieved via calls, emails, or any other means of formal communication.

• In-person meetings. Our teams host a variety of in-person and virtual meetings with investee companies and other entities to discuss our views or any concerns in accordance with our engagement themes.

• Proxy voting. In order to effectively exercise our shareholder voting rights, PineBridge has developed a voting policy that includes custom guidelines for proxy voting for our listed equity investments. Voting may also be relevant in other asset classes, including real estate and private equity, and we provide detailed guidance in our asset-class-specific policies.

• Collaborative engagement. As active investors, we are committed to work with peers and industry partnerships to advance action on ESG issues.

The methods and frequency of stewardship and engagement may vary from one asset class to another, as detailed in our asset-class-specific policies.

**IV. Our Escalation Process** 

We believe in constructive engagement with investee companies and other entities. Our ambition is to support them in improving on ESG practices, ESG risk management, and development of sustainable business models. When investee companies or other entities do not respond in a timely and sufficient manner to our stated expectations and requests for improvement on issues of concern to PineBridge or its clients, PineBridge will consider any or all of the following escalation strategies where appropriate, depending on the investment strategy:

• Raise our concerns with non-executive directors and/or the chair of the board

• Collaborate with other investors to add weight to our requests for change

• Vote against relevant agenda items in general or as part of extraordinary shareholder meetings

• Vote against reelection of directors, the chair of the board committee, and/or the chair of the board

• Co-file or support shareholder resolutions

• Raise our concerns publicly

• Decrease our investment positions, decline to invest, or fully divest.

**V. Managing Conflicts of Interest** 

PineBridge's approach to conflicts of interest is to take all appropriate steps to identify and prevent or manage potential and actual conflicts of interest that could pose a material risk to the interests of our clients.

**VI. Review and Communication** 

PineBridge's active management ethos extends to all aspects of the firm, including the review of our policies and process assurance and our assessment of their effectiveness. We endeavor to review our Stewardship and Engagement Policy on an annual basis.

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**ProFund Advisors LLC**

ProFund Advisors LLC ("ProFund Advisors") has adopted the following proxy voting policies and procedures (the "Guidelines"), which are reasonably designed to maximize shareholder value and protect shareowner interests when voting proxies. ProFund Advisors' Brokerage Allocation and Proxy Voting Committee (the "Proxy Committee") exercises and documents ProFund Advisors' responsibility with regard to the voting of client proxies. The Proxy Committee is composed of employees of ProFund Advisors. The Proxy Committee reviews and monitors the effectiveness of the Guidelines.

To assist ProFund Advisors in its responsibility for voting proxies and the overall proxy voting process, ProFund Advisors has retained Institutional Shareholder Services ("ISS") as an expert in the proxy voting and corporate governance area. The Proxy Committee reviews and, as necessary, may amend periodically the Guidelines to address new or revised proxy voting policies or procedures.

The Guidelines are maintained and implemented by ISS and are an extensive list of common proxy voting issues with recommended voting actions based on the overall goal of achieving maximum shareholder value and protection of shareholder interests. Generally, proxies are voted in accordance with the voting recommendations contained in the Guidelines. If necessary, ProFund Advisors will be consulted by ISS on non-routine issues. Proxy issues identified in the Guidelines include but are not limited to:

**Election of Directors –** considering factors such as director qualifications, term of office and age limits.

**Proxy Contests –** considering factors such as voting for nominees in contested elections and reimbursement of expenses.

**Election of Auditors –** considering factors such as independence and reputation of the auditing firm.

**Proxy Contest Defenses –** considering factors such as board structure and cumulative voting.

**Tender Offer Defenses –** considering factors such as poison pills (stock purchase rights plans) and fair price provisions.

**Miscellaneous Governance Issues –** considering factors such as confidential voting and equal access.

**Capital Structure –** considering factors such as common stock authorization and stock distributions.

**Executive and Director Compensation –** considering factors such as performance goals and employee stock purchase plans.

**State of Incorporation –** considering factors such as state takeover statutes and voting on reincorporation proposals.

**Mergers and Corporate Restructuring –** considering factors such as spin-offs and asset sales.

**Mutual Fund Proxy Voting –** considering factors such as election of directors and proxy contests.

**Consumer and Public Safety Issues –** considering factors such as social and environmental issues as well as labor issues.

A full description of each Guideline and voting policy is maintained by ProFund Advisors, and a complete copy of the Guidelines is available upon request.

**Conflicts of Interest** 

From time to time, proxy issues may pose a material conflict of interest between a fund's shareholders and ProFund Advisors, the underwriter or any affiliates thereof. Due to the limited nature of ProFund Advisors' activities (e.g., no underwriting business, no publicly traded affiliates, no investment banking activities, and no research recommendations), conflicts of interest are likely to be infrequent. Nevertheless, it shall be the duty of the Proxy Committee to monitor potential conflicts of interest. In the event a conflict of interest arises, ProFund Advisors will direct ISS to use its independent judgment to vote affected proxies in accordance with approved guidelines. The Proxy Committee will disclose to TAM the voting issues that created the conflict of interest and the manner in which ISS voted such proxies.

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**Rothschild & Co Asset Management US Inc.**

**Proxy Voting Policies and Procedures** 

**November 2022**

**Statement of Policy**

Proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. The Firm generally retains proxy-voting authority with respect to securities purchased for its clients, unless otherwise agreed upon with the particular client. When the Firm retains the proxy voting authority, the Firm has a fiduciary duty to votes proxies in the best interest of its clients and in accordance with these policies and procedures (this "Proxy Voting Policy"). The Firm may decide to not vote proxies in proprietary pilot accounts.

In order to administer this Proxy Voting Policy the Firm has created a Corporate Governance Committee comprised of senior personnel of the Firm, including portfolio management and Compliance departments.

**Risks**

In developing these policies and procedures, the Firm considered numerous risks associated with the proxy voting process. This analysis includes risks such as:

• The Firm's proxy voting policies and procedures are not reasonably designed to ensure that proxies are voted in the best interests of the Firm's clients;

• Proxies are not identified and processed in a timely manner;

• Proxies are not voted in clients' best interests;

• Conflicts of interest between the Firm and a client are not identified or resolved appropriately;

• The Firm does not conduct an investigation reasonably designed to ensure that its voting determinations are not based on materially inaccurate or incomplete information;

• Third-party proxy voting services retained by the Firm do not vote proxies according to the Firm's instructions and in clients' best interests;

• The Firm does not conduct appropriate evaluation and oversight of the third-party proxy voting services retained by the Firm;

• Proxy voting records, client requests for proxy voting information, and the Firm's responses to such requests, are not properly maintained;

• The Firm lacks policies regarding clients' participation in class actions.

The Firm has established policies and procedures to mitigate these risks.

**Use of Third-Party Proxy Voting Service**

While the voting of proxies remains a fiduciary duty of the Firm, the Firm may contract with service providers to perform certain functions with respect to proxy voting, subject to the oversight by the Firm, as described in these procedures.

The Firm has entered into an agreement with Institutional Shareholder Services, Inc. ("ISS") to provide the Firm with its analysis on proxies and to facilitate the electronic voting of proxies. The Firm has instructed ISS to execute all proxies in accordance with the applicable ISS guidelines, except with respect to Special Voting Issues (as defined below) or unless otherwise instructed by the Firm with respect to a particular vote. The Compliance Department manages the Firm's relationship with ISS.

Proxies relating to securities held in client accounts will be sent directly to ISS. If a proxy is received by the Firm and not sent directly to ISS, the Firm will promptly forward the proxy to ISS. Having ISS complete the actual voting of all proxies provides a central source for the Firm's proxy voting records.

**Proxy Voting Guidelines**

*ISS' Standard Guidelines and U.S. Taft-Hartley Guidelines.* Except as described below, the Firm will vote proxies for its clients, including the commingled funds managed by the Firm, through the use of ISS' services in accordance with applicable ISS guidelines. When voting in accordance with ISS guidelines, the Firm will generally apply the ISS' Standard Guidelines. For the Firm's Taft-Hartley clients, however, the Firm will vote proxies in accordance with ISS' U.S. Taft-Hartley Guidelines.

*Special Voting Issues.* ISS will notify the Firm of certain votes involving, without limitation, certain material mergers and acquisition transactions, reorganizations, capital structure changes, dissolutions, conversions or consolidations, dissident shareholders, contested director elections, and certain social and environmental proposals ("Special Voting Issues"). With respect to all proxies involving Special Voting Issues, a member of the Corporate Governance Committee and the applicable portfolio manager will conduct a more detailed analysis of the

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issuer or the specific matter to be voted on and will determine whether the Firm will follow ISS recommendations or whether the Firm will make an independent determination on how to vote the proxy in accordance with the best interests of the clients. The Operations Department will send the Firm's decision on how to vote the proxy to ISS, which will vote the proxy.

*Client-Directed Proxies.* In the event that a client-directed proxy is in conflict with ISS Guidelines, the Firm will vote in accordance with the client's proxy guideline. ISS will execute the vote as directed by the Firm.

*ISS' Conflicts and Other Instances of Deviation from ISS Guidelines.* In the event that (i) the Firm becomes aware of a conflict of interest between the Firm and ISS, (ii) ISS is unable to complete or provide its research and analysis regarding a security on a timely basis or (iii) the Firm determines that voting in accordance with ISS guidelines is not in the best interest of the client, the Firm will not vote in accordance with ISS guidelines. In such cases, the Firm will make an independent decision on how to vote, which may or may not be consistent with ISS guidelines. ISS will execute the vote as directed by the Firm.

*Conflicts of the Firm.* In seeking to avoid conflicts, the Firm will vote in accordance with applicable ISS guidelines (i) if an employee of the Firm or one of its affiliates is on the board of directors of a company held in client accounts or (ii) if a conflict of interest exists between the Firm and a client with respect to the issuer. In the event of a conflict of interest between the Firm and a client, the Firm's voting in accordance with ISS guidelines does not relieve the Firm of its fiduciary obligation to either vote in the client's best interest or to provide to the client a full and fair disclosure of the conflict and obtain the client's informed consent.

In the case of ERISA clients, if the investment management agreement reserves to the ERISA client the authority to vote proxies when the Firm determines it has a material conflict that affects its best judgment as an ERISA fiduciary, the Firm will give the ERISA client the opportunity to vote the proxies themselves. Absent the client reserving voting rights, the Firm will vote the proxies in accordance with this Proxy Voting Policy.

When the Firm votes proxies on behalf of the account of a corporation, or a pension plan sponsored by a corporation, in which the Firm's other clients also own stock, the Firm will vote the proxy for its other clients in accordance with applicable ISS guidelines and the proxy for the corporation or its pension plan's account as directed by the corporation.

**Abstentions; Determination Not to Vote**

The Firm may abstain from voting if the Firm determines that abstention is in the best interests of the client. In making this determination, the Firm will consider various factors, including but not limited to (i) the costs (e.g., translation or travel costs) associated with exercising the proxy and (ii) any legal restrictions on trading resulting from the exercise of the proxy.

Some clients of the Firm participate in securities lending. The Firm will not vote securities that are out on loan within a securities lending program.

**Securities No Longer Owned**

The Firm will not review the proxy votes for securities that are no longer owned by a client account at the time of the proxy meeting.

**Proxy Voting Audit Procedures and Oversight of Third-Party Proxy Voting Service**

When the Firm is voting in accordance with ISS guidelines, the Operations Department reviews the "pre-populated" votes on the ISS' electronic voting platform before ISS executes the vote. When voting on Special Voting Issues or in other instances of voting not in accordance with ISS guidelines, the Firm's Operations Department itself "pre-populates" votes on the ISS' electronic voting platform before ISS executes the vote.

Periodically, a random sample of the proxies voted by ISS will be audited to ensure ISS is voting in accordance with applicable ISS guidelines or consistent with the Firm's direction, as applicable. Starting in the Fall of 2019, a sample of votes on Special Voting Issues will also be reviewed to evaluate whether the Firm's voting determinations were consistent with this Proxy Voting Policy and in its clients' best interest.

Annually, the Corporate Governance Committee will review ISS and its policies and methodologies. Starting in the Fall of 2019, this review will include, among others, the following topics and determinations:

• that ISS has the capacity and competence to adequately analyze proxy issues, including the adequacy and quality of its staffing, personnel and /or technology and any material changes in the ISS staffing and technology since the last review;

• whether ISS has an effective process for seeking timely input from issuers and its clients with respect to its proxy voting policies, methodologies and peer group constructions;

• whether ISS engages with issuers, including its process for ensuring that it has complete and accurate information about the issuer and each particular matter, and ISS' process, if any, for investment advisers to access the issuers' views about ISS' voting recommendations;

• whether the Firm has sufficient information on and understanding of ISS' methodologies and the factors underlying ISS' voting recommendations, including an understanding of how ISS obtains information relevant to its voting recommendations and how it engages with issuers and third parties;

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

• whether ISS is independent and can make recommendations in an impartial manner in the best interests of the Firm's clients. This analysis will include a review of (i) any ISS actual or potential conflicts known to the Firm, (ii) ISS' policies and procedures on identifying, disclosing and addressing conflicts of interest, and (iii) whether ISS is disclosing its actual or potential conflicts to the Firm in a timely, transparent and accessible manner;

• ISS' internal controls, including but not limited to a review of ISS' business continuity plan, methodologies with respect to implementing the Firm's voting instructions, proxy record keeping and internal and independent third-party audit certifications;

• Any factual errors, potential incompleteness, or potential methodological weaknesses in the ISS' analysis known to the Firm and whether such errors, incompleteness or weaknesses materially affected ISS' recommendations. The Firm will also access ISS' process for disclosure to the Firm and efforts to correct any such identified errors, incompleteness or weaknessesBased on the Firm's assessment of ISS and its service levels, the Firm can make a determination to obtain information about and consider alternative service providers to ISS.

Based on the Firm's assessment of ISS and its service levels, the Firm can make a determination to obtain information about and consider alternative service providers to ISS.

**Disclosure**

The Firm will disclose in its Form ADV Part 2A that clients may contact the Firm in order to obtain information on how the Firm voted such client's proxies, and to request a copy of this Proxy Voting Policy. If a client requests this information, the Client Servicing and Operations Departments will prepare a written response to the client that lists, with respect to each voted proxy that the client has inquired: (i) the name of the issuer, (ii) the proposal voted upon and (iii) how the Firm voted the client's proxy.

A summary of this Proxy Voting Policy will be included in the Firm's Form ADV Part 2, which is delivered to all clients. The summary will be updated whenever this Proxy Voting Policy is updated.

As a matter of policy, the Firm does not disclose how it expects to vote on upcoming proxies. Additionally, the Firm does not disclose the way it voted proxies to unaffiliated third parties without a legitimate need to know such information.

**Proxy Voting Record Keeping**

The Firm will maintain a record of items 1-3 below in its files. In accordance with its services contract with the Firm, ISS will maintain a record of items 4 and 5 below in its files.

1. Copies of this Proxy Voting Policy, and any amendments thereto;

2. A copy of any document the Firm created that was material to making a decision on how to vote proxies, or that memorializes that decision. For votes that are inconsistent with ISS' guidelines, the Firm must document the rationale for its vote;

3. A copy of each written client request for information on how the Firm voted such client's proxies, and a copy of any written response to such request;

4. A copy of each proxy statement that the Firm or ISS receives regarding client securities; and

5. A record of each vote that the Firm casts.

**Class Actions**

The Firm does not direct clients' participation in class actions, as disclosed in Part 2 of Form ADV. The Compliance Department will determine whether to return any documentation inadvertently received by the Firm regarding clients' participation in class actions to the sender, or to forward such information to the appropriate clients.

**Annual Policy Review**

The Corporate Governance Committee will review, no less frequently than annually, the adequacy of this Proxy Voting Policy and the effectiveness of its implementation and determine whether the Policy is reasonably designed to ensure that the Firm casts proxy votes on behalf of its clients in the best interests of such clients.

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**SSGA Funds Management, Inc.** 

**Global Proxy Voting and Engagement Principles**

**March 2022**

State Street Global Advisors, one of the industry's largest institutional asset managers, is the investment management arm of State Street Corporation, a leading provider of financial services to institutional investors. As an investment manager, State Street Global Advisors has discretionary proxy voting authority over most of its client accounts, and State Street Global Advisors votes these proxies in the manner that we believe will most likely protect and promote the long-term economic value of client investments, as described in this document<sup>1</sup>.

State Street Global Advisors maintains Proxy Voting and Engagement Guidelines for select markets, including: Australia, continental Europe, Japan, New Zealand, North America (Canada and the US), the UK and Ireland, and emerging markets. International markets not covered by our market-specific guidelines are reviewed and voted in a manner that is consistent with our Global Proxy Voting and Engagement Principles (the "Principles"); however, State Street Global Advisors also endeavors to show sensitivity to local market practices when voting in these various markets. In limited circumstances, certain pooled investment vehicles for which State Street Global Advisors acts as investment manager may, pursuant to their governing documents, utilize proxy voting guidelines developed by third-party advisors.

<sup>1</sup>

These Global Proxy Voting and Engagement Guidelines are also applicable to SSGA Funds Management, Inc. SSGA Funds Management, Inc. is an SEC-registered investment adviser. SSGA Funds Management, Inc., State Street Global Advisors Trust Company, and other advisory affiliates of State Street make up State Street Global Advisors, the investment management arm of State Street Corporation.

**State Street Global Advisors' Approach to Proxy Voting and Issuer Engagement**

At State Street Global Advisors, we take our fiduciary duties as an asset manager very seriously. We have a dedicated team of corporate governance professionals who help us carry out our duties as a responsible investor. These duties include engaging with companies, developing and enhancing in-house corporate governance guidelines, analyzing corporate governance issues on a case-by-case basis at the company level, and exercising our voting rights. The underlying goal is to maximize shareholder value.

The Principles may take different perspectives on common governance issues that vary from one market to another. Similarly, engagement activity may take different forms in order to best achieve long-term engagement goals. We believe that proxy voting and engagement with portfolio companies is often the most direct and productive way for shareholders to exercise their ownership rights. This comprehensive toolkit is an integral part of the overall investment process.

We believe engagement and voting activity have a direct relationship. As a result, the integration of our engagement activities, while leveraging the exercise of our voting rights, provides a meaningful shareholder tool that we believe protects and enhances the long-term economic value of the holdings in our client accounts. We maximize our voting power and engagement by maintaining a centralized proxy voting and active ownership process covering all holdings, regardless of strategy. Despite the vast investment strategies and objectives across State Street Global Advisors, the fiduciary responsibilities of share ownership and voting for which State Street Global Advisors has voting discretion are carried out with a single voice and objective. In those limited circumstances in which State Street Global Advisors acts as investment manager to a pooled investment vehicle that, pursuant to its governing documents, utilizes guidelines developed by a third-party advisor, the proxy votes implemented with respect to such a fund may differ from and be contrary to those votes implemented for other portfolios managed by State Street Global Advisors pursuant to its proprietary proxy voting guidelines. With respect to such funds utilizing third-party guidelines, the terms of the applicable third-party guidelines shall apply in place of the Principles described herein.

The Principles support governance structures that we believe add to, or maximize, shareholder value for the companies held in our clients' portfolios. We conduct issuer specific engagements with companies to discuss our principles, including sustainability-related risks. In addition, we encourage issuers to find ways to increase the amount of direct communication board members have with shareholders. Direct communication with executive board members and independent non-executive directors is critical to helping companies understand shareholder concerns. Conversely, we conduct collaborative engagement activities with multiple shareholders and communicate with company representatives about common concerns where appropriate.

In conducting our engagements, we also evaluate the various factors that influence the corporate governance framework of a country, including the macroeconomic conditions and broader political system, the quality of regulatory oversight, the enforcement of property and shareholder rights, and the independence of the judiciary. We understand that regulatory requirements and investor expectations relating to governance practices and engagement activities differ from country to country. As a result, we engage with issuers, regulators, or a combination of the two depending upon the market. We are also a member of various investor associations that seek to address broader corporate governance-related policy at the country level, as well as issuer-specific concerns at a company level.

The State Street Global Advisors Asset Stewardship Team may collaborate with members of the Active Fundamental and various other investment teams to engage with companies on corporate governance issues and to address any specific concerns. This facilitates our comprehensive approach to information gathering as it relates to shareholder items that are to be voted upon at upcoming shareholder meetings. We also conduct issuer-specific engagements with companies, covering various corporate governance and sustainability-related topics outside of proxy season.

The Asset Stewardship Team employs a blend of quantitative and qualitative research, analysis and data in order to support screens that identify issuers where active engagement may be necessary to protect and promote shareholder value. Issuer engagement may also be event driven, focusing on issuer-specific corporate governance, sustainability concerns, or more broad industry-related trends. We also consider the

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size of our total position of the issuer in question and/or the potential negative governance, performance profile, and circumstance at hand. As a result, we believe issuer engagement can take many forms and be triggered by numerous circumstances. The following approaches represent how we define engagement methods:

**Active**

We use screening tools designed to capture a mix of company-specific data, including governance and sustainability profiles, to help us focus our voting and engagement activity.

We will actively seek direct dialogue with the board and management of companies that we have identified through our screening processes. Such engagements may lead to further monitoring to ensure that the company improves its governance or sustainability practices. In these cases, the engagement process represents the most meaningful opportunity for us to protect long-term shareholder value from excessive risk due to poor governance and sustainability practices.

**Reactive**

Reactive engagement is initiated by the issuers. We routinely discuss specific voting issues and items with the issuer community. Reactive engagement is an opportunity to address not only voting items, but also a wide range of governance and sustainability issues.

We have established an engagement protocol that further describes our approach to issuer engagement.

**Measurement**

Assessing the effectiveness of our issuer engagement process is often difficult. In order to limit the subjectivity of effectiveness measurement, we actively seek issuer feedback and monitor the actions issuers take post-engagement in order to identify tangible changes. Thus, we are able to establish indicators to gauge how issuers respond to our concerns and to what degree these responses satisfy our requests. It is also important to note that successful engagement activity can be measured over differing time periods depending upon the relevant facts and circumstances. Engagements can last as briefly as a single meeting or span multiple years.

Depending upon the issue and whether the engagement activity is reactive, recurring, or active, engagement with issuers can take the form of written communication, conference calls, or in-person meetings. We believe active engagement is best conducted directly with company management or board members. Collaborative engagement, where multiple shareholders communicate with company representatives, can serve as a potential forum for issues that are not identified by us as requiring active engagement. An example of such a forum is a shareholder conference call.

**Proxy Voting Procedure**

**Oversight**

The Asset Stewardship Team is responsible for developing and implementing State Street Global Advisors' proprietary Proxy Voting and Engagement Guidelines (the "Guidelines"), the implementation of third-party proxy voting guidelines where applicable, case-by-case voting items, issuer engagement activities, and research and analysis of governance-related issues. The Stewardship Team's activities are overseen by the State Street Global Advisors ESG Committee. The ESG Committee is responsible for reviewing State Street Global Advisors' stewardship strategy, engagement priorities, and proxy voting guidelines and monitors the delivery of voting objectives. In addition, the ESG Committee provides oversight of the State Street Global Advisors Stewardship Team, reviews departures from State Street Global Advisors' proxy voting guidelines, and reviews conflicts of interest involving proxy voting.

**Proxy Voting Process**

In order to facilitate our proxy voting process, we retain Institutional Shareholder Services Inc. ("ISS"), a firm with expertise in proxy voting and corporate governance. We utilize ISS to: (1) act as our proxy voting agent (providing State Street Global Advisors with vote execution and administration services), (2) assist in applying the Guidelines, (3) provide research and analysis relating to general corporate governance issues and specific proxy items, and (4) provide proxy voting guidelines in limited circumstances.

The Asset Stewardship Team reviews with ISS its Guidelines and the services that ISS provides to State Street Global Advisors on an annual or case-by-case basis. As part of its role as proxy agent and prior to providing vote execution services, ISS pre-populates on an electronic platform certain preliminary proxy votes in accordance with the proxy voting guidelines identified by State Street Global Advisors. On most routine proxy voting items (e.g., ratification of auditors), ISS will shortly before applicable submission deadlines use an automated process to affect the pre-populated proxy votes. To the extent the Asset Stewardship Team becomes aware of material new information within a reasonable period of time before ISS affects such votes, the Asset Stewardship Team will assess whether the pre-populated votes should be updated.

In other cases, the Asset Stewardship Team will evaluate the proxy solicitation to determine how to vote based upon the facts and circumstances, consist with our Principles and accompanying Guidelines.

In some instances, the Asset Stewardship Team may refer significant issues to the ESG Committee for a determination of the proxy vote. In addition, in determining whether to refer a proxy vote to the ESG Committee, the Asset Stewardship Team will consider whether a material conflict of interest exists between the interests of our client and those of State Street Global Advisors or its affiliates (as explained in greater detail in our Conflict Mitigation Guidelines).

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We vote in all markets where it is feasible; however, we may refrain from voting meetings when power of attorney documentation is required, where voting will have a material impact on our ability to trade the security, where voting is not permissible due to sanctions affecting a company or an individual, where issuer-specific special documentation is required, or where various market or issuer certifications are required. We are unable to vote proxies when certain custodians, used by our clients, do not offer proxy voting in a jurisdiction or when they charge a meeting specific fee in excess of the typical custody service agreement.

**Conflict of Interest**

See our standalone Conflict Mitigation Guidelines.

**Proxy Voting and Engagement Principles**

**Directors and Boards**

The election of directors is one of the most important fiduciary duties we perform as a shareholder. We believe that well-governed companies can protect and pursue shareholder interests better and withstand the challenges of an uncertain economic environment. As such, we seek to vote director elections in a way that we believe will maximize the long-term value of each portfolio's holdings.

Principally, a board acts on behalf of shareholders by protecting their interests and preserving their rights. This concept establishes the standard by which board and director performance is measured. In order to achieve this fundamental principle, the role of the board is to carry out its responsibilities in the best long-term interest of the company and its shareholders. An independent and effective board oversees management, provides guidance on strategic matters, selects the CEO and other senior executives, creates a succession plan for the board and management, provides risk oversight, and assesses the performance of the CEO and management. In contrast, management implements the business and capital allocation strategies and runs the company's day-to-day operations. As part of our engagement process, we routinely discuss the importance of these responsibilities with the boards of issuers.

We believe the quality of a board is a measure of director independence, director succession planning, board diversity, evaluations and refreshment, and company governance practices. In voting to elect nominees, we consider many factors. We believe independent directors are crucial to good corporate governance; they help management establish sound corporate governance policies and practices. A sufficiently independent board will effectively monitor management, maintain appropriate governance practices, and perform oversight functions necessary to protect shareholder interests. We also believe the right mix of skills, independence, diversity, and qualifications among directors provides boards with the knowledge and direct experience to manage risks and operating structures that are often complex and industry-specific.

**Accounting and Audit Related Issues**

We believe audit committees are critical and necessary as part of the board's risk oversight role. The audit committee is responsible for setting out an internal audit function that provides robust audit and internal control systems designed to effectively manage potential and emerging risks to the company's operations and strategy. We believe audit committees should have independent directors as members, and we will hold the members of the audit committee responsible for overseeing the management of the audit function.

The disclosure and availability of reliable financial statements in a timely manner is imperative for the investment process. As a result, board oversight of the internal controls and the independence of the audit process are essential if investors are to rely upon financial statements. It is important for the audit committee to appoint external auditors who are independent from management; we expect auditors to provide assurance of a company's financial condition.

**Capital Structure, Reorganization and Mergers**

The ability to raise capital is critical for companies to carry out strategy, to grow, and to achieve returns above their cost of capital. The approval of capital raising activities is fundamental to a shareholder's ability to monitor the amounts of proceeds and to ensure capital is deployed efficiently. Altering the capital structure of a company is a critical decision for boards. When making such a decision, we believe the company should disclose a comprehensive business rationale that is consistent with corporate strategy and not overly dilutive to its shareholders.

Mergers or reorganization of the structure of a company often involve proposals relating to reincorporation, restructurings, liquidations, and other major changes to the corporation.

Proposals that are in the best interests of shareholders, demonstrated by enhancing share value or improving the effectiveness of the company's operations, will be supported. In evaluating mergers and acquisitions, we consider the adequacy of the consideration and the impact of the corporate governance provisions to shareholders. In all cases, we use our discretion in order to maximize shareholder value.

Occasionally, companies add anti-takeover provisions that reduce the chances of a potential acquirer to make an offer, or to reduce the likelihood of a successful offer. We do not support proposals that reduce shareholders' rights, entrench management, or reduce the likelihood of shareholders' right to vote on reasonable offers.

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**Compensation**

We consider it the board's responsibility to identify the appropriate level of executive compensation. Despite the differences among the types of plans and the awards possible, there is a simple underlying philosophy that guides our analysis of executive compensation: we believe that there should be a direct relationship between executive compensation and company performance over the long term.

Shareholders should have the opportunity to assess whether pay structures and levels are aligned with business performance. When assessing remuneration reports, we consider factors such as adequate disclosure of various remuneration elements, absolute and relative pay levels, peer selection and benchmarking, the mix of long-term and short-term incentives, alignment of pay structures with shareholder interests, as well as with corporate strategy and performance. We may oppose remuneration reports where pay seems misaligned with shareholders' interests. We may also consider executive compensation practices when re-electing members of the remuneration committee.

We recognize that compensation policies and practices are unique from market to market; often there are significant differences between the level of disclosures, the amount and forms of compensation paid, and the ability of shareholders to approve executive compensation practices. As a result, our ability to assess the appropriateness of executive compensation is often dependent on market practices and laws.

**Environmental and Social Issues**

As a fiduciary, State Street Global Advisors takes a comprehensive approach to engaging with our portfolio companies about material environmental and social (sustainability) issues. We use our voice and our vote through engagement, proxy voting, and thought leadership in order to communicate with issuers and educate market participants about our perspective on important sustainability topics. Our Asset Stewardship program prioritization process allows us to proactively identify companies for engagement and voting in order to mitigate sustainability risks in our portfolio. Through engagement, we address a broad range of topics that align with our thematic priorities and build long-term relationships with issuers. When voting, we fundamentally consider whether the adoption of a shareholder proposal addressing a material sustainability issue would promote long-term shareholder value in the context of the company's existing practices and disclosures as well as existing market practice.

For more information on our approach to environmental and social issues, please see our Global Proxy Voting and Engagement Guidelines for Environmental and Social Issues and our Frameworks for Voting Environmental and Social Shareholder Proposals, both available at ssga.com/about-us/asset-stewardship.html.

**General/Routine**

Although we do not seek involvement in the day-to-day operations of an organization, we recognize the need for conscientious oversight and input into management decisions that may affect a company's value. We support proposals that encourage economically advantageous corporate practices and governance, while leaving decisions that are deemed to be routine or constitute ordinary business to management and the board of directors.

**Fixed Income Stewardship**

The two elements of our fixed income stewardship program are:

**Proxy Voting:**

While matters that arise for a vote at bondholder meetings vary by jurisdiction, examples of common proxy voting resolutions at bondholder meetings include:

• Approving amendments to debt covenants and/or terms of issuance

• Authorizing procedural matters, such as filing of required documents/other formalities

• Approving debt restructuring plans

• Abstaining from challenging the bankruptcy trustees

• Authorizing repurchase of issued debt security

• Approving the placement of unissued debt securities under the control of directors

• Approving spin-off/absorption proposals

Given the nature of the items that arise for vote at bondholder meetings, we take a case-by-case approach to voting bondholder resolutions. Where necessary, we will engage with issuers on voting matters prior to arriving at voting decisions. All voting decisions will be made in the best interest of our clients.

**Issuer Engagement:**

We recognize that debt holders have limited leverage with companies on a day-to-day basis. However, we believe that given the size of our holdings in corporate debt, we can meaningfully influence ESG practices of companies through issuer engagement. Our guidelines for engagement with fixed income issuers broadly follow the engagement guidelines for our equity holdings as described above.

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**Securities on Loan**

For funds in which we act as trustee, we may recall securities in instances where we believe that a particular vote will have a material impact on the fund(s). Several factors shape this process. First, we must receive notice of the vote in sufficient time to recall the shares on or before the record date. In many cases, we do not receive timely notice, and we are unable to recall the shares on or before the record date. Second, State Street Global Advisors may exercise its discretion and recall shares if it believes that the benefit of voting shares will outweigh the foregone lending income. This determination requires State Street Global Advisors, with the information available at the time, to form judgments about events or outcomes that are difficult to quantify. Given our expertise and vast experience, we believe that the recall of securities will rarely provide an economic benefit that outweighs the cost of the foregone lending income.

**Reporting**

Any client who wishes to receive information on how its proxies were voted should contact its State Street Global Advisors relationship manager.

**About State Street Global Advisors**

For four decades, State Street Global Advisors has served the world's governments, institutions and financial advisors. With a rigorous, risk-aware approach built on research, analysis and market-tested experience, we build from a breadth of active and index strategies to create cost-effective solutions. As stewards, we help portfolio companies see that what is fair for people and sustainable for the planet can deliver long-term performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing new ways to invest. As a result, we have become the world's fourth-largest asset manager\* with US $4.14 trillion† under our care.

\* Pensions & Investments Research Center, as of December 31, 2020.

† This figure is presented as of December 31, 2021 and includes approximately $61.43 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated

**Managing Conflicts of Interest Arising From State Street Global Advisors' Proxy Voting and Engagement Activity**

State Street Corporation has a comprehensive standalone Conflicts of Interest Policy and other policies that address a range of conflicts of interests identified. In addition, State Street Global Advisors, the asset management business of State Street Corporation, maintains a conflicts register that identifies key conflicts and describes systems in place to mitigate the conflicts. This guidance<sup>I</sup> is designed to act in conjunction with related policies and practices employed by other groups within the organization. Further, they complement those policies and practices by providing specific guidance on managing the conflicts of interests that may arise through State Street Global Advisors' proxy voting and engagement activities.

<sup>I</sup> These Managing Conflicts of Interest Arising From State Street Global Advisors' Proxy Voting and Engagement Activity Guidelines are also applicable to SSGA Funds Management, Inc. SSGA Funds Management, Inc. is an SEC-registered investment adviser. SSGA Funds Management, Inc., State Street Global Advisors Trust Company, and other advisory affiliates of State Street make up State Street Global Advisors, the investment management arm of State Street Corporation.

**Managing Conflicts of Interest Related to Proxy Voting**

State Street Global Advisors has policies and procedures designed to prevent undue influence on State Street Global Advisors' voting activities that may arise from relationships between proxy issuers or companies and State Street Corporation, State Street Global Advisors, State Street Global Advisors affiliates, State Street Global Advisors Funds or State Street Global Advisors Fund affiliates.

Protocols designed to help mitigate potential conflicts of interest include:

• Assigning sole responsibility for the implementation of proxy voting guidelines to members of State Street Global Advisors' Asset Stewardship Team. Members of the Asset Stewardship team may from time to time discuss views on proxy voting matters, company performance, strategy etc. with other State Street Corporation or State Street Global Advisors employees, including portfolio managers, senior executives and relationship managers. However, final voting decisions are made solely by the Asset Stewardship team, in a manner that is consistent with the best interests of all clients, taking into account various perspectives on risks and opportunities with a view of maximizing the value of client assets;

• Generally exercising a singular vote decision for each ballot item regardless of our investment strategy;1

• Prohibiting members of State Street Global Advisors' Asset Stewardship team from disclosing State Street Global Advisors' voting decision to any individual not affiliated with the proxy voting process prior to the meeting or date of written consent, as the case may be;

• Mandatory disclosure by members of the State Street Global Advisors' Asset Stewardship team, ESG Committee and Investment Committee ("IC") of any personal conflict of interest (e.g., familial relationship with company management, serves as a director on the board of a listed company) to the Global Head of Asset Stewardship, Voting & Engagement. Members are required to recuse themselves from any engagement or proxy voting activities related to the conflict;

• In certain instances, client accounts and/or State Street Global Advisors pooled funds, where State Street Global Advisors acts as trustee, may hold shares in State Street Corporation or other State Street Global Advisors affiliated entities, such as mutual funds affiliated with State Street Global Advisors Funds Management, Inc. In general, State Street Global Advisors will outsource any voting decision

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relating to a shareholder meeting of State Street Corporation or other State Street Global Advisors affiliated entities to independent outside third parties. Delegated third parties exercise vote decisions based upon State Street Global Advisors' Proxy Voting and Engagement Guidelines ("Guidelines"); and

• Reporting of overrides of Guidelines, if any, to the ESG Committee on a quarterly basis.

<sup>1</sup>State Street Global Advisors believes such an approach is generally in our clients' best interest as our proxy voting principles are focused on enhancing long term shareholder value and a unified voting approach maximizes our clients' voice and promotes firm-wide integration and sharing of insights between teams to the benefit of clients. In limited circumstances, certain pooled investment vehicles for which State Street Global Advisors acts as investment manager may, pursuant to their governing documents, utilize proxy voting guidelines developed by third-party advisors.

In general, we do not believe matters that fall within proxy voting guidelines utilized by State Street Global Advisors and that are voted consistently with such guidelines present any potential conflicts, since the vote on the matter has effectively been determined without reference to the soliciting entity. However, where matters do not fall within the applicable proxy voting guidelines or where we believe that voting in accordance with such guidelines is unwarranted, we conduct an additional review to determine whether there is a conflict of interest. In circumstances where a conflict has been identified and either: (i) the matter does not fall clearly within the applicable guidelines; or (ii) State Street Global Advisors determines that voting in accordance with such guidance is not in the best interests of its clients, the Head of the Asset Stewardship team will determine whether a material relationship exists. If so, the matter is referred to the ESG Committee. The ESG Committee then reviews the matter and determines whether a conflict of interest exists, and if so, how to best resolve such conflict. For example, the ESG Committee may (i) determine that the proxy vote does not give rise to a conflict due to the issues presented or (ii) retain an independent fiduciary to determine the appropriate vote.

**Global Proxy Voting and Engagement Guidelines for Environmental and Social Issues** 

**Overview**

Our primary fiduciary obligation to our clients is to maximize the long-term returns of their investments. It is our view that material environmental and social (sustainability) issues can present risks and/or opportunities that impact long-term value creation. This philosophy provides the foundation for our value-based approach to Asset Stewardship.

We use our voice and our vote through engagement, proxy voting, and thought leadership in order to communicate with issuers and educate market participants about our perspective on important sustainability topics.

Our stewardship efforts are rooted in the three pillars of ESG and their intersections. We regularly identify E, S, and G focus areas that guide our proxy voting and engagement efforts. Within these focus areas, we elevate outcome-oriented stewardship priorities each year based on factors including client demand, stakeholder interest, market trends, financial materiality, and portfolio impact.

In limited circumstances, State Street Global Advisors may act as investment manager to pooled investment vehicles that, pursuant to their governing documents, utilize guidelines developed by a third-party advisor. With respect to such funds utilizing third-party guidelines, the voting practices described in the applicable third-party guidelines will apply in place of the voting practices described herein.

**Our Approach to Assessing Materiality and Relevance of Sustainability Issues**

While we believe that sustainability-related factors can expose potential investment risks as well as drive long-term value creation, the materiality of specific sustainability issues varies from industry to industry and company by company. With this in mind, we leverage several distinct frameworks as well as additional resources to inform our views on the materiality of a sustainability issue at a given company including:

• The Sustainability Accounting Standards Board's (SASB) Industry Standards

• The Task Force on Climate-related Financial Disclosures (TCFD) Framework

• Disclosure expectations in a company's given regulatory environment

• Market expectations for the sector and industry

• Other existing third party frameworks, such as the CDP (formally the Carbon Disclosure Project) or the Global Reporting Initiative

• Our proprietary R-Factor<sup>TM</sup><sup>1</sup> score

We expect companies to disclose information regarding their approach to identifying material sustainability-related risks and the management policies and practices in place to address such issues. We support efforts by companies to demonstrate the ways in which sustainability is incorporated into operations, business activities, and most importantly, long-term business strategy.

<sup>1</sup> State Street Global Advisors' proprietary scoring model, which aligns with SASB's Sustainability Accounting Standards, and measures the performance of a company's business operations and governance as it relates to financially material ESG factors facing the company's industry.

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**Our Approach to Sustainability Through Engagements**

Our Asset Stewardship program prioritization process allows us to proactively identify companies for engagement and voting in order to mitigate sustainability risks in our portfolio. Our approach is driven by:

1. Proprietary Screens

We have developed proprietary in-house sustainability screens to help identify companies for proactive engagement. These screens leverage our proprietary R-Factor<sup>TM</sup> score to identify sector and industry outliers for engagement and voting on sustainability issues.

2. Thematic Prioritization

As part of our annual stewardship planning process we identify thematic sustainability priorities that will be addressed during most engagement meetings. We develop our priorities based upon several factors, including client feedback, emerging sustainability trends, developing macroeconomic conditions, and evolving regulations. These engagements not only inform our voting decisions but also allow us to monitor improvement over time and to contribute to our evolving perspectives on priority areas.

During the 'voting season,' we prioritize conversations with companies that have triggered our E&S director voting policies or have received an E&S shareholder proposal on their proxy. In the 'off-season,' we discuss our thematic focus areas and stewardship priorities with companies for which these topics are most material.

Through engagement, we address a broad range of topics that align with our thematic priorities and seek to build long-term relationships with issuers. We view engagements as part of an ongoing dialogue, versus a series of one-off conversations. During conversations with issuers, we share expectations and perspectives on of key dimensions of E&S, and seek to understand how companies and their boards manage and oversee related risks.

We also pursue proactive, targeted engagement campaigns with companies for which our focus areas are most material, and/or where improvement is most needed. Through these campaigns, we might make specific asks of companies and measure their progress against our expectations. If we feel a company is making insufficient progress on effective E&S risk management, we will consider taking voting action through relevant shareholder proposals or by targeting directors responsible for oversight.

**Analyzing Sustainability Proposals**

We take a case-by-case approach to analyzing shareholder proposals related to sustainability topics and consider the following factors:

• The materiality of the sustainability topic in the proposal to the company's business and sector (see "Our Approach to Assessing Materiality and Relevance of Sustainability Issues" above)

• The content and intent of the proposal

• Whether the adoption of such a proposal would promote long-term shareholder value in the context of the company's disclosure and practices

• The strength of board oversight of the company's relevant sustainability practices

• Quality of public disclosures on the topic

• Quality of engagement and responsiveness to our feedback

• Binding nature of proposal or prescriptiveness of proposal

We also leverage frameworks to analyze certain E&S shareholder proposals. These frameworks, which are not considered formal voting guidelines, can be found on our website.

**Vote Options for Sustainability Proposals**

• For (support for proposal) if the issue is material and the company has poor disclosure and/or practices relative to our expectations

• Abstain (some reservations) if the issue is material and the company's disclosure and/or practices could be improved relative to our expectations.

• Against (no support for proposal) if the issue is non-material and/or the company's disclosure and/or practices meet our expectations.

**Proxy Voting and Engagement Guidelines: Australia and New Zealand**

State Street Global Advisors' Australia and New Zealand Proxy Voting and Engagement Guidelines<sup>I</sup> outline our expectations of companies listed on stock exchanges in Australia and New Zealand. These Guidelines complement and should be read in conjunction with State Street Global Advisors' Global Proxy Voting and Engagement Principles, which provide a detailed explanation of our approach to voting and engaging with companies, and State Street Global Advisors' Conflict Mitigation Guidelines.

<sup>I</sup>These Proxy Voting and Engagement Guidelines are also applicable to SSGA Funds Management, Inc. SSGA Funds Management, Inc. is an SEC-registered investment adviser. SSGA Funds Management, Inc., State Street Global Advisors Trust Company, and other advisory affiliates of State Street make up State Street Global Advisors, the investment management arm of State Street Corporation.

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State Street Global Advisors' Australia and New Zealand Proxy Voting and Engagement Guidelines address areas including board structure, audit related issues, capital structure, remuneration, environmental, social, and other governance related issues.

When voting and engaging with companies in global markets, we consider market specific nuances in the manner that we believe will best protect and promote the long-term economic value of client investments. We expect companies to observe the relevant laws and regulations of their respective markets as well as country specific best practice guidelines, and corporate governance codes. We may hold companies in such markets to our global standards when we feel that a country's regulatory requirements do not address some of the key philosophical principles that we believe are fundamental to our global voting guidelines.

In our analysis and research into corporate governance issues in Australia and New Zealand, we expect all companies at a minimum to comply with the ASX Corporate Governance Principles and proactively monitor companies' adherence to the principles. Consistent with the 'comply or explain' expectations established by the Principles, we encourage companies to proactively disclose their level of compliance with the Principles. In instances of non-compliance when companies cannot explain the nuances of their governance structure effectively, either publicly or through engagement, we may vote against the independent board leader.

**State Street Global Advisors' Proxy Voting and Engagement Philosophy** 

In our view, corporate governance and sustainability issues are an integral part of the investment process. The Asset Stewardship Team consists of investment professionals with expertise in corporate governance and company law, remuneration, accounting, and environmental and social issues. We have established robust corporate governance principles and practices that are backed with extensive analytical expertise in order to understand the complexities of the corporate governance landscape. We engage with companies to provide insight on the principles and practices that drive our voting decisions. We also conduct proactive engagement to address significant shareholder concerns and environmental, social and governance ("ESG") issues in a manner consistent with maximizing shareholder value.

The team works alongside members of State Street Global Advisors' Active Fundamental and Asia-Pacific ("APAC") investment teams, collaborating on issuer engagement and providing input on company specific fundamentals. We are also a member of various investor associations that seek to address broader corporate governance related policy issues in the region.

State Street Global Advisors is a signatory to the United Nations Principles of Responsible Investment ("UNPRI"). We are committed to sustainable investing and are working to further integrate ESG principles into investment and corporate governance practices where applicable and consistent with our fiduciary duty.

**Directors and Boards** 

Principally we believe the primary responsibility of the board of directors is to preserve and enhance shareholder value and protect shareholder interests. In order to carry out their primary responsibilities, directors have to undertake activities that range from setting strategy and overseeing executive management to monitoring the risks that arise from a company's business, including risks related to sustainability issues. Further, good corporate governance necessitates the existence of effective internal controls and risk management systems, which should be governed by the board.

State Street Global Advisors believes that a well constituted board of directors with a good balance of skills, expertise, and independence provides the foundations for a well governed company. We view board quality as a measure of director independence, director succession planning, board diversity, evaluations and refreshment, and company governance practices. We vote for the (re-)election of directors on a case-by-case basis after considering various factors including board quality, general market practice, and availability of information on director skills and expertise.

In our analysis of boards, we consider whether board members have adequate skills to provide effective oversight of corporate strategy, operations, and risks, including environmental and social issues. Boards should also have a regular evaluation process in place to assess the effectiveness of the board and the skills of board members to address issues, such as emerging risks, changes to corporate strategy, and diversification of operations and geographic footprint.

We may also consider board performance and directors who appear to be remiss in the performance of their oversight responsibilities when analyzing their suitability for reappointment (e.g. fraud, criminal wrongdoing and breach of fiduciary responsibilities).

**Board Independence** 

In principle, we believe independent directors are crucial to corporate governance and help management establish sound ESG policies and practices. A sufficiently independent board will most effectively monitor management and perform oversight functions necessary to protect shareholder interests. We expect boards of ASX 300 and New Zealand listed companies to be comprised of at least a majority of independent directors. At all other Australian listed companies, we expect boards to be comprised of at least one-third independent directors.

Our broad criteria for director independence in Australia and New Zealand include factors such as:

• Participation in related-party transactions and other business relations with the company

• Employment history with company

• Relations with controlling shareholders

• Family ties with any of the company's advisers, directors, or senior employees

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While we are generally supportive of having the roles of chairman and CEO separated in the Australian and New Zealand markets, we assess the division of responsibilities between chairman and CEO on a case-by-case basis, giving consideration to factors such as company-specific circumstances, overall level of independence on the board and general corporate governance standards in the company. Similarly, we will monitor for circumstances in which a combined chairman/CEO is appointed or where a former CEO becomes chairman.

**Director Time Commitments** 

When voting on the election or re-election of a director, we also consider the number of outside board directorships that a non-executive and an executive may undertake. Thus, State Street Global Advisors may take voting action against a director who exceeds the number of board mandates listed below:

• Named Executive Officers (NEOs) of a public company who sit on more than two public company boards

• Non-executive board chairs or lead independent directors who sit on more than three public company boards

• Director nominees who sit on more than four public company boards

For non-executive board chairs/lead independent directors and director nominees who hold excessive commitments, as defined above, we may consider waiving our policy and vote in support of a director if a company discloses its director commitment policy in a publicly available manner (e.g., corporate governance guidelines, proxy statement, company website). This policy or associated disclosure must include:

• A numerical limit on public company board seats a director can serve on

– This limit cannot exceed our policy by more than one seat

• Consideration of public company board leadership positions (e.g., Committee Chair)

• Affirmation that all directors are currently compliant with the company policy

• Description of an annual policy review process undertaken by the Nominating Committee to evaluate outside director time commitments

If a director is imminently leaving a board and this departure is disclosed in a written, time-bound and publicly-available manner, we may consider waiving our withhold vote when evaluating the director for excessive time commitments.

Service on a mutual fund board, the board of a UK investment trust or a Special Purpose Acquisition Company (SPAC) board is not considered when evaluating directors for excessive commitments. However, we do expect these roles to be considered by nominating committees when evaluating director time commitments.

**Director Attendance at Board Meetings** 

We also consider attendance at board meetings and may withhold votes from directors who attend less than 75 percent of board meetings without appropriate explanation or providing reason for their failure to meet the attendance threshold. In addition, we monitor other factors that may influence the independence of a non-executive director, such as performance-related pay, cross-directorships, significant shareholdings, and tenure. We support the annual election of directors and encourage Australian and New Zealand companies to adopt this practice.

**Board Committees** 

We believe companies should have committees for audit, remuneration, and nomination oversight. The audit committee is responsible for monitoring the integrity of the financial statements of the company, appointing external auditors, monitoring their qualifications and independence, and their effectiveness and resource levels. ASX Corporate Governance Principles requires listed companies to have an audit committee of at least three members all of whom are non-executive directors and a majority of whom are independent directors. It also requires that the committee be chaired by an independent director who is not the chair of the board. We hold Australian and New Zealand companies to our global standards for developed financial markets by requiring that all members of the audit committee be independent directors.

The nomination committee is responsible for evaluating and reviewing the balance of skills, knowledge, and experience of the board. It also ensures that adequate succession plans are in place for directors and the CEO. We may vote against the re-election of members of the nomination committee if the board has failed to address concerns over board structure or succession.

**Board Gender Diversity** 

We expect boards of all listed companies to have at least one female board member. If a company fails to meet this expectation, State Street Global Advisors may vote against the Chair of the board's nominating committee or the board leader in the absence of a nominating committee, if necessary. Additionally, if a company fails to meet this expectation for three consecutive years, State Street Global Advisors may vote against all incumbent members of the nominating committee.

**Board Responsiveness to High Dissent against Pay** 

**Proposals** 

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Executive pay is another important aspect of corporate governance. We believe that executive pay should be determined by the board of directors. We expect companies to have in place remuneration committees to provide independent oversight over executive pay. ASX Corporate Governance Principles require listed companies to have a remuneration committee of at least three members all of whom are non-executive directors and a majority of whom are independent directors. Since Australia has a non-binding vote on pay with a two-strike rule requiring a board spill vote in the event of a second strike, we believe that the vote provides investors a mechanism to address concerns they may have on the quality of oversight provided by the board on remuneration issues. Accordingly, our voting guidelines accommodate local market practice.

Poorly structured executive compensation plans pose increasing reputational risk to companies. Ongoing high level of dissent against a company's compensation proposals may indicate that the company is not receptive to investor concerns. If the level of dissent against a company's remuneration report and/or remuneration policy is consistently high, and we have determined that a vote against a pay-related proposal is warranted in the third consecutive year, we will vote against the Chair of the remuneration committee.

**Incorporating R-Factor™ into Director Votes** 

<sup>1</sup> Bottom 10 percent of scores relative to industry peers.

<sup>2</sup> Have consistently underperformed their peers over the last two years; bottom 30 percent of scores relative to industry peers.

**Climate-related Disclosure** 

We believe climate change poses a systemic risk to all companies in our portfolio.

State Street Global Advisors has publicly supported the global regulatory efforts to establish a mandatory baseline of climate risk disclosures for all companies. Until these consistent disclosure standards are established, we find that the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD) provide the most effective framework by which companies can develop strategies to plan for climate-related risks and make their businesses more resilient to the impacts of climate change.

As such, we may vote against the independent board leader at companies in the ASX 100 that fail to provide sufficient disclosure in accordance with the TCFD framework, including:

• Board oversight of climate-related risks and opportunities

• Total Scope 1 and Scope 2 greenhouse gas emissions

• Targets for reducing greenhouse gas emissions

**Indemnification and Limitations on Liability** 

Generally, State Street Global Advisors supports proposals to limit directors' liability and/or expand indemnification and liability protection up to the limit provided by law, if he or she has not acted in bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.

**Audit-Related Issues** 

Companies should have robust internal audit and internal control systems designed for effective management of any potential and emerging risks to company operations and strategy. The responsibility of setting out an internal audit function lies with the audit committee, which should have independent non-executive directors designated as members.

**Appointment of External Auditors** 

State Street Global Advisors believes that a company's auditor is an essential feature of an effective and transparent system of external supervision. Shareholders should be given the opportunity to vote on their appointment or to re-appoint at the annual meeting. When appointing external auditors and approving audit fees, we will take into consideration the level of detail in company disclosures. We will generally not support resolutions if adequate breakdown is not provided and if non-audit fees are more than 50 percent of audit fees. In addition, we may vote against members of the audit committee if we have concerns with audit-related issues or if the level of non-audit fees to audit fees is significant. In certain circumstances, we may consider auditor tenure when evaluating the audit process.

**Approval of Financial Statements** 

The disclosure and availability of reliable financial statements in a timely manner is imperative for the investment process. We expect external auditors to provide assurance of a company's financial condition. Hence, we will vote against the approval of financial statements if i) they have not been disclosed or audited; ii) the auditor opinion is qualified/ adverse, or the auditor has issued a disclaimer of opinion; or iii) the auditor opinion is not disclosed.

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**Shareholder Rights and Capital-Related Issues** 

**Share Issuances** 

The ability to raise capital is critical for companies to carry out strategy, to grow, and to achieve returns above their cost of capital. The approval of capital raising activities is fundamental to shareholders' ability to monitor the returns and to ensure capital is deployed efficiently. State Street Global Advisors supports capital increases that have sound business reasons and are not excessive relative to a company's existing capital base.

Pre-emption rights are a fundamental right for shareholders to protect their investment in a company. Where companies seek to issue new shares without pre-emption rights, we may vote against if such authorities are greater than 20 percent of the issued share capital. We may also vote against resolutions seeking authority to issue capital with pre-emption rights if the aggregate amount allowed seems excessive and is not justified by the board. Generally, we are against capital issuance proposals greater than 100 percent of the issued share capital when the proceeds are not intended for specific purpose.

**Share Repurchase Programs** 

We generally support proposals to repurchase shares, unless the issuer does not clearly state the business purpose for the program, a definitive number of shares to be repurchased, and the timeframe for the repurchase. We may vote against share repurchase requests that allow share repurchases during a takeover period.

**Dividends** 

We generally support dividend payouts that constitute 30 percent or more of net income. We may vote against the dividend payouts if the dividend payout ratio has been consistently below 30 percent without adequate explanation. We may also vote against if the payout is excessive given the company's financial position. Particular attention will be warranted when the payment may damage the company's long-term financial health.

**Mergers and Acquisitions** 

Mergers or reorganization of the company structure often involve proposals relating to reincorporation, restructurings, liquidations, and other major changes to the corporation. Proposals that are in the best interests of shareholders, demonstrated by enhancing share value or improving the effectiveness of the company's operations, will be supported. In general, provisions that are not viewed as financially sound or are thought to be destructive to shareholders' rights are not supported. We will generally support transactions that maximize shareholder value. Some of the considerations include:

• Offer premium

• Strategic rationale

• Board oversight of the process for the recommended transaction, including, director and/or management conflicts of interest

• Offers made at a premium and where there are no other higher bidders

• Offers in which the secondary market price is substantially lower than the net asset value

We may vote against a transaction considering the following:

• Offers with potentially damaging consequences for minority shareholders because of illiquid stock

• Offers where we believe there is a reasonable prospect for an enhanced bid or other bidders

• The current market price of the security exceeds the bid price at the time of voting

**Anti-Takeover Measures** 

We oppose anti-takeover defenses, such as authorities for the board to issue warrants convertible into shares to existing shareholders during a hostile takeover.

**Remuneration** 

**Executive Pay** 

There is a simple underlying philosophy that guides State Street Global Advisors' analysis of executive pay; there should be a direct relationship between remuneration and company performance over the long term. Shareholders should have the opportunity to assess whether pay structures and levels are aligned with business performance. When assessing remuneration reports, we consider various factors, such as adequate disclosure of different remuneration elements, absolute and relative pay levels, peer selection and benchmarking, the mix of long-term and short-term incentives, alignment of pay structures with shareholder interests as well as with corporate strategy and performance. SSGA may oppose remuneration reports in which there seems to be a misalignment between pay and shareholders' interests and where incentive policies and schemes have a re-test option or feature. We may also vote against the re-election of members of the remuneration committee if we have serious concerns about remuneration practices and if the company has not been responsive to shareholder pressure to review its approach.

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**Equity Incentive Plans** 

We may not support proposals on equity-based incentive plans where insufficient information is provided on matters, such as grant limits, performance metrics, performance, and vesting periods and overall dilution. Generally, we do not support options under such plans being issued at a discount to market price nor plans that allow for re-testing of performance metrics.

**Non-Executive Director Pay** 

Authorities that seek shareholder approval for non-executive directors' fees generally are not controversial. We generally support resolutions regarding directors' fees unless disclosure is poor and we are unable to determine whether the fees are excessive relative to fees paid by other comparable companies. We will evaluate any non-cash or performance-related pay to non-executive directors on a company-by-company basis.

**Risk Management** 

State Street Global Advisors believes that risk management is a key function of the board, which is responsible for setting the overall risk appetite of a company and for providing oversight on the risk management process established by senior executives at a company. We allow boards to have discretion over the ways in which they provide oversight in this area. However, we expect companies to disclose ways in which the board provides oversight on its risk management system and to identify key risks facing the company. Boards should also review existing and emerging risks that evolve in tandem with the political and economic landscape or as companies diversify or expand their operations into new areas.

**Environmental and Social Issues** 

As a fiduciary, State Street Global Advisors takes a comprehensive approach to engaging with our portfolio companies about material environmental and social (sustainability) issues. We use our voice and our vote through engagement, proxy voting, and thought leadership in order to communicate with issuers and educate market participants about our perspective on important sustainability topics. Our Asset Stewardship program prioritization process allows us to proactively identify companies for engagement and voting in order to mitigate sustainability risks in our portfolio. Through engagement, we address a broad range of topics that align with our stewardship priorities and build long-term relationships with issuers. When voting, we fundamentally consider whether the adoption of a shareholder proposal addressing a material sustainability issue would promote long-term shareholder value in the context of the company's existing practices and disclosures as well as existing market practice.

For more information on our approach to environmental and social issues, please see our Global Proxy Voting and Engagement Guidelines for Environmental and Social Issues and our Frameworks for Voting Environmental and Social Shareholder Proposals available at ssga.com/about-us/asset-stewardship.html.

**More Information**

Any client who wishes to receive information on how its proxies were voted should contact its State Street Global Advisors relationship manager.

**Proxy Voting and Engagement Guidelines: Europe**

State Street Global Advisors' European Proxy Voting and Engagement Guidelines<sup>I</sup> cover different corporate governance frameworks and practices in European markets, excluding the United Kingdom and Ireland. These guidelines complement and should be read in conjunction with State Street Global Advisors' Global Proxy Voting and Engagement Principles, which provide a detailed explanation of our approach to voting and engaging with companies, and State Street Global Advisors' Conflict Mitigation Guidelines.

<sup>I</sup>These Proxy Voting and Engagement Guidelines are also applicable to SSGA Funds Management, Inc. SSGA Funds Management, Inc.is an SEC-registered investment adviser. SSGA Funds Management, Inc., State Street Global Advisors Trust Company, and other advisory affiliates of State Street make up State Street Global Advisors, the investment management arm of State Street Corporation

State Street Global Advisors' Proxy Voting and Engagement Guidelines in European markets address areas such as board structure, audit-related issues, capital structure, remuneration, as well as environmental, social and other governance-related issues.

When voting and engaging with companies in European markets, we consider market-specific nuances in the manner that we believe will most likely protect and promote the long-term financial value of client investments. We expect companies to observe the relevant laws and regulations of their respective markets, as well as country-specific best practice guidelines and corporate governance codes. We may hold companies in some markets to our global standards when we feel that a country's regulatory requirements do not address some of the key philosophical principles that we believe are fundamental to our global voting guidelines.

In our analysis and research into corporate governance issues in European companies, we also consider guidance issued by the European Commission and country-specific governance codes. We proactively monitor companies' adherence to applicable guidance and requirements. Consistent with the diverse "comply-or-explain" expectations established by guidance and codes, we encourage companies to proactively disclose their level of compliance with applicable provisions and requirements. In cases of non-compliance, when companies cannot explain the nuances of their governance structure effectively, either publicly or through engagement, we may vote against the independent board leader.

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**State Street Global Advisors' Proxy Voting and Engagement Philosophy** 

Corporate governance and sustainability issues are an integral part of the investment process. The Asset Stewardship Team consists of investment professionals with expertise in corporate governance and company law, remuneration, accounting, and environmental and social issues. We have established robust corporate governance principles and practices that are backed with extensive analytical expertise in order to understand the complexities of the corporate governance landscape. We engage with companies to provide insight on the principles and practices that drive our voting decisions. We also conduct proactive engagements to address significant shareholder concerns and environmental, social, and governance ("ESG") issues in a manner consistent with maximizing shareholder value.

The team works alongside members of State Street Global Advisors' Active Fundamental and Europe, Middle East and Africa ("EMEA") investment teams, collaborating on issuer engagement and providing input on company-specific fundamentals.

State Street Global Advisors is a signatory to the United Nations Principles for Responsible Investment ("UNPRI"). We are committed to sustainable investing, and are working to further integrate ESG principles into investment and corporate governance practices where applicable and consistent with our fiduciary duty.

**Directors and Boards** 

Principally, we believe the primary responsibility of the board of directors is to preserve and enhance shareholder value, and to protect shareholder interests. In order to carry out their primary responsibilities, directors have to undertake activities that range from setting strategy and overseeing executive management, to monitoring the risks that arise from a company's business, including risks related to sustainability issues. Further, good corporate governance necessitates the existence of effective internal controls and risk management systems, which should be governed by the board.

We believe that a well constituted board of directors, with a balance of skills, expertise and independence, provides the foundations for a well governed company. We view board quality as a measure of director independence, director succession planning, board diversity, evaluations and refreshment, and company governance practices. We vote for the election/re-election of directors on a case-by-case basis after considering various factors, including board quality, general market practice, and availability of information on director skills and expertise.

In our analysis of boards, we consider whether board members have adequate skills to provide effective oversight of corporate strategy, operations, and risks, including environmental and social issues. Boards should also have a regular evaluation process in place to assess the effectiveness of the board and the skills of board members to address issues such as emerging risks, changes to corporate strategy, and diversification of operations and geographic footprint.

We may also consider factors such as board performance and directors who appear to be remiss in the performance of their oversight responsibilities (e.g. fraud, criminal wrongdoing and/or breach of fiduciary responsibilities).

**Board Independence**

In principle, we believe independent directors are crucial to good corporate governance and help management establish sound corporate governance policies and practices. A sufficiently independent board will most effectively monitor management and perform oversight functions necessary to protect shareholder interests.

Our broad criteria for director independence in European companies include factors such as:

• Participation in related–party transactions and other business relations with the company

• Employment history with the company

• Relations with controlling shareholders

• Family ties with any of the company's advisers, directors or senior employees

• Serving as an employee or government representative

• Overall average board tenure and individual director tenure at issuers with classified and de-classified boards, respectively, and

• Company classification of a director as non-independent

While overall board independence requirements and board structures differ from market to market, we consider voting against directors we deem non-independent if overall board independence is below 33 percent or if overall independence level is below 50 percent after excluding employee representatives and/or directors elected in accordance with local laws who are not elected by shareholders. We may withhold support for a proposal to discharge the board if a company fails to meet adequate governance standards or board level independence.

We also assess the division of responsibilities between chair and CEO on a case-by-case basis, giving consideration to factors such as overall level of independence on the board and general corporate governance standards in the company. However, we may take voting action against the chair or members of the nominating committee at the STOXX Europe 600 companies that have combined the roles of chair and CEO and have not appointed an independent deputy chair or a lead independent director.

**Director Time Commitments**

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When voting on the election or re-election of a director, we also consider the number of outside board directorships a non-executive and an executive may undertake. Thus, State Street Global Advisors may take voting action against a director who exceeds the number of board mandates listed below:

• Named Executive Officers (NEOs) of a public company who sit on more than two public company boards

• Non-executive board chairs or lead independent directors who sit on more than three public company boards

• Director nominees who sit on more than four public company boards

For non-executive board chairs/lead independent directors and director nominees who hold excessive commitments, as defined above, we may consider waiving our policy and vote in support of a director if a company discloses its director commitment policy in a publicly available manner (e.g., corporate governance guidelines, proxy statement, company website). This policy or associated disclosure must include:

• A numerical limit on public company board seats a director can serve on

- This limit cannot exceed our policy by more than one seat

• Consideration of public company board leadership positions (e.g., Committee Chair)

• Affirmation that all directors are currently compliant with the company policy

• Description of an annual policy review process undertaken by the Nominating Committee to evaluate outside director time commitments

If a director is imminently leaving a board and this departure is disclosed in a written, time-bound and publicly-available manner, we may consider waiving our withhold vote when evaluating the director for excessive time commitments.

Service on a mutual fund board, the board of a UK investment trust or a Special Purpose Acquisition Company (SPAC) board is not considered when evaluating directors for excessive commitments. However, we do expect these roles to be considered by nominating committees when evaluating director time commitments.

**Director Attendance at Board Meetings** 

We also consider attendance at board meetings and may withhold votes from directors who attend less than 75 percent of board meetings without appropriate explanation or providing reason for their failure to meet the attendance threshold. In addition, we monitor other factors that may influence the independence of a non-executive director, such as performance-related pay, cross-directorships and significant shareholdings. Moreover, we may vote against the election of a director whose biographical disclosures are insufficient to assess his or her role on the board and/or independence.

**Board Gender Diversity** 

We expect boards of all listed companies to have at least one female board member. If a company fails to meet this expectation, State Street Global Advisors may vote against the Chair of the board's nominating committee or the board leader in the absence of a nominating committee, if necessary. Additionally, if a company fails to meet this expectation for three consecutive years, State Street Global Advisors may vote against all incumbent members of the nominating committee.

**Length of Board Terms**

Although we generally are in favour of the annual election of directors, we recognise that director terms vary considerably in different European markets. We may vote against article/bylaw changes that seek to extend director terms. In addition, we may vote against directors in certain markets if their terms extend beyond four years.

**Board Committees**

We believe companies should have relevant board level committees for audit, remuneration and nomination oversight. The audit committee is responsible for monitoring the integrity of the financial statements of the company, appointing external auditors, monitoring their qualifications and independence, and assessing effectiveness and resource levels. Similarly, executive pay is an important aspect of corporate governance, and it should be determined by the board of directors. We expect companies to have remuneration committees to provide independent oversight of executive pay. We may vote against nominees who are executive members of audit or remuneration committees.

In certain European markets, it is not uncommon for the election of directors to be presented in a single slate. In these cases, where executives serve on the audit or the remuneration committees, we may vote against the entire slate.

**Board Responsiveness to High Dissent Against Pay Proposals**

Poorly-structured executive remuneration plans pose increasing reputational risk to companies. Ongoing high levels of dissent against a company's remuneration proposals may indicate that the company is not receptive to investor concerns. If the level of dissent against a company's remuneration report and/or remuneration policy is consistently high, and we have determined that a vote against a remuneration-related proposal is warranted in the third consecutive year, we will vote against the Chair of the remuneration committee.

**Incorporating R-Factor™ into Director Votes** 

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<sup>1</sup> Bottom 10 percent of scores relative to industry peers.

<sup>2</sup> Have consistently underperformed their peers over the last two years; bottom 30 percent of scores relative to industry peers.

**Climate-related Disclosure** 

We believe climate change poses a systemic risk to all companies in our portfolio.

State Street Global Advisors has publicly supported the global regulatory efforts to establish a mandatory baseline of climate risk disclosures for all companies. Until these consistent disclosure standards are established, we find that the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) provide the most effective framework (with?) which companies can develop strategies to plan for climate-related risks and make their businesses more resilient to the impacts of climate change.

As such, we may vote against the independent board leader at companies in the STOXX 600 that fail to provide sufficient disclosure in accordance with the TCFD framework, including:

• Board oversight of climate-related risks and opportunities

• Total Scope 1 and Scope 2 greenhouse gas emissions

• Targets for reducing greenhouse gas emissions

**Indemnification and Limitations on Liability** 

Generally, we support proposals to limit directors' liability and/or expand indemnification and liability protection up to the limit provided by law if a director has not acted in bad faith, with gross negligence, or with reckless disregard of the duties involved in the conduct of his or her office.

**Audit-Related Issues** 

Companies should have robust internal audit and internal control systems designed for effective management of any potential and emerging risks to company operations and strategy. The responsibility of setting up an internal audit function lies with the audit committee, which should have as members independent non-executive directors.

**Appointment of External Auditors** 

We believe that a company's auditor is an essential feature of an effective and transparent system of external supervision. Shareholders should be given the opportunity to vote on their appointment or re-appoint them at the annual meeting. When appointing external auditors and approving audit fees, we consider the level of detail in company disclosures; we will generally not support such resolutions if adequate breakdown is not provided and if non-audit fees are more than 50 percent of audit fees. In addition, we may vote against members of the audit committee if we have concerns with audit-related issues or if the level of non-audit fees to audit fees is significant. We may consider auditor tenure when evaluating the audit process in certain circumstances.

**Limit Legal Liability of External Auditors** 

We generally oppose limiting the legal liability of audit firms as we believe this could create a negative impact on the quality of the audit function.

**Approval of Financial Statements**

The disclosure and availability of reliable financial statements in a timely manner is imperative for the investment process. We expect external auditors to provide assurance of a company's financial condition. Hence, we will vote against the approval of financial statements if i) they have not been disclosed or audited; ii) the auditor opinion is qualified/adverse, or the auditor has issued a disclaimer of opinion; or iii) the auditor opinion is not disclosed.

**Shareholder Rights and Capital-Related Issues** 

In some European markets, differential voting rights continue to exist. State Street Global Advisors supports the one-share, one-vote policy and favors a share structure where all shares have equal voting rights. We believe pre-emption rights should be introduced for shareholders in order to provide adequate protection from excessive dilution from the issuance of new shares or convertible securities to third parties or a small number of select shareholders.

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**Unequal Voting Rights** 

We generally oppose proposals authorizing the creation of new classes of common stock with superior voting rights. We will generally oppose the creation of new classes of preferred stock with unspecified voting, conversion, dividend distribution and other rights. In addition, we will not support capitalization changes that add classes of stock with undefined voting rights or classes that may dilute the voting interests of existing shareholders. We support proposals to abolish voting caps and capitalization changes that eliminate other classes of stock and/or unequal voting rights.

**Increase in Authorized Capital** 

The ability to raise capital is critical for companies to carry out strategy, to grow, and to achieve returns above their cost of capital. The approval of capital raising activities is fundamental to shareholders' ability to monitor returns and to ensure capital is deployed efficiently. We support capital increases that have sound business reasons and are not excessive relative to a company's existing capital base.

Pre-emption rights are a fundamental right for shareholders to protect their investment in a company. Where companies seek to issue new shares whilst disapplying pre-emption rights, we may vote against if such authorities are greater than 20 percent of the issued share capital. We may also vote against resolutions that seek authority to issue capital with pre-emption rights if the aggregate amount allowed seems excessive and is not justified by the board. Generally, we oppose capital issuance proposals greater than 100 percent of the issued share capital when the proceeds are not intended for a specific purpose.

**Share Repurchase Programs** 

We typically support proposals to repurchase shares; however, there are exceptions in some cases. We do not support repurchases if the issuer does not clearly state the business purpose for the program, a definitive number of shares to be repurchased, the range of premium/discount to market price at which the company can repurchase shares, and the timeframe for the repurchase. We may vote against share repurchase requests that allow share repurchases during a takeover period.

**Dividends** 

We generally support dividend payouts that constitute 30 percent or more of net income. We may vote against the dividend payouts if the dividend payout ratio has been consistently below 30 percent without adequate explanation or the payout is excessive given the company's financial position. Particular attention will be paid to cases in which the payment may damage the company's long-term financial health.

**Related-Party Transactions** 

Some companies in European markets have a controlled ownership structure and complex cross-shareholdings between subsidiaries and parent companies ("related companies"). Such structures may result in the prevalence of related-party transactions between the company and its various stakeholders, such as directors and management, subsidiaries and shareholders. In markets where shareholders are required to approve such transactions, we expect companies to provide details of the transaction, such as the nature, the value and the purpose of such a transaction. We also encourage independent directors to ratify such transactions. Further, we encourage companies to describe the level of independent board oversight and the approval process, including details of any independent valuations provided by financial advisors on related-party transactions.

**Mergers and Acquisitions** 

Mergers or restructurings often involve proposals relating to reincorporation, restructurings, mergers, liquidation and other major changes to the corporation. Proposals will be supported if they are in the best interest of the shareholders, which is demonstrated by enhancing share value or improving the effectiveness of the company's operations. In general, provisions that are not viewed as financially sound or are thought to be destructive to shareholders' rights are not supported.

We will generally support transactions that maximize shareholder value. Some of the considerations include:

• Offer premium

• Strategic rationale

• Board oversight of the process for the recommended transaction, including, director and/or management conflicts of interest

• Offers made at a premium and where there are no other higher bidders

• Offers in which the secondary market price is substantially lower than the net asset value

We may vote against a transaction considering the following:

• Offers with potentially damaging consequences for minority shareholders because of illiquid stock

• Offers where we believe there is a reasonable prospect for an enhanced bid or other bidders

• The current market price of the security exceeds the bid price at the time of voting

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**Anti–Takeover Measures** 

European markets have diverse regulations concerning the use of share issuances as takeover defenses, with legal restrictions lacking in some markets. We support the one-share, one-vote policy. For example, dual-class capital structures entrench certain shareholders and management, insulating them from possible takeovers. We oppose unlimited share issuance authorizations because they can be used as anti-takeover devices. They have the potential for substantial voting and earnings dilution. We also monitor the duration of time for authorities to issue shares, as well as whether there are restrictions and caps on multiple issuance authorities during the specified time periods. We oppose antitakeover defenses, such as authorities for the board when subject to a hostile takeover to issue warrants convertible into shares to existing shareholders.

**Remuneration** 

**Executive Pay** 

Despite the differences among the various types of plans and awards, there is a simple underlying philosophy that guides our analysis of executive pay: there should be a direct relationship between remuneration and company performance over the long term.

Shareholders should have the opportunity to assess whether pay structures and levels are aligned with business performance. When assessing remuneration reports, we consider factors such as adequate disclosure of remuneration elements, absolute and relative pay levels, peer selection and benchmarking, the mix of long-term and short-term incentives, alignment of pay structures with shareholder interests, corporate strategy and performance. We may oppose remuneration reports where pay seems misaligned with shareholders' interests. We may also vote against the re-election of members of the remuneration committee if we have serious concerns about remuneration practices and if the company has not been responsive to shareholder pressure to review its approach.

**Equity Incentives Plans** 

We may not support proposals regarding equity-based incentive plans where insufficient information is provided on matters, including grant limits, performance metrics, performance and vesting periods, and overall dilution. Generally, we do not support options under such plans being issued at a discount to market price or plans that allow for retesting of performance metrics.

**Non–Executive Director Pay** 

In European markets, proposals seeking shareholder approval for non-executive directors' fees are generally not controversial. We typically support resolutions regarding directors' fees unless disclosure is poor and we are unable to determine whether the fees are excessive relative to fees paid by comparable companies. We will evaluate any non-cash or performance-related pay to non-executive directors on a company-by-company basis.

**Risk Management**

We believe that risk management is a key function of the board, which is responsible for setting the overall risk appetite of a company and for providing oversight on the risk management process established by senior executives at a company. We allow boards to have discretion regarding the ways in which they provide oversight in this area. However, we expect companies to disclose how the board provides oversight on its risk management system and risk identification. Boards should also review existing and emerging risks, as they can change with a changing political and economic landscape or as companies diversify or expand their operations into new areas.

**Environmental and Social Issues** 

As a fiduciary, State Street Global Advisors takes a comprehensive approach to engaging with our portfolio companies about material environmental and social (sustainability) issues. We use our voice and our vote through engagement, proxy voting and thought leadership in order to communicate with issuers and educate market participants about our perspective on important sustainability topics. Our Asset Stewardship program prioritization process allows us to proactively identify companies for engagement and voting in order to mitigate sustainability risks in our portfolio. Through engagement, we address a broad range of topics that align with our stewardship priorities and build long-term relationships with issuers. When voting, we fundamentally consider whether the adoption of a shareholder proposal addressing a material sustainability issue would promote long-term shareholder value in the context of the company's existing practices and disclosures as well as existing market practice.

For more information on our approach to environmental and social issues, please see our Global Proxy Voting and Engagement Guidelines for Environmental and Social Issues and our Frameworks for Voting Environmental and Social Shareholder Proposals, both available at ssga.com/about-us/asset-stewardship.html.

**More Information**

Any client who wishes to receive information on how its proxies were voted should contact its State Street Global Advisors relationship manager.

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**Proxy Voting and Engagement Guidelines: Japan**

State Street Global Advisors' Japan Proxy Voting and Engagement Guidelines<sup>1</sup> outline our expectations of companies listed on stock exchanges in Japan. These Guidelines complement and should be read in conjunction with State Street Global Advisors' overarching Global Proxy Voting and Engagement Guidelines, which provide a detailed explanation of our approach to voting and engaging with companies, and State Street Global Advisors' Conflict Mitigation Guidelines.

<sup>1</sup>These Proxy Voting and Engagement Guidelines are also applicable to SSGA Funds Management, Inc. SSGA Funds Management, Inc.is an SEC-registered investment adviser. SSGA Funds Management, Inc., State Street Global Advisors Trust Company, and other advisory affiliates of State Street make up State Street Global Advisors, the investment management arm of State Street Corporation.

State Street Global Advisors' Proxy Voting and Engagement Guidelines in Japan address areas including: board structure, audit related issues, capital structure, remuneration, environmental, social, and other governance-related issues.

When voting and engaging with companies in Japan, State Street Global Advisors takes into consideration the unique aspects of Japanese corporate governance structures. We recognize that under Japanese corporate law, companies may choose between two structures of corporate governance: the statutory auditor system or the committee structure. Most Japanese boards predominantly consist of executives and non-independent outsiders affiliated through commercial relationships or cross-shareholdings. Nonetheless, when evaluating companies, State Street Global Advisors expects Japanese companies to address conflicts of interest and risk management and to demonstrate an effective process for monitoring management. In our analysis and research regarding corporate governance issues in Japan, we expect all companies at a minimum to comply with Japan's Corporate Governance Principles and proactively monitor companies' adherence to the principles. Consistent with the 'comply or explain' expectations established by the Principles, we encourage companies to proactively disclose their level of compliance with the Principles. In instances of non-compliance when companies cannot explain the nuances of their governance structure effectively, either publicly or through engagement, we may vote against the board leader.

**State Street Global Advisors' Proxy Voting and Engagement Philosophy**

In our view, corporate governance and sustainability issues are an integral part of the investment process. The Asset Stewardship Team consists of investment professionals with expertise in corporate governance and company law, remuneration, accounting, and environmental and social issues. We have established robust corporate governance principles and practices that are backed with extensive analytical expertise to understand the complexities of the corporate governance landscape. We engage with companies to provide insight on the principles and practices that drive our voting decisions. We also conduct proactive engagement to address significant shareholder concerns and environmental, social, and governance ("ESG") issues in a manner consistent with maximizing shareholder value.

The team works alongside members of State Street Global Advisors' Active Fundamental and Asia-Pacific ("APAC") Investment Teams; the teams collaborate on issuer engagement and provide input on company specific fundamentals. We are also a member of various investor associations that seek to address broader corporate governance related policy issues in Japan.

State Street Global Advisors is a signatory to the United Nations Principles of Responsible Investment ("UNPRI") and is compliant with Japan's Stewardship Code and Corporate Governance Code. We are committed to sustainable investing and are working to further integrate ESG principles into investment and corporate governance practices where applicable and consistent with our fiduciary duty.

**Directors and Boards**

Principally, we believe the primary responsibility of the board of directors is to preserve and enhance shareholder value and protect shareholder interests. In order to carry out their primary responsibilities, directors have to undertake activities that range from setting strategy and overseeing executive management to monitoring the risks that arise from a company's business, including risks related to sustainability issues. Further, good corporate governance necessitates the existence of effective internal controls and risk management systems, which should be governed by the board.

State Street Global Advisors believes that a well constituted board of directors with a balance of skills, expertise, and independence, provides the foundation for a well governed company. We view board quality as a measure of director independence, director succession planning, board diversity, evaluations and refreshment, and company governance practices. We vote for the (re-)election of directors on a case-by-case basis after considering various factors, including board quality, general market practice, and availability of information on director skills and expertise. In principle, we believe independent directors are crucial to robust corporate governance and help management establish sound corporate governance policies and practices. A sufficiently independent board will most effectively monitor management and perform oversight functions that are necessary to protect shareholder interests.

Japanese companies have the option of having a traditional board of directors with statutory auditors, a board with a committee structure, or a hybrid board with a board level audit committee. We will generally support companies that seek shareholder approval to adopt a committee or hybrid board structure.

Most Japanese issuers prefer the traditional statutory auditor structure. Statutory auditors act in a quasi-compliance role, as they are not involved in strategic decision-making nor are they part of the formal management decision process. Statutory auditors attend board meetings but do not have voting rights at the board; however, they have the right to seek an injunction and conduct broad investigations of unlawful behavior in the company's operations.

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State Street Global Advisors will support the election of statutory auditors, unless the outside statutory auditor nominee is regarded as non-independent based on our criteria, the outside statutory auditor has attended less than 75 percent of meetings of the board of directors or board of statutory auditors during the year under review, or the statutory auditor has been remiss in the performance of their oversight responsibilities (fraud, criminal wrong doing, and breach of fiduciary responsibilities).

For companies with a statutory auditor structure there is no legal requirement that boards have outside directors; however, we believe there should be a transparent process of independent and external monitoring of management on behalf of shareholders.

• We believe that boards of TOPIX 500 companies should have at least three independent directors or be at least one-third independent, whichever requires fewer independent directors. Otherwise, we may oppose the board leader who is responsible for the director nomination process.

• For controlled, non-TOPIX 500 companies with a statutory auditor structure or hybrid structure, we may oppose the board leader if the board does not have at least two independent directors.

• For non-controlled, non-TOPIX 500 companies with a statutory auditor structure or hybrid structure, State Street Global Advisors may oppose the board leader if the board does not have at least two independent directors.

For companies with a committee structure or a hybrid board structure, we also take into consideration the overall independence level of the committees. In determining director independence, we consider the following factors:

• Participation in related-party transactions and other business relations with the company

• Past employment with the company

• Professional services provided to the company

• Family ties with the company

Regardless of board structure, we may oppose the election of a director for the following reasons:

• Failure to attend board meetings

• In instances of egregious actions related to a director's service on the board

**Board Gender Diversity** 

We expect boards of all listed companies to have at least one female board member. If a company fails to meet this expectation, State Street Global Advisors may vote against the Chair of the board's nominating committee or the board leader in the absence of a nominating committee, if necessary. Additionally, if a company fails to meet this expectation for three consecutive years, State Street Global Advisors may vote against all incumbent members of the nominating committee or those persons deemed responsible for the nomination process.

**Incorporating R-Factor™ into Director Votes** 

<sup>1</sup> Bottom 10 percent of scores relative to industry peers.

<sup>2</sup> Have consistently underperformed their peers over the last two years; bottom 30 percent of scores relative to industry peers.

**Indemnification and Limitations on Liability**

Generally, State Street Global Advisors supports proposals to limit directors' and statutory auditors' liability and/or expand indemnification and liability protection up to the limit provided by law, if he or she has not acted in bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office. We believe limitations and indemnification are necessary to attract and retain qualified directors.

**Audit-Related Items**

State Street Global Advisors believes that a company's auditor is an essential feature of an effective and transparent system of external supervision. Shareholders should have the opportunity to vote on the appointment of the auditor at the annual meeting.

**Ratifying External Auditors**

We generally support the appointment of external auditors unless the external auditor is perceived as being non-independent and there are concerns about the accounts presented and the audit procedures followed.

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**Approval of Financial Statements**

The disclosure and availability of reliable financial statements in a timely manner is imperative for the investment process. We expect external auditors to provide assurance of a company's financial condition. Hence, we will vote against the approval of financial statements if i) they have not been disclosed or audited; ii) the auditor opinion is qualified/adverse, or the auditor has issued a disclaimer of opinion; or iii) the auditor opinion is not disclosed.

**Limiting Legal Liability of External Auditors**

We generally oppose limiting the legal liability of audit firms as we believe this could create a negative impact on the quality of the audit function.

**Capital Structure, Reorganization and Mergers**

State Street Global Advisors supports the "one share one vote" policy and favors a share structure where all shares have equal voting rights. We support proposals to abolish voting caps or multiple voting rights and will oppose measures to introduce these types of restrictions on shareholder rights.

We believe pre-emption rights should be introduced for shareholders. This can provide adequate protection from excessive dilution due to the issuance of new shares or convertible securities to third parties or a small number of select shareholders.

**Unequal Voting Rights**

We generally oppose proposals authorizing the creation of new classes of common stock with superior voting rights. We will generally oppose new classes of preferred stock with unspecified voting, conversion, dividend distribution, and other rights. In addition, we will not support capitalization changes that add classes of stock with undefined voting rights or classes that may dilute the voting interests of existing shareholders.

However, we will support capitalization changes that eliminate other classes of stock and/ or unequal voting rights.

**Increase in Authorized Capital**

We generally support increases in authorized capital where the company provides an adequate explanation for the use of shares. In the absence of an adequate explanation, we may oppose the request if the increase in authorized capital exceeds 100 percent of the currently authorized capital. Where share issuance requests exceed our standard threshold, we will consider the nature of the specific need, such as mergers, acquisitions and stock splits.

**Dividends**

We generally support dividend payouts that constitute 30 percent or more of net income. We may vote against the dividend payouts if the dividend payout ratio has been consistently below 30 percent without adequate explanation; or, the payout is excessive given the company's financial position. Particular attention will be paid where the payment may damage the company's long-term financial health.

**Share Repurchase Programs**

Companies are allowed under Japan Corporate Law to amend their articles to authorize the repurchase of shares at the board's discretion. We will oppose an amendment to articles allowing the repurchase of shares at the board's discretion. We believe the company should seek shareholder approval for a share repurchase program at each year's AGM, providing shareholders the right to evaluate the purpose of the repurchase.

We generally support proposals to repurchase shares, unless the issuer does not clearly state the business purpose for the program, a definitive number of shares to be repurchased, and the timeframe for the repurchase. We may vote against share repurchase requests that allow share repurchases during a takeover period.

**Mergers and Acquisitions**

Mergers or reorganizing the structure of a company often involve proposals relating to reincorporation, restructurings, mergers, liquidations, and other major changes to the corporation. We will support proposals that are in the best interests of the shareholders, demonstrated by enhancing share value or improving the effectiveness of the company's operations. In general, provisions that are deemed to be destructive to shareholders' rights or financially detrimental are not supported.

We evaluate mergers and structural reorganizations on a case-by-case basis. We will generally support transactions that maximize shareholder value. Some of the considerations include, but are not limited to the following:

• Offer premium

• Strategic rationale

• Board oversight of the process for the recommended transaction, including, director and/or management conflicts of interest

• Offers made at a premium and where there are no other higher bidders

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• Offers in which the secondary market price is substantially lower than the net asset value

We may vote against a transaction considering the following:

• Offers with potentially damaging consequences for minority shareholders because of illiquid stock

• Offers where we believe there is a reasonable prospect for an enhanced bid or other bidders

• Offers in which the current market price of the security exceeds the bid price at the time of voting

**Anti-Takeover Measures**

In general, State Street Global Advisors believes that adoption of poison pills that have been structured to protect management and to prevent takeover bids from succeeding is not in shareholders' interest. A shareholder rights plan may lead to management entrenchment. It may also discourage legitimate tender offers and acquisitions. Even if the premium paid to companies with a shareholder rights plan is higher than that offered to unprotected firms, a company's chances of receiving a takeover offer in the first place may be reduced by the presence of a shareholder rights plan.

Proposals that reduce shareholders' rights or have the effect of entrenching incumbent management will not be supported.

Proposals that enhance the right of shareholders to make their own choices as to the desirability of a merger or other proposal are supported.

**Shareholder Rights Plans**

In evaluating the adoption or renewal of a Japanese issuer's shareholder rights plans ("poison pill"), we consider the following conditions: (i) release of proxy circular with details of the proposal with adequate notice in advance of meeting, (ii) minimum trigger of over 20 percent, (iii) maximum term of three years, (iv) sufficient number of independent directors, (v) presence of an independent committee, (vi) annual election of directors, and (vii) lack of protective or entrenchment features. Additionally, we consider the length of time that a shareholder rights plan has been in effect.

In evaluating an amendment to a shareholder rights plan ("poison pill"), in addition to the conditions above, we will also evaluate and consider supporting proposals where the terms of the new plans are more favorable to shareholders' ability to accept unsolicited offers.

**Compensation**

In Japan, excessive compensation is rarely an issue. Rather, the problem is the lack of connection between pay and performance. Fixed salaries and cash retirement bonuses tend to comprise a significant portion of the compensation structure while performance-based pay is generally a small portion of the total pay. State Street Global Advisors, where possible, seeks to encourage the use of performance-based compensation in Japan as an incentive for executives and as a way to align interests with shareholders.

**Adjustments to Aggregate Compensation Ceiling for Directors**

Remuneration for directors is generally reasonable. Typically, each company sets the director compensation parameters as an aggregate thereby limiting the total pay to all directors. When requesting a change, a company must disclose the last time the ceiling was adjusted, and management provides the rationale for the ceiling increase. We will generally support proposed increases to the ceiling if the company discloses the rationale for the increase. We may oppose proposals to increase the ceiling if there has been corporate malfeasance or sustained poor performance.

**Annual Bonuses for Directors/Statutory Auditors**

In Japan, since there are no legal requirements that mandate companies to seek shareholder approval before awarding a bonus, we believe that existing shareholder approval of the bonus should be considered best practice. As a result, we support management proposals on executive compensation where there is a strong relationship between executive pay and performance over a five-year period.

**Retirement Bonuses for Directors/Statutory Auditors**

Retirement bonuses make up a sizeable portion of directors' and auditors' lifetime compensation and are based upon board tenure. While many companies in Japan have abolished this practice, there remain many proposals seeking shareholder approval for the total amounts paid to directors and statutory auditors as a whole. In general, we support these payments unless the recipient is an outsider or in instances where the amount is not disclosed.

**Stock Plans**

Most option plans in Japan are conservative, particularly at large companies. Japanese corporate law requires companies to disclose the monetary value of the stock options for directors and/or statutory auditors. Some companies do not disclose the maximum number of options that can be issued per year and shareholders are unable to evaluate the dilution impact. In this case, we cannot calculate the dilution level and, therefore, we may oppose such plans for poor disclosure. We also oppose plans that allow for the repricing of the exercise price.

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**Deep Discount Options**

As Japanese companies move away from the retirement bonus system, deep discount options plans have become more popular. Typically, the exercise price is set at JPY 1 per share. We evaluate deep discount options using the same criteria used to evaluate stock options as well as considering the vesting period.

**Environmental and Social Issues**

As a fiduciary, State Street Global Advisors takes a comprehensive approach to engaging with our portfolio companies about material environmental and social (sustainability) issues. We use our voice and our vote through engagement, proxy voting, and thought leadership in order to communicate with issuers and educate market participants about our perspective on important sustainability topics. Our Asset Stewardship program prioritization process allows us to proactively identify companies for engagement and voting in order to mitigate sustainability risks in our portfolio. Through engagement, we address a broad range of topics that align with our stewardship priorities and build long-term relationships with issuers. When voting, we fundamentally consider whether the adoption of a shareholder proposal addressing a material sustainability issue would promote long-term shareholder value in the context of the company's existing practices and disclosures as well as existing market practice.

For more information on our approach to environmental and social issues, please see our Global Proxy Voting and Engagement Guidelines for Environmental and Social Issues and our Frameworks for Voting Environmental and Social Shareholder Proposals, both available at ssga.com/about-us/asset-stewardship.html.

**Miscellaneous/Routine Items**

**Expansion of Business Activities**

Japanese companies' articles of incorporation strictly define the types of businesses in which a company is permitted to engage. In general, State Street Global Advisors views proposals that expand and diversify the company's business activities as routine and non-contentious. We will monitor instances in which there has been an inappropriate acquisition and diversification away from the company's main area of competence that resulted in a decrease of shareholder value.

**More Information**

Any client who wishes to receive information on how its proxies were voted should contact its State Street Global Advisors relationship manager.

**Proxy Voting and Engagement Guidelines: North America (United States & Canada)**

State Street Global Advisors' North America Proxy Voting and Engagement Guidelines<sup>1</sup> outline our expectations of companies listed on stock exchanges in the US and Canada. These Guidelines complement and should be read in conjunction with State Street Global Advisors' Global Proxy Voting and Engagement Principles, which provide a detailed explanation of our approach to voting and engaging with companies, and State Street Global Advisors' Conflict Mitigation Guidance.

<sup>I</sup>These Proxy Voting and Engagement Guidelines are also applicable to SSGA Funds Management, Inc. " SSGA Funds Management, Inc. is an SEC-registered investment adviser. SSGA Funds Management, Inc., State Street Global Advisors Trust Company, and other advisory affiliates of State Street make up State Street Global Advisors, the investment management arm of State Street Corporation.

State Street Global Advisors' North America Proxy Voting and Engagement Guidelines address areas, including board structure, director tenure, audit related issues, capital structure, executive compensation, as well as environmental, social, and other governance-related issues of companies listed on stock exchanges in the US and Canada ("North America").

When voting and engaging with companies in global markets, we consider market specific nuances in the manner that we believe will most likely protect and promote the long-term economic value of client investments. We expect companies to observe the relevant laws and regulations of their respective markets, as well as country specific best practice guidelines and corporate governance codes. When we feel that a country's regulatory requirements do not address some of the key philosophical principles that we believe are fundamental to its global voting guidelines, we may hold companies in such markets to our global standards.

In its analysis and research about corporate governance issues in North America, we expect all companies to act in a transparent manner and to provide detailed disclosure on board profiles, related-party transactions, executive compensation, and other governance issues that impact shareholders' long-term interests. Further, as a founding member of the Investor Stewardship Group ("ISG"), we proactively monitor companies' adherence to the Corporate Governance Principles for US listed companies. Consistent with the "comply-or-explain" expectations established by the principles, we encourage companies to proactively disclose their level of compliance with the principles. In instances of non-compliance when companies cannot explain the nuances of their governance structure effectively, either publicly or through engagement, we may vote against the independent board leader.

**State Street Global Advisors' Proxy Voting and Engagement Philosophy**

Corporate governance and sustainability issues are an integral part of the investment process. The Asset Stewardship Team consists of investment professionals with expertise in corporate governance and company law, remuneration, accounting, and environmental and social

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issues. We have established robust corporate governance principles and practices that are backed with extensive analytical expertise to understand the complexities of the corporate governance landscape. We engage with companies to provide insight on the principles and practices that drive our voting decisions. We also conduct proactive engagements to address significant shareholder concerns and environmental, social, and governance ("ESG") issues in a manner consistent with maximizing shareholder value.

The team works alongside members of State Street Global Advisors' Active Fundamental and various other investment teams, collaborating on issuer engagements and providing input on company specific fundamentals. We are also a member of various investor associations that seek to address broader corporate governance related policy issues in North America.

State Street Global Advisors is a signatory to the United Nations Principles of Responsible Investment ("UNPRI") and is compliant with the US Investor Stewardship Group Principles. We are committed to sustainable investing and are working to further integrate ESG principles into investment and corporate governance practices, where applicable and consistent with our fiduciary duty.

**Directors and Boards**

Principally, we believe the primary responsibility of the board of directors is to preserve and enhance shareholder value and protect shareholder interests. In order to carry out their primary responsibilities, directors have to undertake activities that range from setting strategy and overseeing executive management to monitoring the risks that arise from a company's business, including risks related to sustainability issues. Further, good corporate governance necessitates the existence of effective internal controls and risk management systems, which should be governed by the board.

State Street Global Advisors believes that a well constituted board of directors, with a balance of skills, expertise, and independence, provides the foundations for a well governed company. We view board quality as a measure of director independence, director succession planning, board diversity, evaluations and refreshment, and company governance practices. We vote for the election/re-election of directors on a case-by-case basis after considering various factors, including board quality, general market practice, and availability of information on director skills and expertise. In principle, we believe independent directors are crucial to robust corporate governance and help management establish sound corporate governance policies and practices. A sufficiently independent board will most effectively monitor management and perform oversight functions necessary to protect shareholder interests.

Director-related proposals include issues submitted to shareholders that deal with the composition of the board or with members of a corporation's board of directors. In deciding the director nominee to support, we consider numerous factors.

**Director Elections**

Our director election guideline focuses on companies' governance profile to identify if a company demonstrates appropriate governance practices or if it exhibits negative governance practices. Factors we consider when evaluating governance practices include, but are not limited to the following:

• Shareholder rights

• Board independence

• Board structure

If a company demonstrates appropriate governance practices, we believe a director should be classified as independent based upon the relevant listing standards or local market practice standards. In such cases, the composition of the key oversight committees of a board should meet the minimum standards of independence. Accordingly, we will vote against a nominee at a company with appropriate governance practices if the director is classified as non-independent under relevant listing standards or local market practice and serves on a key committee of the board (compensation, audit, nominating, or committees required to be fully independent by local market standards).

Conversely, if a company demonstrates negative governance practices, State Street Global Advisors believes the classification standards for director independence should be elevated. In such circumstances, we will evaluate all director nominees based upon the following classification standards:

• Is the nominee an employee of or related to an employee of the issuer or its auditor?

• Does the nominee provide professional services to the issuer?

• Has the nominee attended an appropriate number of board meetings?

• Has the nominee received non-board related compensation from the issuer?

In the US market where companies demonstrate negative governance practices, these stricter standards will apply not only to directors who are a member of a key committee but to all directors on the board as market practice permits. Accordingly, we will vote against a nominee (with the exception of the CEO) where the board has inappropriate governance practices and is considered not independent based on the above independence criteria.

Additionally, we may withhold votes from directors based on the following:

• Overall average board tenure is excessive. In assessing excessive tenure, we consider factors such as the preponderance of long tenured directors, board refreshment practices, and classified board structures

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• Directors attend less than 75 percent of board meetings without appropriate explanation or providing reason for their failure to meet the attendance threshold

• Directors of companies that have not been responsive to a shareholder proposal that received a majority shareholder support at the last annual or special meeting

• Consideration can be warranted if management submits the proposal(s) on the ballot as a binding management proposal, recommending shareholders vote for the particular proposal(s)

• Directors of companies have unilaterally adopted/ amended company bylaws that negatively impact our shareholder rights (such as fee-shifting, forum selection, and exclusion service bylaws) without putting such amendments to a shareholder vote

• Compensation committee members where there is a weak relationship between executive pay and performance over a five-year period

• Audit committee members if non-audit fees exceed 50 percent of total fees paid to the auditors

• Directors who appear to have been remiss in their duties

**Board Gender Diversity** 

We expect boards of all listed companies to have at least one female board member. If a company fails to meet this expectation, State Street Global Advisors may vote against the Chair of the board's nominating committee or the board leader in the absence of a nominating committee, if necessary. Additionally, if a company fails to meet this expectation for three consecutive years, State Street Global Advisors may vote against all incumbent members of the nominating committee.

**Board Racial/Ethnic Diversity** 

We believe that companies have a responsibility to effectively manage and disclose risks and opportunities related to racial and ethnic diversity. If a company in the S&P 500 does not disclose, at minimum, the gender, racial and ethnic composition of its board, we may vote against the Chair of the nominating committee. We may withhold support from the Chair of the nominating committee also when a company in the S&P 500 does not have at least one director from an underrepresented community on its board.

**Workforce Diversity** 

We may vote against the Chair of the compensation committee at companies in the S&P 500 that do not disclose their EEO-1 reports. Acceptable disclosures include:

• The original EEO-1 report response

• The exact content of the report translated into custom graphics

**Director Time Commitments** 

When voting on the election or re-election of a director, we also consider the number of outside board directorships a non-executive and an executive may undertake. Thus, State Street Global Advisors may take voting action against a director who exceeds the number of board mandates listed below:

• Named Executive Officers (NEOs) of a public company who sit on more than two public company boards

• Non-executive board chairs or lead independent directors who sit on more than three public company boards

• Director nominees who sit on more than four public company boards

For non-executive board chairs/lead independent directors and director nominees who hold excessive commitments, as defined above, we may consider waiving our policy and vote in support of a director if a company discloses its director commitment policy in a publicly available manner (e.g., corporate governance guidelines, proxy statement, company website). This policy or associated disclosure must include:

• A numerical limit on public company board seats a director can serve on

– This limit cannot exceed our policy by more than one seat

• Consideration of public company board leadership positions (e.g., Committee Chair)

• Affirmation that all directors are currently compliant with the company policy

• Description of an annual policy review process undertaken by the Nominating Committee to evaluate outside director time commitments

If a director is imminently leaving a board and this departure is disclosed in a written, time-bound and publicly-available manner, we may consider waiving our withhold vote when evaluating the director for excessive time commitments.

Service on a mutual fund board, the board of a UK investment trust or a Special Purpose Acquisition Company (SPAC) board is not considered when evaluating directors for excessive commitments. However, we do expect these roles to be considered by nominating committees when evaluating director time commitments.

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**Incorporating R-Factor™ into Director Votes** 

<sup>1</sup> Bottom 10 percent of scores relative to industry peers.

<sup>2</sup> Have consistently underperformed their peers over the last two years; bottom 30 percent of scores relative to industry peers.

**Climate-related Disclosure** 

We believe climate change poses a systemic risk to all companies in our portfolio.

State Street Global Advisors has publicly supported the global regulatory efforts to establish a mandatory baseline of climate risk disclosures for all companies. Until these consistent disclosure standards are established, we find that the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD) provide the most effective framework by which companies can develop strategies to plan for climate-related risks and make their businesses more resilient to the impacts of climate change.

As such, we may vote against the independent board leader at companies in the S&P 500 and S&P/TSX Composite that fail to provide sufficient disclosure in accordance with the TCFD framework, including:

• Board oversight of climate-related risks and opportunities

• Total Scope 1 and Scope 2 greenhouse gas emissions

• Targets for reducing greenhouse gas emissions

**Director-Related Proposals**

We generally vote for the following director-related proposals:

• Discharge of board members' duties, in the absence of pending litigation, regulatory investigation, charges of fraud, or other indications of significant concern

• Proposals to restore shareholders' ability in order to remove directors with or without cause

• Proposals that permit shareholders to elect directors to fill board vacancies

• Shareholder proposals seeking disclosure regarding the company, board, or compensation committee's use of compensation consultants, such as company name, business relationship(s), and fees paid

We generally vote against the following director-related proposals:

• Requirements that candidates for directorships own large amounts of stock before being eligible to be elected

• Proposals that relate to the "transaction of other business as properly comes before the meeting," which extend "blank check" powers to those acting as proxy

• Proposals requiring two candidates per board seat

**Majority Voting**

We will generally support a majority vote standard based on votes cast for the election of directors.

We will generally vote to support amendments to bylaws that would require simple majority of voting shares (i.e. shares cast) to pass or to repeal certain provisions.

**Annual Elections**

We generally support the establishment of annual elections of the board of directors. Consideration is given to the overall level of board independence and the independence of the key committees, as well as the existence of a shareholder rights plan.

**Cumulative Voting**

We do not support cumulative voting structures for the election of directors.

**Separation Chair/CEO**

We analyze proposals for the separation of Chair/CEO on a case-by-case basis taking into consideration numerous factors, including the appointment of and role played by a lead director, a company's performance, and the overall governance structure of the company.

However, we may take voting action against the chair or members of the nominating committee at S&P 500 companies that have combined the roles of chair and CEO and have not appointed a lead independent director.

**Proxy Access**

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In general, we believe that proxy access is a fundamental right and an accountability mechanism for all long-term shareholders. We will consider proposals relating to proxy access on a case-by-case basis. We will support shareholder proposals that set parameters to empower long-term shareholders while providing management the flexibility to design a process that is appropriate for the company's circumstances.

We will review the terms of all other proposals and will support those proposals that have been introduced in the spirit of enhancing shareholder rights.

Considerations include the following:

• The ownership thresholds and holding duration proposed in the resolution

• The binding nature of the proposal

• The number of directors that shareholders may be able to nominate each year

• Company governance structure

• Shareholder rights

• Board performance

**Age/Term Limits**

Generally, we will vote against age and term limits unless the company is found to have poor board refreshment and director succession practices, and has a preponderance of non-executive directors with excessively long tenures serving on the board.

**Approve Remuneration of Directors**

Generally, we will support directors' compensation, provided the amounts are not excessive relative to other issuers in the market or industry. In making our determination, we review whether the compensation is overly dilutive to existing shareholders

**Indemnification**

Generally, we support proposals to limit directors' liability and/or expand indemnification and liability protection if he or she has not acted in bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.

**Classified Boards**

We generally support annual elections for the board of directors.

**Confidential Voting** 

We will support confidential voting.

**Board Size** 

We will support proposals seeking to fix the board size or designate a range for the board size and will vote against proposals that give management the ability to alter the size of the board outside of a specified range without shareholder approval.

**Board Responsiveness** 

We may vote against the re-election of members of the compensation committee if we have serious concerns about remuneration practices and if the company has not been responsive to shareholder pressure to review its approach. In addition, if the level of dissent against a management proposal on executive pay is consistently high, and we have determined that a vote against a pay-related proposal is warranted in the third consecutive year, we may vote against the Chair of the compensation committee.

**Audit-Related Issues**

**Ratifying Auditors and Approving Auditor Compensation**

We support the approval of auditors and auditor compensation provided that the issuer has properly disclosed audit and non-audit fees relative to market practice and the audit fees are not deemed excessive. We deem audit fees to be excessive if the non-audit fees for the prior year constituted 50 percent or more of the total fees paid to the auditor. We will also support the disclosure of auditor and consulting relationships when the same or related entities are conducting both activities and will support the establishment of a selection committee responsible for the final approval of significant management consultant contract awards where existing firms are already acting in an auditing function.

In circumstances where "other" fees include fees related to initial public offerings, bankruptcy emergence, and spin-offs, and the company makes public disclosure of the amount and nature of those fees which are determined to be an exception to the standard "non-audit fee" category, then such fees may be excluded from the non-audit fees considered in determining the ratio of non-audit to audit/audit-related fees/tax compliance and preparation for purposes of determining whether non-audit fees are excessive.

We will support the discharge of auditors and requirements that auditors attend the annual meeting of shareholders.<sup>1</sup>

<sup>1</sup> Common for non-US issuers; request from the issuer to discharge from liability the directors or auditors with respect to actions taken by them during the previous year.

**Approval of Financial Statements**

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The disclosure and availability of reliable financial statements in a timely manner is imperative for the investment process. We expect external auditors to provide assurance of a company's financial condition. Hence, we will vote against the approval of financial statements if i) they have not been disclosed or audited; ii) the auditor opinion is qualified/ adverse, or the auditor has issued a disclaimer of opinion; or iii) the auditor opinion is not disclosed.

**Capital-Related Issues**

Capital structure proposals include requests by management for approval of amendments to the certificate of incorporation that will alter the capital structure of the company.

The most common request is for an increase in the number of authorized shares of common stock, usually in conjunction with a stock split or dividend. Typically, we support requests that are not unreasonably dilutive or enhance the rights of common shareholders. In considering authorized share proposals, the typical threshold for approval is 100 percent over current authorized shares. However, the threshold may be increased if the company offers a specific need or purpose (merger, stock splits, growth purposes, etc.). All proposals are evaluated on a case-by-case basis taking into account the company's specific financial situation.

**Increase in Authorized Common Shares** 

In general, we support share increases for general corporate purposes up to 100 percent of current authorized stock.

We support increases for specific corporate purposes up to 100 percent of the specific need plus 50 percent of current authorized common stock for US and Canadian firms.

When applying the thresholds, we will also consider the nature of the specific need, such as mergers and acquisitions and stock splits.

**Increase in Authorized Preferred Shares** 

We vote on a case-by-case basis on proposals to increase the number of preferred shares.

Generally, we will vote for the authorization of 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.

We will support proposals to create "declawed" blank check preferred stock (stock that cannot be used as a takeover defense). However, we will vote against proposals to increase the number of blank check preferred stock authorized for issuance when no shares have been issued or reserved for a specific purpose.

**Unequal Voting Rights** 

We will not support proposals authorizing the creation of new classes of common stock with superior voting rights and will vote against new classes of preferred stock with unspecified voting, conversion, dividend distribution, and other rights. In addition, we will not support capitalization changes that add "blank check" classes of stock (i.e. classes of stock with undefined voting rights) or classes that dilute the voting interests of existing shareholders.

However, we will support capitalization changes that eliminate other classes of stock and/ or unequal voting rights.

**Mergers and Acquisitions**

Mergers or the reorganization of the structure of a company often involve proposals relating to reincorporation, restructurings, liquidations, and other major changes to the corporation.

Proposals that are in the best interests of the shareholders, demonstrated by enhancing share value or improving the effectiveness of the company's operations, will be supported.

In general, provisions that are not viewed as economically sound or are thought to be destructive to shareholders' rights are not supported.

We will generally support transactions that maximize shareholder value. Some of the considerations include the following:

• Offer premium

• Strategic rationale

• Board oversight of the process for the recommended transaction, including director and/ or management conflicts of interest

• Offers made at a premium and where there are no other higher bidders

• Offers in which the secondary market price is substantially lower than the net asset value

We may vote against a transaction considering the following:

• Offers with potentially damaging consequences for minority shareholders because of illiquid stock, especially in some non-US markets

• Offers where we believe there is a reasonable prospect for an enhanced bid or other bidders

• The current market price of the security exceeds the bid price at the time of voting

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**Anti-Takeover Measures**

Typically, these are proposals relating to requests by management to amend the certificate of incorporation or bylaws to add or to delete a provision that is deemed to have an anti-takeover effect. The majority of these proposals deal with management's attempt to add some provision that makes a hostile takeover more difficult or will protect incumbent management in the event of a change in control of the company.

Proposals that reduce shareholders' rights or have the effect of entrenching incumbent management will not be supported.

Proposals that enhance the right of shareholders to make their own choices as to the desirability of a merger or other proposal are supported.

**Shareholder Rights Plans** 

**US** We will support mandates requiring shareholder approval of a shareholder rights plans ("poison pill") and repeals of various anti-takeover related provisions.

In general, we will vote against the adoption or renewal of a US issuer's shareholder rights plan ("poison pill").

We will vote for an amendment to a shareholder rights plan ("poison pill") where the terms of the new plans are more favorable to shareholders' ability to accept unsolicited offers (i.e. if one of the following conditions are met: (i) minimum trigger, flip-in or flip-over of 20 percent, (ii) maximum term of three years, (iii) no "dead hand," "slow hand," "no hand" nor similar feature that limits the ability of a future board to redeem the pill, and (iv) inclusion of a shareholder redemption feature (qualifying offer clause), permitting ten percent of the shares to call a special meeting or seek a written consent to vote on rescinding the pill if the board refuses to redeem the pill 90 days after a qualifying offer is announced).

**Canada** We analyze proposals for shareholder approval of a shareholder rights plan ("poison pill") on a case-by-case basis taking into consideration numerous factors, including but not limited to, whether it conforms to 'new generation' rights plans and the scope of the plan.

**Special Meetings** 

We will vote for shareholder proposals related to special meetings at companies that do not provide shareholders the right to call for a special meeting in their bylaws if:

• The company also does not allow shareholders to act by written consent

• The company allows shareholders to act by written consent but the ownership threshold for acting by written consent is set above 25 percent of outstanding shares

We will vote for shareholder proposals related to special meetings at companies that give shareholders (with a minimum 10 percent ownership threshold) the right to call for a special meeting in their bylaws if:

• The current ownership threshold to call for a special meeting is above 25 percent of outstanding shares

We will vote for management proposals related to special meetings.

**Written Consent** 

We will vote for shareholder proposals on written consent at companies if:

• The company does not have provisions in their bylaws giving shareholders the right to call for a special meeting

• The company allows shareholders the right to call for a special meeting, but the current ownership threshold to call for a special meeting is above 25 percent of outstanding shares

• The company has a poor governance profile

We will vote management proposals on written consent on a case-by-case basis.

**Super–Majority** 

We will generally vote against amendments to bylaws requiring super-majority shareholder votes to pass or repeal certain provisions. We will vote for the reduction or elimination of super-majority vote requirements, unless management of the issuer was concurrently seeking to or had previously made such a reduction or elimination.

**Remuneration Issues**

Despite the differences among the types of plans and the awards possible there is a simple underlying philosophy that guides the analysis of all compensation plans; namely, the terms of the plan should be designed to provide an incentive for executives and/or employees to align their interests with those of the shareholders and thus work toward enhancing shareholder value. Plans that benefit participants only when the shareholders also benefit are those most likely to be supported.

**Advisory Vote on Executive Compensation and Frequency** 

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State Street Global Advisors believes executive compensation plays a critical role in aligning executives' interest with shareholders', attracting, retaining and incentivizing key talent, and ensuring positive correlation between the performance achieved by management and the benefits derived by shareholders. We support management proposals on executive compensation where there is a strong relationship between executive pay and performance over a five-year period. We seek adequate disclosure of various compensation elements, absolute and relative pay levels, peer selection and benchmarking, the mix of long-term and short-term incentives, alignment of pay structures with shareholder interests as well as with corporate strategy, and performance. Further shareholders should have the opportunity to assess whether pay structures and levels are aligned with business performance on an annual basis.

In Canada, where advisory votes on executive compensation are not commonplace, we will rely primarily upon engagement to evaluate compensation plans.

**Employee Equity Award Plans** 

We consider numerous criteria when examining equity award proposals. Generally we do not vote against plans for lack of performance or vesting criteria. Rather the main criteria that will result in a vote against an equity award plan are:

**Excessive voting power dilution** To assess the dilutive effect, we divide the number of shares required to fully fund the proposed plan, the number of authorized but unissued shares and the issued but unexercised shares by the fully diluted share count. We review that number in light of certain factors, such as the industry of the issuer.

**Historical option grants** Excessive historical option grants over the past three years. Plans that provide for historical grant patterns of greater than five to eight percent are generally not supported.

**Repricing** We will vote against any plan where repricing is expressly permitted. If a company has a history of repricing underwater options, the plan will not be supported.

Other criteria include the following:

• Number of participants or eligible employees

• The variety of awards possible

• The period of time covered by the plan

There are numerous factors that we view as negative. If combined they may result in a vote against a proposal. Factors include:

• Grants to individuals or very small groups of participants

• "Gun-jumping" grants which anticipate shareholder approval of a plan or amendment

• The power of the board to exchange "underwater" options without shareholder approval. This pertains to the ability of a company to reprice options, not the actual act of repricing described above

• Below market rate loans to officers to exercise their options

• The ability to grant options at less than fair market value;

• Acceleration of vesting automatically upon a change in control

• Excessive compensation (i.e. compensation plans which we deem to be overly dilutive)

**Share Repurchases** If a company makes a clear connection between a share repurchase program and its intent to offset dilution created from option plans and the company fully discloses the amount of shares being repurchased, the voting dilution calculation may be adjusted to account for the impact of the buy back.

Companies will not have any such repurchase plan factored into the dilution calculation if they do not (i) clearly state the intentions of any proposed share buy-back plan, (ii) disclose a definitive number of the shares to be bought back, (iii) specify the range of premium/discount to market price at which a company can repurchase shares, and (iv) disclose the time frame during which the shares will be bought back.

**162(m) Plan Amendments** If a plan would not normally meet our criteria described above, but was primarily amended to add specific performance criteria to be used with awards that were designed to qualify for performance-based exception from the tax deductibility limitations of Section 162(m) of the Internal Revenue Code, then we will support the proposal to amend the plan.

**Employee Stock Option Plans** 

We generally vote for stock purchase plans with an exercise price of not less than 85 percent of fair market value. However, we take market practice into consideration.

**Compensation-Related Items** 

We generally support the following proposals:

• Expansions to reporting of financial or compensation-related information within reason

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• Proposals requiring the disclosure of executive retirement benefits if the issuer does not have an independent compensation committee

We generally vote against the following proposal:

• Retirement bonuses for non-executive directors and auditors

**Miscellaneous/Routine Items**

We generally support the following miscellaneous/routine governance items:

• Reimbursement of all appropriate proxy solicitation expenses associated with the election when voting in conjunction with support of a dissident slate

• Opting-out of business combination provision

• Proposals that remove restrictions on the right of shareholders to act independently of management

• Liquidation of the company if the company will file for bankruptcy if the proposal is not approved

• Shareholder proposals to put option repricings to a shareholder vote

• General updating of, or corrective amendments to, charter and bylaws not otherwise specifically addressed herein, unless such amendments would reasonably be expected to diminish shareholder rights (e.g. extension of directors' term limits, amending shareholder vote requirement to amend the charter documents, insufficient information provided as to the reason behind the amendment)

• Change in corporation name

• Mandates that amendments to bylaws or charters have shareholder approval

• Management proposals to change the date, time, and/or location of the annual meeting unless the proposed change is unreasonable

• Repeals, prohibitions or adoption of anti-greenmail provisions

• Management proposals to implement a reverse stock split when the number of authorized shares will be proportionately reduced and proposals to implement a reverse stock split to avoid delisting

• Exclusive forum provisions

State Street Global Advisors generally does not support the following miscellaneous/ routine governance items:

• Proposals requesting companies to adopt full tenure holding periods for their executives

• Reincorporation to a location that we believe has more negative attributes than its current location of incorporation

• Shareholder proposals to change the date, time, and/or location of the annual meeting unless the current scheduling or location is unreasonable

• Proposals to approve other business when it appears as a voting item

• Proposals giving the board exclusive authority to amend the bylaws

• Proposals to reduce quorum requirements for shareholder meetings below a majority of the shares outstanding unless there are compelling reasons to support the proposal

**Environmental and Social Issues**

As a fiduciary, State Street Global Advisors takes a comprehensive approach to engaging with our portfolio companies about material environmental and social (sustainability) issues. We use our voice and our vote through engagement, proxy voting, and thought leadership in order to communicate with issuers and educate market participants about our perspective on important sustainability topics. Our Asset Stewardship program prioritization process allows us to proactively identify companies for engagement and voting in order to mitigate sustainability risks in our portfolio. Through engagement, we address a broad range of topics that align with our stewardship priorities and build long-term relationships with issuers. When voting, we fundamentally consider whether the adoption of a shareholder proposal addressing a material sustainability issue would promote long-term shareholder value in the context of the company's existing practices and disclosures as well as existing market practice.

For more information on our approach to environmental and social issues, please see our Global Proxy Voting and Engagement Guidelines for Environmental and Social Issues and our Frameworks for Voting Environmental and Social Shareholder Proposals, both available at ssga.com/about-us/asset-stewardship.html.

**More Information**

Any client who wishes to receive information on how its proxies were voted should contact its State Street Global Advisors relationship manager.

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**Proxy Voting and Engagement Guidelines: United Kingdom and Ireland**

State Street Global Advisors' United Kingdom and Ireland Proxy Voting and Engagement Guidelines<sup>1</sup> outline our expectations of companies listed on stock exchanges in the United Kingdom and Ireland. These Guidelines complement and should be read in conjunction with State Street Global Advisors' Global Proxy Voting and Engagement Principles, which provide a detailed explanation of our approach to voting and engaging with companies, and State Street Global Advisors' Conflict Mitigation Guidance.

<sup>I</sup>These Proxy Voting and Engagement Guidelines are also applicable to SSGA Funds Management, Inc. " SSGA Funds Management, Inc. is an SEC-registered investment adviser. SSGA Funds Management, Inc., State Street Global Advisors Trust Company, and other advisory affiliates of State Street make up State Street Global Advisors, the investment management arm of State Street Corporation.

State Street Global Advisors' United Kingdom ("UK") and Ireland Proxy Voting and Engagement Guidelines address areas including board structure, audit-related issues, capital structure, remuneration, environmental, social and other governance-related issues.

When voting and engaging with companies in global markets, we consider market specific nuances in the manner that we believe will most likely protect and promote the long-term economic value of client investments. We expect companies to observe the relevant laws and regulations of their respective markets, as well as country-specific best practice guidelines and corporate governance codes. When we identify that a country's regulatory requirements do not address some of the key philosophical principles that we believe are fundamental to our global voting guidelines, we may hold companies in such markets to our global standards.

In our analysis and research into corporate governance issues in the UK and Ireland, we expect all companies that obtain a primary listing on the London Stock Exchange or the Irish Stock Exchange, regardless of domicile, to comply with the UK Corporate Governance Code, and proactively monitor companies' adherence to the Code. Consistent with the 'comply or explain' expectations established by the Code, we encourage companies to proactively disclose their level of compliance with the Code. In instances of non-compliance in which companies cannot explain the nuances of their governance structure effectively, either publicly or through engagement, we may vote against the independent board leader.

**State Street Global Advisors' Proxy Voting and Engagement Philosophy**

In our view, corporate governance and sustainability issues are an integral part of the investment process. The Asset Stewardship Team consists of investment professionals with expertise in corporate governance and company law, remuneration, accounting, and environmental and social issues. We have established robust corporate governance principles and practices that are backed with extensive analytical expertise to understand the complexities of the corporate governance landscape. We engage with companies to provide insight on the principles and practices that drive our voting decisions. We also conduct proactive engagement to address significant shareholder concerns and environmental, social and governance ("ESG") issues in a manner consistent with maximizing shareholder value.

The team works alongside members of State Street Global Advisors' Active Fundamental and Europe, Middle East and Africa ("EMEA") Investment teams. We collaborate on issuer engagement and provide input on company specific fundamentals. We are also a member of various investor associations that seek to address broader corporate governance related policy issues in the UK and European markets.

State Street Global Advisors is a signatory to the United Nations Principles for Responsible Investment ("UNPRI") and is compliant with the UK Stewardship Code. We are committed to sustainable investing and are working to further integrate ESG principles into investment and corporate governance practice where applicable and consistent with our fiduciary duty.

**Directors and Boards**

Principally, we believe the primary responsibility of a board of directors is to preserve and enhance shareholder value and to protect shareholder interests. In order to carry out their primary responsibilities, directors have to undertake activities that range from setting strategy, overseeing executive management, and monitoring the risks that arise from a company's business, including risks related to sustainability issues. Further, good corporate governance necessitates the existence of effective internal controls and risk management systems, which should be governed by the board.

We believe that a well constituted board of directors, with a balance of skills, expertise and independence, provides the foundations for a well governed company. We view board quality as a measure of director independence, director succession planning, board diversity, evaluations and refreshment, and company governance practices. We vote for the (re-)election of directors on a case-by-case basis after considering various factors, including board quality, general market practice, and availability of information on director skills and expertise. In principle, we believe independent directors are crucial to robust corporate governance and help management establish sound corporate governance policies and practices. A sufficiently independent board will most effectively monitor management and perform oversight functions necessary to protect shareholder interests.

Our broad criteria for director independence for UK companies include factors such as:

• Participation in related-party transactions and other business relations with the company

• Employment history with company

• Excessive tenure and a preponderance of long-tenured directors:

• Relations with controlling shareholders

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• Family ties with any of the company's advisers, directors or senior employees

• Company classification of a director as non-independent

When voting on the election or re-election of a director, we also consider the number of outside board directorships a non-executive and an executive may undertake. Thus, we may withhold votes from board chairs and lead independent directors who sit on more than three public company boards, and from non-executive directors who hold more than four public company board mandates. We may also take voting action against Named Executive Officers who undertake more than two public board memberships. Service on a mutual fund board or a UK investment trust is not considered when evaluating directors for excessive commitments.

We also consider attendance at board meetings and may withhold votes from directors who attend less than 75 percent of board meetings in a given year without appropriate explanation or providing reason for their failure to meet the attendance threshold. In addition, we monitor other factors that may influence the independence of a non-executive director, such as performance-related pay, cross-directorships and significant shareholdings.

We support the annual election of directors.

While we are generally supportive of having the roles of chair and CEO separated in the UK market, we assess the division of responsibilities between chair and CEO on a case-by-case basis, giving consideration to factors such as the company's specific circumstances, overall level of independence on the board and general corporate governance standards in the company. Similarly, we monitor for circumstances in which a combined chair/CEO is appointed or a former CEO becomes chair.

We may also consider factors such as board performance and directors who appear to be remiss in the performance of their oversight responsibilities when considering their suitability for reappointment (e.g. fraud, criminal wrongdoing and breach of fiduciary responsibilities).

We believe companies should have committees for audit, remuneration and nomination oversight. The audit committee is responsible for monitoring the integrity of the financial statements of the company, the appointment of external auditors, auditor qualifications and independence, and effectiveness and resource levels. Similarly, executive pay is an important aspect of corporate governance, and it should be determined by the board of directors. We expect companies to have remuneration committees to provide independent oversight over executive pay. We will vote against nominees who are executive members of audit or remuneration committees.

We consider whether board members have adequate skills to provide effective oversight of corporate strategy, operations and risks, including environmental and social issues. Boards should also have a regular evaluation process in place to assess the effectiveness of the board and the skills of board members to address issues such as emerging risks, changes to corporate strategy, and diversification of operations and geographic footprint. The nomination committee is responsible for evaluating and reviewing the balance of skills, knowledge, and experience of the board. It also ensures that adequate succession plans are in place for directors and the CEO. We may vote against the re-election of members of the nomination committee if, over time, the board has failed to address concerns over board structure or succession.

Poorly structured executive compensation plans pose increasing reputational risk to companies. Ongoing high level of dissent against a company's compensation proposals may indicate that the company is not receptive to investor concerns. If the level of dissent against a company's remuneration report and/or remuneration policy is consistently high, and we have determined that a vote against a pay-related proposal is warranted in the third consecutive year, we will vote against the Chair of the remuneration committee.

**Board Gender Diversity** 

We expect boards of all listed companies to have at least one female board member. If a company fails to meet this expectation, State Street Global Advisors may vote against the chair of the board's nominating committee or the board leader in the absence of a nominating committee, if necessary. Additionally, if a company fails to meet this expectation for three consecutive years, State Street Global Advisors may vote against all incumbent members of the nominating committee.

**Board Racial/Ethnic Diversity** 

We believe that companies have a responsibility to effectively manage and disclose risks and opportunities related to racial and ethnic diversity. If a company in the FTSE 100 does not disclose, at minimum, the gender, racial and ethnic composition of its board, we will vote against the Chair of the nominating committee. We may withhold support from the Chair of the nominating committee also when a company in the FTSE 100 does not have at least one director from an underrepresented community on its board.

**Director Time Commitments** 

When voting on the election or re-election of a director, we also consider the number of outside board directorships a non-executive and an executive may undertake. Thus, State Street Global Advisors may take voting action against a director who exceeds the number of board mandates listed below:

• Named Executive Officers (NEOs) of a public company who sit on more than two public company boards

• Non-executive board chairs or lead independent directors who sit on more than three public company boards

• Director nominees who sit on more than four public company boards

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For non-executive board chairs/lead independent directors and director nominees who hold excessive commitments, as defined above, we may consider waiving our policy and vote in support of a director if a company discloses its director commitment policy in a publicly available manner (e.g., corporate governance guidelines, proxy statement, company website). This policy or associated disclosure must include:

• A numerical limit on public company board seats a director can serve on

-This limit cannot exceed our policy by more than one seat

• Consideration of public company board leadership positions (e.g., Committee Chair)

• Affirmation that all directors are currently compliant with the company policy

• Description of an annual policy review process undertaken by the Nominating Committee to evaluate outside director time commitments

If a director is imminently leaving a board and this departure is disclosed in a written, time-bound and publicly-available manner, we may consider waiving our withhold vote when evaluating the director for excessive time commitments.

Service on a mutual fund board, the board of a UK investment trust or a Special Purpose Acquisition Company (SPAC) board is not considered when evaluating directors for excessive commitments. However, we do expect these roles to be considered by nominating committees when evaluating director time commitments.

**Incorporating R-Factor™ into Director Votes** 

<sup>1</sup> Bottom 10 percent of scores relative to industry peers.

<sup>2</sup> Have consistently underperformed their peers over the last two years; bottom 30 percent of scores relative to industry peers.

**Climate-related Disclosure** 

We believe climate change poses a systemic risk to all companies in our portfolio.

State Street Global Advisors has publicly supported the global regulatory efforts to establish a mandatory baseline of climate risk disclosures for all companies. Until these consistent disclosure standards are established, we find that the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD) provide the most effective framework by which companies can develop strategies to plan for climate-related risks and make their businesses more resilient to the impacts of climate change.

As such, we may vote against the independent board leader at companies in the FTSE 350 that fail to provide sufficient disclosure in accordance with the TCFD framework, including:

• Board oversight of climate-related risks and opportunities

• Total Scope 1 and Scope 2 greenhouse gas emissions

• Targets for reducing greenhouse gas emissions

**Indemnification and Limitations on Liability** 

Generally, we support proposals to limit directors' liability and/or expand indemnification and liability protection up to the limit provided by law. This holds if a director has not acted in bad faith, gross negligence, nor reckless disregard of the duties involved in the conduct of his or her office.

**Indemnification and Limitations on Liability**

Generally, we support proposals to limit directors' liability and/or expand indemnification and liability protection up to the limit provided by law. This holds if a director has not acted in bad faith, gross negligence, nor reckless disregard of the duties involved in the conduct of his or her office.

**Audit-Related Issues**

Companies should have robust internal audit and internal control systems designed for effective management of any potential and emerging risks to company operations and strategy. The responsibility of setting out an internal audit function lies with the audit committee, which should have as members independent non-executive directors.

**Appointment of External Auditors**

State Street Global Advisors believes that a company's auditor is an essential feature of an effective and transparent system of external supervision. Shareholders should be given the opportunity to vote on their appointment or re-appoint at the annual meeting. When appointing external auditors and approving audit fees, we take into consideration the level of detail in company disclosures and will generally not

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support such resolutions if an adequate breakdown is not provided and if non-audit fees are more than 50 percent of audit fees. In addition, we may vote against members of the audit committee if we have concerns with audit-related issues or if the level of non-audit fees to audit fees is significant. In certain circumstances, we may consider auditor tenure when evaluating the audit process.

**Limit Legal Liability of External Auditors**

We generally oppose limiting the legal liability of audit firms because we believe this could create a negative impact on the quality of the audit function.

**Approval of Financial Statements**

The disclosure and availability of reliable financial statements in a timely manner is imperative for the investment process. We expect external auditors to provide assurance of a company's financial condition. Hence, we will vote against the approval of financial statements if i) they have not been disclosed or audited; ii) the auditor opinion is qualified/ adverse, or the auditor has issued a disclaimer of opinion; or iii) the auditor opinion is not disclosed.

**Shareholder Rights and Capital-Related Issues**

**Share Issuances**

The ability to raise capital is critical for companies to carry out strategy, to grow, and to achieve returns above their cost of capital. The approval of capital raising activities is essential to shareholders' ability to monitor returns and to ensure capital is deployed efficiently. We support capital increases that have sound business reasons and are not excessive relative to a company's existing capital base.

Pre-emption rights are a fundamental right for shareholders to protect their investment in a company. Where companies seek to issue new shares without pre-emption rights, we may vote against if such authorities are greater than 20 percent of the issued share capital. We may also vote against resolutions that seek authority to issue capital with pre-emption rights if the aggregate amount allowed seems excessive and is not justified by the board. Generally, we are against capital issuance proposals greater than 100 percent of the issued share capital when the proceeds are not intended for a specific purpose.

**Share Repurchase Programs**

We generally support a proposal to repurchase shares. However, this is not the case if the issuer does not clearly state the business purpose for the program, a definitive number of shares to be repurchased, the range of premium/discount to market price at which a company can repurchase shares, and the timeframe for the repurchase. We may vote against share repurchase requests that allow share repurchases during a takeover period.

**Dividends**

We generally support dividend payouts that constitute 30 percent or more of net income. We may vote against the dividend payouts if the dividend payout ratio has been consistently below 30 percent without adequate explanation or the payout is excessive given the company's financial position. Particular attention will be paid where the payment may damage the company's long term financial health.

**Mergers and Acquisitions**

Mergers or reorganizing the structure of a company often involve proposals relating to reincorporation, restructurings, mergers, liquidations, and other major changes to the corporation. Proposals that are in the best interests of the shareholders, demonstrated by enhancing share value or improving the effectiveness of the company's operations, will be supported. In general, provisions that are not viewed as financially sound or are thought to be destructive to shareholders' rights and are not supported.

We will generally support transactions that maximize shareholder value. Some of the considerations include the following:

• Offer premium

• Strategic rationale;

• Board oversight of the process for the recommended transaction, including, director and/or management conflicts of interest;

• Offers made at a premium and where there are no other higher bidders

• Offers in which the secondary market price is substantially lower than the net asset value.

We may vote against a transaction considering the following:

• Offers with potentially damaging consequences for minority shareholders because of illiquid stock

• Offers in which we believe there is a reasonable prospect for an enhanced bid or other bidders

• The current market price of the security exceeds the bid price at the time of voting

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**Anti-Takeover Measures**

We oppose anti-takeover defenses such as authorities for the board when subject to a hostile takeover to issue warrants convertible into shares to existing shareholders.

**Notice Period to Convene a General Meeting** 

We expect companies to give as much notice as is practicable when calling a general meeting. Generally, we are not supportive of authorizations seeking to reduce the notice period to 14 days.

**Remuneration**

**Executive Pay**

Despite the differences among the types of plans and awards possible, there is a simple underlying philosophy that guides our analysis of executive pay: there should be a direct relationship between remuneration and company performance over the long term.

Shareholders should have the opportunity to assess whether pay structures and levels are aligned with business performance. When assessing remuneration policies and reports, we consider adequate disclosure of various remuneration elements, absolute and relative pay levels, peer selection and benchmarking, the mix of long-term and short-term incentives, alignment of pay structures with shareholder interests as well as with corporate strategy and performance. We may oppose remuneration reports where pay seems misaligned with shareholders' interests. We may also vote against the re-election of members of the remuneration committee if we have serious concerns about remuneration practices or if the company has not been responsive to shareholder concerns.

**Equity Incentive Plans**

We may not support proposals on equity-based incentive plans where insufficient information is provided on matters such as grant limits, performance metrics, performance, vesting periods, and overall dilution. Generally we do not support options under such plans being issued at a discount to market price or plans that allow for re-testing of performance metrics.

**Non-Executive Director Pay**

Authorities that seek shareholder approval for non-executive directors' fees are generally not controversial. We typically support resolutions regarding directors' fees unless disclosure is poor and we are unable to determine whether they are excessive relative to fees paid by comparable companies. We will evaluate any non-cash or performance related pay to non-executive directors on a company- by-company basis.

**Risk Management**

State Street Global Advisors believes that risk management is a key function of the board, which is responsible for setting the overall risk appetite of a company and for providing oversight of the risk management process established by senior executives at a company. We allow boards to have discretion over how they provide oversight in this area. We expect companies to disclose how the board provides oversight on its risk management system and risk identification. Boards should also review existing and emerging risks as they can evolve with a changing political and economic landscape or as companies diversify their operations into new areas.

**Environmental and Social Issues**

As a fiduciary, State Street Global Advisors takes a comprehensive approach to engaging with our portfolio companies about material environmental and social (sustainability) issues. We use our voice and our vote through engagement, proxy voting, and thought leadership in order to communicate with issuers and educate market participants about our perspective on important sustainability topics. Our Asset Stewardship program prioritization process allows us to proactively identify companies for engagement and voting in order to mitigate sustainability risks in our portfolio. Through engagement, we address a broad range of topics that align with our stewardship priorities and build long-term relationships with issuers. When voting, we fundamentally consider whether the adoption of a shareholder proposal addressing a material sustainability issue would promote long-term shareholder value in the context of the company's existing practices and disclosures as well as existing market practice.

For more information on our approach to environmental and social issues, please see our Global Proxy Voting and Engagement Guidelines for Environmental and Social Issues and Frameworks for Voting Environmental and Social Shareholder Proposals, both available at ssga.com/about-us/asset-stewardship.html.

**More Information**

Any client who wishes to receive information on how its proxies were voted should contact its State Street Global Advisors relationship manager.

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**Proxy Voting and Engagement Guidelines: Rest of the World**

State Street Global Advisors' Rest of the World Proxy Voting and Engagement Guidelines<sup>I</sup> cover different corporate governance frameworks and practices in international markets not covered under specific country/regional guidelines. These Guidelines complement and should be read in conjunction with State Street Global Advisors' overarching Global Proxy Voting and Engagement Principles, which provide a detailed explanation of our approach to voting and engaging with companies, and State Street Global Advisors' Conflict Mitigation Guidelines.

<sup>I</sup>These Proxy Voting and Engagement Guidelines are also applicable to SSGA Funds Management, Inc. SSGA Funds Management, Inc. is an SEC-registered investment adviser. SSGA Funds Management, Inc., State Street Global Advisors Trust Company, and other advisory affiliates of State Street make up State Street Global Advisors, the investment management arm of State Street Corporation.

At State Street Global Advisors, we recognize that markets not covered under specific country/regional guidelines, specifically emerging markets, are disparate in their corporate governance frameworks and practices. While they tend to pose broad common governance issues across all markets, such as concentrated ownership, poor disclosure of financial and related-party transactions, and weak enforcement of rules and regulation, our proxy voting Guidelines are designed to identify and to address specific governance concerns in each market. We also evaluate the various factors that contribute to the corporate governance framework of a country. These factors include, but are not limited to: (i) the macroeconomic conditions and broader political system in a country; (ii) quality of regulatory oversight, enforcement of property and shareholder rights; and (iii) the independence of judiciary.

**State Street Global Advisors' Proxy Voting and Engagement Philosophy in Emerging Markets** 

State Street Global Advisors' approach to proxy voting and issuer engagement in emerging markets is designed to increase the value of our investments through the mitigation of governance risks. The overall quality of the corporate governance framework in an emerging market country drives the level of governance risks investors assign to a country. Thus, improving the macro governance framework in a country may help to reduce governance risks and to increase the overall value of our holdings over time. In order to improve the overall governance framework and practices in a country, members of our Asset Stewardship Team endeavor to engage with representatives from regulatory agencies and stock markets to highlight potential concerns with the macro governance framework of a country. We are also a member of various investor associations that seek to address broader corporate governance-related policy issues in emerging markets. To help mitigate company-specific risk, the State Street Global Advisors Asset Stewardship Team works alongside members of the Active Fundamental and emerging market specialists to engage with emerging market companies on governance issues and address any specific concerns, or to get more information regarding shareholder items that are to be voted on at upcoming shareholder meetings. This integrated approach to engagement drives our proxy voting and engagement philosophy in emerging markets.

Our proxy voting Guidelines in emerging markets address six broad areas:

• Directors and Boards

• Accounting and Audit Related Issues

• Shareholder Rights and Capital-Related Issues

• Remuneration

• Environmental and Social Issues

• General/Routine Issues

**Directors and Boards**

We believe that a well constituted board of directors, with a balance of skills, expertise and independence, provides the foundation for a well governed company. However, several factors, such as low overall independence level requirements by market regulators, poor biographical disclosure of director profiles, prevalence of related-party transactions, and the general resistance from controlling shareholders to increase board independence, render the election of directors as one of the most important fiduciary duties we perform in emerging market companies.

We vote for the election/re-election of directors on a case-by-case basis after considering various factors, including general market practice and availability of information on director skills and expertise. We expect companies to meet minimum overall board independence standards, as defined in a local corporate governance code or market practice. Therefore, in several countries, we will vote against certain non-independent directors if overall board independence levels do not meet market standards.

Our broad criteria for director independence in emerging market companies include factors such as:

• Participation in related-party transactions

• Employment history with company

• Relations with controlling shareholders and employees

• Company classification of a director as non-independent

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In some countries, market practice calls for the establishment of a board level audit committee. We believe an audit committee should be responsible for monitoring the integrity of the financial statements of a company and appointing external auditors. It should also monitor their qualifications, independence, effectiveness and resource levels. Based upon our desire to enhance the quality of financial and accounting oversight provided by independent directors, we expect that listed companies have an audit committee constituted of a majority of independent directors.

Further, we expect boards of listed companies in all markets and indices to have at least one female board member. If a company fails to meet this expectation, State Street Global Advisors may vote against the Chair of the board's nominating committee or the board leader in the absence of a nominating committee, if necessary. Additionally, if a company fails to meet this expectation for three consecutive years, State Street Global Advisors may vote against all incumbent members of the nominating committee or those persons deemed responsible for the nomination process. We may waive the policy if a company engages with State Street Global Advisors and provides a specific, timebound plan for adding at least one woman to its board.

Poorly structured executive compensation plans pose increasing reputational risk to companies. Ongoing high level of dissent against a company's compensation proposals may indicate that the company is not receptive to investor concerns. If the level of dissent against a company's remuneration report and/or remuneration policy is consistently high, and we have determined that a vote against a pay-related proposal is warranted in the third consecutive year, we will vote against the Chair of the remuneration committee.

**Audit-Related Issues**

The disclosure and availability of reliable financial statements in a timely manner is imperative for the investment process. As a result, board oversight of internal controls and the independence of the audit process are essential if investors are to rely upon financial statements. We believe that audit committees provide the necessary oversight for the selection and appointment of auditors, the company's internal controls and the accounting policies, and the overall audit process.

**Appointment of External Auditors**

We believe that a company's auditor is an essential feature of an effective and transparent system of external supervision. Shareholders should be given the opportunity to vote on their appointment or re-appointment at the annual meeting. We believe that it is imperative for audit committees to select outside auditors who are independent from management.

**Approval of Financial Statements** 

The disclosure and availability of reliable financial statements in a timely manner is imperative for the investment process. We expect external auditors to provide assurance of a company's financial condition. Hence, we will vote against the approval of financial statements if i) they have not been disclosed or audited; ii) the auditor opinion is qualified/adverse, or the auditor has issued a disclaimer of opinion; or iii) the auditor opinion is not disclosed.

**Shareholder Rights and Capital-Related Issues**

State Street Global Advisors believes that changes to a company's capital structure, such as changes in authorized share capital, share repurchase and debt issuances, are critical decisions made by the board. We believe the company should have a business rationale that is consistent with corporate strategy and should not overly dilute its shareholders.

**Related-Party Transactions** 

Most companies in emerging markets have a controlled ownership structure that often includes complex cross-shareholdings between subsidiaries and parent companies ("related companies"). As a result, there is a high prevalence of related-party transactions between the company and its various stakeholders, such as directors and management. In addition, inter-group loan and loan guarantees provided to related companies are some of the other related-party transactions that increase the risk profile of companies. In markets where shareholders are required to approve such transactions, we expect companies to provide details about the transaction, such as its nature, value and purpose. This also encourages independent directors to ratify such transactions. Further, we encourage companies to describe the level of independent board oversight and the approval process, including details of any independent valuations provided by financial advisors on related-party transactions.

**Share Repurchase Programs** 

With regard to share repurchase programs, we expect companies to clearly state the business purpose for the program and a definitive number of shares to be repurchased.

**Mergers and Acquisitions**

Mergers or reorganization of the structure of a company often involve proposals relating to reincorporation, restructurings, liquidations and other major changes to the corporation. Proposals that are in the best interest of the shareholders, demonstrated by enhancing share value or improving the effectiveness of the company's operations, will be supported. In general, provisions that are not viewed as financially sound or are thought to be destructive to shareholders' rights are not supported.

We evaluate mergers and structural reorganizations on a case-by-case basis. We generally support transactions that maximize shareholder value. Some of the considerations include, but are not limited to, the following:

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• Offer premium

• Strategic rationale

• Board oversight of the process for the recommended transaction, including director and/ or management conflicts of interest

• Offers made at a premium and where there are no other higher bidders

• Offers in which the secondary market price is substantially lower than the net asset value

We may vote against a transaction considering the following:

• Offers with potentially damaging consequences for minority shareholders because of illiquid stock

• Offers where we believe there is a reasonable prospect for an enhanced bid or other bidders

• The current market price of the security exceeds the bid price at the time of voting

We will actively seek direct dialogue with the board and management of companies that we have identified through our screening processes. Such engagements may lead to further monitoring to ensure the company improves its governance or sustainability practices. In these cases, the engagement process represents the most meaningful opportunity for State Street Global Advisors to protect long-term shareholder value from excessive risk due to poor governance and sustainability practices.

**Remuneration**

We consider it to be the board's responsibility to set appropriate levels of executive remuneration. Despite the differences among the types of plans and the potential awards, there is a simple underlying philosophy that guides our analysis of executive remuneration: there should be a direct relationship between executive compensation and company performance over the long term. In emerging markets, we encourage companies to disclose information on senior executive remuneration.

Shareholders should have the opportunity to assess whether pay structures and levels are aligned with business performance. When assessing remuneration reports, we consider factors such as adequate disclosure of remuneration elements, absolute and relative pay levels, peer selection and benchmarking, the mix of long-term and short-term incentives, alignment of pay structures with shareholder interests, corporate strategy and performance. We may oppose remuneration reports where pay seems misaligned with shareholders' interests. We may also vote against the re-election of members of the remuneration committee if we have serious concerns about remuneration practices and if the company has not been responsive to shareholder pressure to review its approach. With regard to director remuneration, we support director pay provided the amounts are not excessive relative to other issuers in the market or industry, and are not overly dilutive to existing shareholders.

**Environmental and Social Issues**

As a fiduciary, State Street Global Advisors takes a comprehensive approach to engaging with our portfolio companies about material environmental and social (sustainability) issues. We use our voice and our vote through engagement, proxy voting and thought leadership in order to communicate with issuers and educate market participants about our perspective on important sustainability topics. Our Asset Stewardship program prioritization process allows us to proactively identify companies for engagement and voting in order to mitigate sustainability risks in our portfolio. Through engagement, we address a broad range of topics that align with our stewardship priorities and build long-term relationships with issuers. When voting, we fundamentally consider whether the adoption of a shareholder proposal addressing a material sustainability issue would promote long-term shareholder value in the context of the company's existing practices and disclosures as well as existing market practice.

For more information on our approach to environmental and social issues, please see our Global Proxy Voting and Engagement Guidelines for Environmental and Social Issues and our Frameworks for Voting Environmental and Social Shareholder Proposals, both available at ssga.com/about-us/asset-stewardship.html.

**General/Routine Issues**

Some of the other issues that are routinely voted on in emerging markets include approving the allocation of income and accepting financial statements and statutory reports. For these voting items, our guidelines consider several factors, such as historical dividend payouts, pending litigation, governmental investigations, charges of fraud, or other indication of significant concerns.

**More Information**

Any client who wishes to receive information on how its proxies were voted should contact its State Street Global Advisors relationship manager.

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**Systematic Financial Management, L.P.**

**Proxy Voting Policy**

**Policy SUMMARY**

Systematic Financial Management, L.P. has adopted and implemented this Proxy Voting Policy, which it believes is reasonably designed to:

• Ensure that proxies are voted in the best interests of its clients;

• Address material conflicts of interest that may arise; and

• Comply with disclosure and other requirements in connection with its proxy voting responsibilities.

**Policy**

As an investment adviser and fiduciary of client assets, Systematic's proxy voting policies and procedures are designed to protect the value of shareholder investments. The Investment Advisers Act of 1940, as amended (the 'Advisers Act'), requires investment advisers to act solely in the best interest of its clients at all times. We have adopted and implemented these Proxy Voting Policies and Procedures, which we believe are reasonably designed to ensure that proxies are voted in the best interest of clients, in accordance with our fiduciary duties and Rule 206(4)-6 under the Advisers Act.

**PROCEDURES**

Systematic recognizes that proxies are client assets and, as such, are managed with the same care, skill and diligence as all other client assets. Systematic shall vote proxies related to securities held by our clients for which we serve as the investment adviser in the best interest of our clients. Systematic's authority to vote the proxies of certain clients is established by advisory contracts or comparable documents. In addition to requirements of the Securities and Exchange Commission ("SEC") governing advisers, these policies reflect our fiduciary standards and responsibility for ERISA accounts. At their discretion, clients may reserve the right to vote proxies for themselves. Furthermore, a client may from time-to-time direct us to vote proxies in a manner that is different from the guidelines set forth in our Proxy Voting Policies and Procedures. We will follow such written direction for proxies received after our receipt of such written direction. These Proxy Voting Policies and procedures are limited solely to clients for which we have agreed to vote such proxies.

Systematic is wholly owned by Affiliated Managers Group, Inc. ("AMG"), an asset management company with equity investments in numerous investment management firms (its "Affiliates"). Systematic does not purchase AMG's publicly traded securities for client portfolios. Each AMG Affiliate makes its own investment and proxy voting decisions, which are not communicated to AMG or to other Affiliates.

Systematic has retained an independent third-party proxy advisory agent to assist the firm in discharging its proxy voting responsibilities. The third-party proxy advisory firm offers voting assistance by, among other proxy matters:

• Providing specified sets of independent proxy voting policy guidelines;

• Providing research and vote recommendations in accordance with the specified policies considerations;

• Voting Systematic's client proxies via the proxy adviser's automated, electronic vote management system;

• Acting as agent for the proxy process, and

• Maintaining records on proxy voting for our clients.

To assist Systematic in voting proxy proposals in their client's best interest, the firm has adopted four sets the proxy adviser's proxy voting guidelines, one based on AFL-CIO polices for Taft-Hartley Plan Sponsors, another for Public Plans, a third for Catholic or other faith-based clients and the fourth being a General Policy for all other clients. Institutional clients are generally requested to select which set of proxy guidelines they wish Systematic to use in voting their account's proxies. In instances where the client does not select a voting policy, Systematic will generally select the client's proxy policy based on Systematic's determination of which policy it believes is in the client's best interest. Ballots for our retail separately managed account (SMA) clients are typically wrapped in an Omnibus account and voted according to the proxy adviser's General Proxy Voting Policy. Systematic understands that the proxy advisory firm uses its best efforts to ensure that its proxy voting recommendations are consistent with its policy guidelines, as well as relevant requirements of ERISA and the U.S. Department of Labor.

**Exceptions**

Systematic typically does not vote the following types of proxies:

<u>Foreign Securities</u>: While Systematic will make reasonable efforts to vote foreign securities on behalf of clients, voting proxies of companies not domiciled in the United States may involve greater effort and cost due to the variety of regulatory schemes and corporate practices. (e.g., proxies may be written in a language other than English or proxies that require travel overseas in order to vote). Furthermore, Systematic generally will also decline to vote proxies if to do so would cause a restriction to be placed on Systematic's ability to trade securities held in client accounts in "share blocking" countries. Accordingly, Systematic may abstain from votes in a share blocking country in favor of preserving its ability to trade any particular security at any time.

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<u>Securities on Loan</u>: Some Systematic clients may participate in securities lending programs. In most circumstances, securities on loan will not be recalled due to circumstances beyond the control of Systematic or due to client's preferences not to recall such securities.

<u>Other Voting Exceptions</u>: Other proxy voting exceptions exist for proxies of legacy securities held in a new account previously managed by another manager and that the client intends to sell; if the aggregate number of shares held by the Firm are of a de minimis amount of the company's outstanding shares, or in some cases if the vote relates to a routine matter.

**Use of Proxy Advisory Firm's Electronic, Automated Voting System**

As previously mentioned, Systematic subscribes to the use of its proxy advisory firm's electronic, automated voting system when voting it clients' proxies in the normal course. Under normal circumstances Systematic generally casts its votes in accordance with its proxy adviser's vote recommendations. Systematic's proxy adviser provides information relating to its vote recommendations in advance of the proxy vote submission deadline including, but not limited to, information and reported additional feedback concerning issuer or shareholder supplemental information and research that may contrast or differ from the proxy advisory firm's research, recommendations and views. In these instances, where additional information is received, or in the case of controversial or contested election proposals, and similarly situated proxy matters, a more thorough analysis of such information may be conducted by Systematic before final proxy votes are cast, taking into consideration our client(s) best interests.

**Conflict of Interest**

For purpose of this Policy, a conflict of interest is a relationship or activity engaged in by Systematic or a Systematic employee that creates an incentive (or appearance thereof) to favor the interests of Systematic, or the employee, rather than the clients' interests. For example, Systematic may have a conflict of interest if either Systematic has a significant business relationship with a company that is soliciting a proxy, or if a Systematic employee who is involved in the proxy voting decision-making process has a significant personal or family relationship with the particular company. A conflict of interest is considered to be 'material' to the extent that a reasonable person could expect the conflict to influence Systematic's decision on the particular vote at issue. Systematic seeks to avoid the occurrence of actual or apparent material conflict of interest in the proxy voting process by voting in accordance with pre-determined voting guidelines, and by observing procedures that are intended to prevent, when practicable, and manage material conflicts of interest. In all cases in which there is deemed to be a material conflict of interest, Systematic will seek to resolve the conflict in the clients' best interests. As previously mentioned in order to avoid the appearance of any and all conflicts of interest, Systematic has adopted four independent proxy voting guidelines, all of which are constructed and maintained by the firm's proxy advisory firm. It is our belief that such adoption not only endeavors to remove conflicts of interest that could affect the outcome of a vote but also affords us the opportunity to vote in the best interest of the client. Systematic intends to remove any discretion it may have to interpret how to vote proxies in cases where Systematic has a conflict of interest or the appearance of a potential conflict of interest.

Systematic's Proxy Voting Committee monitors situations where Systematic believes it has a material conflict of interest, or where Systematic wishes to exercise its discretion or more closely review a particular matter. In these situations, the Proxy Voting Committee will review the vote(s) involved and provide the actual voting recommendation based upon the Committee's determination of what is in Systematic's client's best interests. Systematic may use consensus decisions when voting an issue and does not allow Portfolio Managers to vote proxies independently. The CCO must approve the Proxy Voting Committee's voting recommendation prior the vote being cast. The CCO's approval will depend, in part, upon whether, in the CCO's best judgment, the recommendation reflects the spirit of Systematic's Proxy Voting Policy and related procedures. Systematic will maintain documentation of any such voting decision.

Furthermore, Systematic periodically reviews its proxy advisory firm's policies and procedures regarding how it identifies and addresses conflicts of interests as well as their Conflict Management Procedures. In addition, Systematic receives an annual Conflict of Interest Statement from the proxy advisory firm. The proxy advisory firm must notify Systematic in advance of any potential material conflict of interest that may arise in voting proxies on behalf of Systematic's clients. Both the proxy advisory firm and Systematic will follow their respective procedures regarding conflicts of interest should a material conflict of interest occur.

**Policy Review**

Systematic generally reviews and documents the adequacy of its voting policies and procedures annually to ensure they have been reasonably designed and continue to comply with our requirements as a fiduciary. As part of this annual review, Systematic generally considers the following types of matters before retaining a new proxy advisory firm or continuing to retain the services of its current proxy advisory firm:

• The proxy advisory firm's capacity and competency to adequately analyze the matters for which Systematic is responsible for voting,

• The adequacy and quality of the proxy advisory firm's personnel and technology,

• The adequacy of the proxy advisory firm's process for seeking timely input from issuers and proxy advisory firm clients with respect to proxy voting policies, methodologies, and peer group constructions, including 'say on pay' votes,

• The adequacy of the proxy advisory firm's disclosures regarding its methodologies for formulating voting recommendations and, in making such recommendations, whether it uses any third-party information,

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• The proxy advisory firm's policies and procedures for identifying and addressing conflicts of interest, rectifying identified material deficiencies in its analyses, discourse of its information sources and methods used to develop its voting recommendations, and consideration by the proxy adviser of facts unique to a specific issuer or proposal when evaluating a matter that is subject to a shareholder vote,

• The proxy advisory firm's policies and procedures for implementing an investment adviser's proxy voting instructions, if any,

• Review its agreement with the proxy advisory firm to determine whether the proxy advisory firm is permitted to use any non-public information regarding how Systematic intends to vote a client's securities that would not be in the best interest of Systematic's clients, (e.g., is the proxy advisory firm permitted to share this information with third parties); and

• Any changes to the services or scope of services provided to Systematic by the proxy advisory firm.

**Client Disclosure**

Systematic shall provide information regarding its proxy voting policies and procedures, including information about any conflicts of interests and the policies to address such conflicts, and disclose how clients can obtain information about how their securities were voted. Systematic's practices related to this Policy are disclose in the Firm's Form ADV, which is filed with the SEC and furnished to clients. In addition, Systematic will provide clients with a copy of its policies upon request.

Generally, Systematic provides institutional clients with a report summarizing how proxy votes were cast for the securities held in their accounts on a quarterly basis. Systematic typically provides proxy voting records of its registered investment company clients to such clients as their agents for disclosure on Form N-PX.

**Recordkeeping**

Systematic shall maintain certain records required by applicable law in connection with proxy voting activities and shall provide proxy voting information to a client for which we are responsible for voting proxies upon written request.

Systematic's Compliance Department is primarily responsible for maintaining records created with respect to this Policy and the procedures adopted to implement it. Such records will include, but are not limited to, corporate issuer proxy statements and ballots (unless otherwise available on the SEC's EDGAR website), reports from third-party research providers, internal memos between and among Systematic personnel, communications between Systematic an corporate issuers or clients pertaining to proxy voting matters, proxy voting policies, procedures and guidelines, proxy voting records for each meeting voted on behalf of clients, the number of share voted by account and how each proxy was voted.

The Compliance Department may, in its discretion, delegate maintenance and retention of some or all of these proxy voting records to its designated third-party proxy advisory agent. All proxy voting records will be maintained on site for a minimum of two years and for a minimum of six years in total, in accordance with applicable law.

**Oversight**

Systematic has a Proxy Voting Committee comprised of the CCO and certain Compliance Department personnel. The Proxy Voting Committee monitors and reviews the Firm's voting policies and procedures, material conflicts of interest or special factors or circumstances on an as needed basis. The Committee also reviews and approves any material changes to the proxy advisory firm's policies.

Systematic's Proxy Voting Committee shall also periodically conduct due diligence over the proxy advisory firm's operations, including any material changes to their organization, staffing, personnel and technology; processes for ensuring that it maintains complete and accurate information about the issuer and each particular matter; efforts to correct any identified material deficiencies in the proxy advisory firm's analysis; updates to policies and procedures as well as any business changes that may affect the proxy advisory firm's competency in carrying out voting instructions.

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**Thompson, Siegel & Walmsley LLC**

**Proxy Voting Policy**

TSW has a fiduciary responsibility to its clients for voting proxies, where authorized, for portfolio securities consistent with the best economic interests of its clients. TSW maintains written policies and procedures as to the handling, research, voting and reporting of proxy voting and makes appropriate disclosures about our Firm's proxy voting policies and practices in Form ADV Part 2A. In addition, we review our policies and practices no less than annually for adequacy; to make sure they have been implemented effectively, and to make sure they continue to be reasonably designed to ensure that proxies are voted in the best interests of our clients. Our policy and practice include the responsibility to monitor corporate actions and potential conflicts of interest, receive and vote client proxies, and make information available to clients about the voting of proxies for their portfolio securities while maintaining relevant and required records.

**Background**

Proxy voting is an important right of shareholders, and reasonable care and diligence should be undertaken to ensure that such rights are properly exercised.

Investment advisers registered with the SEC, and which exercise voting authority with respect to client securities, are required by Rule 206(4)-6 of the Advisers Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which should include how an adviser addresses material conflicts that may arise between an adviser's interests and those of its clients; (b) disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; (c) describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the adviser's proxy voting activities when the adviser has proxy voting authority.

A related companion release by the SEC also adopted rule and form amendments under the Securities Act and Investment Company Act similar to the above which TSW complies with when acting as a sub-adviser to a mutual fund.

**Responsibility**

TSW's Senior Compliance Officer (Proxy Coordinator) has the responsibility for the organization and monitoring of our Proxy Voting policy, practices, and recordkeeping. Implementation and disclosure, including outlining our voting guidelines in our procedures, is the responsibility of the CCO and Director of Operations. TSW has retained the services of a third-party provider, Institutional Shareholder Services, Inc. ("ISS") to assist with the proxy process. ISS is a Registered Investment Adviser under the Advisers Act. It is a leading provider of proxy voting and corporate governance services. ISS provides TSW proxy proposal research and voting recommendations and votes proxies on TSW's behalf in accordance with ISS's standard voting guidelines. Those guidelines cover the following areas:

• Operational Issues

• Board of Directors

• Proxy Contests

• Anti-takeover Defenses and Voting Related Issues

• Mergers and Corporate Restructurings

• State of Incorporation

• Capital Structure

• Executive & Director Compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity Compensation Plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Specific Treatment of Certain Award Types in Equity Plan Evaluations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other Compensation Proposals & Policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shareholder Proposals on Compensation

• Social/Environmental Issues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consumer Issues and Public Safety

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Environment and Energy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General Corporate Issues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Labor Standards and Human Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Military Business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Workplace Diversity

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• Mutual Fund Proxies

TSW generally believes that voting proxies in a manner that is favorable to a business's long-term performance and valuation is in its clients' best interests. However, a uniform voting policy may not be in the best interest of all clients. While TSW applies ISS's standard policy guidelines to most clients, where appropriate we utilize ISS's Taft-Hartley or Catholic policy guidelines to meet specific client requirements.

TSW's Proxy Coordinator is responsible for monitoring ISS's voting procedures on an ongoing basis. TSW's general procedure regarding the voting of proxies is addressed below. For instances not directly addressed in this policy the Proxy Oversight Representative should act in accordance with the principles outlined in the SEC's *Guidance Regarding Proxy Voting Responsibilities of Investment Advisers* issued in August 2019 and supplemental release in September 2020 in consultation with the Proxy Coordinator.

**Procedure** 

TSW has adopted various procedures and internal controls to review, monitor and ensure the Firm's Proxy Voting policy is observed, implemented properly and amended or updated, as appropriate, which include the following:

**Voting Procedure**

• Upon timely receipt of proxy materials, ISS will automatically release vote instructions on client's behalf as soon as custom research is completed. TSW retains authority to override the votes (before cut-off date) if TSW disagrees with the vote recommendation.

• The Proxy Coordinator will monitor the voting process at ISS via ISS's Proxy Exchange website (ISS's online voting and research platform). Records of which accounts are voted, how accounts are voted, and how many shares are voted are kept electronically with ISS.

• For proxies not received by ISS, TSW and ISS will make a best effort attempt to receive ballots from the clients' custodian prior to the vote cut-off date.

• TSW is responsible for account maintenance – opening and closing of accounts, transmission of holdings and account environment monitoring. ISS will email TSW Compliance personnel to get approval when closing an account that was not directed by TSW.

• The Director of Operations (Proxy Oversight Representative) will keep abreast of any critical or exceptional events or events qualifying as a conflict of interest via ISS Proxy Exchange website and email.

• Investment teams should keep the Proxy Oversight Representative and Proxy Coordinator informed of material issues affecting pending or upcoming proxy votes. If the Proxy Oversight Representative and Proxy Coordinator become aware of additional information that would reasonably be expected to affect TSW's vote, then this information should be considered prior to voting.

• TSW has the ability to override ISS recommended vote instructions and will do so if believed to be in the best interest of the client. All changes are documented and coordinated between the Proxy Oversight Representative and/or Proxy Coordinator and the Portfolio Manager and/or Research Analyst. Changes generally occur as a result of TSW's communication with issuer management regarding matters pertaining to securities held when the issuer questions or disputes ISS's voting recommendation.

All proxies are voted solely in the best interest of clients on a best efforts basis. Proactive communication takes place via regular communication with ISS's Client Relations team.

**Disclosure**

TSW will provide conspicuously displayed information in its Disclosure Document summarizing this Proxy Voting policy, including a statement that clients may request information regarding how TSW voted a client's proxies, and that clients may request a copy of these policies and procedures.

*<u>See Form ADV, Part 2A – Item 17– Voting Client Securities</u>*

**Client Requests for Information**

• All client requests for information regarding proxy votes, or policies and procedures, received by any associate should be forwarded to the Proxy Coordinator.

• In response to any request, the Proxy Coordinator will prepare a response to the client with the information requested, and as applicable, will include the name of the issuer, the proposal voted upon, and how TSW voted the client's proxy with respect to each proposal about which the client inquired.

**Voting Guidelines**

• TSW has a fiduciary responsibility under ERISA to vote ERISA Plan proxies unless the Plan directs otherwise. TSW will vote proxies when directed by non-ERISA clients. In the absence of specific voting guidelines from the client and upon timely receipt of proxy materials from the custodian, TSW will vote proxies in the best interests of each particular client according to the recommended election of ISS. ISS's policy is to vote all proxies from a specific issuer the same way for each client, absent qualifying restrictions from a client. Clients are permitted to place reasonable restrictions on TSW's voting authority in the same manner that they may place such restrictions on the actual selection of account securities.

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• ISS will generally vote in favor of routine corporate housekeeping proposals such as the election of directors and selection of auditors absent conflicts of interest raised by auditors' non-audit services.

• ISS will generally vote against proposals that cause board members to become entrenched, reduce shareholder control over management or in some way diminish shareholders' present or future value.

• In reviewing proposals, ISS will further consider the opinion of management and the effect on management, and the effect on shareholder value and the issuer's business practices.

• A complete summary of ISS's U.S. and International voting guidelines is available at: https://www.issgovernance.com/policy.

**Forensic Testing Procedures**

• No less than quarterly, TSW's Proxy Coordinator will review the ISS Proxy Exchange Master Account List to ensure all appropriate accounts are being voted.

• TSW will conduct periodic tests to review proxy voting records and the application of general voting guidelines, especially in circumstances such as corporate events (e.g., mergers and acquisition transactions, dissolutions, conversions, consolidations, etc.) or contested director elections. Any matter warranting additional, often issuer-specific review will be escalated to the Portfolio Manager and Research Analyst as needed.

• TSW occasionally communicates directly with issuer management regarding matters pertaining to securities held in the portfolio when it questions or disputes ISS's voting recommendation.

**Conflicts of Interest**

• TSW will identify any conflicts that exist between the interests of the adviser and each client by reviewing the relationship of TSW with the issuer of each security to determine if TSW or any of its associates has any financial, business or personal relationship with the issuer.

• If a material conflict of interest exists, the Proxy Coordinator will instruct ISS to vote using ISS's standard policy guidelines which are derived independently from TSW.

• TSW will maintain a record of the voting resolution of any conflict of interest.

• ISS also maintains a Conflicts Policy which indicates how they address any potential conflicts of interest and is available at: https://www.issgovernance.com/compliance/due-diligence-materials.

**Practical Limitations Relating to Proxy Voting**

TSW makes a best effort to vote proxies. In certain circumstances, it may be impractical or impossible for TSW to do so. Identifiable circumstances include:

• *Limited Value:* Where TSW has concluded that to do so would have no identifiable economic benefit to the client-shareholder;

• *Unjustifiable Cost:* When the costs of or disadvantages resulting from voting, in TSW's judgment, outweigh the economic benefits of voting;

• *Securities Lending:* If securities are on loan on the record date, the client lending the security is not eligible to vote the proxy. Because TSW generally is not aware of when a security is on loan, we will not likely have the opportunity to recall the security prior to the record date; and

• *Failure to receive proxy statements:* TSW may not be able to vote proxies in connection with certain holdings, most frequently for foreign securities, if it does not receive the account's proxy statement in time to vote the proxy.

**Recordkeeping**

TSW and/or ISS shall retain the following proxy records in accordance with the SEC's five-year retention requirement:

• These policies and procedures and any amendments;

• Each proxy statement that ISS receives;

• A record of each vote that ISS casts on behalf of TSW;

• Any document ISS created that was material to making a decision regarding how to vote proxies, or that memorializes that decision; and

• A copy of each client request for information on how ISS voted such client's proxies (i.e., Vote Summary Report), and a copy of any response.

**Due Diligence and Error Procedures** 

TSW will periodically perform due diligence on ISS, focusing on the following areas:

• Adequacy of ISS's staffing and personnel;

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

• Adequacy/robustness of ISS's Policies and Procedures and review of their policies for conflict issues;

• Adequacy of control environment and operational controls of ISS (i.e., SSAE 18);

• Review of any specific conflicts ISS may have with regard to TSW;

• Review of ISS for any business changes that may affect services provided to TSW; and

• Review quarterly reporting package provided by ISS and enhance this package as necessary for any additional information that is needed.

TSW will take the following steps should there ever be an issue/error that occurs with regard to its proxy voting responsibilities:

• Follow up with ISS to determine the cause of and the details surrounding the issue;

• Report back to the affected client immediately with such details and how the issue will be resolved;

• Put additional controls in place if necessary, to prevent such issues from occurring in the future; and

• Report back to the affected client with the final resolution and any remedial steps.

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**Transamerica Asset Management, Inc.**

**Proxy Voting Policies and Procedures** 

**1. Background** 

Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended ("Advisers Act") requires advisers to adopt and implement policies and procedures that are reasonably designed to ensure that the adviser votes proxies in the best interest of its clients. These policies and procedures must be in writing and must describe how the adviser addresses material conflicts between its interests and those of its clients with respect to proxy voting.

Rule 206(4)-6 also requires each investment adviser to (1) disclose to clients how they may obtain information from the adviser about how it voted with respect to their respective securities; and (2) describe to clients its proxy voting policies and procedures and, upon request, furnish a copy of the policies and procedures to the requesting client.

Accordingly, Transamerica Asset Management, Inc. ("TAM") has adopted and implements written procedures designed to enable it to identify, address and monitor potential conflicts of interest.

**2. Policy** 

TAM recognizes that proxy voting is an important component of investment management and must be performed in a dutiful and purposeful fashion in order to secure the best long-term interests of the advisory clients of TAM. TAM's proxy voting policies and procedures are designed to implement TAM's duty to vote proxies in clients' best interests.

**3. Sub-Advised Registered Investment Companies** 

TAM has delegated the responsibility to exercise voting authority with respect to securities held in the portfolios of the registered investment companies for which one or more sub-advisers TAM has been retained as sub-adviser(s) for each such portfolio. The proxy voting policies and procedures of the respective sub-advisers are used to determine how to vote proxies relating to securities held by the remainder of the funds and portfolio.

**4. Asset Allocation Registered Investment Companies** 

TAM exercises voting discretion for the Horizon Asset Allocation Funds and Transamerica 60/40 Allocation VP of Transamerica Series Trust as well as for the Transamerica Asset Allocation Variable Funds ("Asset Allocation Funds"), or if specifically designated to TAM by its sub-advisory agreement.

TAM manages portfolios for Transamerica Funds, Transamerica Series Trust, Transamerica Exchange Traded Funds and Transamerica Asset Allocation Funds (collectively, the "Funds"). TAM may invest an Asset Allocation Fund in shares of the Funds. If a Fund solicits a proxy for which an Asset Allocation Fund is entitled to vote, TAM's interests as manager of the Fund might appear to conflict with the interests of the shareholders of the Asset Allocation Fund. In these cases, TAM's proxy voting policy and procedures address material conflicts of interest that may arise between TAM, and/ or its affiliates and the funds by either: (i) providing for voting in accordance with the recommendation of an independent third party or the Board; (ii) voting shares in the same proportion as the vote of all of the other holders of a fund's shares; or (iii) obtaining the consent of the Board (or a Board Committee) with full disclosure of the conflict.

**Revision History**

Date: 4/30/2020 - Updated to reflect new format, standalone from fund policy and current processes

Date: 11/17/2020 - Updated to reflect provisions in TAM sub-advisory agreements with respect to proxy voting

**Transamerica Funds**

**Transamerica Series Trust**

**Transamerica Asset Allocation Variable Funds**

**PROXY VOTING POLICIES AND PROCEDURES**

**I. Statement of Principle**

Proxy voting is an important component of investment management and must be performed in a dutiful and purposeful fashion to secure the long-term interests of the shareholders of the Transamerica Funds, Transamerica Series Trust and Transamerica Asset Allocation Variable Funds (collectively, the "Funds"). The Funds seek to assure that proxies received by the Funds are voted in the best interests of the Funds' shareholders and have accordingly adopted these procedures.

**II. Delegation of Proxy Voting/Adoption of Adviser and Sub-Adviser Policies**

Each Fund delegates the authority to vote proxies related to portfolio securities to Transamerica Asset Management, Inc. (the "Manager"), as investment adviser to each Fund, which in turn delegates proxy voting authority for most portfolios of the Funds to the Sub-Adviser retained to provide day-to-day portfolio management for that portfolio. For each Fund, the Manager and/or the Sub-Adviser make voting decisions pursuant to their own proxy voting policies and procedures, which have been adopted by the applicable Fund and approved by the applicable Fund's Board of Trustees.

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**III.** Proxy Voting Requirements Under Rule 12d1-4 (Fund of Funds)

Any Fund that participates in fund of funds arrangements as either Acquiring Fund or Acquired Fund in reliance on Rule 12d1-4 under the Investment Company Act of 1940 may have additional proxy voting requirements. The concept of an Advisory Group also comes into play and means either: (i) the Acquiring Fund's Manager, and any person controlling, controlled by, or under common control with such Manager, or (ii) the Acquiring Fund's Sub-Adviser and any person controlling, controlled by, or under common control with such Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Voting Requirements. An Acquiring Fund and its Advisory Group are required to use mirror voting when the Acquiring Fund and its Advisory Group, beneficially own, individually or in the aggregate, more than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 25% of the outstanding voting securities of an Acquired Fund that is an open-end fund or unit investment trust (*i.e.,* as a result of a decrease in the outstanding voting securities of the Acquired Fund and not as a result of a prohibited acquisition of voting securities of the Acquired Fund); or

(b) 10% of the outstanding voting securities of an Acquired Fund that is a closed-end fund or BDC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Pass Through Voting Requirement. In circumstances where all holders of the outstanding voting securities of the Acquired Fund are required by Rule 12d1-4 or otherwise under Section 12(d)(1) to use mirror voting (*e.g.,* Section 12(d)(1)(E)), the Acquiring Fund will seek instructions from its security holders with regard to the voting of all proxies with respect to such Acquired Fund securities and vote such proxies only in accordance with such instructions (*i.e.,* pass through voting).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Exceptions to Voting Requirements. The requirements outlined in Sections III.1 and III.2 above do not apply where:

(a) An Acquiring Fund and an Acquired Fund are both within the Transamerica Funds Complex; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Acquiring Fund's Sub-Adviser, or any person controlling, controlled by, or under common control with that Sub-Adviser, acts as the Acquired Fund's investment adviser.

**IV. Securities on Loan**

The Boards of Trustees/Directors of the Funds have authorized the Manager, in conjunction with State Street Bank and Trust Company ("State Street"), to lend portfolio securities on behalf of the Funds. Securities on loan generally are voted by the borrower of such securities. Should a Sub- Adviser to the Fund wish to exercise its vote for a particular proxy, the Manager will promptly contact State Street and terminate the loan.

**V. Conflicts of Interest** 

The Board of Trustees/Directors seeks to ensure that proxies are voted in the best interests of Fund shareholders. For certain proxy proposals, the Manager's interests, the interests of the Sub-Adviser and/or their affiliates may differ from Fund shareholders' interests. To avoid the appearance of impropriety and to fulfill their fiduciary responsibility to shareholders in these circumstances, the Manager and the Sub-Advisers are required to establish procedures that are reasonably designed to address material conflicts between their interests and those of the Funds.

When a Sub-Adviser deems that it is conflicted with respect to a voting matter, its policy may call for it to seek voting instructions from the client. The Manager is authorized by the Board of Trustees/Directors to consider any such matters and provide voting instructions to the Sub-Adviser, unless the Manager has determined that its interests are conflicted with Fund shareholders with respect to the voting matter. In those instances, the Manager will instruct the Sub-Adviser to vote in accordance with the recommendation of a third-party proxy voting advisory service.

If a material conflict arises between the Manager or its affiliates and the Funds, in every case where the Manager exercises voting discretion, the Manager will (i) vote in accordance with the recommendation of a third-party (such as Glass Lewis) or Board(s); (ii) vote the shares in the same proportion as the vote of all of the other holders of the Fund's shares; or (iii) obtain the consent of the Board (or a Board Committee) with full disclosure of the conflict.

If the methods for addressing conflicts of interest, as described above, are deemed by the Manager to be unreasonable due to cost, timing or other factors, then the Manager may decline to vote in those instances.

**VI. Recordkeeping**

The Manager and the Sub-Advisers shall maintain records of all votes cast on behalf of the Funds. Such documentation will include the firm's proxy voting policies and procedures, company reports provided by proxy voting advisory services, additional information gathered by the Manager or the Sub-Adviser that was material to reaching a voting decision, and communications to the Manager regarding any identified conflicts. The Manager and the Sub-Advisers shall maintain voting records in a manner to facilitate the Funds' production of the Form N-PX filing on an annual basis.

All books and records required to be maintained under this Section V will be maintained in an easily accessible place for a period of not less than five years from the end of the fiscal years during which the last entry was made on the record, the first two years in an appropriate location.

**VII. Disclosure**

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The Manager will coordinate the compilation of the Funds' proxy voting record for each year ended June 30 and file the required information with the SEC via Form N-PX by August 31. The Manager will include a copy of or a summary of this policy and the proxy voting policies and procedures of the Manager and the Sub-Advisers, as applicable, in each Fund's Statement of Additional Information ("SAI"). In each Fund's annual and semi-annual reports to shareholders, the Manager will disclose that a description of this policy and the proxy voting policies and procedures of the Manager and the Sub-Advisers, as applicable, is (a) available upon request, without charge, by toll-free telephone request, (b) on the Funds' website (if applicable), and (c) on the SEC's website in the SAI. The SAI and shareholder reports will also disclose that the Funds' proxy voting record is available by toll-free telephone request (or on the Funds' website, if applicable) and on the SEC's website by way of the Form N-PX. Within three business days of receiving a request, the Manager will send a copy of the policy description or voting record by first-class mail or other means designed to ensure equally prompt delivery.

**VIII. Manager Oversight**

The Manager shall review a Sub-Adviser's proxy voting policies and procedures for compliance with this Policy and applicable laws and regulations prior to initial delegation of proxy voting authority. The Manager will request each Sub-Adviser to provide a current copy of its Proxy Voting Policy, or certify that there have been no material changes to its Proxy Voting Policy or that all material changes have been previously provided for review, and verify that such Proxy Voting Policy is consistent with those of the Funds and Adviser.

Revised: July 2015, March 2020, January 2022, April 2022

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**T. Rowe Price Associates, Inc. and Certain of Its Investment Adviser Affiliates** 

**PROXY VOTING POLICIES AND PROCEDURES**

**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.

<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.

**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.

**ADMINISTRATION OF POLICIES AND PROCEDURES**

**Environmental, Social and Governance Committee.** T. Rowe Price's Environmental, Social and Governance Committee **("TRPA ESG Committee"**) is responsible for establishing positions with respect to corporate governance and other proxy issues. Certain delegated members of the TRPA ESG Committee also review questions and respond to inquiries from clients and mutual fund shareholders pertaining to proxy issues. While the TRPA ESG 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 TRPA ESG Committee is also responsible for the oversight of third-party proxy services firms that T. Rowe Price engages to facilitate the proxy voting process.

**Proxy Voting Team.** The Proxy Voting 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 frequently consults with the appropriate sector analyst from the Responsible Investment team.

**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

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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 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. 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 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 Proxy Voting 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.

**T. Rowe Price Voting Policies**

Specific proxy voting guidelines have been adopted by the TRPA ESG Committee for all regularly occurring categories of management and shareholder proposals. A detailed set of proxy voting guidelines is available on the T. Rowe Price website, www.troweprice.com/esgpolicy.

***Global Portfolio Companies –*** The TRPA ESG Committee has developed custom international proxy voting guidelines based on ISS' general global policies, regional codes of corporate governance, and our own views as investors in these markets. ISS applies 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 Proxy Voting team using T. Rowe Price's guidelines as set by the TRPA ESG 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 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 in order to cast a vote at an upcoming shareholder meeting. A monthly monitoring process is in place to review securities on loan and how they may affect proxy voting.

**Monitoring and Resolving Conflicts of Interest**

The TRPA ESG 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 TRPA ESG 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 TRPA ESG 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 TRPA ESG 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 TRPA ESG Committee also assesses whether any business or other material relationships between T. Rowe

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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 TRPA ESG 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 Code of Ethics and 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 TRPA ESG 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. In cases where the underlying fund of an investing Price Fund, including a fund-of-funds, holds a proxy vote, T. Rowe Price will mirror vote the fund shares held by the upper-tier fund in the same proportion as the votes cast by the shareholders of the underlying funds (other than the T. Rowe Price Reserve Investment Fund).

**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.

**REPORTING, RECORD RETENTION AND OVERSIGHT** 

The TRPA ESG Committee, and certain personnel under the direction of the TRPA ESG 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, TRPA ESG Committee meeting materials, and other internal research relating to voting decisions are maintained in accordance with applicable requirements.

Updated: February 2022

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**Wellington Management Company LLP** 

**Global Proxy Voting Guidelines**

**2022**

**WELLINGTON'S PHILOSOPHY**

Wellington Management Company LLP ("Wellington Management") are long term stewards of clients' assets and aim to vote all proxies of securities held for which it has vote authority.

These guidelines are based on Wellington Management's fiduciary obligation to act in the best interest of its clients as shareholders and while written to apply globally, we consider differences in local practice, cultures, and law to make informed decisions.

Each proposal is evaluated on its merits, considering its effects on the specific company in question and on the company within its industry. It should be noted that the following are guidelines, and not rigid rules, and Wellington Management reserves the right in all cases to vote contrary to guidelines where doing so is judged to represent the best interest of its clients.

**OUR APPROACH TO STEWARDSHIP**

The goal of our stewardship activities is to support decisions that we believe will deliver sustainable, competitive investment returns for our clients.

The mechanisms we use to implement our stewardship activities vary by asset class. Engagement applies to all our investments across equity and credit, in both private and public markets. Proxy voting applies mostly to public equities.

Stewardship extends beyond just the considerations of ESG issues to any area that may affect the long-term sustainability of an investment. Stewardship can be accomplished thorough research and constructive dialogue with company management and boards, by monitoring company behavior through informed active ownership, and by emphasizing management accountability for important issues via our proxy votes, which have long been part of Wellington's investment ethos.

**ENGAGEMENT**

As an active manager seeking to deliver sustainable, competitive investment returns for our clients, we are securities owners by choice, and our corporate engagement is a form of active ownership. Through engagement, we encourage companies to hold high standards for governance and sustainability practices that can enhance resilience and profitability. We believe that through informed, active ownership, we can improve corporate behavior and further best practices on issues material to client outcomes.

We typically start with routine one-on-one engagement with investee companies. This starting point helps prioritize issues for subsequent engagements and, ultimately, inform the investment decisions we make on behalf of our clients. Thanks to our long history of investing in nearly all sectors of the global securities markets, we have direct access to most company management teams and boards. Each year, our portfolio managers, global industry analysts, credit analysts, and ESG research analysts conduct regular, in-person or virtual company meetings around the world.

We focus on gaining differentiated insights, assessing, and influencing risks and opportunities facing an issuer, encouraging transparency improvements, and influencing behavioral changes that we believe may impact future profitability and resilience of a company. We prioritize engagement on material issues most likely to have a financial impact on companies or affect operations. We also seek to understand corporate strategy and share our views, if appropriate, on material topics such as capital allocation, risk management, and environmental, social, and governance (ESG) practices inclusive of ethics and corporate culture.

As a community of investment boutiques, each of Wellington's portfolio teams acts as a fiduciary for its clients. Differences in investment philosophy and process across teams mean that the way in which stewardship, including engagement and escalation strategies and proxy voting, are incorporated into the investment decision-making process may vary to ensure alignment and consistency with investment philosophy and process.

**BOARD ENGAGEMENT**

We believe meeting directly with corporate boards can enhance discussions about long-term material ESG issues, complements our ongoing conversations with management teams, and helps us assess a board's effectiveness — all of which is challenging to do using company disclosures alone.

We believe this ongoing dialogue benefits board members and provides an opportunity for directors to ask questions, gain market insights, and hear how the company compares with peers. Questions from investors often signal emerging areas of emphasis for a company.

We believe continuous dialogue between board directors and investors can help ensure honest feedback and foster trust and transparency. Board engagements provide a forum to encourage best practice and hold companies to account. When providing feedback to portfolio companies, we actively track and measure engagements to monitor outcomes, assess effectiveness, and inform the potential for escalation. Wellington investors consider multiple factors, including materiality and impact, in deciding whether an engagement requires escalation and which escalation steps will be used. Escalation may include voting against management at the company's annual general meeting.

Please see Wellington's Engagement Policy for more information.

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**Our approach to voting**

As active owners we vote proxies in what we consider to be the best interests of our clients. Our approach to voting is investment-led and serves as an influential component of our engagement and escalation strategy. The Investment Stewardship Committee, a cross-functional group of experienced professionals, oversees and monitors Wellington Management's stewardship activities with oversight of proxy voting and engagement practices.

The ESG Research Team examine proxy proposals on their merits and offer voting recommendations in the interest of our clients, primarily guided by the expected impact on long-term risk-adjusted returns and supporting shareholder rights. Each portfolio manager is empowered to make a final decision for their client portfolios, absent a material conflict of interest. The deliberation across the firm is collaborative and interactive but does not seek to prioritize consensus across the firm above all other interests. Consistent with our community-of-boutiques model, portfolio managers may occasionally arrive at different voting conclusions for their clients, resulting in a split decision for the same security. Robust voting procedures and the deliberation that occurs prior to a vote decision are aligned with our role as active owners and fiduciaries for our clients.

Detailed below are the principles which we consider when deciding how to vote. We reserve the right to vote contrary to these guidelines if doing so is acting in the best interests of clients and to enhance returns.

**Voting Guidelines**

**Board Composition and Role of Directors**

Effective boards should act in shareholders' best economic interests and possess the relevant skills to implement the company's strategy.

Shareholders' ability to elect directors annually is an important shareholder right so we support proposals to enable annual director elections and declassify a board.

We generally support proposals to remove existing supermajority vote requirements.

We may withhold votes from directors for being unresponsive to shareholders or for failing to make progress on material issues. We may also withhold votes from directors who fail to implement shareholder proposals that have received majority support or have implemented poison pills without shareholder approval.

We expect directors to have the time and energy to fully commit to their board-related responsibilities and not be over-stretched with multiple external directorships. Our internal voting guidelines define directors as over-boarded when serving on five or more public company boards; and executives when serving on three or more public company boards, including their own. We also consider the roles of chair of the audit committee and chair of the remuneration committee as equivalent to an additional board seat when evaluating the over-boarding matrix.

We expect companies to refresh their board membership every five years and may vote against the head of the nominating committee for failure to implement. We believe this succession allows companies to strengthen board diversity and add new skillsets to the board to enhance their oversight and adapt to evolving strategies. Directors should also attend at least 75% of scheduled board meetings and we may vote against their re-election unless they disclose a valid reasoning.

We do not have specific voting policies relating to director age or tenure. We prefer to take a holistic view, evaluating whether the company is balancing the perspectives of new directors with the institutional knowledge of longer serving board members. Succession planning is a key topic during many of our board engagements. Companies in certain markets are governed by multi-tiered boards, with each tier having different responsibilities. We hold supervisory board members to similar standards, subject to prevailing local governance best practices.

**Board Independence** 

In our view, boards can best represent shareholders when enough directors are present to challenge and counsel management. We believe that most board members should be independent, as defined by the local market regulatory authority. This is particularly true of audit, compensation, and nominating committees.

At times, we may withhold approval for non-independent directors or those responsible for the board composition. We typically vote in support of proposals calling for improved independence. To determine appropriate minimum levels of board independence, we look to the prevailing market best practices; two-thirds in the US, for example, and majority in the UK and France. In Japan, we will consider voting against the board chair (or most senior executive on the ballot) in cases where the board — including statutory auditors — is less than one-third independent.

We believe that having an independent chair is the preferred structure for board leadership. Having an independent chair avoids the inherent conflict of self-oversight and helps ensure robust debate and diversity of thought in the boardroom. We will generally support proposals to separate the chair and CEO or establish a lead director but may support the involvement of an outgoing CEO as executive chair for a limited period to ensure a smooth transition to new management.

**Board Diversity**

We believe boards which reflect a wide range of perspectives are best positioned to create shareholder value. Appointing boards that thoughtfully debate company strategy and direction is not possible unless boards elect highly qualified and diverse directors. By setting a leadership example, diverse boardrooms encourage an organizational culture that promotes diverse thinkers, enabling better strategic decisions and the navigation of increasingly complex issues facing companies today.

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We will also support shareholder proposals asking for improved workforce diversity disclosure, for example EEO-1 reporting.

We think it is not in shareholders' best interests for the full board to be comprised of directors from the same industry, gender, race, nationality, or ethnic group. We have an expectation for our portfolio companies to be thoughtful and intentional in considering the widest possible pool of skilled candidates who bring diverse perspectives into the boardroom. We encourage companies to disclose the racial and ethnic composition of their board and to communicate their ambitions and strategies for creating and fostering a diverse board.

We reserve the right to vote against the reelection of the Nominating/Governance Committee Chair in the following instances:

• When the board is not meeting local market standards from a diversity perspective.

• Where there is no market-defined standard, we expect one gender diverse director on the board globally, including Japan.

• When the gender diverse representation is below 20% at companies in Major indices

We reserve the right to vote against the reelection of the Nominating/Governance Committee Chair at US large cap and FTSE 100 companies that has failed to appoint at least one director from a minority ethnic group and has failed to provide clear and compelling disclosure for why it has been unable to do so. We will continue to engage on ethnic diversity of the board in other markets and may vote against the re-election of directors where we fail to see progress.

**Majority Vote on Election of Directors**

Because we believe the election of directors by a majority of votes cast is the appropriate standard, we will generally support proposals that seek to adopt such a standard. Our support will typically extend to situations where the relevant company has an existing resignation policy for directors that receive a majority of "withhold" votes. We believe majority voting should be defined in the company's charter and not simply in its corporate governance policy.

Generally, we oppose proposals that fail to provide for the exceptional use of a plurality standard in the case of contested elections. Further, we will not support proposals that seek to adopt a standard of majority of votes outstanding (total votes eligible as opposed to votes cast). We likely will support shareholder and management proposals to remove existing supermajority vote requirements.

**Contested Director Elections**

We approach contested director elections on a case-by-case basis, considering the specific circumstances of each situation to determine what we believe to be in the best interest of our clients. In each case, we welcome the opportunity to engage with both the company and the proponent to ensure that we understand both perspectives and are making an informed decision on our clients' behalf.

**Compensation** 

Executive compensation plans establish the incentive structure that plays a role in strategy-setting, decision-making, and risk management. While design and structure vary widely, we believe the most effective compensation plans attract and retain high caliber executives, foster a culture of performance and accountability, and align management's interests with those of long-term shareholders.

Due to each company's unique circumstances and wide range of plan structures, Wellington determines support for a compensation plan on a case-by-case basis. We support plans that we believe lead to long-term value creation for our clients and the right to vote on compensation plans annually.

In evaluating compensation plans, we consider the following attributes in the context of the company's business, size, industry, and geographic location:

• Alignment — We believe in pay-for-performance and encourage plan structures that align executive compensation with shareholder experience. We compare total compensation to performance metrics on an absolute and relative basis over various timeframes, and we look for a strong positive correlation. To ensure shareholder alignment, executives should maintain meaningful equity ownership in the company while they are employed, and for a period thereafter.

• Transparency — We expect compensation committees to articulate the decision-making process and rationale behind the plan structure, and to provide adequate disclosure so shareholders can evaluate actual compensation relative to the committee's intentions. Disclosure should include how metrics, targets, and timeframes are chosen, and detail desired outcomes. We also seek to understand how the compensation committee determines the target level of compensation and constructs the peer group for benchmarking purposes.

• Structure — The plan should be clear and comprehensible. We look for a mix of cash versus equity, fixed versus variable, and short- versus long-term pay that incentivizes appropriate risk-taking and aligns with industry practice. Performance targets should be achievable but rigorous, and equity awards should be subject to performance and/or vesting periods of at least three years, to discourage executives from managing the business with a near-term focus. Unless otherwise specified by local market regulators, performance-based compensation should be based primarily on quantitative financial and non-financial criteria such as ESG-related criteria. There is scope, however, for qualitative criteria related to strategic, individual, or ESG goals, that are critical to the business. Qualitative goals may be acceptable if a compensation committee has demonstrated a fair and consistent approach to evaluating qualitative performance and applying discretion over time.

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• Accountability — Compensation committees should be able to use discretion, positive and negative, to ensure compensation aligns with performance and provide a cogent explanation to shareholders. We generally oppose one-time awards aimed at retention or achieving a pre-determined goal. Barring an extenuating circumstance, we view retesting provisions unfavorably.

**Approving Equity Incentive Plans**

A well-designed equity incentive plan facilitates the alignment of interests of long-term shareholders, management, employees, and directors. We evaluate equity-based compensation plans on a case-by-case basis, considering projected plan costs, plan features, and grant practices. We will reconsider our support for a plan if we believe these factors, on balance, are not in the best interest of shareholders. Specific items of concern may include excessive cost or dilution, unfavorable change-in-control features, insufficient performance conditions, holding/vesting periods, or stock ownership requirements, repricing stock options/stock appreciate rights (SARs) without prior shareholder approval, or automatic share replenishment (an "evergreen" feature).

**Employee stock purchase plans**

We generally support employee stock purchase plans, as they may align employees' interests with those of shareholders. That said, we typically vote against plans that do not offer shares to a broad group of employees (e.g., if only executives can participate) or plans that offer shares at a significant discount.

**Non-executive director compensation**

We expect companies to disclose non-executive director compensation and we prefer the use of an annual retainer or fee, delivered as cash, equity, or a combination. We do not believe non-executive directors should receive performance-based compensation, as this creates a potential conflict of interest. Non-executive directors oversee executive compensation plans; their objectivity is compromised if they design a plan that they also participate in.

**Severance arrangements**

We are mindful of the board's need for flexibility in recruitment and retention but will oppose excessively generous arrangements unless agreements encourage management to negotiate in shareholders' best interest. We generally support proposals calling for shareholder ratification of severance arrangements.

**Retirement bonuses (Japan)**

Misaligned compensation which is based on tenure and seniority may compromise director independence. We generally vote against directors and statutory auditors if retirement bonuses are given to outgoing directors.

**Clawback policies**

We believe companies should be able to recoup incentive compensation from members of management who received awards based on fraudulent activities, accounting misstatements, or breaches in standards of conduct that lead to corporate reputational damage. We generally support shareholder proposals requesting that a company establish a robust claw back provision if existing policies do not cover these circumstances. We also support proposals seeking greater transparency about the application of claw back policies.

**Audit Quality and Oversight**

Scrutiny of auditors, particularly audit quality and oversight, has been increasing. When we assess financial statement reporting and audit quality, we will generally support management's choice of auditors, unless the auditors have demonstrated failure to act in shareholders' best economic interest. We also pay close attention to the non-audit services provided by auditors and consider the potential for the revenue from those services to create conflicts of interest that could compromise the integrity of financial statement audits.

**Shareholder Voting Rights** 

**Shareholder rights plans**

Also known as poison pills, these plans can enable boards of directors to negotiate higher takeover prices on behalf of shareholders. Such plans also may be misused, however, as a means of entrenching management. Consequently, we may support plans that include a shareholder approval requirement, a sunset provision, or a permitted bid feature (e.g., bids that are made for all shares and demonstrate evidence of financing must be submitted to a shareholder vote). Because boards generally have the authority to adopt shareholder rights plans without shareholder approval, we are equally vigilant in our assessment of requests for authorization of blank-check preferred shares.

**Multiple Voting Rights**

We generally support one share, one vote structures. The growing practice of going public with a dual-class share structure can raise governance and performance concerns. In our view, dual-class shares can create misalignment between shareholders' economic stake and their voting power and can grant control to a small number of insiders who may make decisions that are not in the interests of all shareholders. We believe sunset clauses are a reasonable compromise between founders seeking to defend against takeover attempts in pivotal early years, and shareholders demanding a mechanism for holding management accountable, especially in the event of leadership changes. The Council of Institutional Investors, a nonprofit association of pension funds, endowments, and foundations, recommends that newly public companies that adopt structures with unequal voting rights do away with the structure within three to five years.

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Without a sunset clause, we would prefer that a company eliminates a dual-class share structure, as shareholders' voting power should be reflected by their economic stake in a company. Similarly, we generally do not support the introduction of loyalty shares, which grant increased voting rights to investors who hold shares over multiple years, because they create misalignment of voting power and economic interest.

**Proxy Access**

We believe shareholders should have the right to nominate director candidates on the management's proxy card. We will generally support shareholder proposals seeking proxy access unless the current policy is in-line with market norms.

**Special Meeting Rights**

We believe the right to call a special meeting is a shareholder right, and we will support such proposals at companies that lack a special-meeting ownership threshold. We also will support proposals lowering thresholds not in line with market norms. If shareholders are granted the right to call special meetings, we generally do not support written consent.

**Mergers and Acquisitions**

We approach votes to approve mergers and acquisitions on a case-by-case basis, considering the specific circumstances of each proposal to determine what we believe to be in the best interest of our clients. In conducting our assessment, equity and ESG analysts collaborate with portfolio managers in their vote decisions.

**Capital structure and Capital Allocation**

**Increases in Authorized Common Stock**

We generally support requests for increases up to 100% of the shares with preemption rights. Exceptions will be made when the company has clearly articulated a reasonable need for a greater increase. Conversely, at companies trading in less liquid markets, we may impose a lower threshold. When companies seek to issue shares without preemptive rights, we consider potential dilution and generally support requests when dilution is below 20%. For issuance with preemptive rights, we review on a case-by-case basis, considering the size of issuance relative to peers.

**Capital Allocation (Japan)**

We hold board chairs accountable for persistently low returns on equity (ROE) in Japan, using a five-year average ROE of below 5% as a guide. Our assessment of a company's capital stewardship complements our assessment of board effectiveness without dictating specific capital allocation decisions. We may make exceptions where ROE is improving, where a long-cycle business warrants a different standard, or where new management is in place, and we feel they should not be punished for the past CEO/Chair's record.

**Cross shareholding (Japan)**

Cross-shareholdings reduce management accountability by creating a cushion of cross-over investor support. We will vote against the highest-ranking director up for re-election for companies where management allocations a significant portion (20% or more) of net assets to cross-shareholdings.

**Environmental and Social Issues**

We assess portfolio companies' performance on environmental and social issues we deem to be material to long-term financial performance and set expectations for best practice. Areas of focus include diversity, equity, and inclusion practices, modern slavery in supply chains, building resiliency to physical climate risks, and establishing targets to reduce emissions and mitigate climate transition risks.

We evaluate shareholder proposals on a case-by-case basis, and believe they are a valuable tool to hold companies accountable. We expect portfolio companies to comply with applicable laws and regulations with regard to environmental and social standards and may vote against directors where we see a lack of accountability. We consider the spirit of the proposal, not just the letter, and generally support proposals addressing material issues even when management has been responsive to our engagement on the issue. In this way, we seek to align our voting with our engagement activities. If our views differ from any specific suggestions in the proposals, we will provide clarification via direct engagement.

**Climate Change**

As an asset manager entrusted with investing on our clients' behalf, we aim to assess, monitor, and manage the potential effects of climate change on our investment processes and portfolios, as well as on our business operations. Proxy voting is one tool we use to drive accountability for managing climate risks, as part of our stewardship escalation process.

We expect companies to have credible transition plans communicated using the recommendations of the Task Force for Climate Related Financial Disclosure (TCFD). Reporting on climate readiness will help stakeholders understand companies' willingness and ability to adapt to or mitigate climate-related risks. In addition to the voting policies specifically mentioned, we may also vote against directors at companies where climate plans and disclosures meaningfully lag our expectations.

**Metrics & Targets**

**Emissions disclosure**

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We view disclosure of Scope 1 and 2 emissions as a minimum expectation where measurement practices are well defined and attainable. We will vote against the re-election of the Chair of constituent companies of the MSCI World index or companies assessed by the Transition Pathway Initiative (TPI) which do not disclose Scope 1 and 2.

We encourage all companies to disclose Scope 1, 2, and 3 emissions. While we recognize the challenges associated with collecting Scope 3 emissions data, this disclosure is necessary for us to fully understand the transition risks applicable to an issuer. Disclosure of both overall categories of Scope 3 emissions – upstream and downstream – with context and granularity from companies about the most significant Scope 3 sources, enhances our ability to evaluate investment risks and opportunities. We encourage companies to adopt emerging global standards for measurement and disclosure of Scope 3 GHG (Greenhouse Gas), e.g., the IFRS' International Sustainability Standards Board (ISSB) and believe companies will benefit from acting now and consequently evolving their approach in line with emerging global standards.

*Net-zero targets*

As an outcome of enterprise risk management and strategic planning to reduce the potential financial impacts of climate change, we encourage companies to set a credible, science-based decarbonization glidepath, with an interim and long-term target, that comprises all categories of material emissions and is consistent with the ambition to achieve net zero emissions by 2050 or sooner. We consider it to be best practice for companies to pursue validation from the Science Based Targets initiative (SBTi).

**Governance**

We generally support shareholder proposals asking for improved disclosure on climate risk management and we support those that request alignment of business strategies with the Paris Agreement or similar language. We also generally support proposals asking for board oversight of political contributions and lobbying activities or those asking for improved disclosures where material inconsistencies in reporting and strategy may exist, especially as it relates to climate strategy.

**Strategy and Risk Management**

*Physical climate risks*

To help us assess physical climate risks of portfolio companies, we would like to see location information concerning an issuer's directly operated facilities, supply chains, key outsourced service providers, and labor pools.

Leveraging findings from our collaborative initiative with Woodwell Climate Research Center, the world's leading independent climate research organization, we have established disclosure guidance to help companies improve their physical risk disclosures (incl. LINKS to PROCC 1.0 and 2.0 - below).

*Use of carbon offsets*

Priority should be given to emissions abatement within the value chain. When offsets are used as a part of a company's decarbonization strategy to neutralize residual emissions, the offsets should be high in quality and should remove or reduce GHG emissions in real, additional, and permanent ways. In addition, they should have minimal negative social or environmental impacts ("do no significant harm").

Companies should include disclosure on their offsets program that is distinct from Scope 1-3 emissions data and other transition risk disclosure. This offset disclosure should report the nature of offset projects being financed and specifically should include:

• Company GHG Emissions are included in the offset program.

• Projects which have been financed by the issuer, e.g., entering into a virtual power purchase agreement or funding reforestation efforts via a third party; and

• Processes or policies for evaluating offset projects, including quality indicators such as additionality and permanence, and practical concerns such as scalability and cost-effectiveness.

**Corporate Culture, Human Capital, and Diversity & Inclusion**

Through engagement we emphasize management accountability for how they invest in and cultivate their human capital to perpetuate a strong, inclusive culture. We do this through engagement escalation or support of shareholder resolutions. We assess culture holistically from an alignment of management incentives, responsiveness to employee feedback, evidence of an equitable and sound talent management strategy and commitment to diversity, equity, and inclusion. We value transparency and use of key performance indicators.

A well-articulated culture statement and talent attraction, retention and development strategy suggest that a company appreciates culture and talent as competitive advantages that can drive long-term value creation. It also sends a strong message when management compensation is linked, when appropriate, to employee satisfaction. If the company conducts regular employee engagement surveys, we look for leadership to disclose the results — both positive and negative — so we can monitor patterns and hold them accountable for implementing changes based on the feedback they receive. We consider workplace locations and how a company balances attracting talent with the costs of operating in desirable cities.

We maintain that a deliberate human capital management strategy should foster a collaborative, productive workplace in which all talent can thrive. As part of our focus on human capital, diversity, equity, and inclusion is an ongoing engagement issue. We seek to better understand how and to what extent a company's approach to diversity is integrated with talent management at all levels. A sound long-term plan holds

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more weight than a company's current demographics, so we look for a demonstrable diversity, equity, and inclusion (DEI) strategy that seeks to improve metrics over time and align management incentives accordingly. We expect companies in the US to publicly disclose their EEO-1 reporting and their strategy to create an inclusive, diverse, and equitable workplace. We see DEI practices as a material input to long-term performance, so as our clients' fiduciaries, we seek to better understand how and to what extent a company's approach to diversity is integrated with talent management at all levels. This is only possible when there is consistent, robust disclosure in place.

Gender and racial pay equity are important parts of our assessment of a company's diversity efforts. Pay equity can impact shareholder value by exposing a company to challenges with recruiting & retaining talent, job dissatisfaction, workforce turnover, and costly lawsuits. Consequently, we may support proposals asking for improved transparency on a company's gender and/or racial pay gap if existing disclosures are lagging best practice and if the company has not articulated its efforts to eliminate disparities and promote equal opportunities for women and minorities to advance to senior roles.

We believe diversity among directors, leaders, and employees contributes positively to shareholder value by imbuing a company with myriad perspectives that help it better navigate complex challenges. A strong culture of diversity and inclusion begins in the boardroom. See the Board Diversity section above for more on our approach.

**Stakeholders and Risk Management** 

In our assessment of social risks, we pay attention to how companies treat a key stakeholder: their workforce. We look for signs of constructive labor relations if employees are unionized, and a focus on key employee concerns, such as safe working conditions and competitive compensation.

In recent years, discourse on opioids, firearms, and sexual harassment has put the potential for social externalities —the negative effects that companies can have on society through their products, cultures, or policies — into sharp focus. These nuanced, often misunderstood issues can affect the value of corporate securities. Today, these are no longer just shareholder concerns; companies need to consider the opinions and actions of broader stakeholder constituencies, including employees, customers, and the public.

In our engagement with companies facing these risks, we encourage companies to disclose risk management strategies that acknowledge their societal impacts. When a company faces litigation or negative press, we inquire about lessons learned and request evidence of substantive changes that aim to prevent recurrence and mitigate downside risk. In these cases, we may also support proposals requesting enhanced disclosure on actions taken by management.

**Human Rights**

Following the 2015 passage of the UK's Modern Slavery Act, a handful of countries have passed laws requiring companies to report on how they are addressing risks related to human rights abuses in their global supply chains. While human rights have been a part of our research and engagement in this context, we seek to assess companies' exposures to these risks, determine the sectors for which this risk is most material (highest possibility of supply-chain exposure), enhance our own engagement questions, and potentially work with external data providers to gain insights on specific companies or industries. To help us assess company practices and drive more substantive engagement with companies on this issue, we will support proposals requesting enhanced disclosure on companies' approach to mitigating the risk of human rights violations in their business.

**Cybersecurity**

Robust cybersecurity practices are imperative for maintaining customer trust, preserving brand strength, and mitigating regulatory risk. Companies that fail to strengthen their cybersecurity platforms may end up bearing large costs. Through engagement, we aim to compare companies' approaches to cyber threats, regardless of region or sector, to distinguish businesses that lag from those that are better prepared.

**Political Contributions and Lobbying**

We generally support proposals asking for board oversight of a company's political contributions and lobbying activities or those asking for improved disclosures where material inconsistencies in reporting and strategy may exist. In assessing shareholder proposals focused on lobbying, we also focus on the level of transparency of existing disclosures and whether companies clearly explain how they will respond if policy engagement of trade association membership to which they belong do not align with company policy.

**Global Proxy Policy and Procedures**

**Introduction**

Wellington Management has adopted and implemented policies and procedures that it believes are reasonably designed to ensure that proxies are voted in the best interests of clients for whom it exercises proxy-voting discretion.

Wellington Management's Proxy Voting Guidelines (the "Guidelines") set forth broad guidelines and positions on common proxy issues that Wellington Management uses in voting on proxies In addition, Wellington Management also considers each proposal in the context of the issuer, industry and country or countries in which the issuer's business is conducted. The Guidelines are not rigid rules and the merits of a particular proposal may cause Wellington Management to enter a vote that differs from the Guidelines. Wellington Management seeks to vote all proxies with the goal of increasing long-term client value and, while client investment strategies may differ, applying this common set of guidelines is consistent with the investment objective of achieving positive long-term investment performance for each client.

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**Statement of Policy**

Wellington Management:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Votes client proxies for which clients have affirmatively delegated proxy-voting authority, in writing, unless it has arranged in advance with the client to limit the circumstances in which it would exercise voting authority or determines that it is in the best interest of one or more clients to refrain from voting a given proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Votes all proxies in the best interests of the client for whom it is voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Identifies and resolves all material proxy-related conflicts of interest between the firm and its clients in the best interests of the client.

**Responsibility and Oversight**

The Investment Research Group ("Investment Research") monitors regulatory requirements with respect to proxy voting and works with the firm's Legal and Compliance Group and the Investment Stewardship Committee to develop practices that implement those requirements. Investment Research also acts as a resource for portfolio managers and research analysts on proxy matters as needed. Day-to-day administration of the proxy voting process is the responsibility of Investment Research. The Investment Stewardship Committee is responsible for oversight of the implementation of the Global Proxy Policy and Procedures, review and approval of the Guidelines, identification and resolution of conflicts of interest, and for providing advice and guidance on specific proxy votes for individual issuers. The Investment Stewardship Committee reviews the Global Proxy Policy and Procedures annually.

**Procedures**

***Use of Third-Party Voting Agent***

Wellington Management uses the services of a third-party voting agent for research, voting recommendations, and to manage the administrative aspects of proxy voting. The voting agent processes proxies for client accounts, casts votes based on the Guidelines and maintains records of proxies voted. Wellington Management complements the research received by its primary voting agent with research from another voting agent.

***Receipt of Proxy***

If a client requests that Wellington Management votes proxies on its behalf, the client must instruct its custodian bank to deliver all relevant voting material to Wellington Management or its voting agent.

***Reconciliation***

Each public security proxy received by electronic means is matched to the securities eligible to be voted and a reminder is sent to any custodian or trustee that has not forwarded the proxies as due. This reconciliation is performed at the ballot level. Although proxies received for private securities, as well as those received in non- electronic format, are voted as received, Wellington Management is not able to reconcile these ballots, nor does it notify custodians of non-receipt.

***Research***

In addition to proprietary investment research undertaken by Wellington Management investment professionals, Investment Research conducts proxy research internally, and uses the resources of a number of external sources including third-party voting agents to keep abreast of developments in corporate governance and of current practices of specific companies.

***Proxy Voting***

Following the reconciliation process, each proxy is compared against the Guidelines, and handled as follows:

• Generally, issues for which explicit proxy voting guidance is provided in the Guidelines (i.e., "For", "Against", "Abstain") are voted in accordance with the Guidelines.

• Issues identified as "case-by-case" in the Guidelines are further reviewed by Investment Research. In certain circumstances, further input is needed, so the issues are forwarded to the relevant research analyst and/or portfolio manager(s) for their input.

• Absent a material conflict of interest, the portfolio manager has the authority to decide the final vote. Different portfolio managers holding the same securities may arrive at different voting conclusions for their clients' proxies.

Wellington Management reviews a subset of the voting record to ensure that proxies are voted in accordance with these *Global Proxy Policy and Procedures* and the Guidelines; and ensures that documentation and reports, for clients and for internal purposes, relating to the voting of proxies are promptly and properly prepared and disseminated.

***Material Conflict of Interest Identification and Resolution Processes***

Wellington Management's broadly diversified client base and functional lines of responsibility serve to minimize the number of, but not prevent, material conflicts of interest it faces in voting proxies. Annually, the Investment Stewardship Committee sets standards for identifying material conflicts based on client, vendor, and lender relationships, and publishes those standards to individuals involved in the

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proxy voting process. In addition, the Investment Stewardship Committee encourages all personnel to contact Investment Research about apparent conflicts of interest, even if the apparent conflict does not meet the published materiality criteria. Apparent conflicts are reviewed by designated members of the Investment Stewardship Committee to determine if there is a conflict and if so whether the conflict is material.

If a proxy is identified as presenting a material conflict of interest, the matter must be reviewed by designated members of the Investment Stewardship Committee, who will resolve the conflict and direct the vote. In certain circumstances, the designated members may determine that the full Investment Stewardship Committee should convene

**Other Considerations**

In certain instances, Wellington Management may be unable to vote or may determine not to vote a proxy on behalf of one or more clients. While not exhaustive, the following are potential instances in which a proxy vote might not be entered.

***Securities Lending***

In general, Wellington Management does not know when securities have been lent out pursuant to a client's securities lending program and are therefore unavailable to be voted. Efforts to recall loaned securities are not always effective, but, in rare circumstances, Wellington Management may determine voting would outweigh the benefit to the client resulting from use of securities for lending and recommend that a client attempt to have its custodian recall the security to permit voting of related proxies.

***Share Blocking and Re-registration*** 

Certain countries impose trading restrictions or requirements regarding re-registration of securities held in omnibus accounts in order for shareholders to vote a proxy. The potential impact of such requirements is evaluated when determining whether to vote such proxies.

***Lack of Adequate Information, Untimely Receipt of Proxy Materials, or Excessive Costs***

Wellington Management may abstain from voting a proxy when the proxy statement or other available information is inadequate to allow for an informed vote, when the proxy materials are not delivered in a timely fashion or when, in Wellington Management's judgment, the costs exceed the expected benefits to clients (such as when powers of attorney or consularization are required).

**Additional Information**

Wellington Management maintains records related to proxies pursuant to Rule 204-2 of the Investment Advisers Act of 1940 (the "Advisers Act"), the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and other applicable laws. In addition, Wellington Management discloses annually how it has exercised its voting rights for significant votes, as require by the EU Shareholder Rights Directive II ("SRD II").

Wellington Management provides clients with a copy of its *Global Proxy Policy and Procedures*, including the Guidelines, upon written request. In addition, Wellington Management will provide specific client information relating to proxy voting to a client upon written request.

Dated: 1 September 2020

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**Appendix B – Portfolio Managers**

In addition to managing the assets of each portfolio, a portfolio manager may have responsibility for managing other client accounts of the applicable adviser or its affiliates. The tables below show, per portfolio manager, the number and asset size of (1) SEC registered investment companies (or series thereof) other than each portfolio, (2) pooled investment vehicles that are not registered investment companies and (3) other accounts (e.g., accounts managed for individuals or organizations) managed by a portfolio manager. Total assets attributed to a portfolio manager in the tables below include total assets of each account managed, although a portfolio manager may only manage a portion of such account's assets. The tables also show the number of performance based fee accounts, as well as the total assets of the accounts for which the advisory fee is based on the performance of the account. This information is provided as of each portfolio's most recent fiscal year end, unless otherwise noted.

***Aegon Asset Management UK plc ("Aegon AM UK")*** <br>

**Transamerica Aegon Sustainable Equity Income VP** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed** <br>|
| Mark Peden, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Robin Black | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Mark Peden, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Robin Black | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

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**Conflict of Interest**

The discussion below highlights certain actual, apparent and potential conflicts of interest that exist as a result of Aegon AM UK's management of the funds and other accounts. There is no assurance that conflicts of interest will be resolved in favor of fund shareholders. Conflicts of interest not described below may also exist.

Aegon AM UK manages accounts for a variety of clients including affiliated clients, which make up the majority of Aegon AM UK's assets. Some of these accounts have fee structures, including incentive fees, which are or have the potential to be higher than the fees Aegon AM UK receives for managing the fund.

Aegon AM UK manages other accounts that have investment objectives, strategies, time horizons, and risk profiles that differ from those of the funds. Consequently, Aegon AM UK may purchase or sell securities, including new issues, for one account and not another account, and the performance of securities purchased for one account may vary from the performance of securities purchased for other accounts.

Aegon AM UK may also place transactions on behalf of other accounts that are directly or indirectly contrary to investment decisions made on behalf of the fund. For example, Aegon AM UK may purchase a security in one account while appropriately selling that same security in another account. Similarly, Aegon AM UK may invest in different classes of securities of the same issuer for different accounts, which could create situations where actions it takes on behalf of one client can have an adverse impact on another client which owns a different class of securities of the same issuer.

Aegon AM UK may obtain confidential or material non-public information regarding securities held in the funds. In such instances, Aegon AM UK will generally be prohibited from communicating such information to or using such information for the benefit of its clients. Consequently, Aegon AM UK's ability to acquire or dispose of a security may be restricted.

Aegon AM UK also participates in a global research platform facilitated though a global sharing agreement with various Aegon Asset Management affiliates. Aegon AM UK independently manages investment strategies that separately utilize and depend on the global research platform. Conflicts may arise when portfolio managers from each affiliate trade in the same securities or issuers on behalf of their respective clients based on information derived from the global research platform. For example, advance access to investment research by one affiliate could result in a preferential allocation of securities trading opportunities that have limited availability.

Aegon AM UK recognizes the responsibility to treat all clients fairly and consistently. Aego AM UK has implemented policies and procedures relating to, among other things, portfolio management and trading practices, personal investment transactions, and insider trading that seek to identify, manage and/or mitigate actual or potential conflicts of interest and resolve such conflicts appropriately if they occur..

**Compensation**

As of December 31, 2022, each portfolio manager's compensation is provided directly by the sub-adviser and not by the portfolios. Each portfolio manager's compensation consists of a fixed base salary and a variable performance incentive. The performance incentive is based

------

on the following factors: the economic performance of the overall relevant portfolio manager's asset class, including the performance of the relevant portfolio's assets; leadership and communication with clients; assisting with the sub-advisers strategic goals; and financial results from Aegon Asset Management Holding B.V., and Aegon N.V.

The portfolio managers may also participate in the sub-adviser's long-term compensation plan, which is awarded as deferred cash notionally invested in select sub-adviser's strategies during the vesting period as described in the long-term compensation plan. Payout is based on a combination of personal employee, sub-adviser, Aegon Asset Management Holding B.V. and Aegon N.V. performance factors. Pay out from the long-term incentive occurs after a two or three-year vesting period depending on role, level and local remuneration practices and requirements.

**Ownership of Securities**

As of December 31, 2022, the portfolio manager(s) did not beneficially own any shares of the portfolio(s).

------

***Aegon USA Investment Management, LLC ("AUIM")***

**Transamerica Aegon Bond VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Bradley D. Doyle, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Tyler A. Knight, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Brian W. Westhoff, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Sivakumar N. Rajan | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Bradley D. Doyle, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Tyler A. Knight, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Brian W. Westhoff, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Sivakumar N. Rajan | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

**Transamerica Aegon Core Bond VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Bradley D. Doyle, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Tyler A. Knight, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Brian W. Westhoff, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Sivakumar N. Rajan | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Bradley D. Doyle, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Tyler A. Knight, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Brian W. Westhoff, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Sivakumar N. Rajan | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

**Transamerica Aegon High Yield Bond VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Kevin Bakker, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Benjamin D. Miller, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| James K. Schaeffer, Jr. | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Kevin Bakker, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Benjamin D. Miller, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| James K. Schaeffer, Jr. | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

------

**Transamerica Aegon U.S. Government Securities VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Tyler A. Knight, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Calvin W. Norris, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Sivakumar N. Rajan | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Tyler A. Knight, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Calvin W. Norris, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Sivakumar N. Rajan | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

**Transamerica Multi-Managed Balanced VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Bradley D. Doyle, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Tyler A. Knight, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Brian W. Westhoff, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Sivakumar N. Rajan | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Bradley D. Doyle, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Tyler A. Knight, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Brian W. Westhoff, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Sivakumar N. Rajan | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

**Conflict of Interest**

The discussion below highlights certain actual, apparent and potential conflicts of interest that exist as a result of AUIM's management of the funds and other accounts. There is no assurance that conflicts of interest will be resolved in favor of fund shareholders. Conflicts of interest not described below may also exist.

AUIM manages accounts for a variety of clients including affiliated clients, which make up the majority of AUIM's assets. Some of these accounts have fee structures, including incentive fees, which are or have the potential to be higher than the fees AUIM receives for managing the fund.

AUIM manages other accounts that have investment objectives, strategies, time horizons, and risk profiles that differ from those of the funds. Consequently, AUIM may purchase or sell securities, including new issues, for one account and not another account, and the performance of securities purchased for one account may vary from the performance of securities purchased for other accounts.

AUIM may also place transactions on behalf of other accounts that are directly or indirectly contrary to investment decisions made on behalf of the fund. For example, AUIM may purchase a security in one account while appropriately selling that same security in another account. Similarly, AUIM may invest in different classes of securities of the same issuer for different accounts, which could create situations where actions it takes on behalf of one client can have an adverse impact on another client which owns a different class of securities of the same issuer.

AUIM may obtain confidential or material non-public information regarding securities held in the funds. In such instances, AUIM will generally be prohibited from communicating such information to or using such information for the benefit of its clients. Consequently, AUIM's ability to acquire or dispose of a security may be restricted.

AUIM also participates in a global research platform facilitated though a global sharing agreement with various Aegon Asset Management affiliates. AUIM independently manages investment strategies that separately utilize and depend on the global research platform. Conflicts may arise when portfolio managers from each affiliate trade in the same securities or issuers on behalf of their respective clients based on information derived from the global research platform. For example, advance access to investment research by one affiliate could result in a preferential allocation of securities trading opportunities that have limited availability.

------

AUIM recognizes the responsibility to treat all clients fairly and consistently. AUIM has implemented policies and procedures relating to, among other things, portfolio management and trading practices, personal investment transactions, and insider trading that seek to identify, manage and/or mitigate actual or potential conflicts of interest and resolve such conflicts appropriately if they occur.

**Compensation**

As of December 31, 2022, each portfolio manager's compensation is provided directly by the sub-adviser and not by the portfolios. Each portfolio manager's compensation consists of a fixed base salary and a variable performance incentive. The performance incentive is based on the following factors: the economic performance of the overall relevant portfolio manager's asset class, including the performance of the relevant portfolio's assets; leadership and communication with clients; assisting with the sub-advisers strategic goals; and financial results from Aegon Asset Management Holding B.V., and Aegon NV.

The portfolio managers may also participate in the sub-adviser's long-term compensation plan, which is awarded as deferred cash notionally invested in select sub-adviser's strategies during the vesting period as described in the long-term compensation plan. Payout is based on a combination of personal employee, sub-adviser, Aegon Asset Management Holding B.V. and Aegon N.V. performance factors. Pay out from the long-term incentive occurs after a two or three-year vesting period depending on role, level and local remuneration practices and requirements.

**Ownership of Securities**

As of December 31, 2022, the portfolio manager(s) did not beneficially own any shares of the portfolio(s).

------

***BlackRock Investment Management, LLC ("BlackRock")***

**Transamerica BlackRock iShares Active Asset Allocation – Conservative VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Philip Green | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Michael Pensky | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Philip Green | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Michael Pensky | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

**Transamerica BlackRock iShares Active Asset Allocation – Moderate Growth VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Philip Green | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Michael Pensky | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Philip Green | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Michael Pensky | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

**Transamerica BlackRock iShares Active Asset Allocation – Moderate VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Philip Green | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Michael Pensky | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Philip Green | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Michael Pensky | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

**Transamerica BlackRock iShares Dynamic Allocation – Balanced VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Philip Green | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Michael Pensky | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Philip Green | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Michael Pensky | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

**Transamerica BlackRock iShares Dynamic Allocation – Moderate Growth VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Philip Green | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Michael Pensky | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered** <br> **Investment**<br> **Companies** | &nbsp;&nbsp; **Registered** <br> **Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled** <br> **Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled** <br> **Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Philip Green | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Michael Pensky | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

**Transamerica BlackRock iShares Edge 40 VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed** <br>|
| Greg Savage | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Paul Whitehead | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Greg Savage | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Paul Whitehead | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

**Transamerica BlackRock iShares Edge 50 VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Greg Savage | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Paul Whitehead | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Greg Savage | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Paul Whitehead | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

**Transamerica BlackRock iShares Edge 75 VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Greg Savage | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Paul Whitehead | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Greg Savage | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Paul Whitehead | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

**Transamerica BlackRock iShares Edge 100 VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Greg Savage | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Paul Whitehead | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Greg Savage | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Paul Whitehead | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

------

**Transamerica BlackRock Real Estate Securities VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Alastair Gillespie, CFA<sup>1</sup> <br>| [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Mark Howard-Johnson, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Raj Rehan, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| James Wilkinson<sup>2</sup> <br>| [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Alastair Gillespie, CFA<sup>1</sup> <br>| [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Mark Howard-Johnson, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Raj Rehan, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| James Wilkinson<sup>2</sup> <br>| [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

Mr. Alastair Gillespie, CFA is an employee of the sub-sub-adviser, BlackRock (Singapore) Limited.

Mr. James Wilkinson is an employee of the sub-sub-adviser, BlackRock International Limited.

**Transamerica BlackRock Tactical Allocation VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Philip Green | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Michael Pensky | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Philip Green | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Michael Pensky | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

**Portfolio Manager Compensation Overview**

The discussion below describes the portfolio managers' compensation as of December 31, 2022.

BlackRock's financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.

**Base compensation**

Generally, portfolio managers receive base compensation based on their position with the firm.

**Discretionary Incentive Compensation – Messrs. Gillespie, Howard-Johnson, Rehan and Wilkinson**

Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager's group within BlackRock, the investment performance, including risk-adjusted returns, of the firm's assets or strategies under management or supervision by that portfolio manager, and/or the individual's performance and contribution to the overall performance of these portfolios and BlackRock. Among other things, BlackRock's Chief Investment Officers make a subjective determination with respect to each portfolio manager's compensation based on the performance of the Funds, other accounts or strategies managed by each portfolio manager. Performance is generally measured on a pre-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. With respect to these portfolio managers, the benchmark for this fund is: FTSE EPRA Nareit United States Index. The performance of other accounts or strategies managed by these portfolio managers may not be measured against a specific benchmark.

**Discretionary Incentive Compensation – Messrs. Green and Pensky**

Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager's group within BlackRock, the investment performance, including risk-adjusted returns, of the firm's assets under management or supervision by that portfolio manager, and the individual's performance and contribution to the overall performance of these portfolios and BlackRock. Among other things, BlackRock's Chief Investment Officers make a subjective determination with respect to each portfolio manager's compensation based on the performance of the Funds and other accounts managed by each portfolio manager. Performance of multi-asset class funds is generally measured on a pre-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. The performance of Messrs. Green and Pensky is not measured against a specific benchmark.

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**Discretionary Incentive Compensation – Messrs. Savage and Whitehead**

Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager's group within BlackRock, the investment performance, including risk-adjusted returns, of the firm's assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual's performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Funds or other accounts managed by the portfolio managers are measured. Among other things, BlackRock's Chief Investment Officers make a subjective determination with respect to each portfolio manager's compensation based on the performance of the Funds and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed-income and multi-asset class funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. Performance of index funds is based on the performance of such funds relative to pre-determined tolerance bands around a benchmark, as applicable. The performance of Messrs. Savage and Whitehead is not measured against a specific benchmark.

**Distribution of Discretionary Incentive Compensation.**

Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.

Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year "at risk" based on BlackRock's ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of these Funds have deferred BlackRock, Inc. stock awards.

For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.

**Other Compensation Benefits:** In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

*Incentive Savings Plans* — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($____ for 2022). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. Messrs. Green, Howard-Johnson, Pensky, Savage and Whitehead are eligible to participate in these plans.

United Kingdom-based portfolio managers are also eligible to participate in broad-based plans offered generally to BlackRock employees, including broad-based retirement, health and other employee benefit plans. For example, BlackRock has created a variety of incentive savings plans in which BlackRock employees are eligible to participate, including the BlackRock Retirement Savings Plan (RSP) and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution to the RSP is between 10% and 15% of eligible pay capped at £160,000 per annum. The RSP offers a range of investment options, including several collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by participants for their own contributions or, in the absence of an investment election being made, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a US dollar value of $25,000 based on its fair market value on the purchase date. Mr. Wilkinson is eligible to participate in these plans.

Singapore-based portfolio managers are also eligible to participate in broad-based plans offered generally to BlackRock employees, including broad-based retirement, health and other employee benefit plans. For example, BlackRock Inc. has created a variety of incentive savings

------

plans in which employees are eligible to participate, including the Singapore BlackRock Supplemental Retirement Plan (BSRP) and the Central Provident Fund (CPF) plan (mandatory retirement for Singapore nationals and Singapore Permanent Residents), BlackRock ORSO Retirement Plan (ORSO), and the BlackRock Employee Stock Purchase Plan (ESPP).

BlackRock contributes up to 10% of monthly salary to the BSRP and the CPF in total. BlackRock contributions follow the investment direction set by participants for their own contributions. The ORSO offers a range of investment options and the funds are managed by the firm. The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a US dollar value of $25,000 based on its fair market value on the purchase date. Mr. Gillespie is eligible to participate in these plans.

**Portfolio Manager Potential Material Conflicts of Interest**

BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock's (or its affiliates' or significant shareholders') officers, directors or employees are directors or officers, or companies as to which BlackRock or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that a portfolio manager may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Such portfolio managers may therefore be entitled to receive a portion of any incentive fees earned on such accounts. Currently, the portfolio managers of these funds are not entitled to receive a portion of incentive fees of other accounts.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

**Ownership of Securities**

As of December 31, 2022, the portfolio manager(s) did not beneficially own any shares of the portfolio(s).

------

***Epoch Investment Partners, Inc. ("Epoch")***

**Transamerica International Focus VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed** <br>|
| Michael E. Brown, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Alfred Li, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Jeff Tiefenbach, CFA  | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Michael E. Brown, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Alfred Li, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Jeff Tiefenbach, CFA  | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

**Conflict of Interest**

Epoch is a wholly-owned subsidiary of The Toronto-Dominion Bank.

**Affiliates** 

**Broker-Dealers**

TD Securities Inc. ("TD Securities"), is a Canadian "investment dealer" registered in all provinces and territories of Canada and, as a wholly-owned subsidiary of The Toronto-Dominion Bank.

TD Securities (USA) LLC ("TDSI USA"), a broker-dealer registered with the SEC and a member of the Financial Industry Regulatory Authority ("FINRA"), is a wholly-owned subsidiary of The Toronto-Dominion Bank.

TD Private Client Wealth LLC ("TDPCW"), an affiliate dually registered with the SEC as a broker-dealer and investment adviser, and a member of FINRA, is a wholly-owned subsidiary of TD Bank, N.A., which itself is a wholly-owned subsidiary of The Toronto-Dominion Bank.

TD Waterhouse Canada Inc. ("TDWaterhouse") is registered in all Canadian provinces and territories as a broker-dealer and is a member of the Investment Industry Regulatory Organization of Canada.

**Investment Advisers**

TD Asset Management Inc. is a wholly-owned subsidiary of The Toronto- Dominion Bank. TD Asset Management Inc. is registered as a "portfolio manager" in all Canadian provinces and territories and may also act as an exempt market dealer of securities.

TDPCW, described above, offers investment advisory services through several wrap programs.

TD Waterhouse Private Investment Counsel Inc. ("TDW PIC") is registered in all Canadian provinces and territories as a portfolio manager. It may also act as an exempt market dealer of securities.

TD Bank, N.A., is a U.S. national bank subject to regulation by the Office of the Comptroller of the Currency ("OCC") and, as an indirect wholly-owned subsidiary of The Toronto-Dominion Bank, a related person.

The Toronto-Dominion Bank, ultimate parent company, is a Canadian chartered bank regulated by the Canadian Office of the Superintendent of Financial Institutions.

**Related and Connected Issuers**

**Related Issuers:** An issuer of securities is "related" to us if, through ownership, or direction and control over voting securities, we exercise a controlling influence over that issuer or that issuer exercises a controlling influence over us or the same third party exercises a controlling influence over both us and the issuer.

**Connected Issuers:** An issuer is "connected" to us if, due to indebtedness or other relationships, a reasonable prospective purchaser might question if that issuer and we are independent of each other.

------

In carrying on business as an adviser or exempt market dealer, we may, with respect to securities of related issuers, and in the course of a distribution of securities of connected issuers:

(a) exercise discretionary authority to buy or sell these securities for your accounts;

(b) make recommendations regarding these securities to you; and/or

(c) sell units of pooled funds, or other similar collective investment vehicles, established, managed and distributed by us or by our affiliates, to clients.

We will carry out these services in the ordinary course of our business in accordance with our usual practices and procedures and in accordance with all applicable disclosure and other regulatory requirements. It is our policy to comply fully with all applicable securities laws and to make all required disclosures.

**Connected Issuers**

Epoch (and/or its directors, officers and other employees) may, from time to time, advise our clients with respect to the purchase or sale of, or provide advice about, securities issued by related and/or connected issuers to Epoch. Epoch will only engage in such activities if it is confident that they are in the best interests of its clients and are in compliance with all requirements imposed by applicable securities law and, where applicable, the particular client's investment policy. The company does not solicit or deal with clients of Epoch nor do they directly compete with Epoch.

**Epoch's employees**

i) Outside business activities

Epoch's first obligation is to fulfill our fiduciary duty to our clients. In so doing, employees must not engage in activities, within or outside of the scope of their employment with Epoch, that conflict or can be perceived as conflicting with this duty.

ii) Personal trading

Employee trading is governed by Epoch's Personal Trading Policy, a copy of which is available upon request. The key provisions of this policy with respect to personal trading are summarized as follows:

• Prohibition on trading within a blackout period before and after the date on which a transaction in the same security is effected for an Epoch client.

• Pre-clearance of all trading by the employee or family members or trading in accounts controlled by the employee, through a designate of the Chief Compliance Officer. Restrictions on investing in initial public offerings and private placements.

• Prohibitions on short selling.

• Prohibition on trading securities on a "Restricted List" of securities being traded or under consideration for trading by Epoch.

• Minimum hold period.

• Full disclosure of all securities trades and securities holdings.

• Annual holdings report and attestations.

• Employees are required to direct their brokers to provide personal account statements directly to Epoch Compliance.

iii) Insider trading

No Epoch employee, officer nor director may trade in a security, either personally or on behalf of Epoch clients, while in possession of material, non-public information regarding that security, nor may any employee, officer or director communicate material, non-public information to others in violation of the law. This conduct is commonly referred to as "insider trading." Penalties for trading on or communicating material, non-public information are severe, both for individuals and their employers. An individual can be subject to penalties such as civil injunctions, damages, disgorgement of profits, jail sentences and fines, even if he/she did not personally benefit from the violation.

Epoch has established procedures to aid its employees, officers and directors in avoiding insider trading and to aid in detection and prevention of insider trading and sanctions if procedures are not followed.

For a more detailed description of potential conflicts of interest, please refer to the language from Epoch's ADV Part 2.

------

**Compensation** 

In addition to base salary and year-end discretionary variable compensation, there are a number of additional benefits in place including:

(1) retirement savings programs that enable employees to direct a percentage of their pretax salary and bonus income into a tax-qualified retirement plan;

(2) incentive programs in which employees may participate subject to certain eligibility requirements; and

(3) In addition, key investment professionals (Vice President & Directors and Managing Directors) also receive TD shares as part of the Restricted Share Units (RSU) Plan. The purpose of this Plan is to encourage employees to increase their interest in TD's long-term success by awarding them "Units," which provide future compensation related to the price of the common shares of TD.

**Ownership of Securities** 

As of December 31, 2022, the portfolio manager(s) did not beneficially own any shares of the portfolio(s).

------

***Goldman Sachs Asset Management, L.P. ("GSAM")***

**Transamerica Goldman Sachs 70/30 Allocation VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Michael Carapucci | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Neill Nuttall | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Alexandra Wilson-Elizondo | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Michael Carapucci | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Neill Nuttall | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Alexandra Wilson-Elizondo | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

**Transamerica Goldman Sachs Managed Risk – Balanced ETF VP** <br>**Transamerica Goldman Sachs Managed Risk – Conservative ETF VP** <br>**Transamerica Goldman Sachs Managed Risk – Growth ETF VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Neill Nuttall | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Alexandra Wilson-Elizondo | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Wael Younan | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Siwen Wu | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Neill Nuttall | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Alexandra Wilson-Elizondo | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Wael Younan | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Siwen Wu | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

**Conflict of Interest**

GSAM is part of The Goldman Sachs Group, Inc. (together with its affiliates, directors, partners, trustees, managers, members, officers and employees, "Goldman Sachs"), a financial holding company. The involvement of GSAM, Goldman Sachs and their affiliates in the management of, or their interest in, other accounts and other activities of Goldman Sachs will present conflicts of interest with respect to your portfolio and will, under certain circumstances, limit your portfolio's investment activities. Goldman Sachs is a worldwide full service investment banking, broker dealer, asset management and financial services organization and a major participant in global financial markets that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments, and individuals. Goldman Sachs acts as a broker-dealer, investment adviser, investment banker, underwriter, research provider, administrator, financier, adviser, market maker, trader, prime broker, derivatives dealer, clearing agent, lender, counterparty, agent, principal, distributor, investor or in other commercial capacities for accounts or companies or affiliated or unaffiliated investment funds (including pooled investment vehicles and private funds). In those and other capacities, Goldman Sachs advises and deals with clients and third parties in all markets and transactions and purchases, sells, holds and recommends a broad array of investments, including securities, derivatives, loans, commodities, currencies, credit default swaps, indices, baskets and other financial instruments and products for its own account and for the accounts of clients and of its personnel. In addition, Goldman Sachs has direct and indirect interests in the global fixed-income, currency, commodity, equities, bank loan and other markets and the securities and issuers in which your portfolio may directly and indirectly invest. Thus, it is expected that your portfolio will have multiple business relationships with and will invest in, engage in transactions with, make voting decisions with respect to, or obtain services from entities for which Goldman Sachs and affiliates perform or seek to perform investment banking or other services. As manager of your portfolio, GSAM receives management fees from the portfolio. In addition, GSAM's affiliates may earn fees from relationships with your portfolio. Although these fees are generally based on asset levels, the fees are not directly contingent on portfolio performance, Goldman Sachs will still receive significant compensation from your portfolio even if shareholders lose money. Goldman Sachs and its affiliates engage in proprietary trading and advise accounts and funds which have investment objectives similar to those of your portfolio and/or which engage in and compete for transactions in the same types of securities, currencies and instruments as your portfolio. Goldman Sachs and its affiliates will not have any obligation to make available any information regarding their activities or strategies, or the activities or strategies used for other accounts managed by them, for the benefit of the management of your portfolio. The results of your portfolio's investment activities, therefore, will likely differ from those of Goldman Sachs,

------

its affiliates, and other accounts managed by Goldman Sachs, and it is possible that your portfolio could sustain losses during periods in which Goldman Sachs and its affiliates and other accounts achieve significant profits on their trading for proprietary or other accounts. In addition, your portfolio may enter into transactions in which Goldman Sachs and its affiliates or their other clients have an adverse interest. For example, your portfolio may take a long position in a security at the same time that Goldman Sachs and its affiliates or other accounts managed by GSAM take a short position in the same security (or vice versa). These and other transactions undertaken by Goldman Sachs, its affiliates or Goldman Sachs-advised clients may, individually or in the aggregate, adversely impact your portfolio. In some cases, such adverse impacts may result from differences in timing of transactions by accounts relative to when your portfolio executes transactions in the same securities. Transactions by one or more Goldman Sachs-advised clients or GSAM may have the effect of diluting or otherwise disadvantaging the values, prices or investment strategies of your portfolio. Your portfolio's activities will, under certain circumstances, be limited because of regulatory restrictions applicable to Goldman Sachs and its affiliates, and/or their internal policies designed to comply with such restrictions. As a global financial services firm, Goldman Sachs and its affiliates provide a wide range of investment banking and financial services to issuers of securities and investors in securities. Goldman Sachs, its affiliates and others associated with it are expected to create markets or specialize in, have positions in and/or effect transactions in, securities of issuers held by your portfolio, and will likely also perform or seek to perform investment banking and financial services for one or more of those issuers. Goldman Sachs and its affiliates are expected to have business relationships with and purchase or distribute or sell services or products from or to distributors, consultants or others who recommend your portfolio or who engage in transactions with or for your portfolio.

For a more detailed description of potential conflicts of interest, please refer to the language from GSAM's ADV Part 2.

**Compensation**

Compensation for GSAM Portfolio Managers is comprised of a base salary and year-end discretionary variable compensation. The base salary is fixed from year to year. Year-end discretionary variable compensation is primarily a function of each Portfolio Manager's individual performance and his or her contribution to overall team performance; the performance of GSAM and Goldman Sachs; the team's net revenues for the past year which in part is derived from advisory fees, and for certain accounts, performance-based fees; and anticipated compensation levels among competitor firms. Portfolio Managers may be rewarded, in part, for their delivery of investment performance, which is reasonably expected to meet or exceed the expectations of clients and fund shareholders in terms of: excess return over an applicable benchmark, peer group ranking, risk management and factors specific to certain funds such as yield or regional focus. Performance is judged over one-, three- and five-year time horizons. The benchmark for the Transamerica Goldman Sachs 70/30 Allocation VP is the Transamerica 70/30 Allocation VP Blended Benchmark. The benchmark for the Transamerica Goldman Sachs Managed Risk – Balanced ETF VP is the Transamerica Goldman Sachs Managed Risk –Balanced ETF VP Blended Benchmark. The benchmark for the Transamerica Goldman Sachs Managed Risk – Conservative ETF VP is the Transamerica Goldman Sachs Managed Risk – Conservative ETF VP Blended Benchmark. The benchmark for the Transamerica Goldman Sachs Managed Risk – Growth ETF VP is the Transamerica Goldman Sachs Managed Risk – Growth ETF VP Blended Benchmark.

The discretionary variable compensation for Portfolio Managers is also significantly influenced by various factors, including: (1) effective participation in team research discussions and process; and (2) management of risk in alignment with the targeted risk parameters and investment objectives of the fund. Other factors may also be considered including: (a) general client/shareholder orientation, and (b) teamwork and leadership.

As part of their year-end discretionary variable compensation and subject to certain eligibility requirements, Portfolio Managers may receive deferred equity-based and similar awards, in the form of: (1) shares of The Goldman Sachs Group, Inc. (restricted stock units); and, (2) for certain Portfolio Managers, performance-tracking (or "phantom") shares of the GSAM mutual funds that they oversee or service. Performance-tracking shares are designed to provide a rate of return (net of fees) equal to that of the fund(s) that a portfolio manager manages, or one or more other eligible funds, as determined by senior management, thereby aligning portfolio manager compensation with fund shareholder interests. The awards are subject to vesting requirements, deferred payment and clawback and forfeiture provisions. GSAM, Goldman Sachs or their affiliates expect, but are not required to, hedge the exposure of the performance-tracking shares of a fund by, among other things, purchasing shares of the relevant fund(s).

*Other Compensation:* In addition to base salary and year-end discretionary variable compensation, the firm has a number of additional benefits in place including (1) a 401k program that enables employees to direct a percentage of their base salary and bonus income into a tax-qualified retirement plan; and (2) investment opportunity programs in which certain professionals may participate subject to certain eligibility requirements.

**Ownership of Securities**

As of December 31, 2022, the portfolio manager(s) did not beneficially own any shares of the portfolio(s).

------

***Janus Henderson Investors US LLC ("Janus")***

**Transamerica Janus Balanced VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies\*** | &nbsp;&nbsp; **Registered Investment**<br> **Companies\*** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles\*** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles\*** | **Other Accounts\*** | **Other Accounts\*** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Jeremiah Buckley, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Michael Keough | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Greg Wilensky, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Jeremiah Buckley, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Michael Keough | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Greg Wilensky, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

**Transamerica Janus Mid-Cap Growth VP** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies\*** | &nbsp;&nbsp; **Registered Investment**<br> **Companies\*** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles\*** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles\*** | **Other Accounts\*** | **Other Accounts\*** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed** <br>|
| Brian Demain, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Cody Wheaton, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Brian Demain, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Cody Wheaton, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

\*For any co-managed accounts, the assets reflect total account assets.

**Conflict of Interest**

As shown in the table above, portfolio managers and investment personnel (for the purposes of this section, are together referred to as "portfolio managers") generally manage other accounts, including accounts that may hold the same securities as or pursue investment strategies similar to the funds. Those other accounts may include other Janus Henderson funds, private-label funds for which Janus or an affiliate serves as sub-adviser, separately managed accounts or other pooled investment vehicles, such as hedge funds, which may have different fee structures or rates than a fund or may have a performance-based management fee. As such, fees earned by Janus or an affiliate vary among these accounts. Janus or an affiliate may also proprietarily invest in or provide seed capital to some but not all of these accounts. In addition, portfolio managers may personally invest in or provide seed capital to some but not all of these accounts, and certain of these accounts may have a greater impact on their compensation than others. Further, portfolio managers (or their family members) may beneficially own or transact in the same securities as those held in a fund's portfolio. Furthermore, Janus believes that conflicts arising from personal ownership by a portfolio manager (or their family members) of the same securities held in a fund may be mitigated by the portfolio manager's compliance with Janus' personal trading policy within the Personal Code of Ethics. Certain portfolio managers also have roles as research analysts for Janus and receive compensation with respect to the analyst role. Certain portfolio managers also have roles with an affiliate of Janus, and provide advice on behalf of Janus through participating affiliate agreements, and receive compensation attributable to their role with the affiliate in addition to Janus. These factors could create conflicts of interest because a portfolio manager may have incentives to favor one or more accounts over others or one role over another in the allocation of time, resources, or investment opportunities and the sequencing of trades, resulting in the potential for the fund to be disadvantaged if, for example, one or more accounts outperform the fund. A conflict may arise if a portfolio manager identifies a limited investment opportunity that may be appropriate for a fund, but the fund is not able to take full advantage of that opportunity due to the need to allocate that opportunity among other accounts also managed by the portfolio manager. A conflict may also arise if a portfolio manager executes transactions in one or more accounts that adversely impact the value of securities held by a fund.

Janus believes that these and other conflicts are mitigated by policies, procedures, and practices in place, including those governing personal trading, proprietary trading and seed capital deployment, aggregation and allocation of trades, allocation of limited offerings, cross trades, and best execution. In addition, Janus generally requires portfolio managers to manage accounts with similar investment strategies in a similar fashion, subject to a variety of exceptions, including, but not limited to, investment restrictions or policies applicable only to certain accounts, certain portfolio holdings that may be transferred in-kind when an account is opened, differences in cash flows and account sizes, and similar factors. Janus monitors accounts with similar strategies for any holdings, risk, or performance dispersion or unfair treatment. Janus (and its affiliates) generate trades throughout the day, depending on the volume of orders received from investment personnel, for all of

------

its clients using trade system software. Trades are pre-allocated to individual clients and submitted to selected brokers via electronic files, in alignment with Janus' best execution policy. If an order is not completely filled, executed shares are allocated to client accounts in proportion to the order. In addition, Janus has adopted trade allocation procedures that govern allocation of securities among various Janus Henderson accounts.

Janus is the adviser to the funds and the Janus Henderson "funds of funds," which are funds that invest primarily in other Janus Henderson funds. Because Janus is the adviser to the Janus Henderson "funds of funds" and the funds, itis subject to certain potential conflicts of interest when allocating the assets of a Janus Henderson "fund of funds" among such funds. For example, the Janus Henderson "funds of funds" investments have been and may continue to be a significant portion of the investments in other Janus Henderson funds, allowing Janus the opportunity to recoup expenses it previously waived or reimbursed for a fund, or to reduce the amount of seed capital investment needed by Janus for the Janus Henderson funds.

**Compensation** 

The following describes the structure and method of calculating a portfolio manager's compensation as of December 31, 2022.The portfolio managers and co-portfolio managers (if applicable), and the Director of Research ("portfolio manager" or "portfolio managers") are compensated for managing a fund and any other funds, portfolios, or accounts for which they have exclusive or shared responsibilities through two components: fixed compensation and variable compensation. Compensation (both fixed and variable) is determined on a pre-tax basis.

**Fixed Compensation**: Fixed compensation is paid in cash and is comprised of an annual base salary. The base salary is based on factors such as performance, scope of responsibility, skills, knowledge, experience, ability, and market competitiveness.

**Variable Compensation**: A portfolio manager's variable compensation is discretionary and is determined by investment team management. The overall investment team variable compensation pool is funded by an amount equal to a percentage of Janus' pre-incentive operating income. In determining individual awards, both quantitative and qualitative factors are considered. Such factors include, among other things, consistent short-term and long-term fund performance (i.e., one-,three-, and five-year performance), client support and investment team support through the sharing of ideas, leadership, development, mentoring, and teamwork.

**Performance fees**: The firm receives performance fees in relation to certain funds depending on outperformance of the fund against pre-determined benchmarks. Performance fees are shared directly with the investment professional in two instances; on a discretionary basis, if the fees were generated by one of five specific investment trusts, and on a formulaic basis, if there is a contractual agreement in place.

The discretionary performance fee sharing incentives are funded from within the profit pools and subject to the same risk adjustment, review, and standard deferral arrangements that apply to the discretionary funding frameworks.

**Deferrals/Firm Ownership**: All employees are subject to Janus' standard deferral arrangements which apply to variable incentive awards. Deferral rates apply to awards that exceed a minimum threshold, rates of deferral increase for larger incentive awards. Deferred awards vest in three equal instalments over a 3-year period and are delivered into JHG restricted stock and/or funds. Certain portfolio managers may be eligible to defer payment of a designated percentage of their fixed compensation and/or up to all of their variable compensation in accordance with JHG's Executive Income Deferral Programs.

**Ownership of Securities** 

As of December 31, 2022, the portfolio manager(s) did not beneficially own any shares of the portfolio(s).

------

***J.P. Morgan Investment Management Inc. ("JP Morgan")***

**Transamerica JPMorgan Asset Allocation – Conservative VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp; **Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles**<sup>1</sup>  | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles**<sup>1</sup>  | **Other Accounts**<sup>1</sup>  | **Other Accounts**<sup>1</sup>  |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Michael Feser, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Jeff Geller, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Grace Koo | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Michael Feser, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Jeff Geller, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Grace Koo | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

<sup>1</sup>

The total value and number of accounts managed by a portfolio manager may include sub-accounts of asset allocation, multi-managed and other accounts.

**Transamerica JPMorgan Asset Allocation – Growth VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp; **Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles**<sup>1</sup>  | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles**<sup>1</sup>  | **Other Accounts**<sup>1</sup>  | **Other Accounts**<sup>1</sup>  |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Michael Feser, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Jeff Geller, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Grace Koo | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Michael Feser, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Jeff Geller, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Grace Koo | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

<sup>1</sup>

The total value and number of accounts managed by a portfolio manager may include sub-accounts of asset allocation, multi-managed and other accounts.

**Transamerica JPMorgan Asset Allocation – Moderate Growth VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp; **Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles**<sup>1</sup>  | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles**<sup>1</sup>  | **Other Accounts**<sup>1</sup>  | **Other Accounts**<sup>1</sup>  |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Michael Feser, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Jeff Geller, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Grace Koo | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Michael Feser, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Jeff Geller, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Grace Koo | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

<sup>1</sup>

The total value and number of accounts managed by a portfolio manager may include sub-accounts of asset allocation, multi-managed and other accounts.

------

**Transamerica JPMorgan Asset Allocation – Moderate VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp; **Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles**<sup>1</sup>  | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles**<sup>1</sup>  | **Other Accounts**<sup>1</sup>  | **Other Accounts**<sup>1</sup>  |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Michael Feser, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Jeff Geller, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Grace Koo | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Michael Feser, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Jeff Geller, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Grace Koo | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

<sup>1</sup>

The total value and number of accounts managed by a portfolio manager may include sub-accounts of asset allocation, multi-managed and other accounts.

**Transamerica JPMorgan Enhanced Index VP** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp; **Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles**<sup>1</sup>  | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles**<sup>1</sup>  | **Other Accounts**<sup>1</sup>  | **Other Accounts**<sup>1</sup>  |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Tim Snyder, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Raffaele Zingone, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Tim Snyder, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Raffaele Zingone, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

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<sup>1</sup>

The total value and number of accounts managed by a portfolio manager may include sub-accounts of asset allocation, multi-managed and other accounts.

**Transamerica JPMorgan International Moderate Growth VP** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp; **Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles**<sup>1</sup>  | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles**<sup>1</sup>  | **Other Accounts**<sup>1</sup>  | **Other Accounts**<sup>1</sup>  |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Michael Feser, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Jeff Geller, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Grace Koo | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Michael Feser, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Jeff Geller, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Grace Koo | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

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<sup>1</sup>

The total value and number of accounts managed by a portfolio manager may include sub-accounts of asset allocation, multi-managed and other accounts.

**Transamerica JPMorgan Mid Cap Value VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp; **Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles**<sup>1</sup>  | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles**<sup>1</sup>  | **Other Accounts**<sup>1</sup>  | **Other Accounts**<sup>1</sup>  |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Lawrence Playford, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Jonathan K. L. Simon | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Lawrence Playford, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Jonathan K. L. Simon | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

<sup>1</sup>

The total value and number of accounts managed by a portfolio manager may include sub-accounts of asset allocation, multi-managed and other accounts.

------

**Transamerica JPMorgan Tactical Allocation VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp; **Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles**<sup>1</sup>  | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles**<sup>1</sup>  | **Other Accounts**<sup>1</sup>  | **Other Accounts**<sup>1</sup>  |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Michael Feser, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Gary Herbert, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Morgan Moriarty, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Michael Feser, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Gary Herbert, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Morgan Moriarty, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

<sup>1</sup>

The total value and number of accounts managed by a portfolio manager may include sub-accounts of asset allocation, multi-managed and other accounts.

**Transamerica Multi-Managed Balanced VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp; **Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles**<sup>1</sup>  | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles**<sup>1</sup>  | **Other Accounts**<sup>1</sup>  | **Other Accounts**<sup>1</sup>  |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Tim Snyder, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Raffaele Zingone, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Tim Snyder, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Raffaele Zingone, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

<sup>1</sup>

The total value and number of accounts managed by a portfolio manager may include sub-accounts of asset allocation, multi-managed and other accounts.

**Conflict of Interest**

The potential for conflicts of interest exists when portfolio managers manage other accounts with similar investment objectives and strategies as the fund ("Similar Accounts"). Potential conflicts may include, for example, conflicts between investment strategies and conflicts in the allocation of investment opportunities.

Responsibility for managing J.P. Morgan Investment Management Inc. (JP Morgan)'s and its affiliates clients' portfolios is organized according to investment strategies within asset classes. Generally, client portfolios with similar strategies are managed by portfolio managers in the same portfolio management group using the same objectives, approach and philosophy. Underlying sectors or strategy allocations within a larger portfolio are likewise managed by portfolio managers who use the same approach and philosophy as similarly managed portfolios. Therefore, portfolio holdings, relative position sizes and industry and sector exposures tend to be similar across similar portfolios and strategies, which minimize the potential for conflicts of interest.

JPMorgan and/or its affiliates ("JPMorgan Chase") perform investment services, including rendering investment advice, to varied clients. JPMorgan, JPMorgan Chase and its or their directors, officers, agents, and/or employees may render similar or differing investment advisory services to clients and may give advice or exercise investment responsibility and take such other action with respect to any of its other clients that differs from the advice given or the timing or nature of action taken with respect to another client or group of clients. It is JPMorgan's policy, to the extent practicable, to allocate, within its reasonable discretion, investment opportunities among clients over a period of time on a fair and equitable basis. One or more of JPMorgan's other client accounts may at any time hold, acquire, increase, decrease, dispose, or otherwise deal with positions in investments in which another client account may have an interest from time-to-time.

JPMorgan, JPMorgan Chase, and any of its or their directors, partners, officers, agents or employees, may also buy, sell, or trade securities for their own accounts or the proprietary accounts of JPMorgan and/or JPMorgan Chase. JPMorgan and/or JPMorgan Chase, within their discretion, may make different investment decisions and other actions with respect to their own proprietary accounts than those made for client accounts, including the timing or nature of such investment decisions or actions. Further, JPMorgan is not required to purchase or sell for any client account securities that it, JPMorgan Chase, and any of its or their employees, principals, or agents may purchase or sell for their own accounts or the proprietary accounts of JPMorgan, or JPMorgan Chase or its clients.

JP Morgan and/or its affiliates may receive more compensation with respect to certain Similar Accounts than that received with respect to the fund or may receive compensation based in part on the performance of certain Similar Accounts. This may create a potential conflict of interest for JP Morgan and its affiliates or its portfolio managers by providing an incentive to favor these Similar Accounts when, for example, placing securities transactions. In addition, JP Morgan or its affiliates could be viewed as having a conflict of interest to the extent

------

that JP Morgan or an affiliate has a proprietary investment in Similar Accounts, the portfolio managers have personal investments in Similar Accounts or the Similar Accounts are investment options in JP Morgan's or its affiliate's employee benefit plans. Potential conflicts of interest may arise with both the aggregation and allocation of securities transactions and allocation of investment opportunities because of market factors or investment restrictions imposed upon JP Morgan and its affiliates by law, regulation, contract or internal policies. Allocations of aggregated trades, particularly trade orders that were only partially completed due to limited availability and allocation of investment opportunities generally, could raise a potential conflict of interest, as JP Morgan or its affiliates may have an incentive to allocate securities that are expected to increase in value to favored accounts. Initial public offerings, in particular, are frequently of very limited availability. JP Morgan and its affiliates may be perceived as causing accounts they manages to participate in an offering to increase JP Morgan's or its affiliates' overall allocation of securities in that offering.

A potential conflict of interest also may be perceived to arise if transactions in one account closely follow related transactions in a different account, such as when a purchase increases the value of securities previously purchased by another account, or when a sale in one account lowers the sale price received in a sale by a second account. If JP Morgan or its affiliates manage accounts that engage in short sales of securities of the type in which the fund invests, JP Morgan or its affiliates could be seen as harming the performance of the fund for the benefit of the accounts engaging in short sales if the short sales cause the market value of the securities to fall.

As an internal policy matter, JP Morgan may from time to time maintain certain overall investment limitations on the securities positions or positions in other financial instruments JP Morgan or its affiliates will take on behalf of its various clients due to, among other things, liquidity concerns and regulatory restrictions. Such policies may preclude a fund from purchasing particular securities or financial instruments, even if such securities or financial instruments would otherwise meet the fund's objectives.

The goal of JP Morgan and its affiliates is to meet their fiduciary obligation with respect to all clients. JP Morgan and its affiliates have policies and procedures that seek to manage conflicts. JP Morgan and its affiliates monitor a variety of areas, including compliance with fund guidelines, review of allocation decisions and compliance with JP Morgan's Codes of Ethics and JPMC's Code of Conduct. With respect to the allocation of investment opportunities, JP Morgan and its affiliates also have certain policies designed to achieve fair and equitable allocation of investment opportunities among its clients over time. For example:

Orders received in the same security and within a reasonable time period from a market event (e.g., a change in a security rating) are continuously aggregated on the appropriate trading desk so that new orders are aggregated with current outstanding orders, consistent with JPMorgan's duty of best execution for its clients. However, there are circumstances when it may be appropriate to execute the second order differently due to other constraints or investment objectives. Such exceptions often depend on the asset class. Examples of these exceptions, particularly in the fixed-income area, are sales to meet redemption deadlines or orders related to less liquid assets.

If aggregated trades are fully executed, accounts participating in the trade will typically be allocated their pro rata share on an average price basis. Partially filled orders generally will be allocated among the participating accounts on a pro-rata average price basis, subject to certain limited exceptions. Use of average price for execution of aggregated trade orders is particularly true in the equity area. However, certain investment strategies, such as the use of derivatives, or asset classes, such as fixed-income that use individual trade executions due to the nature of the strategy or supply of the security, may not be subject to average execution price policy and would receive the actual execution price of the transaction. Additionally, some accounts may be excluded from pro rata allocations. Accounts that would receive a de minimis allocation relative to their size may be excluded from the order. Another exception may occur when thin markets or price volatility require that an aggregated order be completed in multiple executions over several days. Deviations from pro rata allocations are documented by the business. JPMorgan attempts to mitigate any potential unfairness by basing non-pro-rata allocations traded through a single trading desk or system upon an objective predetermined criteria for the selection of investments and a disciplined process for allocating securities with similar duration, credit quality and liquidity in the good faith judgment of JPMorgan so that fair and equitable allocation will occur over time.

JP Morgan faces a conflict of interest in allocating the assets of Transamerica JPMorgan Asset Allocation - Conservative VP, Transamerica JPMorgan Asset Allocation - Growth VP, Transamerica JPMorgan Asset Allocation - Moderate Growth VP, Transamerica JPMorgan Asset Allocation - Moderate VP, and Transamerica JPMorgan International Moderate Growth VP (each a "portfolio") because the underlying portfolios in which the portfolio invests include Transamerica Funds sub-advised by JP Morgan. Consistent with the portfolio's objective and strategies, JP Morgan is permitted to invest any portion of a portfolio's assets in underlying portfolios which it sub-advises. JP Morgan will receive additional fees when it allocates portfolio assets to an underlying portfolio it sub-advises. This conflict could provide JP Morgan with an incentive to allocate portfolio assets to an underlying portfolio it sub-advises rather than to another underlying portfolio investing in the same asset class sub-advised by another sub-adviser. Or, JP Morgan may have an incentive to increase a portfolio's allocation to an asset class for which the only underlying portfolio is one which it sub-advises.

JP Morgan also faces a potential conflict of interest in allocating the assets of the portfolio when JP Morgan has business relationships with other sub-advisers of underlying portfolios in which the portfolio invests or with affiliates of those sub-advisers. Allocating portfolio assets to underlying portfolios managed by such sub-advisers may help to enhance JP Morgan's relationships with such sub-advisers or their affiliates.

------

**Compensation**

JPMorgan's compensation programs are designed to align the behavior of employees with the achievement of its short- and long-term strategic goals, which revolve around client investment objectives. This is accomplished, in part, through a balanced performance assessment process and total compensation program, as well as a clearly defined culture that rigorously and consistently promotes adherence to the highest ethical standards.

In determining portfolio manager compensation, JPMorgan uses a balanced discretionary approach to assess performance against four broad categories: (1) business results; (2) risk and control; (3) customers and clients; and (4) people and leadership.

These performance categories consider short-, medium- and long-term goals that drive sustained value for clients, while accounting for risk and control objectives. Specifically, portfolio manager performance is evaluated against various factors including the following: (1) blended pre-tax investment performance relative to competitive indices, generally weighted more to the long-term; (2) individual contribution relative to the client's risk/return objectives; and (3) adherence with JPMorgan's compliance, risk and regulatory procedures.

Feedback from JPMorgan's risk and control professionals is considered in assessing performance.

JPMorgan maintains a balanced total compensation program comprised of a mix of fixed compensation (including a competitive base salary and, for certain employees, a fixed cash allowance), variable compensation in the form of cash incentives, and long-term incentives in the form of equity based and/or fund-tracking incentives that vest over time. Long-term awards comprise up to 60% of overall incentive compensation, depending on an employee's pay level.

Long-term awards are generally in the form of time-vested JPMC Restricted Stock Units ("RSUs"). However, portfolio managers are subject to a mandatory deferral of long-term incentive compensation under JPMorgan's Mandatory Investor Plan ("MIP"). The MIP provides for a rate of return equal to that of the fund(s) that the portfolio managers manage, thereby aligning portfolio manager's pay with that of their client's experience/return. 100% of the portfolio manager's long-term incentive compensation is eligible for MIP with 50% is allocated to the specific fund(s) they manage, as determined by their respective manager. The remaining portion of the overall amount is electable and may be treated as if invested in any of the other funds available in the plan or can take the form of RSUs.

**Ownership of Securities** 

As of December 31, 2022, the portfolio manager(s) did not beneficially own any shares of the portfolio(s).

------

***Madison Asset Management, LLC ("Madison")***

**Transamerica Madison Diversified Income VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed** <br>|
| John Brown, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Drew Justman, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Chris Nisbet, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Allen Olson, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Mike Sanders  | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| John Brown, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Drew Justman, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Chris Nisbet, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Allen Olson, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Mike Sanders  | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |

---

**Conflict of Interest**

Potential conflicts of interest may arise because Madison engages in portfolio management activities for clients other than the funds. For example, portfolio managers at Madison and its affiliates typically manage multiple accounts. These accounts may include, among others, mutual funds, separate accounts (assets managed on behalf of wealthy individuals as well as institutions such as pension funds, colleges and universities, insurance companies and foundations), subadvised accounts that we manage for other investment advisers and model accounts for which we only provide recommendations to our clients and do not have discretion to actually trade the accounts.

Our portfolio managers make investment decisions for each portfolio based on the investment objectives, policies, practices, and other relevant investment considerations that the managers believe are applicable to that portfolio. Consequently, portfolio managers may purchase (or sell) securities for one portfolio and not another portfolio. Likewise, we may purchase securities for one portfolio and sell the same security from another. To address the potential conflicts that occur as a result, Madison adopted a variety of portfolio security aggregation, brokerage and trade allocation policies which are designed to provide reasonable assurance that buy and sell opportunities are allocated fairly among clients. Likewise, Madison has policies to address "cross selling" from one account to another. In this manner, we seek to address any potential conflicts associated with managing multiple accounts for multiple clients. Also, as disclosed under the "Compensation" section, below, our portfolio managers' compensation is determined in the same manner with respect to all portfolios managed by the portfolio manager.

**Compensation**

Madison believes portfolio managers should receive compensation for the performance of the firm's client accounts, their individual effort, and the overall profitability of the firm. As such, portfolio managers receive a base salary, as well as an incentive bonus based on the attainment of certain goals and objectives in the portfolio management process (described below). The manager also participates in the overall profitability of the firm directly, through an ownership interest in the firm, or indirectly, through a firm-sponsored profit sharing plan. Madison believes its portfolio managers' goals are aligned with those of long-term investors, recognizing client goals to outperform over the long-term, rather than focused on short-term performance contests.

With regard to incentive compensation, the incentive pools for the asset allocation, equity and fixed-income teams are calculated based on a percentage of revenue from each investment strategy. Equity and fixed-income teams managers are rewarded for performance relative to their benchmark(s) over both a one- and three-year period (measured on a pre-tax basis). Incentive compensation earned is paid out over a two year period, so that if a portfolio manager leaves the employ of Madison, he or she forfeits a percentage of his or her incentive compensation. The purpose of this structured payout is to aid in the retention of investment personnel. All incentive compensation must be approved by the compensation committee. All portfolio managers are eligible to participate in the incentive compensation pool.

The incentive compensation pool shared by the members of the firm's asset allocation and equity management teams is based on the performance of the firm's various asset allocation and equity composites (or some combination of such composites and the relevant mutual fund(s)) measured against the appropriate index benchmarks. All firm asset allocation and equity accounts, including mutual funds, regardless of whether they are included in such composites, are managed with the same general investment philosophy, approach and applicable allocations, quality and other portfolio characteristics.

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The incentive compensation pool shared by the members of the firm's fixed-income management team is based on the performance of the firm's various fixed-income composites measured against the appropriate index benchmarks. All firm fixed-income accounts, including mutual funds, regardless of whether they are included in such composites, are managed with the same general investment philosophy, approach and applicable allocations regarding duration, spreads and other fixed-income characteristics.

There is no difference in the way the firm compensates portfolio managers for managing a mutual fund or a private client account (or any other type of account). Instead, compensation is based on the entire employment relationship, not on the performance of any single account or type of account.

**Ownership of Securities** 

As of December 31, 2022, the portfolio manager(s) did not beneficially own any shares of the portfolio(s).

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***Milliman Financial Risk Management LLC***

**Transamerica American Funds Managed Risk VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Adam Schenck, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Maria Schiopu, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Adam Schenck, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Maria Schiopu, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |

---

**Transamerica Morgan Stanley Global Allocation Managed Risk – Balanced VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Adam Schenck, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Maria Schiopu, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Adam Schenck, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Maria Schiopu, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |

---

**Conflicts of Interest**

Actual or apparent conflicts of interest may arise in connection with the day-to-day management of the portfolios and other accounts because the portfolio managers manage other accounts. The management of the portfolios and other accounts may result in unequal time and attention being devoted to the portfolios and other accounts. Another potential conflict of interest may arise where another account has the same investment objective as the portfolios, whereby the portfolio managers could favor one account over another. Further, a potential conflict could include the portfolio managers' knowledge about the size, timing and possible market impact of portfolios' trades, whereby they could use this information to the advantage of other accounts and to the disadvantage of the portfolios. These potential conflicts of interest could create the appearance that the portfolio managers are favoring one investment vehicle over another.

**Compensation Overview**

Portfolio managers are paid competitive salaries by the sub-adviser. Portfolio managers may receive bonuses based on qualitative considerations, such as an individual's contribution to the organization, and performance reviews in relation to job responsibilities. Bonuses paid to the portfolio managers are also based in part on the profitability of the investment adviser. Investment professionals may participate in profit-sharing plans.

**Ownership of Securities**

As of December 31, 2022, the portfolio manager(s) did not beneficially own any shares of the portfolio(s).

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***Morgan Stanley Investment Management Inc. ("Morgan Stanley")***

**Transamerica Morgan Stanley Capital Growth VP** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed** <br>|
| Dennis P. Lynch | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Sam G. Chainani, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Jason C. Yeung, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| David S. Cohen | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Armistead B. Nash | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Alexander T. Norton | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Dennis P. Lynch | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Sam G. Chainani, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Jason C. Yeung, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| David S. Cohen | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Armistead B. Nash | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Alexander T. Norton | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

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**Transamerica Morgan Stanley Global Allocation VP** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Cyril Moullè-Berteaux | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Mark Bavoso | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Sergei Parmenov | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Cyril Moullè-Berteaux | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Mark Bavoso | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Sergei Parmenov | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

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**Conflict of Interest**

As a diversified global financial services firm, Morgan Stanley, the parent company of the Adviser, engages in a broad spectrum of activities, including financial advisory services, investment management activities, lending, commercial banking, sponsoring and managing private investment funds, engaging in broker-dealer transactions and principal securities, commodities and foreign exchange transactions, research publication and other activities. In the ordinary course of its business, Morgan Stanley is a full-service investment banking and financial services firm and therefore engages in activities where Morgan Stanley's interests or the interests of its clients may conflict with the interests of a portfolio. Morgan Stanley advises clients and sponsors, manages or advises other investment funds and investment programs, accounts and businesses (collectively, together with the Morgan Stanley Funds, any new or successor funds, programs, accounts or businesses (other than funds, programs, accounts or businesses sponsored, managed, or advised by former direct or indirect subsidiaries of Eaton Vance Corp. ("Eaton Vance Investment Accounts")), the ''MS Investment Accounts", and, together with the Eaton Vance Investment Accounts, the "Affiliated Investment Accounts'') with a wide variety of investment objectives that in some instances may overlap or conflict with a portfolio's investment objectives and present conflicts of interest. In addition, Morgan Stanley or the Adviser may also from time to time create new or successor Affiliated Investment Accounts that may compete with a portfolio and present similar conflicts of interest. The discussion below enumerates certain actual, apparent and potential conflicts of interest. There is no assurance that conflicts of interest will be resolved in favor of portfolio shareholders and, in fact, they may not be. Conflicts of interest not described below may also exist.

The discussions below with respect to actual, apparent and potential conflicts of interest also may be applicable to or arise from the Eaton Vance Investment Accounts whether or not specifically identified.

**Material Non-Public and Other Information.** It is expected that confidential or material non-public information regarding an investment or potential investment opportunity may become available to the Adviser. If such information becomes available, the Adviser may be precluded (including by applicable law or internal policies or procedures) from pursuing an investment or disposition opportunity with respect to such investment or investment opportunity. The Adviser may also from time to time be subject to contractual ''stand-still''

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obligations and/or confidentiality obligations that may restrict its ability to trade in certain investments on a portfolio's behalf. In addition, the Adviser may be precluded from disclosing such information to an investment team, even in circumstances in which the information would be beneficial if disclosed. Therefore, the investment team may not be provided access to material non-public information in the possession of Morgan Stanley that might be relevant to an investment decision to be made on behalf of a portfolio, and the investment team may initiate a transaction or sell an investment that, if such information had been known to it, may not have been undertaken. In addition, certain members of the investment team may be recused from certain investment-related discussions so that such members do not receive information that would limit their ability to perform functions of their employment with the Adviser or its affiliates unrelated to that of a portfolio. Furthermore, access to certain parts of Morgan Stanley may be subject to third party confidentiality obligations and to information barriers established by Morgan Stanley in order to manage potential conflicts of interest and regulatory restrictions, including without limitation joint transaction restrictions pursuant to the 1940 Act. Accordingly, the Adviser's ability to source investments from other business units within Morgan Stanley may be limited and there can be no assurance that the Adviser will be able to source any investments from any one or more parts of the Morgan Stanley network.

The Adviser may restrict its investment decisions and activities on behalf of the portfolios in various circumstances, including because of applicable regulatory requirements or information held by the Adviser or Morgan Stanley. The Adviser might not engage in transactions or other activities for, or enforce certain rights in favor of, a portfolio due to Morgan Stanley's activities outside the portfolios. In instances where trading of an investment is restricted, the Adviser may not be able to purchase or sell such investment on behalf of a portfolio, resulting in the portfolio's inability to participate in certain desirable transactions. This inability to buy or sell an investment could have an adverse effect on a portfolio's portfolio due to, among other things, changes in an investment's value during the period its trading is restricted. Also, in situations where the Adviser is required to aggregate its positions with those of other Morgan Stanley business units for position limit calculations, the Adviser may have to refrain from making investments due to the positions held by other Morgan Stanley business units or their clients. There may be other situations where the Adviser refrains from making an investment due to additional disclosure obligations, regulatory requirements, policies, and reputational risk, or the Adviser may limit purchases or sales of securities in respect of which Morgan Stanley is engaged in an underwriting or other distribution capacity.

Morgan Stanley has established certain information barriers and other policies to address the sharing of information between different businesses within Morgan Stanley. As a result of information barriers, the Adviser generally will not have access, or will have limited access, to certain information and personnel in other areas of Morgan Stanley and generally will not manage the portfolios with the benefit of the information held by such other areas. Morgan Stanley, due to its access to and knowledge of funds, markets and securities based on its prime brokerage and other businesses, may make decisions based on information or take (or refrain from taking) actions with respect to interests in investments of the kind held (directly or indirectly) by the portfolios in a manner that may be adverse to the portfolios, and will not have any obligation or other duty to share information with the Adviser.

In limited circumstances, however, including for purposes of managing business and reputational risk, and subject to policies and procedures and any applicable regulations, Morgan Stanley personnel, including personnel of the Adviser, on one side of an information barrier may have access to information and personnel on the other side of the information barrier through "wall crossings." The Adviser faces conflicts of interest in determining whether to engage in such wall crossings. Information obtained in connection with such wall crossings may limit or restrict the ability of the Adviser to engage in or otherwise effect transactions on behalf of the portfolios (including purchasing or selling securities that the Adviser may otherwise have purchased or sold for a portfolio in the absence of a wall crossing). In managing conflicts of interest that arise because of the foregoing, the Adviser generally will be subject to fiduciary requirements. The Adviser may also implement internal information barriers or ethical walls, and the conflicts described herein with respect to information barriers and otherwise with respect to Morgan Stanley and the Adviser will also apply internally within the Adviser. As a result, a portfolio may not be permitted to transact in (e.g., dispose of a security in whole or in part) during periods when it otherwise would have been able to do so, which could adversely affect a portfolio. Other investors in the security that are not subject to such restrictions may be able to transact in the security during such periods. There may also be circumstances in which, as a result of information held by certain portfolio management teams in the Adviser, the Adviser limits an activity or transaction for a portfolio, including if the portfolio is managed by a portfolio management team other than the team holding such information.

**Investments by Morgan Stanley and its Affiliated Investment Accounts.** In serving in multiple capacities to Affiliated Investment Accounts, Morgan Stanley, including the Adviser and its investment teams, may have obligations to other clients or investors in Affiliated Investment Accounts, the fulfillment of which may not be in the best interests of a portfolio or its shareholders. A portfolio's investment objectives may overlap with the investment objectives of certain Affiliated Investment Accounts. As a result, the members of an investment team may face conflicts in the allocation of investment opportunities among a portfolio and other investment funds, programs, accounts and businesses advised by or affiliated with the Adviser. Certain Affiliated Investment Accounts may provide for higher management or incentive fees or greater expense reimbursements or overhead allocations, all of which may contribute to this conflict of interest and create an incentive for the Adviser to favor such other accounts.

Morgan Stanley currently invests and plans to continue to invest on its own behalf and on behalf of its Affiliated Investment Accounts in a wide variety of investment opportunities globally. Morgan Stanley and its Affiliated Investment Accounts, to the extent consistent with applicable law and policies and procedures, will be permitted to invest in investment opportunities without making such opportunities available to a portfolio beforehand. Subject to the foregoing, Morgan Stanley may offer investments that fall into the investment objectives of an Affiliated Investment Account to such account or make such investment on its own behalf, even though such investment also falls within a

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portfolio's investment objectives. A portfolio may invest in opportunities that Morgan Stanley and/or one or more Affiliated Investment Accounts has declined, and vice versa. All of the foregoing may reduce the number of investment opportunities available to a portfolio and may create conflicts of interest in allocating investment opportunities. Investors should note that the conflicts inherent in making such allocation decisions may not always be resolved to a portfolio's advantage. There can be no assurance that a portfolio will have an opportunity to participate in certain opportunities that fall within their investment objectives.

To seek to reduce potential conflicts of interest and to attempt to allocate such investment opportunities in a fair and equitable manner, the Adviser has implemented allocation policies and procedures. These policies and procedures are intended to give all clients of the Adviser, including the portfolios, fair access to investment opportunities consistent with the requirements of organizational documents, investment strategies, applicable laws and regulations, and the fiduciary duties of the Adviser. Each client of the Adviser that is subject to the allocation policies and procedures, including each portfolio, is assigned an investment team and portfolio manager(s) by the Adviser. The investment team and portfolio managers review investment opportunities and will decide with respect to the allocation of each opportunity considering various factors and in accordance with the allocation policies and procedures. The allocation policies and procedures are subject to change. Investors should note that the conflicts inherent in making such allocation decisions may not always be resolved to the advantage of a portfolio.

It is possible that Morgan Stanley or an Affiliated Investment Account, including another Morgan Stanley Fund, will invest in or advise (in the case of Morgan Stanley) a company that is or becomes a competitor of a company of which a portfolio holds an investment. Such investment could create a conflict between the portfolio, on the one hand, and Morgan Stanley or the Affiliated Investment Account, on the other hand. In such a situation, Morgan Stanley may also have a conflict in the allocation of its own resources to the portfolio investment. Furthermore, certain Affiliated Investment Accounts will be focused primarily on investing in other funds which may have strategies that overlap and/or directly conflict and compete with a portfolio.

In addition, certain investment professionals who are involved in a portfolio's activities remain responsible for the investment activities of other Affiliated Investment Accounts managed by the Adviser and its affiliates, and they will devote time to the management of such investments and other newly created Affiliated Investment Accounts (whether in the form of funds, separate accounts or other vehicles), as well as their own investments. In addition, in connection with the management of investments for other Affiliated Investment Accounts, members of Morgan Stanley and its affiliates may serve on the boards of directors of or advise companies which may compete with a portfolio's portfolio investments. Moreover, these Affiliated Investment Accounts managed by Morgan Stanley and its affiliates may pursue investment opportunities that may also be suitable for a portfolio.

It should be noted that Morgan Stanley may, directly or indirectly, make large investments in certain of its Affiliated Investment Accounts, and accordingly Morgan Stanley's investment in a portfolio may not be a determining factor in the outcome of any of the foregoing conflicts. Nothing herein restricts or in any way limits the activities of Morgan Stanley, including its ability to buy or sell interests in, or provide financing to, equity and/or debt instruments, funds or portfolio companies, for its own accounts or for the accounts of Affiliated Investment Accounts or other investment funds or clients in accordance with applicable law.

Different clients of the Adviser, including a portfolio, may invest in different classes of securities of the same issuer, depending on the respective clients' investment objectives and policies. As a result, the Adviser and its affiliates, at times, will seek to satisfy fiduciary obligations to certain clients owning one class of securities of a particular issuer by pursuing or enforcing rights on behalf of those clients with respect to such class of securities, and those activities may have an adverse effect on another client which owns a different class of securities of such issuer. For example, if one client holds debt securities of an issuer and another client holds equity securities of the same issuer, if the issuer experiences financial or operational challenges, the Adviser and its affiliates may seek a liquidation of the issuer on behalf of the client that holds the debt securities, whereas the client holding the equity securities may benefit from a reorganization of the issuer. Thus, in such situations, the actions taken by the Adviser or its affiliates on behalf of one client can negatively impact securities held by another client. These conflicts also exist as between the Adviser's clients, including the portfolios, and the Affiliated Investment Accounts managed by Eaton Vance.

The Adviser and its affiliates may give advice and recommend securities to other clients which may differ from advice given to, or securities recommended or bought for, a portfolio even though such other clients' investment objectives may be similar to those of the portfolio.

The Adviser and its affiliates manage long and short portfolios. The simultaneous management of long and short portfolios creates conflicts of interest in portfolio management and trading in that opposite directional positions may be taken in client accounts, including client accounts managed by the same investment team, and creates risks such as: (i) the risk that short sale activity could adversely affect the market value of long positions in one or more portfolios (and vice versa) and (ii) the risks associated with the trading desk receiving opposing orders in the same security simultaneously. The Adviser and its affiliates have adopted policies and procedures that are reasonably designed to mitigate these conflicts. In certain circumstances, the Adviser invests on behalf of itself in securities and other instruments that would be appropriate for, held by, or may fall within the investment guidelines of its clients, including a portfolio. At times, the Adviser may give advice or take action for its own accounts that differs from, conflicts with, or is adverse to advice given or action taken for any client.

From time to time, conflicts also arise due to the fact that certain securities or instruments may be held in some client accounts, including a portfolio, but not in others, or that client accounts may have different levels of holdings in certain securities or instruments. In addition, due

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to differences in the investment strategies or restrictions among client accounts, the Adviser may take action with respect to one account that differs from the action taken with respect to another account. In some cases, a client account may compensate the Adviser based on the performance of the securities held by that account. The existence of such a performance based fee may create additional conflicts of interest for the Adviser in the allocation of management time, resources and investment opportunities. The Adviser has adopted several policies and procedures designed to address these potential conflicts including a code of ethics and policies that govern the Adviser's trading practices, including, among other things, the aggregation and allocation of trades among clients, brokerage allocations, cross trades and best execution.

In addition, at times an investment team will give advice or take action with respect to the investments of one or more clients that is not given or taken with respect to other clients with similar investment programs, objectives, and strategies. Accordingly, clients with similar strategies will not always hold the same securities or instruments or achieve the same performance. The Adviser's investment teams also advise clients with conflicting programs, objectives or strategies. These conflicts also exist as between the Adviser's clients, including the portfolios, and the Affiliated Investment Accounts managed by Eaton Vance.

Morgan Stanley and its affiliates maintain separate trading desks that operate independently of each other and do not share information with the Adviser. The Morgan Stanley and affiliate trading desks may compete against the Adviser trading desks when implementing buy and sell transactions, possibly causing certain Affiliated Investment Accounts to pay more or receive less for a security than other Affiliated Investment Accounts.

**Investments by Separate Investment Departments.** The entities and individuals that provide investment-related services for the portfolio and certain other MS Investment Accounts (the "MS Investment Department") may be different from the entities and individuals that provide investment-related services to Eaton Vance Investment Accounts (the "Eaton Vance Investment Department" and, together with the MS Investment Department, the "Investment Departments"). Although Morgan Stanley has implemented information barriers between the Investment Departments in accordance with internal policies and procedures, each Investment Department may engage in discussions and share information and resources with the other Investment Department on certain investment-related matters. The sharing of information and resources between the Investment Departments is designed to further increase the knowledge and effectiveness of each Investment Department. Because each Investment Department generally makes investment decisions and executes trades independently of the other, the quality and price of execution, and the performance of investments and accounts, can be expected to vary. In addition, each Investment Department may use different trading systems and technology and may employ differing investment and trading strategies. As a result, an Eaton Vance Investment Account could trade in advance of the portfolio (and vice versa), might complete trades more quickly and efficiently than the portfolio, and/or achieve different execution than the portfolio on the same or similar investments made contemporaneously, even when the Investment Departments shared research and viewpoints that led to that investment decision. Any sharing of information or resources between the Investment Department servicing the portfolio and the Eaton Vance Investment Department may result, from time to time, in the portfolio simultaneously or contemporaneously seeking to engage in the same or similar transactions as an account serviced by the other Investment Department and for which there are limited buyers or sellers on specific securities, which could result in less favorable execution for the portfolio than such Affiliated Investment Account. The MS Investment Department will not knowingly or intentionally cause the portfolio to engage in a cross trade with an account serviced by the Eaton Vance Investment Department, however, subject to applicable law and internal policies and procedures, the portfolio may conduct cross trades with other accounts serviced by the MS Investment Department. Although the MS Investment Department may aggregate the portfolio's trades with trades of other accounts serviced by the MS Investment Department, subject to applicable law and internal policies and procedures, there will be no aggregation or coordination of trades with accounts serviced by the Eaton Vance Investment Department, even when both Investment Departments are seeking to acquire or dispose of the same investments contemporaneously.

**Payments to Broker-Dealers and Other Financial Intermediaries.** The Adviser and/or the Distributor may pay compensation, out of their own funds and not as an expense of the portfolios, to certain Financial Intermediaries (which may include affiliates of the Adviser and the Distributor), including recordkeepers and administrators of various deferred compensation plans, in connection with the sale, distribution, marketing and retention of shares of the portfolios and/or shareholder servicing. For example, the Adviser or the Distributor may pay additional compensation to a Financial Intermediary for, among other things, promoting the sale and distribution of portfolio shares, providing access to various programs, mutual fund platforms or preferred or recommended mutual fund lists that may be offered by a Financial Intermediary, granting the Distributor access to a Financial Intermediary's financial advisors and consultants, providing assistance in the ongoing education and training of a Financial Intermediary's financial personnel, furnishing marketing support, maintaining share balances and/or for sub-accounting, recordkeeping, administrative, shareholder or transaction processing services. Such payments are in addition to any distribution fees, shareholder servicing fees and/or transfer agency fees that may be payable by the portfolios. The additional payments may be based on various factors, including level of sales (based on gross or net sales or some specified minimum sales or some other similar criteria related to sales of the portfolios and/or some or all other Morgan Stanley Funds), amount of assets invested by the Financial Intermediary's customers (which could include current or aged assets of the portfolios and/or some or all other Morgan Stanley Funds), a portfolio's advisory fee, some other agreed upon amount or other measures as determined from time to time by the Adviser and/or the Distributor. The amount of these payments may be different for different Financial Intermediaries.

The prospect of receiving, or the receipt of, additional compensation, as described above, by Financial Intermediaries may provide such Financial Intermediaries and their financial advisors and other salespersons with an incentive to favor sales of shares of the portfolios over other investment options with respect to which these Financial Intermediaries do not receive additional compensation (or receives lower levels of additional compensation). These payment arrangements, however, will not change the price that an investor pays for shares of the

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portfolios or the amount that the portfolios receive to invest on behalf of an investor. Investors may wish to take such payment arrangements into account when considering and evaluating any recommendations relating to portfolio shares and should review carefully any disclosures provided by Financial Intermediaries as to their compensation. In addition, in certain circumstances, the Adviser restricts, limits or reduces the amount of a portfolio's investment, or restricts the type of governance or voting rights it acquires or exercises, where a portfolio (potentially together with Morgan Stanley) exceeds a certain ownership interest, or possesses certain degrees of voting or control or has other interests.

**Morgan Stanley Trading and Principal Investing Activities.** Notwithstanding anything to the contrary herein, Morgan Stanley will generally conduct its sales and trading businesses, publish research and analysis, and render investment advice without regard for a portfolio's holdings, although these activities could have an adverse impact on the value of one or more of the portfolio's investments, or could cause Morgan Stanley to have an interest in one or more portfolio investments that is different from, and potentially adverse to that of a portfolio. Furthermore, from time to time, the Adviser or its affiliates may invest "seed" capital in a portfolio, typically to enable the portfolio to commence investment operations and/or achieve sufficient scale. The Adviser and its affiliates may hedge such seed capital exposure by investing in derivatives or other instruments expected to produce offsetting exposure. Such hedging transactions, if any, would occur outside of a portfolio.

Morgan Stanley's sales and trading, financing and principal investing businesses (whether or not specifically identified as such, and including Morgan Stanley's trading and principal investing businesses) will not be required to offer any investment opportunities to a portfolio. These businesses may encompass, among other things, principal trading activities as well as principal investing.

Morgan Stanley's sales and trading, financing and principal investing businesses have acquired or invested in, and in the future may acquire or invest in, minority and/or majority control positions in equity or debt instruments of diverse public and/or private companies. Such activities may put Morgan Stanley in a position to exercise contractual, voting or creditor rights, or management or other control with respect to securities or loans of portfolio investments or other issuers, and in these instances Morgan Stanley may, in its discretion and subject to applicable law, act to protect its own interests or interests of clients, and not a portfolio's interests.

Subject to the limitations of applicable law, a portfolio may purchase from or sell assets to, or make investments in, companies in which Morgan Stanley has or may acquire an interest, including as an owner, creditor or counterparty.

**Morgan Stanley's Investment Banking and Other Commercial Activities.** Morgan Stanley advises clients on a variety of mergers, acquisitions, restructuring, bankruptcy and financing transactions. Morgan Stanley may act as an advisor to clients, including other investment funds that may compete with a portfolio and with respect to investments that a portfolio may hold. Morgan Stanley may give advice and take action with respect to any of its clients or proprietary accounts that may differ from the advice given, or may involve an action of a different timing or nature than the action taken, by a portfolio. Morgan Stanley may give advice and provide recommendations to persons competing with a portfolio and/or any of a portfolio's investments that are contrary to the portfolio's best interests and/or the best interests of any of its investments.

Morgan Stanley could be engaged in financial advising, whether on the buy-side or sell-side, or in financing or lending assignments that could result in Morgan Stanley's determining in its discretion or being required to act exclusively on behalf of one or more third parties, which could limit a portfolio's ability to transact with respect to one or more existing or potential investments. Morgan Stanley may have relationships with third-party funds, companies or investors who may have invested in or may look to invest in portfolio companies, and there could be conflicts between a portfolio's best interests, on the one hand, and the interests of a Morgan Stanley client or counterparty, on the other hand.

To the extent that Morgan Stanley advises creditor or debtor companies in the financial restructuring of companies either prior to or after filing for protection under Chapter 11 of the U.S. Bankruptcy Code or similar laws in other jurisdictions, the Adviser's flexibility in making investments in such restructurings on a portfolio's behalf may be limited.

Morgan Stanley could provide investment banking services to competitors of portfolio companies, as well as to private equity and/or private credit funds; such activities may present Morgan Stanley with a conflict of interest vis-a-vis a portfolio's investment and may also result in a conflict in respect of the allocation of investment banking resources to portfolio companies.

To the extent permitted by applicable law, Morgan Stanley may provide a broad range of financial services to companies in which a portfolio invests, including strategic and financial advisory services, interim acquisition financing and other lending and underwriting or placement of securities, and Morgan Stanley generally will be paid fees (that may include warrants or other securities) for such services. Morgan Stanley will not share any of the foregoing interest, fees and other compensation received by it (including, for the avoidance of doubt, amounts received by the Adviser) with a portfolio, and any advisory fees payable will not be reduced thereby.

Morgan Stanley may be engaged to act as a financial advisor to a company in connection with the sale of such company, or subsidiaries or divisions thereof, may represent potential buyers of businesses through its mergers and acquisition activities and may provide lending and other related financing services in connection with such transactions. Morgan Stanley's compensation for such activities is usually based

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upon realized consideration and is usually contingent, in substantial part, upon the closing of the transaction. Under these circumstances, a portfolio may be precluded from participating in a transaction with or relating to the company being sold or participating in any financing activity related to merger or acquisition.

The involvement or presence of Morgan Stanley in the investment banking and other commercial activities described above (or the financial markets more broadly) may restrict or otherwise limit investment opportunities that may otherwise be available to the portfolios. For example, issuers may hire and compensate Morgan Stanley to provide underwriting, financial advisory, placement agency, brokerage services or other services and, because of limitations imposed by applicable law and regulation, a portfolio may be prohibited from buying or selling securities issued by those issuers or participating in related transactions or otherwise limited in its ability to engage in such investments.

**Morgan Stanley's Marketing Activities.** Morgan Stanley is engaged in the business of underwriting, syndicating, brokering, administering, servicing, arranging and advising on the distribution of a wide variety of securities and other investments in which a portfolio may invest. Subject to the restrictions of the 1940 Act, including Sections 10(f) and 17(e) thereof, a portfolio may invest in transactions in which Morgan Stanley acts as underwriter, placement agent, syndicator, broker, administrative agent, servicer, advisor, arranger or structuring agent and receives fees or other compensation from the sponsors of such products or securities. Any fees earned by Morgan Stanley in such capacity will not be shared with the Adviser or the portfolios. Certain conflicts of interest, in addition to the receipt of fees or other compensation, would be inherent in these transactions. Moreover, the interests of one of Morgan Stanley's clients with respect to an issuer of securities in which a portfolio has an investment may be adverse to the Adviser's or a portfolio's best interests. In conducting the foregoing activities, Morgan Stanley will be acting for its other clients and will have no obligation to act in the Adviser's or a portfolio's best interests.

**Client Relationships.** Morgan Stanley has existing and potential relationships with a significant number of corporations, institutions and individuals. In providing services to its clients, Morgan Stanley may face conflicts of interest with respect to activities recommended to or performed for such clients, on the one hand, and a portfolio, its shareholders or the entities in which the portfolio invests, on the other hand. In addition, these client relationships may present conflicts of interest in determining whether to offer certain investment opportunities to a portfolio.

In acting as principal or in providing advisory and other services to its other clients, Morgan Stanley may engage in or recommend activities with respect to a particular matter that conflict with or are different from activities engaged in or recommended by the Adviser on a portfolio's behalf.

**Principal Investments.** To the extent permitted by applicable law, there may be situations in which a portfolios' interests may conflict with the interests of one or more general accounts of Morgan Stanley and its affiliates or accounts managed by Morgan Stanley or its affiliates. This may occur because these accounts hold public and private debt and equity securities of many issuers which may be or become portfolio companies, or from whom portfolio companies may be acquired.

**Transactions with Portfolio Companies of Affiliated Investment Accounts.** The companies in which a portfolio may invest may be counterparties to or participants in agreements, transactions or other arrangements with portfolio companies or other entities of portfolio investments of Affiliated Investment Accounts (for example, a company in which a portfolio invests may retain a company in which an Affiliated Investment Account invests to provide services or may acquire an asset from such company or vice versa). Certain of these agreements, transactions and arrangements involve fees, servicing payments, rebates and/or other benefits to Morgan Stanley or its affiliates. For example, portfolio entities may, including at the encouragement of Morgan Stanley, enter into agreements regarding group procurement and/or vendor discounts. Morgan Stanley and its affiliates may also participate in these agreements and may realize better pricing or discounts as a result of the participation of portfolio entities. To the extent permitted by applicable law, certain of these agreements may provide for commissions or similar payments and/or discounts or rebates to be paid to a portfolio entity of an Affiliated Investment Account, and such payments or discounts or rebates may also be made directly to Morgan Stanley or its affiliates. Under these arrangements, a particular portfolio company or other entity may benefit to a greater degree than the other participants, and the Morgan Stanley Funds, investment vehicles and accounts (which may or may not include a portfolio) that own an interest in such entity will receive a greater relative benefit from the arrangements than the Morgan Stanley Funds, investment vehicles or accounts that do not own an interest therein. Fees and compensation received by portfolio companies of Affiliated Investment Accounts in relation to the foregoing will not be shared with a portfolio or offset advisory fees payable.

**Investments in Portfolio Investments of Other Funds**. To the extent permitted by applicable law, when a portfolio invests in certain companies or other entities, other funds affiliated with the Adviser may have made or may be making an investment in such companies or other entities. Other funds that have been or may be managed by the Adviser may invest in the companies or other entities in which a portfolio has made an investment. Under such circumstances, a portfolio and such other funds may have conflicts of interest (e.g., over the terms, exit strategies and related matters, including the exercise of remedies of their respective investments). If the interests held by a portfolio are different from (or take priority over) those held by such other funds, the Adviser may be required to make a selection at the time of conflicts between the interests held by such other funds and the interests held by a portfolio.

**Allocation of Expenses.** Expenses may be incurred that are attributable to a portfolio and one or more other Affiliated Investment Accounts (including in connection with issuers in which a portfolio and such other Affiliated Investment Accounts have overlapping

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investments). The allocation of such expenses among such entities raises potential conflicts of interest. The Adviser and its affiliates intend to allocate such common expenses among a portfolio and any such other Affiliated Investment Accounts on a pro rata basis or in such other manner as the Adviser deems to be fair and equitable or in such other manner as may be required by applicable law.

**Temporary Investments.** To more efficiently invest short-term cash balances held by a portfolio, the Adviser may invest such balances on an overnight "sweep" basis in shares of one or more money market funds or other short-term vehicles. It is anticipated that the investment adviser to these money market funds or other short-term vehicles may be the Adviser (or an affiliate) to the extent permitted by applicable law, including Rule 12d1-1 under the 1940 Act. In such a case, the affiliated investment adviser may receive asset-based fees in respect of a portfolio's investment (which will reduce the net return realized by a portfolio).

**Transactions with Affiliates.** The Adviser and any investment sub-adviser might purchase securities from underwriters or placement agents in which a Morgan Stanley affiliate is a member of a syndicate or selling group, as a result of which an affiliate might benefit from the purchase through receipt of a fee or otherwise. Neither the Adviser nor any investment sub-adviser will purchase securities on behalf of a portfolio from an affiliate that is acting as a manager of a syndicate or selling group. Purchases by the Adviser on behalf of a portfolio from an affiliate acting as a placement agent must meet the requirements of applicable law. Furthermore, Morgan Stanley may face conflicts of interest when the portfolios use service providers affiliated with Morgan Stanley because Morgan Stanley receives greater overall fees when they are used.

**General Process for Potential Conflicts.** All of the transactions described above involve the potential for conflicts of interest between the Adviser, related persons of the Adviser and/or their clients. The Advisers Act, the 1940 Act and ERISA impose certain requirements designed to decrease the possibility of conflicts of interest between an investment adviser and its clients. In some cases, transactions may be permitted subject to fulfillment of certain conditions. Certain other transactions may be prohibited. In addition, the Adviser has instituted policies and procedures designed to prevent conflicts of interest from arising and, when they do arise, to ensure that it effects transactions for clients in a manner that is consistent with its fiduciary duty to its clients and in accordance with applicable law. The Adviser seeks to ensure that potential or actual conflicts of interest are appropriately resolved taking into consideration the overriding best interests of the client.

**Compensation**

**Portfolio Manager Compensation Structure**

Morgan Stanley's compensation structure is based on a total reward system of base salary and incentive compensation, which is paid either in the form of cash bonus, or for employees meeting the specified deferred compensation eligibility threshold, partially as a cash bonus and partially as mandatory deferred compensation. Deferred compensation granted to Investment Management employees are generally granted as a mix of deferred cash awards under the Investment Management Alignment Plan (IMAP) and equity-based awards in the form of stock units. The portion of incentive compensation granted in the form of a deferred compensation award and the terms of such awards are determined annually by the Compensation, Management Development and Succession Committee of the Morgan Stanley Board of Directors.

*<u>Base salary compensation</u>.* Generally, portfolio managers receive base salary compensation based on the level of their position with the Adviser.

*<u>Incentive compensation</u>.* In addition to base compensation, portfolio managers may receive discretionary year-end compensation.

Incentive compensation may include:

• Cash Bonus.

• Deferred Compensation:

• A mandatory program that defers a portion of incentive compensation into restricted stock units or other awards based on Morgan Stanley common stock or other plans that are subject to vesting and other conditions.

• IMAP is a cash-based deferred compensation plan designed to increase the alignment of participants' interests with the interests of the Advisor's clients. For eligible employees, a portion of their deferred compensation is mandatorily deferred into IMAP on an annual basis. Awards granted under IMAP are notionally invested in referenced funds available pursuant to the plan, which are funds advised by Investment Management. Portfolio managers are required to notionally invest a minimum of 40% of their account balance in the designated funds that they manage and are included in the IMAP notional investment fund menu.

• Deferred compensation awards are typically subject to vesting over a multi-year period and are subject to cancellation through the payment date for competition, cause (i.e., any act or omission that constitutes a breach of obligation to the Company, including failure to comply with internal compliance, ethics or risk management standards, and failure or refusal to perform duties satisfactorily, including supervisory and management duties), disclosure of proprietary information, and solicitation of employees or clients. Awards are also subject to clawback through the payment date if an employee's act or omission (including with respect to direct supervisory responsibilities) causes a restatement of the Firm's consolidated financial results, constitutes a violation of the Firm's global risk management principles, policies and standards, or causes a loss of revenue associated with a position on which the employee was paid and the employee operated outside of internal control policies.

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Investment Management compensates employees based on principles of pay-for-performance, market competitiveness and risk management. Eligibility for, and the amount of any, discretionary compensation is subject to a multi-dimensional process. Specifically, consideration is given to one or more of the following factors, which can vary by portfolio management team and circumstances:

• Revenue and profitability of the business and/or each fund/accounts managed by the portfolio manager

• Revenue and profitability of the Firm

• Return on equity and risk factors of both the business units and Morgan Stanley

• Assets managed by the portfolio manager

• External market conditions

• New business development and business sustainability

• Contribution to client objectives

• Individual contribution and performance

Further, the Firm's Global Incentive Compensation Discretion Policy requires compensation managers to consider only legitimate, business related factors when exercising discretion in determining variable incentive compensation, including adherence to Morgan Stanley's core values, conduct, disciplinary actions in the current performance year, risk management and risk outcomes.

**Other Accounts Managed by the Portfolio Managers**

Because the portfolio managers may manage assets for other investment companies, pooled investment vehicles and/or other accounts (including institutional clients, pension plans and certain high net worth individuals), there may be an incentive to favor one client over another resulting in conflicts of interest. For instance, the Adviser and/or Sub- Advisers may receive fees from certain accounts that are higher than the fee it receives from the portfolio, or it may receive a performance-based fee on certain accounts. In those instances, the portfolio managers may have an incentive to favor the higher and/or performance-based fee accounts over the portfolio. In addition, a conflict of interest could exist to the extent the Adviser and/or Sub-Advisers have proprietary investments in certain accounts, where portfolio managers have personal investments in certain accounts or when certain accounts are investment options in the Adviser's and/or Sub-Advisers' employee benefits and/or deferred compensation plans. The portfolio manager may have an incentive to favor these accounts over others. If the Adviser and/or Sub-Advisers manage accounts that engage in short sales of securities of the type in which the portfolio invests, the Adviser and/or Sub-Advisers could be seen as harming the performance of the portfolio for the benefit of the accounts engaging in short sales if the short sales cause the market value of the securities to fall. The Adviser and/or Sub-Advisers have adopted trade allocation and other policies and procedures that they believe are reasonably designed to address these and other conflicts of interest.

**Ownership of Securities**

As of December 31, 2022, the portfolio manager(s) did not beneficially own any shares of the portfolio(s).

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***Pacific Investment Management Company LLC ("PIMCO")***

**Transamerica PIMCO Tactical – Balanced VP** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Michael Cudzil | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Mohit Mittal | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Graham A. Rennison | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Paul-James ("PJ") White | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Michael Cudzil | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Mohit Mittal | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Graham A. Rennison | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Paul-James ("PJ") White | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

**Transamerica PIMCO Tactical – Conservative VP** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Michael Cudzil | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Mohit Mittal | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Graham A. Rennison | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Paul-James ("PJ") White | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Michael Cudzil | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Mohit Mittal | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Graham A. Rennison | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Paul-James ("PJ") White | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

**Transamerica PIMCO Tactical – Growth VP** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>|
| Michael Cudzil | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Mohit Mittal | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Graham A. Rennison | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Paul-James ("PJ") White | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Michael Cudzil | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Mohit Mittal | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Graham A. Rennison | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Paul-James ("PJ") White | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

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**Conflict of Interest**

From time to time, potential and actual conflicts of interest may arise between a portfolio manager's management of the investments of a portfolio, on the one hand, and the management of other accounts, on the other. Potential and actual conflicts of interest may also arise as a result of PIMCO's other business activities and PIMCO's possession of material non-public information ("MNPI") about an issuer. Other accounts managed by a portfolio manager might have similar investment objectives or strategies as the portfolios, track the same index a portfolio tracks or otherwise hold, purchase, or sell securities that are eligible to be held, purchased or sold by the portfolios. The other accounts might also have different investment objectives or strategies than the portfolios. Potential and actual conflicts of interest may also arise as a result of PIMCO serving as investment adviser to accounts that invest in the portfolios. In this case, such conflicts of interest could in theory give rise to incentives for PIMCO to, among other things, vote proxies or redeem shares of a portfolio in a manner beneficial to the

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investing account but detrimental to the portfolio. Conversely, PIMCO's duties to the portfolios, as well as regulatory or other limitations applicable to the portfolios, may affect the courses of action available to PIMCO-advised accounts (including certain portfolios) that invest in the portfolios in a manner that is detrimental to such investing accounts.

Because PIMCO is affiliated with Allianz SE, a large multi-national financial institution (together with its affiliates, "Allianz"), conflicts similar to those described below may occur between the portfolios or other accounts managed by PIMCO and PIMCO's affiliates or accounts managed by those affiliates. Those affiliates (or their clients), which generally operate autonomously from PIMCO, may take actions that are adverse to the portfolios or other accounts managed by PIMCO. In many cases, PIMCO will not be in a position to mitigate those actions or address those conflicts, which could adversely affect the performance of the portfolios or other accounts managed by PIMCO (each, a "Client," and collectively, the "Clients"). In addition, because certain Clients (as defined below) are affiliates of PIMCO or have investors who are affiliates or employees of PIMCO, PIMCO may have incentives to resolve conflicts of interest in favor of these Clients over other Clients.

***Knowledge and Timing of Portfolio Trades***. A potential conflict of interest may arise as a result of a portfolio manager's day-to-day management of a portfolio. Because of their positions with the portfolios, the portfolio managers know the size, timing and possible market impact of a portfolio's trades. It is theoretically possible that the portfolio managers could use this information to the advantage of other accounts they manage and to the possible detriment of a portfolio.

***Investment Opportunities.*** A potential conflict of interest may arise as a result of a portfolio manager's management of a number of accounts with varying investment guidelines. Often, an investment opportunity may be suitable for one or more Clients, but may not be available in sufficient quantities for all accounts to participate fully. Similarly, there may be limited opportunity to sell an investment held by a portfolio and another Client. PIMCO has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time.

PIMCO seeks to allocate orders across eligible Client accounts with similar investment guidelines and investment styles fairly and equitably, taking into consideration relevant factors including, among others, applicable investment restrictions and guidelines, regulatory requirements, risk tolerances and available cash. As part of PIMCO's trade allocation process, portions of new fixed-income investment opportunities are distributed among Client account categories where the relevant portfolio managers seek to participate in the investment. Those portions are then further allocated among the Client accounts within such categories pursuant to PIMCO's trade allocation policy. Portfolio managers managing quantitative strategies and specialized accounts, such as those focused on international securities, mortgage-backed securities, bank loans, or other specialized asset classes, will likely receive an increased distribution of new fixed-income investment opportunities where the investment involves a quantitative strategy or specialized asset class that matches the investment objective or focus of the Client account category.

Any particular allocation decision among Client accounts may be more or less advantageous to any one Client or group of Clients, and certain allocations will, to the extent consistent with PIMCO's fiduciary obligations, deviate from a pro rata basis among Clients in order to address for example, differences in legal, tax, regulatory, risk management, concentration, exposure, Client guideline limitations and/or mandate or strategy considerations for the relevant Clients. PIMCO may determine that an investment opportunity or particular purchases or sales are appropriate for one or more Clients, but not appropriate for other Clients, or are appropriate or suitable for, or available to, Clients but in different sizes, terms, or timing than is appropriate or suitable for other Clients. For example, some Clients have higher risk tolerances than other Clients, such as private funds, which, in turn, allows PIMCO to allocate a wider variety and/or greater percentage of certain types of investments (which may or may not outperform other types of investments) to such Clients. Those Clients receiving an increased allocation as a result of the effect of their respective risk tolerance may be Clients that pay higher investment management fees or that pay incentive fees. In addition, certain Client account categories focusing on certain types of investments or asset classes will be given priority in new issue distribution and allocation with respect to the investments or asset classes that are the focus of their investment mandate. Legal, contractual, or regulatory issues and/or related expenses applicable to PIMCO or one or more Clients may result in certain Clients not receiving securities that may otherwise be appropriate for them or may result in PIMCO selling securities out of Client accounts even if it might otherwise be beneficial to continue to hold them. Additional factors that are taken into account in the distribution and allocation of investment opportunities to Client accounts include, without limitation: ability to utilize leverage and risk tolerance of the Client account; the amount of discretion and trade authority given to PIMCO by the Client; availability of other similar investment opportunities; the Client account's investment horizon and objectives; hedging, cash and liquidity needs of the portfolio; minimum increments and lot sizes; and underlying benchmark factors. Given all of the foregoing factors, the amount, timing, structuring, or terms of an investment by a Client, including a portfolio, may differ from, and performance may be lower than, investments and performance of other Clients, including those that may provide greater fees or other compensation (including performance-based fees or allocations) to PIMCO. PIMCO has also adopted additional procedures to complement the general trade allocation policy that are designed to address potential conflicts of interest due to the side-by-side management of the portfolios and certain pooled investment vehicles, including investment opportunity allocation issues.

From time to time, PIMCO may take an investment position or action for one or more Clients that may be different from, or inconsistent with, an action or position taken for one or more other Clients having similar or differing investment objectives. These positions and actions may adversely impact, or in some instances may benefit, one or more affected Clients (including Clients that are PIMCO affiliates) in which PIMCO has an interest, or which pays PIMCO higher fees or a performance fee. For example, a Client may buy a security and another Client

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may establish a short position in that same security. The subsequent short sale may result in a decrease in the price of the security that the other Client holds. Similarly, transactions or investments by one or more Clients may have the effect of diluting or otherwise disadvantaging the values, prices or investment strategies of another Client.

When PIMCO implements for one Client a portfolio decision or strategy ahead of, or contemporaneously with, similar portfolio decisions or strategies of another Client, market impact, liquidity constraints or other factors could result in one or more Clients receiving less favorable trading results, the costs of implementing such portfolio decisions or strategies could be increased or such Clients could otherwise be disadvantaged. On the other hand, potential conflicts may also arise because portfolio decisions regarding a Client may benefit other Clients. For example, the sale of a long position or establishment of a short position for a Client may decrease the price of the same security sold short by (and therefore benefit) other Clients, and the purchase of a security or covering of a short position in a security for a Client may increase the price of the same security held by (and therefore benefit) other Clients.

Under certain circumstances, a Client may invest in a transaction in which one or more other Clients are expected to participate, or already have made or will seek to make, an investment. In addition, to the extent permitted by applicable law, a Client may also engage in investment transactions that may result in other Clients being relieved of obligations, or that may cause other Clients to divest certain investments (e.g., a Client may make a loan to, or directly or indirectly acquire securities or indebtedness of, a company that uses the proceeds to refinance or reorganize its capital structure, which could result in repayment of debt held by another Client). Such Clients (or groups of Clients) may have conflicting interests and objectives in connection with such investments, including with respect to views on the operations or activities of the issuer involved, the targeted returns from the investment and the timeframe for, and method of, exiting the investment. When making such investments, PIMCO may do so in a way that favors one Client over another Client, even if both Clients are investing in the same security at the same time. Certain Clients may invest on a "parallel" basis (i.e., proportionately in all transactions at substantially the same time and on substantially the same terms and conditions). In addition, other accounts may expect to invest in many of the same types of investments as another account. However, there may be investments in which one or more of such accounts does not invest (or invests on different terms or on a non-pro rata basis) due to factors such as legal, tax, regulatory, business, contractual or other similar considerations or due to the provisions of a Client's governing documents. Decisions as to the allocation of investment opportunities among such Clients present numerous conflicts of interest, which may not be resolved in a manner that is favorable to a Client's interests. To the extent an investment is not allocated pro rata among such entities, a Client could incur a disproportionate amount of income or loss related to such investment relative to such other Client.

In addition, Clients may invest alongside one another in the same underlying investments or otherwise pursuant to a substantially similar investment strategy as one or more other Clients. In such cases, certain Clients may have preferential liquidity and information rights relative to other Clients holding the same investments, with the result that such Clients will be able to withdraw/redeem their interests in underlying investments in priority to Clients who may have more limited access to information or more restrictive withdrawal/redemption rights. Clients with more limited information rights or more restrictive liquidity may therefore be adversely affected in the event of a downturn in the markets.

Further, potential conflicts may be inherent in PIMCO's use of multiple strategies. For example, conflicts will arise in cases where different Clients invest in different parts of an issuer's capital structure, including circumstances in which one or more Clients may own private securities or obligations of an issuer and other Clients may own or seek to acquire private securities of the same issuer. For example, a Client may acquire a loan, loan participation or a loan assignment of a particular borrower in which one or more other Clients have an equity investment, or may invest in senior debt obligations of an issuer for one Client and junior debt obligations or equity of the same issuer for another Client.

PIMCO may also, for example, direct a Client to invest in a tranche of a structured finance vehicle, such as a CLO or CDO, where PIMCO is also, at the same or different time, directing another Client to make investments in a different tranche of the same vehicle, which tranche's interests may be adverse to other tranches. PIMCO may also cause a Client to purchase from, or sell assets to, an entity, such as a structured finance vehicle, in which other Clients may have an interest, potentially in a manner that will have an adverse effect on the other Clients. There may also be conflicts where, for example, a Client holds certain debt or equity securities of an issuer, and that same issuer has issued other debt, equity or other instruments that are owned by other Clients or by an entity, such as a structured finance vehicle, in which other Clients have an interest.

In each of the situations described above, PIMCO may take actions with respect to the assets held by one Client that are adverse to the other Clients, for example, by foreclosing on loans, by putting an issuer into default, or by exercising rights to purchase or sell to an issuer, causing an issuer to take actions adverse to certain classes of securities, or otherwise. In negotiating the terms and conditions of any such investments, or any subsequent amendments or waivers or taking any other actions, PIMCO may find that the interests of a Client and the interests of one or more other Clients could conflict. In these situations, decisions over items such as whether to make the investment or take an action, proxy voting, corporate reorganization, how to exit an investment, or bankruptcy or similar matters (including, for example, whether to trigger an event of default or the terms of any workout) may result in conflicts of interest. Similarly, if an issuer in which a Client and one or more other Clients directly or indirectly hold different classes of securities (or other assets, instruments or obligations issued by such issuer or underlying investments of such issuer) encounters financial problems, decisions over the terms of any workout will raise conflicts of interests (including, for example, conflicts over proposed waivers and amendments to debt covenants). For example, a debt holder may be better served by a liquidation of the issuer in which it may be paid in full, whereas an equity or junior bond holder might prefer a reorganization that holds the

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potential to create value for the equity holders. In some cases PIMCO may refrain from taking certain actions or making certain investments on behalf of Clients in order to avoid or mitigate certain conflicts of interest or to prevent adverse regulatory or other effects on PIMCO, or may sell investments for certain Clients (in each case potentially disadvantaging the Clients on whose behalf the actions are not taken, investments not made, or investments sold). In other cases, PIMCO may not refrain from taking actions or making investments on behalf of certain Clients that have the potential to disadvantage other Clients. In addition, PIMCO may take actions or refrain from taking actions in order to mitigate legal risks to PIMCO or its affiliates or its Clients even if disadvantageous to a Client's account. Moreover, a Client may invest in a transaction in which one or more other Clients are expected to participate, or already have made or will seek to make, an investment.

Additionally, certain conflicts may exist with respect to portfolio managers who make investment decisions on behalf of several different types of Clients. Such portfolio managers may have an incentive to allocate trades, time or resources to certain Clients, including those Clients who pay higher investment management fees or that pay incentive fees or allocations, over other Clients. These conflicts may be heightened with respect to portfolio managers who are eligible to receive a performance allocation under certain circumstances as part of their compensation.

From time to time, PIMCO personnel may come into possession of MNPI which, if disclosed, might affect an investor's decision to buy, sell or hold a security. Should a PIMCO employee come into possession of MNPI with respect to an issuer, he or she generally will be prohibited from communicating such information to, or using such information for the benefit of, Clients, which could limit the ability of Clients to buy, sell or hold certain investments, thereby limiting the investment opportunities or exit strategies available to Clients. In addition, holdings in the securities or other instruments of an issuer by PIMCO or its affiliates may affect the ability of a Client to make certain acquisitions of or enter into certain transactions with such issuer. PIMCO has no obligation or responsibility to disclose such information to, or use such information for the benefit of, any person (including Clients).

PIMCO maintains one or more restricted lists of companies whose securities are subject to certain trading prohibitions due to PIMCO's business activities. PIMCO may restrict trading in an issuer's securities if the issuer is on a restricted list or if PIMCO has MNPI about that issuer. In some situations, PIMCO may restrict Clients from trading in a particular issuer's securities in order to allow PIMCO to receive MNPI on behalf of other Clients. A Client may be unable to buy or sell certain securities until the restriction is lifted, which could disadvantage the Client. PIMCO may also be restricted from making (or divesting of) investments in respect of some Clients but not others. In some cases PIMCO may not initiate or recommend certain types of transactions, or may otherwise restrict or limit its advice relating to certain securities if a security is restricted due to MNPI or if PIMCO is seeking to limit receipt of MNPI.

PIMCO may conduct litigation or engage in other legal actions on behalf of one or more Clients. In such cases, Clients may be required to bear certain fees, costs, expenses and liabilities associated with the litigation. Other Clients that are or were investors in, or otherwise involved with, the subject investments may or may not (depending on the circumstances) be parties to such litigation actions, with the result that certain Clients may participate in litigation actions in which not all Clients with similar investments may participate, and such non-participating Clients may benefit from the results of such litigation actions without bearing or otherwise being subject to the associated fees, costs, expenses and liabilities. PIMCO, for example, typically does not pursue legal claims on behalf of its separate accounts. Furthermore, in certain situations, litigation or other legal actions pursued by PIMCO on behalf of a Client may be brought against or be otherwise adverse to a portfolio company or other investment held by a Client.

The foregoing is not a complete list of conflicts to which PIMCO or Clients may be subject. PIMCO seeks to review conflicts on a case-by-case basis as they arise. Any review will take into consideration the interests of the relevant Clients, the circumstances giving rise to the conflict, applicable PIMCO policies and procedures, and applicable laws. Clients (and investors in funds) should be aware that conflicts will not necessarily be resolved in favor of their interests and may in fact be resolved in a manner adverse to their interests. PIMCO will attempt to resolve such matters fairly, but even so, matters may be resolved in favor of other Clients which pay PIMCO higher fees or performance fees or in which PIMCO or its affiliates have a significant proprietary interest. There can be no assurance that any actual or potential conflicts of interest will not result in a particular Client or group of Clients receiving less favorable investment terms in or returns from certain investments than if such conflicts of interest did not exist.

Conflicts like those described above may also occur between Clients, on the one hand, and PIMCO or its affiliates, on the other. These conflicts will not always be resolved in favor of the Client. In addition, because PIMCO is affiliated with Allianz, a large multi-national financial institution, conflicts similar to those described above may occur between clients of PIMCO and PIMCO's affiliates or accounts managed by those affiliates. Those affiliates (or their clients), which generally operate autonomously from PIMCO, may take actions that are adverse to PIMCO's Clients. In many cases PIMCO will have limited or no ability to mitigate those actions or address those conflicts, which could adversely affect Client performance. In addition, certain regulatory restrictions may prohibit PIMCO from using certain brokers or investing in certain companies (even if such companies are not affiliated with Allianz) because of the applicability of certain laws and regulations applicable to PIMCO, Allianz SE or their affiliates. An account's willingness to negotiate terms or take actions with respect to an investment may also be, directly or indirectly, constrained or otherwise impacted to the extent Allianz SE, PIMCO, and/or their affiliates, directors, partners, managers, members, officers or personnel are also invested therein or otherwise have a connection to the subject investment (e.g., serving as a trustee or board member thereof).

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***Performance Fees.*** A portfolio manager may advise certain accounts with respect to which the advisory fee is based entirely or partially on performance. Performance fee arrangements may create a conflict of interest for the portfolio manager in that the portfolio manager may have an incentive to allocate the investment opportunities that he or she believes might be the most profitable to such other accounts instead of allocating them to a portfolio. PIMCO has adopted policies and procedures reasonably designed to allocate investment opportunities between the portfolios and such other accounts on a fair and equitable basis over time.

PIMCO has implemented policies and procedures relating to, among other things, portfolio management and trading practices, personal investment transactions, insider trading, gifts and entertainment, and political contributions that seek to identify, manage and/or mitigate actual or potential conflicts of interest and resolve such conflicts appropriately if they occur. PIMCO seeks to resolve any actual or potential conflicts in each client's best interest. For more information regarding PIMCO's actual or potential conflicts of interest, please refer to Item 10 and Item 11 in PIMCO's Form ADV, Part 2A, attached as Exhibit B.

**Portfolio Manager Compensation**

PIMCO's approach to compensation seeks to provide professionals with a Total Compensation Plan and process that is driven by PIMCO's mission and values. Key Principles on Compensation Philosophy include:

• PIMCO's pay practices are designed to attract and retain high performers;

• PIMCO's pay philosophy embraces a corporate culture of rewarding strong performance, a strong work ethic, and meritocracy;

• PIMCO's goal is to ensure key professionals are aligned to PIMCO's long-term success through equity participation; and

• PIMCO's "Discern and Differentiate" discipline guides total compensation levels.

The Total Compensation Plan consists of three components. The compensation program for portfolio managers is designed to align with clients' interests, emphasizing each portfolio manager's ability to generate long-term investment success for PIMCO's clients. A portfolio manager's compensation is not based solely on the performance of any fund or any other account managed by that portfolio manager:

*Base Salary* – Base salary is determined based on core job responsibilities, positions/levels and market factors. Base salary levels are reviewed annually, when there is a significant change in job responsibilities or position, or a significant change in market levels.

*Performance Bonus* – Performance bonuses are designed to reward risk-adjusted performance and contributions to PIMCO's broader investment process. The compensation process is not formulaic and the following non-exhaustive list of qualitative and quantitative criteria are considered when determining the total compensation for portfolio managers:

• Performance measured over a variety of longer- and shorter-term periods, including 5-year, 4-year, 3-year, 2-year and 1-year dollar-weighted and account-weighted, pre-tax total and risk-adjusted investment performance as judged against the applicable benchmarks (which may include internal investment performance-related benchmarks) for each account managed by a portfolio manager (including the portfolios) and relative to applicable industry peer groups; greatest emphasis is placed on 5-year and 3-year performance, followed by 1-year performance;

• Consistency of investment performance across portfolios of similar mandate and guidelines, rewarding low dispersion and consistency of outperformance;

• Appropriate risk positioning and risk management mindset which includes consistency with PIMCO's investment philosophy, the Investment Committee's positioning guidance, absence of defaults, and appropriate alignment with client objectives;

• Contributions to mentoring, coaching and/or supervising members of team;

• Collaboration, idea generation, and contribution of investment ideas in the context of PIMCO's investment process, Investment Committee meetings, and day-to-day management of portfolios;

• With much lesser importance than the aforementioned factors: amount and nature of assets managed by the portfolio manager, contributions to asset retention, and client satisfaction.

PIMCO's partnership culture further rewards strong long term risk adjusted returns with promotion decisions almost entirely tied to long term contributions to the investment process. 10-year performance can also be considered, though not explicitly as part of the compensation process.

*Deferred Compensation* – The Long Term Incentive Plan ("LTIP") is awarded to key professionals. Employees who reach a total compensation threshold are delivered their annual compensation in a mix of cash and/or deferred compensation. PIMCO incorporates a progressive allocation of deferred compensation as a percentage of total compensation, which is in line with market practices.

• The LTIP provides participants with deferred cash awards that appreciate or depreciate based on PIMCO's operating earnings over a rolling three-year period. The plan provides a link between longer term company performance and participant pay, further motivating participants to make a long term commitment to PIMCO's success.

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Eligibility to participate in LTIP is contingent upon continued employment at PIMCO and all other applicable eligibility requirements.

**Profit Sharing Plan.** Portfolio managers who are Managing Directors of PIMCO receive compensation from a non-qualified profit sharing plan consisting of a portion of PIMCO's net profits. Portfolio managers who are Managing Directors receive an amount determined by the Compensation Committee, based upon an individual's overall contribution to the firm.

**Ownership of Securities**

As of December 31, 2022, the portfolio manager(s) did not beneficially own any shares of the portfolio(s).

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***PGIM Quantitative Solutions LLC ("PQS")***

**Transamerica Market Participation Strategy VP** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number\*** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number\*** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number\*** | &nbsp;&nbsp; **Assets**<br> **Managed** <br>|
| Joel Kallman, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Devang Gambhirwala | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Marcus Perl | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Joel Kallman, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Devang Gambhirwala | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Marcus Perl | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |

---

\*

Accounts are managed on a team basis. If a portfolio manager is a member of a team, any account managed by that team is included in the number of accounts and total assets for such portfolio manager (even if such portfolio manager is not primarily involved in the day-to-day management of the account).

"PQS Other Pooled Investment Vehicles" includes commingled insurance company separate accounts, commingled trust funds and other commingled investment vehicles. " PQS Other Accounts" includes single client accounts, managed accounts (which are counted as one account per managed account platform), asset allocation clients, and accounts of affiliates.

**Conflict of Interest**

Like other investment advisers, PQS is subject to various conflicts of interest in the ordinary course of its business. PQS strives to identify potential risks, including conflicts of interest, that are inherent in its business, and conducts annual conflict of interest reviews. When actual or potential conflicts of interest are identified, PQS seeks to address such conflicts through one or more of the following methods:

• Elimination of the conflict;

• Disclosure of the conflict; or

• Management of the conflict through the adoption of appropriate policies and procedures.

PQS follows Prudential Financial's policies on business ethics, personal securities trading, and information barriers. PQS has adopted a code of ethics, allocation policies and conflicts of interest policies, among others, and has adopted supervisory procedures to monitor compliance with its policies. PQS cannot guarantee, however, that its policies and procedures will detect and prevent, or result in the disclosure of, each and every situation in which a conflict may arise.

Side-by-Side Management of Accounts and Related Conflicts of Interest

Side-by-side management of multiple accounts can create incentives for PQS to favor one account over another. Examples are detailed below, followed by a discussion of how PQS addresses these conflicts.

**Asset-Based Fees vs. Performance-Based Fees; Other Fee Considerations.** PQS manages accounts with asset-based fees alongside accounts with performance-based fees. Asset-based fees are calculated based on the value of a client's portfolio at periodic measurement dates or over specified periods of time. Performance-based fees are generally based on a share of the total return of a portfolio, and may offer greater upside potential to PQS than asset-based fees, depending on how the fees are structured. This side-by-side management can create an incentive for PQS to favor one account over another. Specifically, PQS could have the incentive to favor accounts for which it receives performance fees, and possibly take greater investment risks in those accounts, in order to bolster performance and increase its fees. In addition, since fees are negotiable, one client may be paying a higher fee than another client with similar investment objectives or goals. In negotiating fees, PQS takes into account a number of factors including, but not limited to, the investment strategy, the size of a portfolio being managed, the relationship with the client, and the required level of service. Fees may also differ based on account type. For example, fees for commingled vehicles, including those that PQS subadvises, may differ from fees charged for single client accounts.

**Long Only/Long-Short Accounts**. PQS manages accounts that only allow it to hold securities long as well as accounts that permit short selling. PQS may, therefore, sell a security short in some client accounts while holding the same security long in other client accounts, creating the possibility that PQS is taking inconsistent positions with respect to a particular security in different client accounts.

**Compensation/Benefit Plan Accounts/Other Investments by Investment Professionals**. PQS manages certain funds and strategies whose performance is considered in determining long-term incentive plan benefits for certain investment professionals. Investment

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professionals involved in the management of those accounts in these strategies have an incentive to favor them over other accounts they manage in order to increase their compensation. Additionally, PQS's investment professionals may have an interest in funds in those strategies if the funds are chosen as options in their 401(k) or deferred compensation plans offered by Prudential or if they otherwise invest in those funds directly.

**Affiliated Accounts**. PQS manages accounts on behalf of its affiliates as well as unaffiliated accounts. PQS could have an incentive to favor accounts of affiliates over others.

**Non-Discretionary Accounts or Model Portfolios**. PQS provides non-discretionary model portfolios to some clients and manages other portfolios on a discretionary basis. When PQS manages accounts on a non-discretionary basis, the investment team will typically deliver a model portfolio to a non-discretionary client at or around the same time as executing discretionary trades in the same strategy. The non-discretionary clients may be disadvantaged if PQS delivers the model investment portfolio to them after it initiates trading for the discretionary clients, or vice versa.

**Large Accounts/Higher Fee Strategies**. Large accounts typically generate more revenue than do smaller accounts and certain strategies have higher fees than others. As a result, a portfolio manager has an incentive when allocating investment opportunities to favor accounts that pay a higher fee or generate more income for PQS.

**Securities of the Same Kind or Class**. PQS sometimes buys or sells, or directs or recommends that a client buy or sell, securities of the same kind or class that are purchased or sold for another client, at prices that may be different. Although such pricing differences could appear as preferences for one client over another, PQS's trade execution in each case is driven by its consideration of a variety of factors as we seek the most advantageous terms reasonably attainable in the circumstances. PQS may also, at any time, execute trades of securities of the same kind or class in one direction for an account and in the opposite direction for another account, or not trade in any other account. Opposite way trades are generally due to differences in investment strategy, portfolio composition, or client direction.

**How PQS Addresses These Conflicts of Interest**

The conflicts of interest described above with respect to different types of side-by-side management could influence PQS's allocation of investment opportunities as well as its timing, aggregation and allocation of trades. PQS has developed policies and procedures designed to address these conflicts of interest. PQS's Conflicts of Interest and related policies stress that investment decisions are to be made in accordance with the fiduciary duties owed to each account without giving consideration to PQS or PQS personnel's pecuniary, investment or other financial interest.

In keeping with its fiduciary obligations, PQS's policies with respect to allocation and aggregation are to treat all of its accounts fairly and equitably over time. PQS's investment strategies generally require that PQS invest its clients' assets in securities that are publicly traded. PQS generally does not participate in initial public offerings. PQS's investment strategies are team managed, reducing the likelihood that one would be favored over other portfolios managed by the team. These factors reduce the risk that PQS could favor one client over another in the allocation of investment opportunities. PQS's compliance procedures with respect to these policies include independent reviews by its compliance unit of the timing, allocation and aggregation of trades, allocation of investment opportunities and the performance of similarly managed accounts. These procedures are designed to detect patterns and anomalies in PQS's side-by-side management and trading so that PQS may take measures to correct or improve its processes. PQS's Trade Management Oversight Committee, which consists of senior members of PQS's management team, reviews, among other things, trading patterns, execution impact on client accounts and broker performance, on a periodic basis.

PQS rebalances portfolios periodically with frequencies that vary with market conditions and investment objectives and may differ across portfolios in the same strategy based on variations in portfolio characteristics and constraints. PQS may choose to aggregate trades for multiple portfolios rebalanced on any given day, where appropriate and consistent with its duty of best execution. Orders are generally allocated at the time of the transaction or as soon as possible thereafter, on a pro rata basis equal to each account's appetite for the issue when such appetite can be determined.

With respect to PQS's management of long-short and long only accounts, the security weightings (positive or negative) in each account are typically determined by a quantitative algorithm. An independent review is performed by the compliance unit to assess whether any such positions would represent a departure from the quantitative algorithm used to derive the positions in each portfolio. PQS's review is intended to identify situations where PQS would seem to have conflicting views of the same security in different portfolios although such views may actually be reasonable due to differing portfolio constraints.

**PQS's Relationships with Affiliates and Related Conflicts of Interest**

As an indirect wholly-owned subsidiary of Prudential Financial, PQS is part of a diversified, global financial services organization. PQS is affiliated with many types of U.S. and non-U.S. financial service providers or directors, including insurance companies, broker-dealers, commodity trading advisors, commodity pool operators and other investment advisers. Some of its employees are officers of and/or provide services to some of these affiliates.

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**Conflicts Related to PQS's Affiliations**

**Conflicts Arising Out of Legal Restrictions**. PQS may be restricted by law, regulation or contract as to how much, if any, of a particular security it may purchase or sell on behalf of a client, and as to the timing of such purchase or sale. Sometimes, these restrictions may apply as a result of PQS's relationship with Prudential Financial and its other affiliates. For example, PQS's holdings of a security on behalf of its clients are required under certain regulations, to be aggregated with the holdings of that security by other Prudential Financial affiliates. These holdings could, on an aggregate basis, exceed certain reporting or ownership thresholds. Prudential tracks these aggregate holdings and PQS may restrict purchases, sell existing investments, or otherwise restrict, forego or limit the exercise of rights to avoid crossing such thresholds because of the potential consequences to PQS, Prudential or PQS's clients if such thresholds are exceeded. In addition, PQS could receive material, non-public information with respect to a particular issuer from an affiliate and, as a result, be unable to execute purchase or sale transactions in securities of that issuer for its clients. PQS is generally able to avoid receiving material, non-public information from its affiliates by maintaining information barriers to prevent the transfer of information between affiliates. PQS's trading of Prudential Financial common stock for its clients' portfolios also presents a conflict of interest and, consequently, PQS does so only when permitted by its clients.

The Fund may be prohibited from engaging in transactions with its affiliates even when such transactions may be beneficial for the Fund. Certain affiliated transactions are permitted in accordance with procedures adopted by the Fund and reviewed by the independent board members of the Fund.

**Conflicts Related to PQS's Financial Interests and the Financial Interests of PQS's Affiliates**

PQS, Prudential Financial, Inc., The Prudential Insurance Company of America (PICA) and other affiliates of PQS have financial interests in, or relationships with, companies whose securities PQS holds, purchases or sells in its client accounts. Certain of these interests and relationships are material to PQS or to the Prudential enterprise. At any time, these interests and relationships could be inconsistent or in potential or actual conflict with positions held or actions taken by PQS on behalf of its client accounts. For example, PQS invests in the securities of one or more clients for the accounts of other clients. PQS's affiliates sell various products and/or services to certain companies whose securities PQS purchases and sells for its clients. PQS's affiliates hold public and private debt and equity securities of a large number of issuers. PQS invests in some of the same issuers for its client accounts but at different levels in the capital structure. For instance, PQS may invest client assets in the equity of companies whose debt is held by an affiliate. Certain of PQS's affiliates (as well as directors of PQS's affiliates) are officers or directors of issuers in which PQS invests from time to time. These issuers may also be service providers to PQS or its affiliates. In general, conflicts related to the financial interests described above are addressed by the fact that PQS makes investment decisions for each client independently considering the best economic interests of such client.

Certain of PQS's employees may offer and sell securities of, and units in, commingled funds that PQS manages or subadvises. Employees may offer and sell securities in connection with their roles as registered representatives of Prudential Investment Management Services LLC (a broker-dealer affiliate), or as officers, agents, or approved persons of other affiliates. There is an incentive for PQS's employees to offer these securities to investors regardless of whether the investment is appropriate for such investor since increased assets in these vehicles will result in increased advisory fees to PQS. In addition, although sales commissions are not paid for such activities, such sales could result in increased compensation to the employee. To mitigate this conflict, PQS performs suitability checks on new clients as well as on an annual basis with respect to all clients.

**Conflicts Related to Long-Term Compensation.** A portion of the long-term incentive grant of some of PQS's investment professionals will increase or decrease based on the performance of several of PQS's strategies over defined time periods. Consequently, some of PQS's portfolio managers from time to time have financial interests in the accounts they advise. To address potential conflicts related to these financial interests, PQS has procedures, including supervisory review procedures, designed to verify that each of its accounts is managed in a manner that is consistent with PQS's fiduciary obligations, as well as with the account's investment objectives, investment strategies and restrictions. Specifically, PQS's Chief Investment Officer will perform a comparison of trading costs between the accounts in the strategies whose performance is considered in connection with the long-term incentive grant and other accounts, to verify that such costs are consistent with each other or otherwise in line with expectations. The results of the analysis are discussed at a meeting of PQS's Trade Management Oversight Committee.

**Conflicts Related to Service Providers.** PQS retains third party advisors and other service providers to provide various services for PQS as well as for funds that PQS manages or subadvises. A service provider may provide services to PQS or one of its funds while also providing services to PQS, Inc. (PQS) other PQS-advised funds, or affiliates of PQS, and may negotiate rates in the context of the overall relationship. PQS may benefit from negotiated fee rates offered to its funds and vice-versa. There is no assurance, however, that PQS will be able to obtain advantageous fee rates from a given provider negotiated by its affiliates based on their relationship with the service provider, or that it will know of such negotiated fee rates.

**Conflicts of Interest in the Voting Process**

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Occasionally, a conflict of interest may arise in connection with proxy voting. For example, the issuer of the securities being voted may also be a client or affiliate of PQS. When PQS identifies an actual or potential conflict of interest between PQS and its clients or affiliates, PQS votes in accordance with the policy of its proxy voting advisor rather than its own policy. In that manner, PQS seeks to maintain the independence and objectivity of the vote.

**Compensation**

PQS's investment professionals are compensated through a combination of base salary, a performance-based annual cash incentive bonus and an annual long-term incentive grant. PQS regularly utilizes third party surveys to compare its compensation program against leading asset management firms to monitor competitiveness.

An investment professional's incentive compensation, including both the annual cash bonus and long-term incentive grant, is largely driven by a person's contribution to PQS's goal of providing investment performance to clients consistent with portfolio objectives, guidelines and risk parameters, as well as such person's qualitative contributions to the organization. An investment professional's long-term incentive grant is currently divided into two components: (i) 80% of the value of the grant is subject to increase or decrease based on the performance of certain PQS strategies, and (ii) 20% of the value of the grant consists of restricted stock of Prudential Financial, Inc. (PQS's ultimate parent company). The long-term incentive grants are subject to vesting requirements. The incentive compensation of each investment professional is not based solely or directly on the performance of the Fund (or any other individual account managed by PQS) or the value of the assets of the Fund (or any other individual account managed by PQS).

The annual cash bonus pool is determined quantitatively based on two primary factors: 1) investment performance of composites representing PQS's various investment strategies on a 1-year and 3-year basis relative to appropriate market peer groups and the indices against which PQS's strategies are managed, and 2) business results as measured by PQS's pre-tax income.

**Ownership of Securities**

As of December 31, 2022, the portfolio manager(s) did not beneficially own any shares of the portfolio(s).

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***PineBridge Investments LLC ("PineBridge")***

**Transamerica PineBridge Inflation Opportunities VP** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed** <br>|
| Robert A. Vanden Assem, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Roberto Coronado | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Gunter H. Seeger | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Robert A. Vanden Assem, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Roberto Coronado | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Gunter H. Seeger | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |

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**Conflict of Interest**

PineBridge recognizes that it may be subject to a conflict of interest with respect to allocations of investment opportunities and transactions among its clients. To mitigate these conflicts, PineBridge's policies and procedures seek to provide that investment decisions are made in accordance with the fiduciary duties owed to such accounts and without consideration of PineBridge's economic, investment or other financial interests. Personal securities transactions by an employee may raise a potential conflict of interest when an employee trades in a security that is considered for purchase or sale by a client, or recommended for purchase or sale by an employee to a client, in that the employee may be able to personally benefit from prior knowledge of transactions for a client by trading in a personal account. PineBridge has policies to address potential conflicts of interest when its employees buy or sell securities also bought or sold for clients. Under certain circumstances, conflicts may arise in cases where different clients of PineBridge invest in different parts of a single issuer's capital structure, including circumstances in which one or more PineBridge clients may own private securities or obligations of an issuer and other PineBridge clients may own public securities of the same issuer. Such conflicts of interest will be discussed and resolved on a case-by-case basis and will take into consideration the interest of the relevant clients, the circumstances giving rise to the conflict, and applicable regulations. For a more detailed discussion of conflicts of interest, please refer to PineBridge Investments LLC's Form ADV Part 2.

**Compensation**

Compensation for all PineBridge Portfolio Managers consists of both a salary and a bonus component. The salary component is a fixed base salary, and does not vary based on a Portfolio Manager's performance. Generally, salary is based upon several factors, including experience and market levels of salary for such position. The bonus component is generally discretionarily determined based both on a Portfolio Manager's individual performance and the overall performance of PineBridge. In assessing individual performance of Portfolio Managers, both qualitative performance measures and also quantitative performance measures assessing the management of a Portfolio Manager's funds are considered. A Portfolio Manager may be offered a longterm incentive/performance unit plan (LTI) to share in the longterm growth of the company. The LTI Plan allows for the granting of incentive units representing equity interests in the company with the main objective of attracting and retaining talent, incentivizing employee longterm performance and ensuring employee alignment of interests with the firm's longterm vision and goals.

**Ownership of Securities**

As of December 31, 2022, the portfolio manager(s) did not beneficially own any securities of the portfolio(s).

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***ProFund Advisors LLC ("ProFund")***

**Transamerica ProFund UltraBear VP** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp; **Registered Investment**<br> **Companies**<sup>1</sup>  | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles**<sup>2</sup>  | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles**<sup>2</sup>  | **Other Accounts**<sup>3</sup>  | **Other Accounts**<sup>3</sup>  |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed** <br>|
| Michael Neches | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Devin Sullivan | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Michael Neches | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| Devin Sullivan | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

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<sup>1</sup> Includes ProFunds, Access Funds, and ETFs

<sup>2</sup> ProShares Trust II Assets

<sup>3</sup> Sub-Advised ETFs

**Conflict of Interest**

Portfolio managers are generally responsible for multiple investment company accounts. As further described below, certain inherent conflicts of interest arise from the fact that portfolio managers have responsibility for multiple accounts, including conflicts relating to the allocation of investment opportunities. Listed above for each portfolio manager are the number and type of accounts managed or overseen by each team on which each portfolio manager acts, as of December 31, 2022.

In the course of providing advisory services, the sub-adviser may simultaneously recommend the sale of a particular security for one account while recommending the purchase of the same security for another account if such recommendations are consistent with each client's investment strategies. The sub-adviser also may recommend the purchase or sale of securities that may also be recommended by ProShare Advisors LLC, an affiliate of the sub-adviser.

The sub-adviser, its principals, officers and employees (and members of their families) and affiliates may participate directly or indirectly as investors in the sub-adviser's clients, such as the portfolio. Thus, the sub-adviser may recommend to clients the purchase or sale of securities in which it, or its officers, employees or related persons have a financial interest. The sub-adviser may give advice and take actions in the performance of its duties to its clients that differ from the advice given or the timing and nature of actions taken, with respect to other clients' accounts and/or employees' accounts that may invest in some of the same securities recommended to clients.

In addition, the sub-adviser, its affiliates and principals may trade for their own accounts. Consequently, non-customer and proprietary trades may be executed and cleared through any prime broker or other broker utilized by clients. It is possible that officers or employees of the sub-adviser may buy or sell securities or other instruments that the sub-adviser has recommended to, or purchased for, its clients and may engage in transactions for their own accounts in a manner that is inconsistent with the sub-adviser's recommendations to a client. Personal securities transactions by employees may raise potential conflicts of interest when such persons trade in a security that is owned by, or considered for purchase or sale for, a client. The sub-adviser has adopted policies and procedures designed to detect and prevent such conflicts of interest and, when they do arise, to ensure that it effects transactions for clients in a manner that is consistent with its fiduciary duty to its clients and in accordance with applicable law.

Any "access person" of the sub-adviser (as defined under the 1940 Act and the Investment Advisers Act of 1940, as amended (the "Advisers Act")) may make security purchases, subject to the terms of the sub-adviser's Code of Ethics, that are consistent with the requirements of Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act.

The sub-adviser and its affiliated persons may come into possession from time to time of material nonpublic and other confidential information about companies which, if disclosed, might affect an investor's decision to buy, sell, or hold a security. Under applicable law, the sub-adviser and its affiliated persons would be prohibited from improperly disclosing or using this information for their personal benefit or for the benefit of any person, regardless of whether the person is a client of the sub-adviser. Accordingly, should the sub-adviser or any affiliated person come into possession of material nonpublic or other confidential information with respect to any company, the sub-adviser and its affiliated persons will have no responsibility or liability for failing to disclose the information to clients as a result of following its policies and procedures designed to comply with applicable law.

**Compensation** 

ProFund believes that its compensation program is competitively positioned to attract and retain high-caliber investment professionals. The compensation package for portfolio managers consists of a fixed-base salary, an annual incentive bonus opportunity and a competitive benefits package. A portfolio manager's salary compensation is designed to be competitive with the marketplace and reflect a portfolio manager's relative experience and contribution to the firm. Fixed-base salary compensation is reviewed and adjusted annually to reflect increases in the cost of living and market rates. The annual incentive bonus opportunity provides cash bonuses based upon the firm's overall

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performance and individual contributions. Principal consideration is given to appropriate risk management, teamwork and investment support activities in determining the annual bonus amount. Portfolio managers are eligible to participate in the firm's standard employee benefits programs, which include a competitive 401(k) retirement savings program with employer match, life insurance coverage, and health and welfare programs.

**Ownership of Securities**

As of December 31, 2022, the portfolio manager(s) did not beneficially own any shares of the portfolio(s).

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***Rothschild & Co Asset Management US Inc. ("Rothschild")***

**Transamerica Rothschild & Co Large Cap Value VP** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed** <br>|
| Paul Roukis, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Jeff Agne | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Paul Roukis, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Jeff Agne | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |

---

**Conflict of Interest**

Rothschild & Co has established a Conflicts Committee, which is a sub-committee of the Risk Management Committee. The Conflicts Committee is delegated with the responsibility to conduct an appropriate review of, and make recommendations to, our management on the course of action for any conflict or potential conflict of interest that may arise in the conduct of our business and with respect to the accounts we advise.

In addressing potential conflicts of interest, we will consider, and will disclose to clients, the following issues, among others, and will also explain how we address each potential conflict of interest. This list provides examples of conflicts we face and is not exhaustive. The Conflicts Committee creates and maintains a comprehensive matrix of the conflicts we identify and manage.

**A. Brokerage and Investment Discretion**

1. Equitable Treatment of Accounts

We have a potential conflict of interest because we manage multiple client accounts in the same or similar investment strategies. In addition, we may receive performance-based compensation or higher management fees from certain client accounts, or we or our employees may have made investments in a client account, such as our commingled funds. Accordingly, we may be inclined have an incentive to favor certain accounts over others. Our Trade Order, Aggregation, and Allocation Policy is included in the Compliance Manual and is disclosed in our Form ADV Part 2A.

**B. Personal Trading and Employee Activities**

1. Personal Trading

We have a fiduciary obligation to ensure that our clients' interests are put before the Employees' personal interests with respect to personal trading. Accordingly, we adopted a general ban on personal trading of Covered Securities, subject to limited exceptions requiring pre-clearance. Our Personal Trading Policies and Procedures are included in the Compliance Manual and disclosed in our Form ADV Part 2A.

2. Outside Business Activities

Since we permit employees to engage in outside business activities, there is the potential that such activities will conflict with an employee's duties to the Firm and our clients. Outside business activities may include circumstances where we conduct or may conduct business with an entity in which an employee has a personal interest. Our Policies and Procedures Regarding Outside Business Activities and Financial Interests are included in the Compliance Manual.

3. Business Gifts and Entertainment

Our employees may periodically provide to or receive gifts and business entertainment from clients, vendors, and other persons with whom we conduct or may conduct business. Gifts and entertainment may also be considered efforts to gain unfair advantages or may impair our ability to act in the best interests of our clients. We established a Gifts and Entertainment Policy, which is included in the Compliance Manual, to address these potential conflicts of interest.

4. Political Contributions

We and our employees may make, subject to certain pre-approval requirements, political contributions to officials of government entities who are in positions to influence the award of advisory business or to candidates for such office. Such political contributions may improperly influence a government entity's decision to invest its assets with the Firm. We established Policies and Procedures against Pay-to-Play Practices, which are included in the Compliance Manual, to address these potential conflicts of interest.

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

5. Reporting Illegal or Unethical Behaviour

Unethical or illegal conduct on the part of employees can damage our reputation and impair our ability to meet our fiduciary duties to clients. Our policies and procedures regarding the reporting of illegal or unethical behavior by our employees are included in our Code of Ethics.

**C. Insider Trading** 

Portfolio managers and other employees may receive, whether intentionally or inadvertently, material non-public information. We established Policies and Procedures to prevent Insider Trading, which are included in the Compliance Manual.

**D. Value Added Investors**

Our individual advisory clients and commingled fund investors may be executive officers or board members of publicly-traded companies or financial services companies such as hedge funds or private equity firms (collectively, "Value Added Investors"). Our clients are required to disclose in our investment management agreement or commingled fund subscription document whether they is a Value Added Investors, and if so, the companies associated with them. The Compliance Department maintains a list of any companies associated with Value Added Investors. In order to prevent potential trading conflicts or trading on material non-public information, a restriction is placed in our order management system on trading in securities of such companies associated with Value Added Investors. As a result, our investment team cannot trade client accounts in such securities without prior approval from the Compliance Department. In reviewing personal trading pre-approval requests, the Compliance Department will check the request against the Value Added Investor Companies list to identify potential conflicts. The inclusion of a security on the list may result in the denial of the pre-approval request.

**E. Proxy Voting** 

We may be in a position where our interests conflict with the best interests of the client when determining how to vote client proxies. We established Proxy Voting Policies and Procedures, which are included in the Compliance Manual and disclosed in our Form ADV Part 2A, to address these potential conflicts of interest.

**F. Pilot Accounts** 

We may face a potential conflict in allocation of investment opportunities to pilot (seeded) strategies where a substantially similar client-funded strategy is managed by the same portfolio management team.

Pilot strategies are seeded by our proprietary funds and/or our affiliates, and the portfolio managers seek to create an attractive track record in a pilot strategy. Therefore, there is a potential incentive for a portfolio manager to allocate the most attractive investment opportunities to pilot strategies potentially at a disadvantage to similar client-funded strategies. As of December 2020, there are no substantially similar pilot and client-funded strategies managed by the same portfolio managers. If such situation arises in the future, we will address the potential conflict and create appropriate controls.

**G. Identification of Affiliated Persons/Entities** 

In order to identify potential conflicts of interests, we identify persons and entities who are affiliated with the Firm, including accounts and products in which we may have a proprietary interest. This list includes affiliates of Rothschild & Co and the affiliates of any Mutual Funds for which we serve as sub-advisor.

**Compensation**

Our investment professionals are eligible for attractive compensation packages comprised of base salaries, deferred bonuses in their investment strategies, as well annual bonus compensation. The deferred compensation aspect of an employee's annual bonus allows senior leadership/investment personnel to invest in our strategies. We believe this increases an already strong retention rate and further strengthens our confidence in our investment process and philosophy. Bonuses vary and are ultimately determined by our CIO. Bonuses for investment professionals are based primarily on their contributions as portfolio managers and/or analysts, but also incorporate other intangibles contributing to our overall success.

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Bonuses are based on both objective (measurable) and qualitative criteria:

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| | | |
|:---|:---|:---|
| **Analyst Responsibilities** | &nbsp;&nbsp; **Portfolio Manager** <br> **Responsibilities**<br>| **Other**  |
| *Objective* | *Objective* | &nbsp;&nbsp; - Participation in business <br> development.<br>|
| -The relative performance of the stock recommendations. | &nbsp;&nbsp; - The portfolio's <br> performance relative to <br> the respective benchmark <br> as well as versus peers.<br>| &nbsp;&nbsp; - Participation in business <br> development<br>|
| *Qualitative* | *Qualitative* | &nbsp;&nbsp; - Collaboration with team <br> members.<br>|
| -Thoughtfulness in stock analysis. | &nbsp;&nbsp; - Consideration of our <br> rigorous risk controls.<br>| &nbsp;&nbsp; - Long-term potential <br> contribution.<br>|
| -Adherence to our disciplined research process. |  |  |

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**Ownership of Securities**

As of December 31, 2022, the portfolio manager(s) did not beneficially own any shares of the portfolio(s).

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***SSGA Funds Management, Inc. ("SSGA FM")***

**Transamerica MSCI EAFE Index VP** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies\*** | &nbsp;&nbsp; **Registered Investment**<br> **Companies\*** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles\*** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles\*** | **Other Accounts\*** | **Other Accounts\*** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed** <br>|
| Dwayne Hancock, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Keith Richardson | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Dwayne Hancock, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Keith Richardson | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |

---

\*Accounts are managed on a team basis.

**Transamerica S&P 500 Index VP** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies\*** | &nbsp;&nbsp; **Registered Investment**<br> **Companies\*** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles\*** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles\*** | **Other Accounts\*** | **Other Accounts\*** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed** <br>|
| Keith Richardson | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Karl Schneider | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Keith Richardson | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Karl Schneider | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |

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\*Accounts are managed on a team basis.

**Conflict of Interest**

A portfolio manager that has responsibility for managing more than one account may be subject to potential conflicts of interest because he or she is responsible for other accounts in addition to the Funds. Those conflicts could include preferential treatment of one account over others in terms of: (a) the portfolio manager's execution of different investment strategies for various accounts; or (b) the allocation of resources or of investment opportunities. Portfolio managers may manage numerous accounts for multiple clients. These accounts may include registered investment companies, other types of pooled accounts (e.g., collective investment funds), and separate accounts (i.e., accounts managed on behalf of individuals or public or private institutions). Portfolio managers make investment decisions for each account based on the investment objectives and policies and other relevant investment considerations applicable to that portfolio. A potential conflict of interest may arise as a result of the portfolio managers' responsibility for multiple accounts with similar investment guidelines. Under these circumstances, a potential investment may be suitable for more than one of the portfolio managers' accounts, but the quantity of the investment available for purchase is less than the aggregate amount the accounts would ideally devote to the opportunity. Similar conflicts may arise when multiple accounts seek to dispose of the same investment. The portfolio managers may also manage accounts whose objectives and policies differ from that of the Funds. These differences may be such that under certain circumstances, trading activity appropriate for one account managed by the portfolio manager may have adverse consequences for another account managed by the portfolio manager. For example, an account may sell a significant position in a security, which could cause the market price of that security to decrease, while a Fund maintained its position in that security. A potential conflict may arise when the portfolio managers are responsible for accounts that have different advisory fees—the difference in fees could create an incentive for the portfolio manager to favor one account over another, for example, in terms of access to investment opportunities. Another potential conflict may arise when the portfolio manager has an investment in one or more accounts that participate in transactions with other accounts. His or her investment(s) may create an incentive for the portfolio manager to favor one account over another. SSGA FM has adopted policies and procedures reasonably designed to address these potential material conflicts. For instance, portfolio managers are normally responsible for all accounts within a certain investment discipline, and do not, absent special circumstances, differentiate among the various accounts when allocating resources. Additionally, SSGA FM and its advisory affiliates have processes and procedures for allocating investment opportunities among portfolios that are designed to provide a fair and equitable allocation.

**Brokerage Transactions**

All portfolio transactions are placed on behalf of a Fund by SSGA FM. Purchases and sales of securities on a securities exchange are affected through brokers who charge a commission for their services. Ordinarily commissions are not charged on over the counter orders (e.g., fixed-income securities) because the Funds pay a spread which is included in the cost of the security and represents the difference between the dealer's quoted price at which it is willing to sell the security and the dealer's quoted price at which it is willing to buy the security. When

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a Fund executes an over the counter order with an electronic communications network or an alternative trading system, a commission is charged by such electronic communications networks and alternative trading systems as they execute such orders on an agency basis. Securities may be purchased from underwriters at prices that include underwriting fees.

In placing a portfolio transaction, SSGA FM seeks to achieve best execution. SSGA FM's duty to seek best execution requires SSGA FM to take reasonable steps to obtain for the client as favorable an overall result as possible for Fund portfolio transactions under the circumstances, taking into account various factors that are relevant to the particular transaction.

SSGA FM refers to and selects from the list of approved trading counterparties maintained by the SSGA FM's Credit Risk Management team. In selecting a trading counterparty for a particular trade, SSGA FM seeks to weigh relevant factors including, but not limited to the following:

• Prompt and reliable execution;

• The competitiveness of commission rates and spreads, if applicable;

• The financial strength, stability and/or reputation of the trading counterparty;

• The willingness and ability of the executing trading counterparty to execute transactions (and commit capital) of size in liquid and illiquid markets without disrupting the market for the security;

• Local laws, regulations or restrictions;

• The ability of the trading counterparty to maintain confidentiality;

• The availability and capability of execution venues, including electronic communications networks for trading and execution management systems made available to SSGA FM;

• Market share;

• Liquidity;

• Price;

• Execution related costs;

• History of execution of orders;

• Likelihood of execution and settlement;

• Order size and nature;

• Clearance and settlement capabilities, especially in high volatility market environments;

• Availability of lendable securities;

• Sophistication of the trading counterparty's trading capabilities and infrastructure/facilities;

• The operational efficiency with which transactions are processed and cleared, taking into account the order size and complexity;

• Speed and responsiveness to SSGA FM;

• Access to secondary markets;

• Counterparty exposure; and

• Depending upon the circumstances, the Adviser may take other relevant factors into account if the Adviser believes that these are important in taking all sufficient steps to obtain the best possible result for execution of the order.

In selecting a trading counterparty, the price of the transaction and costs related to the execution of the transaction typically merit a high relative importance, depending on the circumstances. SSGA FM does not necessarily select a trading counterparty based upon price and costs but may take other relevant factors into account if it believes that these are important in taking reasonable steps to obtain the best possible result for a Fund under the circumstances. Consequently, SSGA FM may cause a client to pay a trading counterparty more than another trading counterparty might have charged for the same transaction in recognition of the value and quality of the brokerage services provided. The following matters may influence the relative importance that SSGA FM places upon the relevant factors:

(i) The nature and characteristics of the order or transaction. For example, size of order, market impact of order, limits, or other instructions relating to the order;

(ii) The characteristics of the financial instrument(s) or other assets which are the subject of that order. For example, whether the order pertains to an equity, fixed-income, derivative or convertible instrument;

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

(iii) The characteristics of the execution venues to which that order can be directed, if relevant. For example, availability and capabilities of electronic trading systems;

(iv) Whether the transaction is a 'delivery versus payment' or 'over the counter' transaction. The creditworthiness of the trading counterparty, the amount of existing exposure to a trading counterparty and trading counterparty settlement capabilities may be given a higher relative importance in the case of 'over the counter' transactions; and/or

(v) Any other circumstances that SSGA FM believes are relevant at the time.

The process by which trading counterparties are selected to effect transactions is designed to exclude consideration of the sales efforts conducted by broker-dealers in relation to the Funds.

SSGA FM does not currently use the Funds' assets in connection with third party soft dollar arrangements. While SSGA FM does not currently use "soft" or commission dollars paid by the Funds for the purchase of third party research, SSGA FM reserves the right to do so in the future.

**Compensation**

SSGA's culture is complemented and reinforced by a total rewards strategy that is based on a pay for performance philosophy which seeks to offer a competitive pay mix of base salary, benefits, cash incentives and deferred compensation.

Salary is based on a number of factors, including external benchmarking data and market trends, State Street performance, SSGA performance, and individual overall performance. SSGA's Global Human Resources department regularly participates in compensation surveys in order to provide SSGA with market-based compensation information that helps support individual pay decisions.

Additionally, subject to State Street and SSGA business results, State Street allocates an incentive pool to SSGA to reward its employees. The size of the incentive pool for most business units is based on the firm's overall profitability and other factors, including performance against risk-related goals. For most SSGA investment teams, SSGA recognizes and rewards performance by linking annual incentive decisions for investment teams to the firm's or business unit's profitability and business unit investment performance over a multi-year period.

Incentive pool funding for most active investment teams is driven in part by the post-tax investment performance of fund(s) managed by the team versus the return levels of the benchmark index(es) of the fund(s) on a one-, three- and, in some cases, five-year basis. For most active investment teams, a material portion of incentive compensation for senior staff is deferred over a four-year period into the SSGA Long-Term Incentive ("SSGA LTI") program. For these teams, The SSGA LTI program indexes the performance of these deferred awards against the post-tax investment performance of fund(s) managed by the team. This is intended to align our investment team's compensation with client interests, both through annual incentive compensation awards and through the long-term value of deferred awards in the SSGA LTI program.

For the passive equity investment team, incentive pool funding is driven in part by the post-tax 1 and 3-year tracking error of the funds managed by the team against the benchmark indexes of the funds.

The discretionary allocation of the incentive pool to the business units within SSGA is influenced by market-based compensation data, as well as the overall performance of each business unit. Individual compensation decisions are made by the employee's manager, in conjunction with the senior management of the employee's business unit. These decisions are based on the overall performance of the employee and, as mentioned above, on the performance of the firm and business unit. Depending on the job level, a portion of the annual incentive may be awarded in deferred compensation, which may include cash and/or Deferred Stock Awards (State Street stock), which typically vest over a four-year period. This helps to retain staff and further aligns SSGA employees' interests with SSGA clients' and shareholders' long-term interests.

SSGA recognizes and rewards outstanding performance by:

• Promoting employee ownership to connect employees directly to the company's success.

• Using rewards to reinforce mission, vision, values and business strategy.

• Seeking to recognize and preserve the firm's unique culture and team orientation.

• Providing all employees the opportunity to share in the success of SSGA.

**Ownership of Securities**

As of December 31, 2022, the portfolio manager(s) did not beneficially own any shares of the portfolio(s).

------

***Systematic Financial Management, L.P. ("Systematic")***

**Transamerica Small/Mid Cap Value VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed** <br>|
| Kenneth Burgess, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| W. Ryan Wick, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Kenneth Burgess, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| W. Ryan Wick, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |

---

**Conflict of Interest**

Portfolio managers of Systematic Financial Management, LP ("Systematic") oversee the investment of various types of accounts in the same strategy, such as mutual funds, pooled investment vehicles and separate accounts for individuals and institutions. The simultaneous management of these diverse accounts and specific client circumstances may create perceived conflicts of interest related to differences in the investment management fees charged and unequal time and attention devoted to certain accounts. However, Systematic recognizes its affirmative duty to treat all accounts fairly and equitably over time and maintains a series of controls in furtherance of this goal.

Generally, portfolio managers apply investment decisions to all accounts utilizing a particular strategy on a pro rata basis, while also accounting for varying client circumstances, including client objectives and preferences, instructions, restrictions, account size, cash availability and current specific needs. Nevertheless, during the normal course of managing assets for multiple clients of different types and asset levels, portfolio managers may encounter conflicts of interest that could, if not properly addressed, be harmful to one or more of our clients. Those of a material nature that are encountered most frequently involve, without limitation, investment security selection, employee personal securities trading, proxy voting and the allocation of investment opportunities. To mitigate these potential conflicts and ensure its clients are not negatively impacted by the adverse actions of Systematic or its employees, Systematic has implemented a series of policies and procedures that are overseen by compliance professionals and, in Systematic's view, reasonably designed to prevent and detect conflicts.

For example, Systematic's Code of Ethics restricts employees' personal securities trading, forbids employees from giving, soliciting or accepting inappropriate gifts and entertainment and requires employees to receive explicit approval prior to serving as a board member or officer of a public company or rendering outside investment advice. Additionally, to effectively remove conflicts of interest related to voting proxies for accounts that have delegated such authority to Systematic, Systematic has a Proxy Voting Policy that provides for an independent third-party proxy voting agent, which agent's pre-determined voting policy guidelines Systematic has adopted. Systematic's Allocation and Aggregation and Trade Error Correction policies similarly seek to reduce potential conflicts of interest by promoting the fair and equitable allocation of investment opportunities among client accounts over time and the consistent resolution of trading errors.

Notably, Affiliated Managers Group, Inc. (NYSE: AMG), a publicly traded asset management company, holds its equity interest in Systematic through its holding companies Titan NJ LP Holdings LLC and Titan NJ GP Holdings, Inc. Systematic operates independently as a separate, autonomous affiliate of AMG, which has equity investments in a group of investment management firms including Systematic. The AMG Affiliates do not formulate advice for Systematic's clients and do not, in Systematic's view, present any potential conflict of interest with Systematic's clients.

**Compensation** 

The compensation package for portfolio managers Kenneth Burgess, CFA and W. Ryan Wick, CFA consists of a fixed base salary and a share of Systematic's revenues. Total compensation is influenced by Systematic's overall revenues and therefore is based in part on the aggregate performance of all of Systematic's portfolios. Portfolio managers are not compensated solely on the basis of the performance of, or the value of assets held in, any product managed by Systematic. Moreover, the portfolio managers are provided with a benefits package, including health insurance, and participation in a company 401(K) plan, comparable to that received by other Systematic employees.

**Ownership of Securities**

As of December 31, 2022, the portfolio manager(s) did not beneficially own any shares of the portfolio(s).

------

***Thompson, Siegel & Walmsley LLC ("TSW")***

**Transamerica Small/Mid Cap Value VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed** <br>|
| R. Michael Creager, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Brett P. Hawkins, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| R. Michael Creager, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Brett P. Hawkins, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |

---

**Transamerica TS&W International Equity VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed** <br>|
| Brandon H. Harrell, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Brandon H. Harrell, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

**Conflict of Interest**

TSW seeks to minimize actual or potential conflicts of interest that may arise from its management of the fund and management of non-fund accounts. TSW has designed and implemented policies and procedures to address (although may not eliminate) potential conflicts of interest, including, among others, performance based fees; hedge funds; aggregation, allocation, and best execution of orders; TSW's Code of Ethics which requires personnel to act solely in the best interest of their clients and imposes certain restrictions on the ability of Access Persons to engage in personal securities transactions for their own account(s), and procedures to ensure soft dollar arrangements meet the necessary requirements of Section 28(e) of the Securities Exchange Act of 1934. TSW seeks to treat all clients fairly and to put clients' interests first.

**Compensation**

TSW's compensation strategy is to provide competitive base salaries commensurate with an individual's responsibility and provide incentive bonus awards that may significantly exceed base salary. Annually, the TSW Compensation Committee is responsible for determining the discretionary bonuses, utilizing an analytical and qualitative assessment process. While it is not a formulaic decision, factors used to determine compensation include: overall firm success, investment team performance and individual contribution. A portion of the bonus (up to 35%) may be deferred into Perpetual stock, TSW Funds or a combination of the two.

**Ownership of Securities**

As of December 31, 2022, the portfolio manager(s) did not beneficially own any shares of the portfolio(s).

------

***Transamerica Asset Management, Inc. ("TAM")***

**Transamerica 60/40 Allocation VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed** <br>|
| Christopher A. Staples, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Kane Cotton, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Rufat Garalov, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Christopher A. Staples, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Kane Cotton, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Rufat Garalov, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |

---

**Compensation**

The portfolio managers are compensated through a fixed salary and cash bonuses that are awarded for contributions to the firm. Generally, annually, the executive officers of TAM, in consultation with the other senior management, determine the bonus amounts for each portfolio manager. Bonuses may be a significant portion of a portfolio manager's overall compensation. Bonuses are not guaranteed. Presently we have no deferred compensation arrangements.

**Conflicts of Interest**

It is possible that conflicts of interest may arise in connection with the portfolio managers' management of the portfolio on the one hand and other accounts for which the portfolio managers are responsible on the other.

TAM has policies and procedures in place to mitigate potential conflicts of interest.

**Ownership of Securities**

As of December 31, 2022, the portfolio manager(s) did not beneficially own any shares of the portfolio(s).

------

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

***T. Rowe Price Associates, Inc. ("T. Rowe Price")***

**Transamerica T. Rowe Price Small Cap VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed** <br>|
| Sudhir Nanda, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Sudhir Nanda, CFA | [ ] | $[ ] | [ ] | $[ ] | [ ] | $[ ] |

---

**Conflict of Interest**

Portfolio managers at T. Rowe Price and its affiliates may manage multiple accounts. These accounts may include, among others, mutual funds, separate accounts (assets managed on behalf of institutions such as pension funds, colleges and universities, and foundations), offshore funds and common trust funds. Portfolio managers make investment decisions for each portfolio based on the investment objectives, policies, practices, and other relevant investment considerations that the managers believe are applicable to that portfolio. Consequently, portfolio managers may purchase (or sell) securities for one portfolio and not another portfolio. T. Rowe Price and its affiliates have adopted brokerage and trade allocation policies and procedures that they believe are reasonably designed to address any potential conflicts associated with managing multiple accounts. Also, as disclosed under the "Compensation" section, the portfolio managers' compensation is determined in the same manner with respect to all portfolios managed by the portfolio manager.

T. Rowe Price Funds may, from time to time, own shares of Morningstar, Inc. Morningstar is a provider of investment research to individual and institutional investors, and publishes ratings on mutual funds, including the T. Rowe Price funds. T. Rowe Price manages the Morningstar retirement plan and acts as sub-adviser to two mutual funds offered by Morningstar. T. Rowe Price and its affiliates pay Morningstar for a variety of products and services. Morningstar may provide investment consulting and investment management services to clients of T. Rowe Price or its affiliates.

Additional potential conflicts may be inherent in our use of multiple strategies. For example, conflicts will arise in cases where different clients invest in different parts of an issuer's capital structure, including circumstances in which one or more clients may own securities or obligations of an issuer and other clients may own or seek to acquire securities of the same issuer that may be in different parts of the issuer's capital structure. For example, a client may acquire a loan, loan participation or a loan assignment of a particular borrower in which one or more other clients have an equity investment or may invest in senior debt obligations of an issuer for one client and junior debt obligations or equity of the same issuer for another client. While it is appropriate for different clients to hold investments in different parts of the same issuer's capital structure under normal circumstances, the interests of stockholders and debt holders may conflict, for example when an issuer is in a distressed financial condition, involved in a merger or acquisition, or a going-private transaction, among other situations. In these situations, investment personnel are mindful of potentially conflicting interests of our clients with investments in different parts of an issuer's capital structure and take appropriate measures to ensure that the interests of all clients are fairly represented.

**Compensation**

Portfolio manager compensation consists primarily of a base salary, a cash bonus, and an equity incentive that usually comes in the form of restricted stock grants. Compensation is variable and is determined based on the following factors.

Investment performance over 1-, 3-, 5-, and 10-year periods is the most important input. The weightings for these time periods are generally balanced and are applied consistently across similar strategies. T. Rowe Price (and T. Rowe Price Hong Kong, T. Rowe Price Singapore, T. Rowe Price Japan, T. Rowe Price International and T. Rowe Price Investment Management, as appropriate), evaluates performance in absolute, relative, and risk-adjusted terms. Relative performance and risk-adjusted performance are typically determined with reference to the broad-based index (e.g., S&P 500) and the Lipper index (e.g., Large-Cap Growth Index) set forth in the total returns table in the fund's prospectus, although other benchmarks may be used as well. Investment results are also measured against comparably managed funds of competitive investment management firms. The selection of comparable funds is approved by the applicable investment steering committee and is the same as the selection presented to the directors of the T. Rowe Price funds in their regular review of fund performance. Performance is primarily measured on a pretax basis though tax efficiency is considered.

Compensation is viewed with a long-term time horizon. The more consistent a manager's performance over time, the higher the compensation opportunity. The increase or decrease in a fund's assets due to the purchase or sale of fund shares is not considered a material factor. In reviewing relative performance for fixed-income funds, a fund's expense ratio is usually taken into account. Contribution to T. Rowe Price's overall investment process is an important consideration as well. Leveraging ideas and investment insights across the global investment platform; working effectively with and mentoring others; and other contributions to our clients, the firm or our culture are important components of T. Rowe Price's long-term success and are generally taken into consideration.

------

All employees of T. Rowe Price, including portfolio managers, participate in a 401(k) plan sponsored by T. Rowe Price Group. In addition, all employees are eligible to purchase T. Rowe Price common stock through an employee stock purchase plan that features a limited corporate matching contribution. Eligibility for and participation in these plans is on the same basis as for all employees. Finally, all vice presidents of T. Rowe Price Group, including all portfolio managers, receive supplemental medical/hospital reimbursement benefits and are eligible to participate in a supplemental savings plan sponsored by T. Rowe Price Group.

This compensation structure is used when evaluating the performance of all portfolios (including the T. Rowe Price funds) managed by the portfolio manager.

**Ownership of Securities**

As of December 31, 2022, the portfolio manager(s) did not beneficially own any shares of the portfolio(s).

------

***Wellington Management Company LLP ("Wellington")***

**Transamerica WMC US Growth VP** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Registered Investment**<br> **Companies** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | &nbsp;&nbsp; **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed**<br>| **Number** | &nbsp;&nbsp; **Assets**<br> **Managed** <br>|
| Mammen Chally, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Douglas McLane, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| David Siegle, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** | &nbsp;&nbsp; **Fee Based Accounts**<br> **(The number of accounts and the total assets in the accounts managed by each portfolio manager with**<br> **respect to which the advisory fee is based on the performance of the account.)** |
| Mammen Chally, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| Douglas McLane, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |
| David Siegle, CFA | [ ]  | $[ ] | [ ]  | $[ ] | [ ]  | $[ ] |

---

**Conflict of Interest**

Individual investment professionals at Wellington Management manage multiple accounts for multiple clients. These accounts may include mutual funds, separate accounts (assets managed on behalf of institutions, such as pension funds, insurance companies, foundations, or separately managed account programs sponsored by financial intermediaries), bank common trust accounts, and hedge funds. Each portfolio's manager listed in the prospectus who is primarily responsible for the day-to-day management of each portfolio ("Portfolio Manager") generally manages accounts in several different investment styles. These accounts may have investment objectives, strategies, time horizons, tax considerations and risk profiles that differ from those of the relevant portfolios. The Portfolio Manager makes investment decisions for each account, including the relevant portfolio, based on the investment objectives, policies, practices, benchmarks, cash flows, tax and other relevant investment considerations applicable to that account. Consequently, the Portfolio Manager may purchase or sell securities, including IPOs, for one account and not another account, and the performance of securities purchased for one account may vary from the performance of securities purchased for other accounts. Alternatively, these accounts may be managed in a similar fashion to the relevant portfolio and thus the accounts may have similar, and in some cases nearly identical, objectives, strategies and/or holdings to that of the relevant portfolio.

The Portfolio Manager or other investment professionals at Wellington Management may place transactions on behalf of other accounts that are directly or indirectly contrary to investment decisions made on behalf of the relevant portfolio, or make investment decisions that are similar to those made for the relevant portfolio, both of which have the potential to adversely impact the relevant portfolio depending on market conditions. For example, an investment professional may purchase a security in one account while appropriately selling that same security in another account. Similarly, the Portfolio Manager may purchase the same security for the relevant portfolio and one or more other accounts at or about the same time. In those instances the other accounts will have access to their respective holdings prior to the public disclosure of the relevant portfolio's holdings. In addition, some of these accounts have fee structures, including performance fees, which are or have the potential to be higher, in some cases significantly higher, than the fees Wellington Management receives for managing the portfolios. Mr. Chally, Mr. McLane, and Mr. Siegle also manage accounts which pay performance allocations to Wellington Management or its affiliates. Because incentive payments paid by Wellington Management to the Portfolio Manager are tied to revenues earned by Wellington Management and, where noted, to the performance achieved by the manager in each account, the incentives associated with any given account may be significantly higher or lower than those associated with other accounts managed by the Portfolio Manager. Finally, the Portfolio Manager may hold shares or investments in the other pooled investment vehicles and/or other accounts identified above.

Wellington Management's goal is to meet its fiduciary obligation to treat all clients fairly and provide high quality investment services to all of its clients. Wellington Management has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, which it believes address the conflicts associated with managing multiple accounts for multiple clients. In addition, Wellington Management monitors a variety of areas, including compliance with primary account guidelines, the allocation of IPOs, and compliance with the firm's Code of Ethics, and places additional investment restrictions on investment professionals who manage hedge funds and certain other accounts. Furthermore, senior investment and business personnel at Wellington Management periodically review the performance of Wellington Management's investment professionals. Although Wellington Management does not track the time an investment professional spends on a single account, Wellington Management does periodically assess whether an investment professional has adequate time and resources to effectively manage the investment professional's various client mandates.

**Compensation**

Wellington Management receives a fee based on the assets under management of each portfolio as set forth in the Investment Sub-advisory Agreement between Wellington Management and TAM on behalf of each portfolio. Wellington Management pays its investment professionals out of its total revenues, including the advisory fees earned with respect to each portfolio. The following information relates to the fiscal year ended December 31, 2022.

------

Wellington Management's compensation structure is designed to attract and retain high-caliber investment professionals necessary to deliver high quality investment management services to its clients. Wellington Management's compensation of the portfolio managers listed in the prospectus who are primarily responsible for the day-to-day management of the portfolios ("Portfolio Manager") includes a base salary and incentive components. The base salary for each Portfolio Manager who is a partner (a "Partner") of Wellington Management Group LLP, the ultimate holding company of Wellington Management is generally a fixed amount that is determined by the managing partners of Wellington Management Group LLP. The base salary for the other Portfolio Manager is determined by the Portfolio Manager's experience and performance in his role as a Portfolio Manager. Base salaries for Wellington Management's employees are reviewed annually and may be adjusted based on the recommendation of a Portfolio Manager's manager, using guidelines established by Wellington Management's Compensation Committee, which has final oversight responsibility for base salaries of employees of the firm. Each Portfolio Manager is eligible to receive an incentive payment based on the revenues earned by Wellington Management from the portfolios and generally each other account managed by such Portfolio Manager. Each Portfolio Manager's incentive payment relating to the portfolios is linked to the gross pre-tax performance of the portfolios managed by the Portfolio Manager compared to the benchmark index and/or peer group identified below over one, three and five year periods, with an emphasis on five year results. Wellington Management applies similar incentive compensation structures (although the benchmarks or peer groups, time periods and rates may differ) to other accounts managed by the Portfolio Manager, including accounts with performance fees.

Portfolio-based incentives across all accounts managed by an investment professional can, and typically do, represent a significant portion of an investment professional's overall compensation; incentive compensation varies significantly by individual and can vary significantly from year to year. The Portfolio Manager may also be eligible for bonus payments based on their overall contribution to Wellington Management's business operations. Senior management at Wellington Management may reward individuals as it deems appropriate based on other factors. Each Partner is eligible to participate in a Partner-funded tax qualified retirement plan, the contributions to which are made pursuant to an actuarial formula. Messrs. Chally and McLane are Partners.

---

| |
|:---|
| **Portfolio** |
| Transamerica WMC US Growth VP<br> Russell 1000<sup>®</sup> Growth Index |

---

**Ownership of Securities**

As of December 31, 2022, the portfolio manager(s) did not beneficially own any shares of the portfolio(s).

------

**Appendix C – Securities Lending Activities**

(for the fiscal year ended December 31, 2022)

---

| | |
|:---|:---|
| **Transamerica Aegon Bond VP** | **Transamerica Aegon Bond VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica Aegon Core Bond VP** | **Transamerica Aegon Core Bond VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica Aegon High Yield Bond VP** | **Transamerica Aegon High Yield Bond VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica Aegon Sustainable Equity Income VP** | **Transamerica Aegon Sustainable Equity Income VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

------

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

---

| | |
|:---|:---|
| **Transamerica Aegon U.S. Government Securities VP** | **Transamerica Aegon U.S. Government Securities VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica BlackRock iShares Active Asset Allocation – Conservative VP** | **Transamerica BlackRock iShares Active Asset Allocation – Conservative VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica BlackRock iShares Active Asset Allocation – Moderate Growth VP** | **Transamerica BlackRock iShares Active Asset Allocation – Moderate Growth VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica BlackRock iShares Active Asset Allocation – Moderate VP** | **Transamerica BlackRock iShares Active Asset Allocation – Moderate VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

------

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

---

| | |
|:---|:---|
| **Transamerica BlackRock iShares Dynamic Allocation – Balanced VP** | **Transamerica BlackRock iShares Dynamic Allocation – Balanced VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica BlackRock iShares Dynamic Allocation – Moderate Growth VP** | **Transamerica BlackRock iShares Dynamic Allocation – Moderate Growth VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica BlackRock iShares Edge 40 VP** | **Transamerica BlackRock iShares Edge 40 VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica BlackRock iShares Edge 50 VP** | **Transamerica BlackRock iShares Edge 50 VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

------

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

---

| | |
|:---|:---|
| **Transamerica BlackRock iShares Edge 75 VP** | **Transamerica BlackRock iShares Edge 75 VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica BlackRock iShares Edge 100 VP** | **Transamerica BlackRock iShares Edge 100 VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica BlackRock Real Estate Securities VP** | **Transamerica BlackRock Real Estate Securities VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica BlackRock Tactical Allocation VP** | **Transamerica BlackRock Tactical Allocation VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

------

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

---

| | |
|:---|:---|
| **Transamerica Goldman Sachs Managed Risk – Balanced ETF VP** | **Transamerica Goldman Sachs Managed Risk – Balanced ETF VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica Goldman Sachs Managed Risk – Conservative ETF VP** | **Transamerica Goldman Sachs Managed Risk – Conservative ETF VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica Goldman Sachs Managed Risk – Growth ETF VP** | **Transamerica Goldman Sachs Managed Risk – Growth ETF VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica International Focus VP** | **Transamerica International Focus VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

------

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

---

| | |
|:---|:---|
| **Transamerica Janus Balanced VP** | **Transamerica Janus Balanced VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica Janus Mid-Cap Growth VP** | **Transamerica Janus Mid-Cap Growth VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica JPMorgan Enhanced Index VP** | **Transamerica JPMorgan Enhanced Index VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica JPMorgan Mid Cap Value VP** | **Transamerica JPMorgan Mid Cap Value VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

------

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

---

| | |
|:---|:---|
| **Transamerica JPMorgan Tactical Allocation VP** | **Transamerica JPMorgan Tactical Allocation VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica Madison Diversified Income VP** | **Transamerica Madison Diversified Income VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica Market Participation Strategy VP** | **Transamerica Market Participation Strategy VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica Morgan Stanley Capital Growth VP** | **Transamerica Morgan Stanley Capital Growth VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

------

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

---

| | |
|:---|:---|
| **Transamerica Morgan Stanley Global Allocation VP** | **Transamerica Morgan Stanley Global Allocation VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica MSCI EAFE Index VP** | **Transamerica MSCI EAFE Index VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica Multi-Managed Balanced VP** | **Transamerica Multi-Managed Balanced VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica PIMCO Tactical – Balanced VP** | **Transamerica PIMCO Tactical – Balanced VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

------

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

---

| | |
|:---|:---|
| **Transamerica PIMCO Tactical – Conservative VP** | **Transamerica PIMCO Tactical – Conservative VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica PIMCO Tactical – Growth VP** | **Transamerica PIMCO Tactical – Growth VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica PineBridge Inflation Opportunities VP** | **Transamerica PineBridge Inflation Opportunities VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica Rothschild & Co Large Cap Value VP** | **Transamerica Rothschild & Co Large Cap Value VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

------

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

---

| | |
|:---|:---|
| **Transamerica S&P 500 Index VP** | **Transamerica S&P 500 Index VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica Small/Mid Cap Value VP** | **Transamerica Small/Mid Cap Value VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica T. Rowe Price Small Cap VP** | **Transamerica T. Rowe Price Small Cap VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

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

---

| | |
|:---|:---|
| **Transamerica TS&W International Equity VP** | **Transamerica TS&W International Equity VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

------

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

---

| | |
|:---|:---|
| **Transamerica WMC US Growth VP** | **Transamerica WMC US Growth VP** |
| Gross income from securities lending activities (including income from cash collateral reinvestment) | $[ ] |
| *Fees and/or compensation for securities lending activities and related services* | *Fees and/or compensation for securities lending activities and related services* |
| &nbsp;&nbsp;&nbsp; Fees paid to securities lending agent from a revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in the <br> revenue split<br>| $[ ] |
| &nbsp;&nbsp;&nbsp; Administrative fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Indemnification fees not included in revenue split | $[ ] |
| &nbsp;&nbsp;&nbsp; Rebate (paid to borrower) | $[ ] |
| &nbsp;&nbsp;&nbsp; Other fees not included in revenue split | $[ ] |
| Aggregate fees/compensation for securities lending activities | $[ ] |
| Net income from securities lending activities  | $[ ] |

---

------

**TRANSAMERICA SERIES TRUST** 

**OTHER INFORMATION** 

**PART C** 

---

| | |
|:---|:---|
| **<u>Item</u><u> </u><u>28</u>** | **<u>Exhibits</u>**  |

---

List all exhibits filed as part of the Registration Statement.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;(a) | [Amended and Restated Declaration of Trust, filed with Post-Effective Amendment No. ("PEA") 133 to the Registration Statement on February 12, 2016](http://www.sec.gov/Archives/edgar/data/778207/000119312516461854/d130430dex99a.htm) |
| &nbsp;&nbsp;&nbsp;(a)(1) | [Amendment No. 1 dated March 11, 2021 to Amended and Restated Declaration of Trust, filed with PEA 167 on April 30, 2021](http://www.sec.gov/Archives/edgar/data/778207/000119312521143891/d144450dex99a1.htm) |
| &nbsp;&nbsp;&nbsp;(b) | [Bylaws of Registrant filed with PEA No. 72 on April 29, 2008](http://www.sec.gov/Archives/edgar/data/778207/000095014408003357/g12151exv23wxbyx2y.htm) |
| &nbsp;&nbsp;&nbsp;(c) | n/a |
| &nbsp;&nbsp;&nbsp;(d)(1) | [Management Agreement between Registrant and Transamerica Asset Management, Inc. ("TAM"), dated March 1, 2016, filed with PEA 134 on March 18, 2016](http://www.sec.gov/Archives/edgar/data/778207/000119312516510545/d108224dex99d1.htm) |
|  | a. Amended Schedule A dated May 1, 2023, to be filed by amendment |
| &nbsp;&nbsp;&nbsp;(d)(2) | [Management Agreement between TAM and Transamerica Cayman BlackRock Global Allocation VP, Ltd. dated March 1, 2016, filed with PEA 167 on April 30, 2021](http://www.sec.gov/Archives/edgar/data/778207/000119312521143891/d144450dex99d2.htm) |
| &nbsp;&nbsp;&nbsp;(d)(2)(a) | [Amendment to Management Agreement for Transamerica Cayman Morgan Stanley Global Allocation VP, Ltd. (formerly Transamerica Cayman BlackRock Global Allocation VP, Ltd) dated May 1, 2020, filed with PEA 167 on April 30, 2021](http://www.sec.gov/Archives/edgar/data/778207/000119312521143891/d144450dex99d2a.htm) |
|  | **Sub-Advisory Agreements** |
| &nbsp;&nbsp;&nbsp;(d)(3) | [Sub-Advisory Agreement between TAM and **J.P. Morgan Investment Management Inc.** dated May 1, 2004, filed with PEA 60 on April 30, 2004 on behalf of Transamerica JPMorgan Mid Cap Value VP](http://www.sec.gov/Archives/edgar/data/778207/000095014404004672/g88180exv99w23xdyx11y.txt) |
|  | a.[Amendment dated October 1, 2015 to Sub-Advisory Agreement, filed with PEA 136 on April 27, 2016](http://www.sec.gov/Archives/edgar/data/778207/000119312516559683/d149537dex99d3a.htm) |
| &nbsp;&nbsp;&nbsp;(d)(4) | [Sub-Advisory Agreement between TAM and **J.P. Morgan Investment Management Inc.** dated May 1, 2002, filed with PEA 50 on April 30, 2002 on behalf of Transamerica JPMorgan Enhanced Index VP](http://www.sec.gov/Archives/edgar/data/778207/000095014402004576/g73631a4ex99-d2947.txt) |
|  | a. [Amendment dated January 1, 2006 to Sub-Advisory Agreement, filed with PEA 66 on April 28, 2006](http://www.sec.gov/Archives/edgar/data/778207/000095014406004136/g99076bexv23wxdyx27y.txt) |
|  | b. [Amendment dated October 1, 2015 to Sub-Advisory Agreement, filed with PEA 136 on April 27, 2016](http://www.sec.gov/Archives/edgar/data/778207/000119312516559683/d149537dex99d4b.htm) |
| &nbsp;&nbsp;&nbsp;(d)(5) | [Sub-Advisory Agreement between TAM and **J.P. Morgan Investment Management, Inc**. dated July 1, 2016, filed with PEA 139 on April 27, 2017 on behalf of Transamerica Asset Allocation – Conservative VP, Transamerica Asset Allocation – Growth VP, Transamerica Asset Allocation – Moderate Growth VP, and Transamerica Asset Allocation – Moderate VP, and Transamerica International Moderate Growth VP](http://www.sec.gov/Archives/edgar/data/778207/000119312517148597/d368127dex99d33.htm) |
| &nbsp;&nbsp;&nbsp;(d)(6) | [Sub-Advisory Agreement between TAM and **J.P. Morgan Investment Management, Inc**. dated March 22, 2011, filed with PEA 95 on April 29, 2011 on behalf of Transamerica Multi-Managed Balanced VP and Transamerica JPMorgan Tactical Allocation VP](http://www.sec.gov/Archives/edgar/data/778207/000093041311003361/c65397_ex-d37.htm) |
|  | a. [Amendment dated May 1, 2011 to Sub-Advisory Agreement, filed with PEA 95 on April 29, 2011](http://www.sec.gov/Archives/edgar/data/778207/000119312516559683/d149537dex99d4b.htm) |
| &nbsp;&nbsp;&nbsp;(d)(7) | [Sub-Advisory Agreement between TAM and **T. Rowe Price Associates, Inc.** dated May 1, 1999, filed with PEA 36 on April 27, 1999 on behalf of Transamerica T. Rowe Price Small Cap VP](http://www.sec.gov/Archives/edgar/data/778207/0001016843-99-000448.txt) |
|  | a. [Amendment dated April 13, 2016 to Sub-Advisory Agreement, filed with PEA 136 on April 27, 2016](http://www.sec.gov/Archives/edgar/data/778207/000119312516559683/d149537dex99d5a.htm) |
| &nbsp;&nbsp;&nbsp;(d)(8) | [Sub-Advisory Agreement between TAM and **Morgan Stanley Investment Management Inc.** dated May 1, 2002, filed with PEA 50 on April 30, 2002 on behalf of Transamerica Morgan Stanley Capital Growth VP](http://www.sec.gov/Archives/edgar/data/778207/000095014402004576/g73631a4ex99-d2947.txt) |
|  | a. [Amendment dated March 22, 2011 to Sub-Advisory Agreement, filed with PEA 95 on April 29, 2011](http://www.sec.gov/Archives/edgar/data/778207/000093041311003361/c65397_ex-d7.htm) |

---

------

---

| | |
|:---|:---|
| | b. [Amendment dated December 15, 2014 to Sub-Advisory Agreement, filed with PEA 130 on April 28, 2015](http://www.sec.gov/Archives/edgar/data/778207/000119312515153306/d907875dex99d6b.htm) |
| | c. [Amendment to Sub-Advisory Agreement dated October 18, 2019, filed with PEA 159 on April 29, 2020](http://www.sec.gov/Archives/edgar/data/778207/000168386320007006/f4347d3.htm) |
| | d. [Amendment dated May 1, 2020 to Sub-Advisory Agreement, filed with PEA 159 on April 29, 2020](http://www.sec.gov/Archives/edgar/data/778207/000168386320007006/f4347d4.htm) |
| | e. Amendment dated March 4, 2022 to Sub-Advisory Agreement, filed with PEA 169 on April 29, 2022 |
| <br>&nbsp;&nbsp;&nbsp;(d)(9) | [Sub-Advisory Agreement between TAM and **Systematic Financial Management L.P.** dated March 22, 2011, filed with PEA 95 on April 29, 2011 on behalf of Transamerica Small/Mid Cap Value VP](http://www.sec.gov/Archives/edgar/data/778207/000093041311003361/c65397_ex-d17.htm) |
| &nbsp;&nbsp;&nbsp;(d)(10) | [Sub-Advisory Agreement between TAM and **Epoch Investment Partners, Inc.** (formerly, **TDAM USA Inc.)** dated November 1, 2018, filed with PEA 151 on April 30, 2019 on behalf of Transamerica International Growth VP](http://www.sec.gov/Archives/edgar/data/778207/000119312519129066/d677943dex99d9.htm) |
|  | a. [Sub-Advisory Agreement Assumption Letter between TAM and **Epoch Investment Partners, Inc.** (formerly, **TDAM USA Inc.)** dated as of September 30, 2019, filed with PEA 159 on April 29, 2020](http://www.sec.gov/Archives/edgar/data/778207/000168386320007006/f4347d5.htm) |
|  | b. [Amendment dated May 1, 2020 to Sub-Advisory Agreement, filed with PEA 167 on April 30, 2021](http://www.sec.gov/Archives/edgar/data/778207/000119312521143891/d144450dex99d11b.htm) |
|  | c. [Amendment dated November 1, 2021 to Sub-Advisory Agreement, filed with PEA 169 on April 29, 2022](http://www.sec.gov/Archives/edgar/data/0000778207/000119312522133190/d289477dex99d11c.htm) |
|  | d. [Amendment dated March 4, 2022 to Sub-Advisory Agreement, filed with PEA 169 on April 29, 2022](http://www.sec.gov/Archives/edgar/data/0000778207/000119312522133190/d289477dex99d11d.htm) |
| &nbsp;&nbsp;&nbsp;(d)(11) | [Sub-Advisory Agreement between TAM and **Aegon USA Investment Management, LLC** dated March 22, 2011, filed with PEA 95 on April 29, 2011 on behalf of Transamerica Aegon U.S. Government Securities VP, Transamerica Aegon High Yield Bond VP and Transamerica Multi-Managed Balanced VP](http://www.sec.gov/Archives/edgar/data/778207/000093041311003361/c65397_ex-d18.htm) |
|  | a. [Amendment dated May 1, 2011 to Sub-Advisory Agreement, filed with PEA 95 on April 29, 2011](http://www.sec.gov/Archives/edgar/data/778207/000093041311003361/c65397_ex-d35.htm) |
|  | b. [Amendment dated August 1, 2014 to Sub-Advisory Agreement, filed with PEA 127 on November 7, 2014](http://www.sec.gov/Archives/edgar/data/778207/000119312514403057/d777367dex99d12b.htm) |
|  | c. [Amendment dated January 6, 2020 to Sub-Advisory Agreement, filed with PEA 159 on April 29, 2020](http://www.sec.gov/Archives/edgar/data/778207/000168386320007006/f4347d6.htm) |
|  | d. [Amendment dated July 31, 2020 to Sub-Advisory Agreement, filed with PEA 167 on April 30, 2021](http://www.sec.gov/Archives/edgar/data/778207/000119312521143891/d144450dex99d12d.htm) |
|  | e. [Amendment dated November 1, 2022 to Sub-Advisory Agreement, filed herein](d396518dex99d11e.htm) |
| &nbsp;&nbsp;&nbsp;(d)(12) | [Sub-Advisory Agreement between TAM and **ProFund Advisors LLC** dated May 1, 2009, filed with PEA 80 on April 30, 2009 on behalf of Transamerica ProFund UltraBear VP](http://www.sec.gov/Archives/edgar/data/778207/000095014409003727/g16782bexv23wxdyx39y.txt) |
|  | a. [Amendment dated May 4, 2022 to Sub-Advisory Agreement, filed herein](d396518dex99d12a.htm) |
| &nbsp;&nbsp;&nbsp;(d)(13) | [Sub-Advisory Agreement between TAM and **Wellington Management Company, LLC** dated April 9, 2010, filed with PEA 91 on April 28, 2010 on behalf of Transamerica WMC US Growth VP](http://www.sec.gov/Archives/edgar/data/778207/000093041310002268/c60337_ex99-d33.htm) |
|  | a. [Amendment dated March 22, 2011 to Sub-Advisory Agreement, filed with PEA 95 on April 29, 2011](http://www.sec.gov/Archives/edgar/data/778207/000093041311003361/c65397_ex-d9.htm) |
|  | b. [Amendment to Sub-Advisory Agreement dated August 2, 2019, filed with PEA 159 on April 29, 2020](http://www.sec.gov/Archives/edgar/data/778207/000168386320007006/f4347d7.htm) |
|  | c. [Amendment dated December 1, 2020 to Sub-Advisory Agreement, filed with PEA 167 on April 30, 2021](http://www.sec.gov/Archives/edgar/data/778207/000119312521143891/d144450dex99d14c.htm) |
|  | d. [Amendment dated March 4, 2022 to Sub-Advisory Agreement, filed with PEA 169 on April 29, 2022](http://www.sec.gov/Archives/edgar/data/0000778207/000119312522133190/d289477dex99d14d.htm) |
| &nbsp;&nbsp;&nbsp;(d)(14) | [Sub-Advisory Agreement between TAM and **Madison Asset Management, LLC** dated May 1, 2011, filed with PEA 95 on April 29, 2011 on behalf of Transamerica Madison Diversified Income VP](http://www.sec.gov/Archives/edgar/data/778207/000093041311003361/c65397_ex-d36.htm) |
|  | a. [Amendment dated August 1, 2017 to Sub-Advisory Agreement, filed with PEA 145 on January 11, 2018](http://www.sec.gov/Archives/edgar/data/778207/000119312518009097/d459622dex99d17a.htm) |
|  | b. [Amendment dated November 1, 2019 to Sub-Advisory Agreement, filed with PEA 167 on April 30, 2021](http://www.sec.gov/Archives/edgar/data/778207/000119312521143891/d144450dex99d15b.htm) |
| &nbsp;&nbsp;&nbsp;(d)(15) | [Sub-Advisory Agreement between TAM and **Janus Henderson Investors US LLC (formerly Janus Capital Management, LLC)** dated May 30, 2017, filed with PEA 145 on January 11, 2018 on behalf of Transamerica Janus Balanced VP and Transamerica Janus Mid-Cap Growth VP](http://www.sec.gov/Archives/edgar/data/778207/000119312518009097/d459622dex99d19.htm) |
|  | a. [Amendment dated August 1, 2021 to Sub-Advisory Agreement, filed with PEA 169 on April 29, 2022](http://www.sec.gov/Archives/edgar/data/0000778207/000119312522133190/d289477dex99d16a.htm) |
|  | b. [Amendment dated August 1, 2022 to Sub-Advisory Agreement, filed herein](d396518dex99d15b.htm) |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;(d)(16) | [Sub-Advisory Agreement between TAM and **PGIM Quantitative Solutions LLC (formerly Quantitative Management Associates LLC)** dated September 17, 2012, filed with PEA 114 on September 7, 2012 on behalf of Transamerica Market Participation Strategy VP](http://www.sec.gov/Archives/edgar/data/778207/000119312512385111/d335564dex99d41.htm) |
| &nbsp;&nbsp;&nbsp;(d)(17) | [Sub-Advisory Agreement between TAM and **Thompson, Siegel &Walmsley LLC**, dated January 23, 2023, filed herein](d396518dex99d17.htm) |
| &nbsp;&nbsp;&nbsp;(d)(18) | [Sub-Advisory Agreement between TAM and **Aegon Asset Management UK plc** on behalf of Transamerica Aegon Sustainable Equity Income VP dated December 1, 2020, filed with PEA 164 on November 30, 2020](http://www.sec.gov/Archives/edgar/data/778207/000119312520305710/d39315dex99d19.htm) |
| &nbsp;&nbsp;&nbsp;(d)(19) | [Sub-Advisory Agreement between TAM and **Pacific Investment Management Company LLC** dated May 1, 2011, filed with PEA 95 on April 29, 2011 on behalf of Transamerica PIMCO Tactical-Balanced VP, Transamerica PIMCO Tactical-Conservative VP and Transamerica PIMCO Tactical-Growth VP](http://www.sec.gov/Archives/edgar/data/778207/000093041311003361/c65397_ex-d2.htm) |
|  | a. [Amendment dated September 17, 2012 to Sub-Advisory Agreement, filed with PEA 129 on February 13, 2015](http://www.sec.gov/Archives/edgar/data/778207/000119312515048755/d872790dex99d26a.htm) |
| &nbsp;&nbsp;&nbsp;(d)(20) | [Sub-Advisory Agreement between TAM and **BlackRock Investment Management, LLC** dated May 1, 2014, filed with PEA 123 on April 30, 2014 on behalf of BlackRock Real Estate Securities VP and BlackRock Government Money Market VP](http://www.sec.gov/Archives/edgar/data/778207/000119312514172721/d698373dex99d40.htm) |
|  | a. [Amendment dated November 1, 2018 to Sub-Advisory Agreement, filed with PEA 150 on February 26, 2019](http://www.sec.gov/Archives/edgar/data/778207/000119312519052058/d709273dex99d25a.htm) |
|  | b. [Amendment dated May 1, 2020 to Sub-Advisory Agreement, filed with PEA 159 on April 29, 2020](http://www.sec.gov/Archives/edgar/data/778207/000168386320007006/f4347d8.htm) |
|  | c. [Amendment dated September 18, 2020 to Sub-Advisory Agreement, filed with PEA 167 on April 30, 2021](http://www.sec.gov/Archives/edgar/data/778207/000119312521143891/d144450dex99d23c.htm) |
|  | d. [Sub-Sub-Advisory Agreement between **BlackRock Investment Management, LLC** and BlackRock International Limited dated November 1, 2018, filed with PEA 150 on February 26, 2019 on behalf of Transamerica BlackRock Global Real Estate Securities VP](http://www.sec.gov/Archives/edgar/data/778207/000119312519052058/d709273dex99d25b.htm) |
|  | e. [Sub-Sub-Advisory Agreement between **BlackRock Investment Management, LLC** and BlackRock (Singapore) Limited dated November 1, 2018, filed with PEA 150 on February 26, 2019 on behalf of Transamerica BlackRock Global Real Estate Securities VP](http://www.sec.gov/Archives/edgar/data/778207/000119312519052058/d709273dex99d25c.htm) |
| &nbsp;&nbsp;&nbsp;(d)(21) | [Sub-Advisory Agreement between TAM and **BlackRock Investment Management, LLC** dated July 1, 2019 on behalf of Transamerica BlackRock Tactical Allocation VP , filed with PEA 159 on April 29, 2020](http://www.sec.gov/Archives/edgar/data/778207/000168386320007006/f4347d9.htm) |
|  | a. [Amendment dated November 1, 2021 to Sub-Advisory Agreement on behalf of Transamerica BlackRock iShares Active Asset Allocation – Conservative VP, Transamerica BlackRock iShares Active Asset Allocation – Moderate Growth VP, Transamerica BlackRock iShares Active Asset Allocation – Moderate VP, Transamerica BlackRock iShares Dynamic Allocation – Balanced VP, Transamerica BlackRock iShares Dynamic Allocation – Moderate Growth VP and Transamerica BlackRock Tactical Allocation VP, filed with PEA 169 on April 29, 2022](http://www.sec.gov/Archives/edgar/data/0000778207/000119312522133190/d289477dex99d23a.htm) |
| &nbsp;&nbsp;&nbsp;(d)(22) | [Sub-Advisory Agreement between TAM and **BlackRock Investment Management, LLC** dated March 21, 2016, filed with PEA 134 on March 18, 2016 on behalf of Transamerica BlackRock iShares Edge 40 VP, Transamerica BlackRock iShares Edge 50 VP, Transamerica BlackRock iShares Edge 75 VP, and Transamerica BlackRock iShares Edge 100 VP](http://www.sec.gov/Archives/edgar/data/778207/000119312516510545/d108224dex99d31.htm) |
|  | a. [Amendment dated November 1, 2018 to Sub-Advisory Agreement, filed with PEA 150 on February 26, 2019](http://www.sec.gov/Archives/edgar/data/778207/000119312519052058/d709273dex99d29a.htm) |
|  | b. [Amendment dated November 1, 2019 to Sub-Advisory Agreement, filed with PEA 167 on April 30, 2021](http://www.sec.gov/Archives/edgar/data/778207/000119312521143891/d144450dex99d25b.htm) |
| &nbsp;&nbsp;&nbsp;(d)(23) | [Sub-Advisory Agreement between TAM and **Morgan Stanley Investment Management Inc.** dated May 1, 2020 on behalf of Transamerica Cayman Morgan Stanley Global Allocation VP, Ltd., filed with PEA 167 on April 30, 2021](http://www.sec.gov/Archives/edgar/data/778207/000119312521143891/d144450dex99d26.htm) |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;(d)(24) | [Sub-Advisory Agreement between TAM and **Milliman Financial Risk Management LLC** dated November 10, 2014, filed with PEA 127 on November 7, 2014 on behalf of Transamerica Morgan Stanley Global Allocation Managed Risk – Balanced VP and Transamerica American Funds Managed Risk VP](http://www.sec.gov/Archives/edgar/data/778207/000119312514403057/d777367dex99d41.htm) |
|  | a. [Amendment dated May 1, 2015 to Sub-Advisory Agreement, filed with PEA 130 on April 28, 2015](http://www.sec.gov/Archives/edgar/data/778207/000119312515153306/d907875dex99d30a.htm) |
|  | b. [Amendment dated October 1, 2015 to Sub-Advisory Agreement, filed with PEA 134 on March 18, 2016](http://www.sec.gov/Archives/edgar/data/778207/000119312516510545/d108224dex99d29b.htm) |
|  | c. [Amendment dated July 1, 2015 to Sub-Advisory Agreement, dated November 10, 2014 filed with PEA 136 on April 27, 2016](http://www.sec.gov/Archives/edgar/data/778207/000119312516559683/d149537dex99d29c.htm) |
|  | d. [Amendment dated October 1, 2015 to Sub-Advisory Agreement, filed with PEA 136 on April 27, 2016](http://www.sec.gov/Archives/edgar/data/778207/000119312516559683/d149537dex99d29d.htm) |
|  | e. [Amendment dated August 1, 2017 to Sub-Advisory Agreement, filed with PEA 145 on January 11, 2018](http://www.sec.gov/Archives/edgar/data/778207/000119312518009097/d459622dex99d29e.htm) |
|  | f. [Amendment dated May 1, 2020 to Sub-Advisory Agreement filed with PEA 159 on April 29, 2020](http://www.sec.gov/Archives/edgar/data/778207/000168386320007006/f4347d10.htm) |
| &nbsp;&nbsp;&nbsp;(d)(25) | [Sub-Advisory Agreement between TAM and **PineBridge Investments LLC** dated November 10, 2014, filed with PEA 127 on November 7, 2014 on behalf of Transamerica PineBridge Inflation Opportunities VP](http://www.sec.gov/Archives/edgar/data/778207/000119312514403057/d777367dex99d42.htm) |
|  | a. [Amendment dated August 28, 2020 to Sub-Advisory Agreement, filed with PEA 167 on April 30, 2021](http://www.sec.gov/Archives/edgar/data/778207/000119312521143891/d144450dex99d28a.htm) |
| &nbsp;&nbsp;&nbsp;(d)(26) | [Sub-Advisory Agreement between TAM and **SSGA Funds Management, Inc.** dated April 18, 2017, filed with PEA 139 on April 28, 2017 on behalf of Transamerica International MSCI EAFE Index VP and Transamerica S&P 500 Equity Index VP](http://www.sec.gov/Archives/edgar/data/778207/000119312517148597/d368127dex99d34.htm) |
|  | a. [Amendment to Sub-Advisory Agreement dated May 1, 2020, filed with PEA 167 on April 30, 2021](http://www.sec.gov/Archives/edgar/data/778207/000119312521143891/d144450dex99d30a.htm) |
| &nbsp;&nbsp;&nbsp;(d)(27) | [Sub-Advisory Agreement between TAM and **Goldman Sachs Asset Management, L.P.** dated July 7, 2017, filed with PEA 142 on September 29, 2017](http://www.sec.gov/Archives/edgar/data/778207/000119312517298973/d425767dex99d35.htm) |
|  | a. [Amendment dated May 1, 2020 to Sub-Advisory Agreement filed on behalf Transamerica Goldman Sachs 70/30 Allocation VP, filed with PEA 159 on April 29, 2020](http://www.sec.gov/Archives/edgar/data/778207/000168386320007006/f4347d11.htm) |
|  | b. [Amendment dated August 28, 2020 to Sub-Advisory Agreement, filed with PEA 167 on April 30, 2021](http://www.sec.gov/Archives/edgar/data/778207/000119312521143891/d144450dex99d31b.htm) |
|  | c. [Amendment dated November 1, 2022 to the Sub-Advisory Agreement, filed herein](d396518dex99d27c.htm) |
| &nbsp;&nbsp;&nbsp;(d)(28) | [Sub-Advisory Agreement between TAM and **Rothschild & Co Asset Management US Inc.** on behalf of Transamerica Rothschild & Co Large Cap Value VP, dated December 1, 2020, filed with PEA 164 on November 30, 2020](http://www.sec.gov/Archives/edgar/data/778207/000119312520305710/d39315dex99d31.htm) |
|  | a. [Amendment dated March 4, 2022 to Sub-Advisory Agreement, filed with PEA 169 on April 29, 2022](http://www.sec.gov/Archives/edgar/data/0000778207/000119312522133190/d289477dex99d30a.htm) |
| &nbsp;&nbsp;&nbsp;(e) | [Amended and Restated Distribution Agreement dated November 1, 2007, filed with PEA 72 on April 29, 2008](http://www.sec.gov/Archives/edgar/data/778207/000095014408003357/g12151exv23wxeyc.htm) |
|  | a. [Amendment to Distribution Agreement dated May 1, 2008, filed with PEA 73 on August 25, 2008](http://www.sec.gov/Archives/edgar/data/778207/000095014408006680/g14851exv23wxeyd.htm) |
|  | b. Amended Schedule I dated May 1, 2023, to be filed by amendment |
| &nbsp;&nbsp;&nbsp;(f) | [Amended and Restated Trustees' Deferred Compensation Plan dated January 1, 2010, filed with PEA 108 on February 26, 2010](http://www.sec.gov/Archives/edgar/data/787623/000093041310001080/c59678_ex-f.htm) |
| &nbsp;&nbsp;&nbsp;(g)(1) | [Custodian Agreement between Registrant and State Street Bank and Trust Company dated January 1, 2011, filed with Transamerica Funds PEA 126 on April 29, 2011 (Registration Nos. 033-02659 and 811-04556)](http://www.sec.gov/Archives/edgar/data/787623/000093041311003368/c65436_ex99g-1.htm) |
| &nbsp;&nbsp;&nbsp;(g)(1)(a) | [Amendment to Appendix A-1 of Custody Agreement dated November 30, 2015 filed previously with Transamerica Funds PEA 213 on February 25, 2016 (Registration Nos. 033-02659 and 811-04556)](http://www.sec.gov/Archives/edgar/data/787623/000119312516478301/d55097dex99g1i.htm) |
| &nbsp;&nbsp;&nbsp;(g)(1)(b) | [Amendment to Custody Agreement dated December 17, 2012, filed previously with Transamerica Funds PEA 170 to Registration Statement on February 12, 2013 (Registration Nos. 033-02659 and 811-04556)](http://www.sec.gov/Archives/edgar/data/787623/000119312513051628/d483712dex99g1ii.htm) |
| &nbsp;&nbsp;&nbsp;(g)(1)(c) | a. Appendix A-1 dated May 1, 2023, to be filed by amendment |
| &nbsp;&nbsp;&nbsp;(g)(2) | [Custodian Agreement between Registrant and State Street Bank and Trust Company dated September 22, 2010 (Cayman), filed with PEA 197 on April 30, 2021](http://www.sec.gov/Archives/edgar/data/778207/000119312521143891/d144450dex99g2.htm) |

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------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;(g)(2)(a) | [Amendment to Custodian Agreement (Cayman) dated July 19, 2011, filed with PEA 197 on April 30, 2021](http://www.sec.gov/Archives/edgar/data/778207/000119312521143891/d144450dex99g2a.htm) |
| &nbsp;&nbsp;&nbsp;(g)(2)(b) | [Amendment to Custodian Agreement (Cayman) dated August 24, 2011, filed with PEA 197 on April 30, 2021](http://www.sec.gov/Archives/edgar/data/778207/000119312521143891/d144450dex99g2b.htm) |
| &nbsp;&nbsp;&nbsp;(g)(2)(c) | [Amendment to Custodian Agreement (Cayman) dated December 17, 2012, filed with PEA 197 on April 30, 2021](http://www.sec.gov/Archives/edgar/data/778207/000119312521143891/d144450dex99g2c.htm) |
| &nbsp;&nbsp;&nbsp;(g)(2)(d) | [Amendment to Custodian Agreement (Cayman) dated March 31, 2021, filed with PEA 197 on April 30, 2021](http://www.sec.gov/Archives/edgar/data/778207/000119312521143891/d144450dex99g2d.htm) |
|  | **Other Material Contracts** |
| &nbsp;&nbsp;&nbsp;(h)(1) | [Intercompany Agreement between Transamerica Asset Management, Inc. and Transamerica Fund Services, Inc. on behalf of the Registrant, dated March 1, 2016, filed with PEA 134 on March 18, 2016](http://www.sec.gov/Archives/edgar/data/778207/000119312516510545/d108224dex99h1.htm) |
| &nbsp;&nbsp;&nbsp;(h)(2) | [Transfer Agency Agreement, as amended through May 1, 2008, filed with PEA 80 on April 30, 2009](http://www.sec.gov/Archives/edgar/data/778207/000095014409003727/g16782bexv23wxhyx2y.txt) |
| &nbsp;&nbsp;&nbsp;(h)(3) | [Expense Limitation Agreement filed with PEA 67 on February 28, 2007](http://www.sec.gov/Archives/edgar/data/778207/000095014407001732/g05666aexv23wxhyx3y.txt) |
|  | a. [Amendment to Expense Limitation Agreement dated May 1, 2008, filed with PEA 73 on August 25, 2008](http://www.sec.gov/Archives/edgar/data/778207/000095014408006680/g14851exv23wxhyx2yc.htm) |
|  | b. [Amendment to Expense Limitation Agreement dated July 1, 2009, filed with PEA 83 on August 14, 2009](http://www.sec.gov/Archives/edgar/data/778207/000095012309035458/g20210exv23whw3wb.htm) |
|  | c. [Amendment to Amended and Restated Expense Limitation Agreement dated May 1, 2011, filed with PEA 95 on April 29, 2011](http://www.sec.gov/Archives/edgar/data/778207/000093041311003361/c65397_ex-h3e.htm) |
|  | d. [Amendment dated as of September 16, 2016 to Amended and Restated Expense Limitation Agreement, filed with PEA 151 on April 30, 2019](http://www.sec.gov/Archives/edgar/data/778207/000119312519129066/d677943dex99h3d.htm) |
|  | e. Amended Schedules A and B dated May 1, 2023, to be filed by amendment |
| &nbsp;&nbsp;&nbsp;(h)(4) | [Participation Agreement between TST and Transamerica Life Insurance Company and Transamerica Financial Life Insurance Company, filed with PEA 70 on July 31, 2007](http://www.sec.gov/Archives/edgar/data/778207/000095014407007035/g08583exv23wxhyx3y.txt) |
|  | a. [Amendment dated May 1, 2010, filed with PEA 91 on April 28, 2010](http://www.sec.gov/Archives/edgar/data/778207/000093041310002268/c60337_ex99-h5a.htm) |
|  | b. [Amendment dated May 1, 2011, filed with PEA 95 on April 29, 2011](http://www.sec.gov/Archives/edgar/data/778207/000093041311003361/c65397_ex-h5b.htm) |
|  | c. [Amendment dated May 1, 2012, filed with PEA 106 on April 26, 2012](http://www.sec.gov/Archives/edgar/data/778207/000119312512185611/d312550dex99h5c.htm) |
|  | d. [Amendment dated September 17, 2012, filed with PEA 114 on September 7, 2012](http://www.sec.gov/Archives/edgar/data/778207/000119312512385111/d335564dex99h4d.htm) |
|  | e. [Amendment dated May 1, 2013 and updated Schedule dated May 1, 2014, filed with PEA 123 on April 30, 2014](http://www.sec.gov/Archives/edgar/data/778207/000119312514172721/d698373dex99h4f.htm) |
|  | f. [Amendment dated November 10, 2014, filed previously with PEA 130 on April 28, 2015](http://www.sec.gov/Archives/edgar/data/778207/000119312515153306/d907875dex99h4f.htm) |
|  | g. [Updated Schedule dated May 1, 2015, filed previously with PEA 130 on April 28, 2015](http://www.sec.gov/Archives/edgar/data/778207/000119312515153306/d907875dex99h4g.htm) |
|  | h. [Updated Schedule dated May 1, 2016, filed with PEA 136 on April 27, 2016](http://www.sec.gov/Archives/edgar/data/778207/000119312516559683/d149537dex99h4h.htm) |
|  | i. [Updated Schedule dated May 1, 2017, filed with PEA 139 on April 27, 2017](http://www.sec.gov/Archives/edgar/data/778207/000119312517148597/d368127dex99h4i.htm) |
|  | j. [Updated Schedule dated September 29, 2017, filed with PEA 142 on September 29, 2017](http://www.sec.gov/Archives/edgar/data/778207/000119312517298973/d425767dex99h4j.htm) |
|  | k. [Updated Schedule dated February 1, 2018, filed with PEA 145 on January 11, 2018](http://www.sec.gov/Archives/edgar/data/778207/000119312518009097/d459622dex99h4k.htm) |
|  | l. [Updated Schedule dated May 1, 2018, filed with PEA 148 on April 27, 2018](http://www.sec.gov/Archives/edgar/data/778207/000119312518138594/d492266dex99h41.htm) |
|  | m. [Updated Schedule dated November 1, 2018, filed with PEA 151 on April 30, 2019](http://www.sec.gov/Archives/edgar/data/778207/000119312519129066/d677943dex99h4m.htm) |
|  | n. [Updated Schedule dated May 1, 2020, filed with PEA 159 on April 29, 2020](http://www.sec.gov/Archives/edgar/data/778207/000168386320007006/f4347d15.htm) |
|  | o. Updated Schedule dated May 1, 2021, filed with PEA 167 on April 30, 2021 |
|  | p. [Updated Schedule dated May 1, 2022, filed with PEA 169 on April 29, 2022](http://www.sec.gov/Archives/edgar/data/0000778207/000119312522133190/d289477dex99h4p.htm) |
|  | q. Updated Schedule dated May 1, 2023, to be filed by amendment |
| &nbsp;&nbsp;&nbsp;(h)(5)(1) | [Master Sub-Administration Agreement dated December 17, 2012, filed with PEA 116 on February 13, 2013](http://www.sec.gov/Archives/edgar/data/778207/000119312513055390/d483021dex99h10.htm) |
|  | a. [Amended Schedule A filed with PEA 148 on April 27, 2018](http://www.sec.gov/Archives/edgar/data/778207/000119312518138594/d492266dex99h7a.htm) |

---

------

---

| | |
|:---|:---|
|  | b. Amended Schedule A dated May 1, 2023, to be filed by amendment |
| &nbsp;&nbsp;&nbsp;(h)(5)(2) | [Master Sub-Administration Agreement dated December 17, 2012 (Cayman), filed with PEA 167 on April 30, 2021](http://www.sec.gov/Archives/edgar/data/778207/000119312521143891/d144450dex99h52.htm) |
|  | [a. Amended Schedule A dated May 1, 2020 (Cayman), filed with PEA 167 on April 30, 2021](http://www.sec.gov/Archives/edgar/data/778207/000119312521143891/d144450dex99h52a.htm) |
| &nbsp;&nbsp;&nbsp;(h)(6)(i) | [Investing Agreement pursuant to Rule 12d1-4 – BlackRock ETF Trust, BlackRock ETF Trust II, iShares Trust, iShares, Inc. and iShares U.S. ETF Trust, filed with PEA 169 on April 29, 2022](http://www.sec.gov/Archives/edgar/data/0000778207/000119312522133190/d289477dex99h6i.htm) |
| &nbsp;&nbsp;&nbsp;(h)(6)(ii) | [Investing Agreement pursuant to Rule 12d1-4 – American Funds Insurance Series and Capital Research and Management Company, filed with PEA 169 on April 29, 2022](http://www.sec.gov/Archives/edgar/data/0000778207/000119312522133190/d289477dex99h6ii.htm) |
| &nbsp;&nbsp;&nbsp;(h)(6)(iii) | [Investing Agreement pursuant to Rule 12d1-4 – Vanguard Funds, filed with PEA 169 on April 29, 2022](http://www.sec.gov/Archives/edgar/data/0000778207/000119312522133190/d289477dex99h6iii.htm) |
| &nbsp;&nbsp;&nbsp;(h)(6)(iv) | [Investing Agreement pursuant to Rule 12d1-4 – Global X Funds, filed with PEA 169 on April 29, 2022](http://www.sec.gov/Archives/edgar/data/0000778207/000119312522133190/d289477dex99h6iv.htm) |
| &nbsp;&nbsp;&nbsp;(h)(6)(v) | [Investing Agreement pursuant to Rule 12d1-4 – Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust, filed with PEA 169 on April 29, 2022](http://www.sec.gov/Archives/edgar/data/0000778207/000119312522133190/d289477dex99h6v.htm) |
| &nbsp;&nbsp;&nbsp;(h)(6)(vi) | [Investing Agreement pursuant to Rule 12d1-4 – ALPS ETF Trust, filed with PEA 169 on April 29, 2022](http://www.sec.gov/Archives/edgar/data/0000778207/000119312522133190/d289477dex99h6vi.htm) |
| &nbsp;&nbsp;&nbsp;(h)(6)(vii) | [Investing Agreement pursuant to Rule 12d1-4 – VanEck ETF Trust, filed with PEA 169 on April 29, 2022](http://www.sec.gov/Archives/edgar/data/0000778207/000119312522133190/d289477dex99h6vii.htm) |
| &nbsp;&nbsp;&nbsp;(h)(6)(viii) | [Investing Agreement pursuant to Rule 12d1-4 – WisdomTree Trust, filed with PEA 169 on April 29, 2022](http://www.sec.gov/Archives/edgar/data/0000778207/000119312522133190/d289477dex99h6viii.htm) |
| &nbsp;&nbsp;&nbsp;(h)(6)(ix) | [Investing Agreement pursuant to Rule 12d1-4 – Schwab Strategic Trust, filed with PEA 169 on April 29, 2022](http://www.sec.gov/Archives/edgar/data/0000778207/000119312522133190/d289477dex99h6ix.htm) |
| &nbsp;&nbsp;&nbsp;(h)(6)(x) | [Investing Agreement pursuant to Rule 12d1-4 – The Select Sector SPDR Trust, filed with PEA 169 on April 29, 2022](http://www.sec.gov/Archives/edgar/data/0000778207/000119312522133190/d289477dex99h6x.htm) |
| &nbsp;&nbsp;&nbsp;(h)(6)(xi) | [Investing Agreement pursuant to Rule 12d1-4 – SPDR Series Trust, SPDR Index Shares Funds and SSGA Active Trust, filed with PEA 169 on April 29, 2022](http://www.sec.gov/Archives/edgar/data/0000778207/000119312522133190/d289477dex99h6xi.htm) |
| &nbsp;&nbsp;&nbsp;(h)(6)(xii) | [Investing Agreement pursuant to Rule 12d1-4 – SPDR S&P 500 ETF Trust and SPDR Dow Jones Industrial Average ETF Trust, filed with PEA 169 on April 29, 2022](http://www.sec.gov/Archives/edgar/data/0000778207/000119312522133190/d289477dex99h6xii.htm) |
| &nbsp;&nbsp;&nbsp;(i) | n/a |
| &nbsp;&nbsp;&nbsp;(j) | n/a |
| &nbsp;&nbsp;&nbsp;(k) | n/a |
| &nbsp;&nbsp;&nbsp;(l) | n/a |
| &nbsp;&nbsp;&nbsp;(m) | Plan of Distribution under Rule 12b-1 |
|  | a. [Amended and Restated Plan of Distribution Pursuant to Rule 12b-1 dated November 1, 2007, filed with PEA 72 on April 29, 2008](http://www.sec.gov/Archives/edgar/data/778207/000095014408003357/g12151exv23wxmyx3y.htm) |
|  | b. [Amended and Restated Plan of Distribution Pursuant to Rule 12b-1 dated May 1, 2008, filed with PEA 73 on August 25, 2008](http://www.sec.gov/Archives/edgar/data/778207/000095014408006680/g14851exv23wxmyx4y.htm) |
|  | c. Amended Schedule A dated May 1, 2023, to be filed by amendment |
| &nbsp;&nbsp;&nbsp;(n) | [Multiple Class Plan dated January 22, 2009, filed with PEA 80 on April 30, 2009](http://www.sec.gov/Archives/edgar/data/778207/000095014409003727/g16782bexv23wxny.txt) |
| &nbsp;&nbsp;&nbsp;(o) | Reserved |
| &nbsp;&nbsp;&nbsp;(p) | **Code of Ethics** |
| &nbsp;&nbsp;&nbsp;(p)(1) | [Joint Transamerica Series Trust and Transamerica Asset Management, Inc., filed herein](d396518dex99p1.htm) |
|  | <u>SUB-ADVISERS CODE OF ETHICS</u> |
|  | (p)(2) [T. Rowe Price Associates, Inc., filed with PEA 169 on April 29, 2022](http://www.sec.gov/Archives/edgar/data/0000778207/000119312522133190/d289477dex99p2.htm) |
|  | (p)(3) [Epoch Investment Partners, Inc., filed with PEA 159 on April 29, 2020](http://www.sec.gov/Archives/edgar/data/778207/000168386320007006/f4347d20.htm) |
|  | (p)(4) [Pacific Investment Management Company LLC, filed with PEA 169 on April 29, 2022](http://www.sec.gov/Archives/edgar/data/0000778207/000119312522133190/d289477dex99p4.htm) |
|  | (p)(5) [J.P Morgan Investment Management, Inc., filed with PEA 169 on April 29, 2022](http://www.sec.gov/Archives/edgar/data/0000778207/000119312522133190/d289477dex99p5.htm) |
|  | (p)(6) [Morgan Stanley Investment Management Inc., filed with PEA 169 on April 29, 2022](http://www.sec.gov/Archives/edgar/data/0000778207/000119312522133190/d289477dex99p6.htm) |

---

------

---

| | |
|:---|:---|
|  | (p)(7) [BlackRock Investment Management, LLC, filed with PEA 169 on April 29, 2022](http://www.sec.gov/Archives/edgar/data/0000778207/000119312522133190/d289477dex99p7.htm) |
|  | (p)(8) [Aegon USA Investment Management, LLC, filed herein](d396518dex99p8.htm) |
|  | (p)(9) [ProFund Advisors LLC, filed herein](d396518dex99p9.htm) |
|  | (p)(10) [Wellington Management Company, LLP, filed with PEA 169 on April 29, 2022](http://www.sec.gov/Archives/edgar/data/0000778207/000119312522133190/d289477dex99p10.htm) |
|  | (p)(11) [Madison Asset Management, LLC, filed herein](d396518dex99p11.htm) |
|  | (p)(12) [Systematic Financial Management, LP, filed with PEA 169 on April 29, 2022](http://www.sec.gov/Archives/edgar/data/0000778207/000119312522133190/d289477dex99p12.htm) |
|  | (p)(13) [Janus Henderson Investors US LLC, filed herein](d396518dex99p13.htm) |
|  | (p)(14) [PGIM Quantitative Solutions LLC, filed with PEA 169 on April 29, 2022](http://www.sec.gov/Archives/edgar/data/0000778207/000119312522133190/d289477dex99p14.htm) |
|  | (p)(15) [Aegon Asset Management UK plc, filed with PEA 164 on November 30, 2020](http://www.sec.gov/Archives/edgar/data/778207/000119312520305710/d39315dex99p17.htm) |
|  | (p)(16) [Thompson, Siegel & Walmsley, LLC, filed herein](d396518dex99p16.htm) |
|  | (p)(17) [Milliman Financial Risk Management LLC, filed herein](d396518dex99p17.htm) |
|  | (p)(18) [PineBridge Investments LLC, filed herein](d396518dex99p18.htm) |
|  | (p)(19) [SSGA Funds Management, Inc., filed herein](http://www.sec.gov/Archives/edgar/data/0000778207/000119312522133190/d289477dex99p19.htm) |
|  | (p)(20) [Goldman Sachs Asset Management, L.P., filed herein](d396518dex99p20.htm) |
|  | (p)(21) [Rothschild & Co Asset Management US Inc., filed with PEA 167 on April 30, 2021](http://www.sec.gov/Archives/edgar/data/778207/000119312521143891/d144450dex99p23.htm) |
| &nbsp;&nbsp;&nbsp;(q) | [Power of Attorney, filed with PEA 168 on March 1, 2022](http://www.sec.gov/Archives/edgar/data/778207/000119312522060097/d289477dex99q.htm) |

---

Item 29. <u>Persons Controlled by or under Common Control with Registrant.</u>

To the knowledge of the Registrant, neither the Registrant nor any series thereof is controlled by or under common control with any other person. The Registrant has no subsidiaries.

Item 30. <u>Indemnification.</u>

Provisions relating to indemnification of the Registrant's Trustees and employees are included in Registrant's Amended and Restated Declaration of Trust and Bylaws, which are incorporated herein by reference.

Insofar as indemnification for liability arising under the Securities Act of 1933 (the "Act") may be permitted to Trustees, officers and controlling persons, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification may be against public policy as expressed in the Act and may be, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by Registrant of expenses incurred or paid by a Trustee, officer or controlling person of Registrant in the successful defense of any action, suit or proceeding) is asserted by such Trustee, officer or controlling person in connection with the securities being registered, 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.

Item 31. <u>Business and Other Connections of Investment Adviser.</u>

See "Shareholder Information — Investment Adviser" in the Prospectus and "Investment Advisory and Other Services — The Investment Adviser" in the Statement of Additional Information for information regarding Transamerica Asset Management, Inc. ("TAM"). For information as to the business, profession, vocation or employment of a substantial nature of each of the officers and directors of TAM, reference is made to TAM's current Form ADV filed under the Investment Advisers Act of 1940, incorporated herein by reference (File No. 801-53319; CRD No. 107376).

With respect to information regarding each sub-adviser, reference is hereby made to "Shareholder Information — Sub-Adviser(s)" in the Prospectus. For information as to the business, profession, vocation or employment of a substantial nature of each of the officers and directors of each sub-adviser, reference is made to the current Form ADVs of each sub-adviser filed under the Investment Advisers Act of 1940, incorporated herein by reference and the file numbers of which are as follows:

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Aegon Asset Management UK plc<br> File No. 801-111656<br> CRD No. 289505 | Morgan Stanley Investment Management Inc.<br> File No. 801-15757<br> CRD No. 110353 |
| &nbsp;&nbsp;&nbsp; Aegon USA Investment Management, LLC<br> File No. 801-60667<br> CRD No. 114537 | Pacific Investment Management Company LLC<br> File No. 801-48187<br> CRD No. 104559 |
| &nbsp;&nbsp;&nbsp; BlackRock Investment Management, LLC<br> File No. 801-56972<br> CRD No. 108928 | PineBridge Investments LLC<br> File No. 801-18759<br> CRD No. 105926 |
| &nbsp;&nbsp;&nbsp; BlackRock International Limited<br> File No. 801-51087<br> CRD No. 106843 | ProFund Advisors LLC<br> File No. 801-54760<br> CRD No. 109585 |
| &nbsp;&nbsp;&nbsp; BlackRock (Singapore) Limited<br> File No. 801-76926<br> CRD No. 164594 | PGIM Quantitative Solutions LLC<br> File No. 801-62692<br> CRD No. 129752 |
| &nbsp;&nbsp;&nbsp; Epoch Investment Partners, Inc.<br> File No. 801-63118<br> CRD No. 131556 | Rothschild & Co Asset Management US Inc.<br> SEC File No. 801-5875<br> CRD No. 110349 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Asset Management, L.P.<br> File No. 801-37591<br> CRD No. 107738 | SSGA Funds Management, Inc.<br> File No. 801-60103<br> CRD No. 111242 |
| &nbsp;&nbsp;&nbsp; Janus Henderson Investors US LLC<br> File No. 801-13991<br> CRD No. 104652 | Systematic Financial Management, L.P.<br> File No. 801-48908<br> CRD No. 106146 |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Investment Management Inc.<br> File No. 801-49083<br> CRD No. 106256 | Thompson, Siegel & Walmsley LLC<br> File No. 801-6273<br> CRD No. 105726 |
| &nbsp;&nbsp;&nbsp; Madison Asset Management, LLC<br> File No. 801-62992<br> CRD No. 130874 | T. Rowe Price Associates, Inc.<br> File No. 801-856<br> CRD No. 105496 |
| &nbsp;&nbsp;&nbsp; Milliman Financial Risk Management LLC<br> File No. 801-73056<br> CRD No. 159377 | Wellington Management Company LLP<br> File No. 812-15908<br> CRD No. 106595 |

---

Item 32. <u>Principal Underwriter.</u> 

(a) The Registrant has entered into an Underwriting Agreement with Transamerica Capital, Inc. ("TCI"),
whose address is 1801 California Street, Suite 5200, Denver, Colorado, 80202 to act as the principal underwriter of Portfolio shares.

(b) Directors and Officers of TCI:

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name** | **Positions and Offices with Underwriter** | **Positions and Offices with**<br> **Registrant** |
| &nbsp;&nbsp;&nbsp;Timothy Ackerman | Director and Vice President | N/A |
| &nbsp;&nbsp;&nbsp;Brian Beitzel | Director, Chief Financial Officer and Treasurer | N/A |
| &nbsp;&nbsp;&nbsp;David Cheung | Assistant Secretary | N/A |
| &nbsp;&nbsp;&nbsp;David Curry | Director, President, Chief Executive Officer and Chairman of the Board | N/A |
| &nbsp;&nbsp;&nbsp;Mark Halloran | Director and Vice President | N/A |
| &nbsp;&nbsp;&nbsp;Kristin Harding | Vice President | N/A |
| &nbsp;&nbsp;&nbsp;Doug Hellerman | Director, Chief Compliance Officer and Vice President | N/A |
| &nbsp;&nbsp;&nbsp;Gregory E. Miller-Breetz | Secretary | N/A |
| &nbsp;&nbsp;&nbsp;Jennifer Pearce | Director and Vice President | N/A |
| &nbsp;&nbsp;&nbsp;Vincent Toner | Vice President | Vice President and Treasurer |

---

Item 33. <u>Location of Accounts and Records</u>.

The accounts, books and other documents required to be maintained by Registrant pursuant to Section 31(a) of the Investment Company Act of 1940, as amended, and rules promulgated thereunder are in the possession of Transamerica Asset Management, Inc. and Transamerica Fund Services, Inc. at their offices at 1801 California Street, Suite 5200, Denver, CO 80202 or at the offices of the Portfolios' custodian, State Street Bank and Trust Company, One Lincoln Street, Boston, MA 02111.

Item 34. <u>Management Services.</u>

Not applicable

Item 35. <u>Undertakings.</u>

Not applicable

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Post-Effective Amendment No. 170 to its Registration Statement to be signed on its behalf by the undersigned, thereunder duly authorized, in the City of Denver, State of Colorado, on the 24<sup>th</sup> day of February, 2023.

---

| | |
|:---|:---|
| **TRANSAMERICA SERIES TRUST** | **TRANSAMERICA SERIES TRUST** |
| By: | /s/ Marijn P. Smit |
|  | Marijn P. Smit |
|  | Trustee, President and Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 170 to its Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

---

| | | |
|:---|:---|:---|
| <u>/s/ Marijn P. Smit</u> | Trustee, President and Chief | February 24, 2023 |
| Marijn P. Smit | Executive Officer |  |
| <u>/s/ Sandra N. Bane</u> | Trustee | February 24, 2023 |
| Sandra N. Bane\* |  |  |
| <u>/s/ Leo J. Hill</u> | Trustee | February 24, 2023 |
| Leo J. Hill\* |  |  |
| <u>/s/ Kathleen T. Ives</u> | Trustee | February 24, 2023 |
| Kathleen T. Ives\* |  |  |
| <u>/s/ Lauriann C. Kloppenburg</u> | Trustee | February 24, 2023 |
| Lauriann C. Kloppenburg\* |  |  |
| <u>/s/ Fredric A. Nelson III</u> | Trustee | February 24, 2023 |
| Fredric A. Nelson III\* |  |  |
| <u>/s/ John E. Pelletier</u> | Trustee | February 24, 2023 |
| John E. Pelletier\* |  |  |
| <u>/s/ Patricia L. Sawyer</u> | Trustee | February 24, 2023 |
| Patricia L. Sawyer\* |  |  |
| <u>/s/ John W. Waechter</u> | Trustee | February 24, 2023 |
| John W. Waechter\* |  |  |
| <u>/s/ Alan F. Warrick</u> | Trustee | February 24, 2023 |
| Alan F. Warrick\* |  |  |
| <u>/s/ Vincent J. Toner</u> | Vice President, Treasurer, Principal | February 24, 2023 |
| Vincent J. Toner | Financial Officer and Principal Accounting Officer |  |
| \* By: <u>/s/ Dennis P. Gallagher</u> | Chief Legal Officer | February 24, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dennis P. Gallagher\*\* | and Secretary |  |

---

\*\* Attorney-in-fact pursuant to power of attorney previously filed.

------

**WASHINGTON, DC 20549** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Exhibits Filed With** 

**Post-Effective Amendment No. 170** 

**Registration Statement on** 

**Form N-1A** 

**Transamerica Series Trust** 

**Registration No. <u>033-00507</u>** 

**EXHIBIT INDEX** 

---

| |
|:---|
| **<u>Exhibit Number Description of Exhibit</u>** |
|  (d)(11)(e) [Amendment dated November 1, 2022 to Sub-Advisory Agreement (Aegon USA Investment Management, LLC)](d396518dex99d11e.htm) |
|  (d)(12)(a) [Amendment dated May 4, 2022 to Sub-Advisory Agreement (ProFund Advisors LLC)](d396518dex99d12a.htm) |
|  (d)(15)(b) [Amendment dated August 1, 2022 to Sub-Advisory Agreement (Janus Henderson Investors US LLC)](d396518dex99d15b.htm) |
|  (d)(17) [Sub-Advisory Agreement dated January 23, 2023 (Thompson, Siegel & Walmsley LLC)](d396518dex99d17.htm) |
|  (d)(27)(c) [Amendment dated November 1, 2022 to the Sub-Advisory Agreement (Goldman Sachs Asset Management, L.P.)](d396518dex99d27c.htm) |
|  (p)(1) [Code of Ethics - Joint Transamerica Series Trust and Transamerica Asset Management, Inc.](d396518dex99p1.htm) |
|  (p)(8) [Code of Ethics - Aegon USA Investment Management, LLC](d396518dex99p8.htm) |
|  (p)(9) [Code of Ethics - ProFund Advisors LLC](d396518dex99p9.htm) |
|  (p)(11) [Code of Ethics - Madison Asset Management, LLC](d396518dex99p11.htm) |
|  (p)(13) [Code of Ethics - Janus Henderson Investors US LLC](d396518dex99p13.htm) |
|  (p)(16) [Code of Ethics - Thompson, Siegel & Walmsley LLC](d396518dex99p16.htm) |
|  (p)(17) [Code of Ethics - Milliman Financial Risk Management LLC](d396518dex99p17.htm) |
|  (p)(18) [Code of Ethics - PineBridge Investments LLC](d396518dex99p18.htm) |
|  (p)(20) [Code of Ethics - Goldman Sachs Asset Management, L.P.](d396518dex99p20.htm) |
|  All other Exhibits to be filed by amendment. |

---

## Ex-99.(D)(11)(E)

**Exhibit (d)(11)(e)** 

**TRANSAMERICA SERIES TRUST** 

**AMENDMENT TO SUB-ADVISORY AGREEMENT BETWEEN** 

**TRANSAMERICA ASSET MANAGEMENT, INC. AND** 

**AEGON USA INVESTMENT MANAGEMENT, LLC** 

**THIS AMENDMENT** is made as of November 1, 2022, to the Sub-Advisory Agreement dated as of March 22, 2011, as amended, (the "Agreement") between Transamerica Asset Management, Inc. and Aegon USA Investment Management, LLC.

In consideration of the mutual covenants contained herein, the parties agree as follows:

**Schedule A.** Schedule A to the Agreement is hereby deleted entirely and replaced as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**PORTFOLIOS** | **SUB-ADVISER COMPENSATION<sup>1</sup>** |
| &nbsp;&nbsp; Transamerica Aegon Bond VP (formerly known as<br> Transamerica PIMCO Total Return VP) | &nbsp;&nbsp; 0.12% of the first $250 million;<br> 0.10% over $250 million up to $500 million;<br> 0.08% over $500 million up to $1 billion;<br> 0.075% over $1 billion<sup>2</sup> |
| &nbsp;&nbsp; Transamerica Aegon High Yield Bond VP | &nbsp;&nbsp; 0.35% of the first $20 million;<br> 0.24% over $20 million up to $40 million;<br> 0.19% over $40 million up to $125 million; and<br> 0.14% over $125 million<sup>3</sup> |
| &nbsp;&nbsp; Transamerica Aegon Core Bond VP (formerly known as<br> Transamerica JPMorgan Core Bond VP) | &nbsp;&nbsp; 0.12% of the first $1 billion; and<br> 0.05% over $1 billion <sup>4</sup> |
| &nbsp;&nbsp; Transamerica Aegon U.S. Government Securities VP | &nbsp;&nbsp; 0.15% of average daily net assets |
| &nbsp;&nbsp; Transamerica Multi-Managed Balanced VP | &nbsp;&nbsp; 0.12% of the first $1 billion; and<br> 0.05% over $1 billion<sup>4</sup> |

---

---

| | |
|:---|:---|
| 1 | As a percentage of average daily net assets on an annual basis.  |

---

2 The average daily net assets for the purpose of calculating sub-advisory fees will be determined based on the aggregate average daily net assets of Transamerica Aegon Bond VP, a series of the Trust, and Transamerica Bond, a series of Transamerica Funds.

---

| | |
|:---|:---|
| 3 | The average daily net assets for the purpose of calculating sub-advisory fees will be determined based on the aggregate daily net assets of Transamerica Aegon High Yield Bond VP, a series of the Trust, and Transamerica High Yield Bond and Transamerica High Yield ESG, each a series of Transamerica Funds.  |

---

---

| | |
|:---|:---|
| 4 | The average daily net assets for the purpose of calculating sub-advisory fees will be determined based on the aggregate daily net assets of (i) Transamerica Aegon Core Bond VP and the portion of assets of Transamerica Multi-Managed Balanced VP that are sub-advised by Aegon USA Investment Management LLC ("AUIM"), each a series of the Trust, (ii) Transamerica Core Bond (formerly Transamerica Intermediate Bond) and the portions of the assets of Transamerica Balanced II and Transamerica Multi-Managed Balanced that are sub-advised by AUIM, each a series of Transamerica Funds, and (iii) the portion of assets of Balanced Ret Opt and Bond Ret Opt,  |

---

------

each a separately managed account of Transamerica Life Insurance Company, that are advised by AUIM.

In all other respects, the Agreement dated as of March 22, 2011, as amended, is confirmed, and remains in full force and effect.

The parties hereto have caused this amendment to be executed as of November 1, 2022.

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| | |
|:---|:---|
| **TRANSAMERICA ASSET MANAGEMENT, INC.** | **TRANSAMERICA ASSET MANAGEMENT, INC.** |
|  By: | /s/ Christopher A. Staples |
|  Name: | Christopher A. Staples |
|  Title: | Senior Vice President |
| **AEGON USA INVESTMENT MANAGEMENT, LLC** | **AEGON USA INVESTMENT MANAGEMENT, LLC** |
|  By: | /s/ Dustin Boxa |
|  Name:  | Dustin Boxa |
|  Title: | Treasurer |

---

## Ex-99.(D)(12)(A)

**Exhibit (d)(12)(a)** 

**AMENDMENT TO SUB-ADVISORY AGREEMENT BETWEEN** 

**TRANSAMERICA ASSET MANAGEMENT, INC. AND** 

**PROFUND ADVISORS LLC** 

THIS AMENDMENT is made as of May 4, 2022 (the "Amendment"), to the Investment Sub-Advisory Agreement dated as of May 1, 2009, as amended from time to time (the "Agreement"), between Transamerica Asset Management, Inc. ("TAM") and ProFund Advisors LLC (the "Sub-Adviser"), pursuant to which TAM has engaged the Sub-Adviser to provide certain advisory services to the fund(s) and/or portfolio(s) listed on Schedule A to this Amendment (each, a "Fund"), each Fund a separate series of the Transamerica trust listed on Schedule A to this Amendment (each, a "Trust''). For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

**<u>Registration Statement Disclosures.</u>** 

The Sub-Adviser represents, warrants and agrees that it has reviewed the Trust's current registration statement on Form N-lA solely with respect to the disclosure respecting or relating to the Sub-Adviser's management of the Fund, including any performance information the Sub-Adviser provides that is included in or serves as the basis for information included in the Registration Statement as filed with the SEC and any existing amendments or supplements thereto, including without limitation any supplements filed pursuant to Rule 497 under the Securities Act of 1933 (as so amended and supplemented from time to time, the "Registration Statement") and upon receipt from TAM, agrees to promptly review future amendments or supplements to the Registration Statement that relate to the Sub-Adviser or the Fund, prior to filing with the SEC and represents and warrants that, solely with respect to the disclosure respecting or relating to the Sub-Adviser's management of the Fund, including any performance information the Sub-Adviser provides that is included in or serves as the basis for information included in the Registration Statement, as of the date of this Agreement, agrees to promptly notify TAM, to the extent that the Sub-Adviser actually knows or reasonably should know, if the Registration Statement contains any untrue statement of any material fact or omits any statement of material fact which was required to be stated therein or necessary to make the statements contained therein not misleading.

To the extent that the Sub-Adviser knows or reasonably should know, the Sub-Adviser further agrees to notify TAM and the Trust promptly of any statement respecting or relating to the Sub-Adviser contained in the Registration Statement that becomes untrue in any material respect or if the Registration Statement omits any statement of material fact respecting or relating to the Sub-Adviser that is required to be stated therein or necessary to make the statements contained therein not misleading.

With respect to the disclosure respecting the Fund, the Sub-Adviser represents, warrants and agrees that the description in the Registration Statement, including the Fund's investment objective, investment strategies and risks (the "Description"), as of the date of this Agreement and any future amendments or supplements to the Registration Statement, upon the Sub-Adviser having a reasonable opportunity to review such future amendments or supplements, is consistent with the manner in which the Sub-Adviser is managing the Fund, and the identification and description of risks in the Registration Statement is inclusive of, and accurately describes in all material respects, all material risks known to the Sub-Adviser that may arise in connection with the management of the Fund by the Sub-Adviser.

------

The Sub-Adviser further agrees to notify TAM and the Trust promptly in the event that the Sub-Adviser becomes aware that the Description for a Fund is inconsistent with the manner in which the Sub-Adviser is managing the Fund, or in the event that the identification and description of risks in the Registration Statement fails to include, or accurately describe in all material respects, all material risks known to the Sub-Adviser that may arise in connection with the management of the Fund by the Sub-Adviser.

In all other respects, the Agreement dated as May 1, 2009, is confirmed, and remains in full force and effect.

The parties hereto have caused this amendment to be executed as of May 4, 2022.

---

| | |
|:---|:---|
| **TRANSAMERICA ASSET MANAGEMENT, INC.** | **TRANSAMERICA ASSET MANAGEMENT, INC.** |
| By: | /s/ Christopher A. Staples |
| Name: | <u>Christopher A. Staples</u> |
| Title: | Vice President and Chief Investment Officer, Advisory Services |
| **PROFUND ADVISORS LLC** | **PROFUND ADVISORS LLC** |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Michael L. Sapir |
| Name: | <u>Michael L. Sapir</u> |
| Title: | Chief Executive Officer |

---

------

**SCHEDULE A** 

**As of May 1, 2022** 

**TRANSAMERICA SERIES TRUST** 

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| |
|:---|
| &nbsp;&nbsp;&nbsp; **Fund** |
| &nbsp;&nbsp; Transamerica ProFund UltraBear VP |

---

## Ex-99.(D)(15)(B)

**Exhibit (d)(15)(b)** 

**TRANSAMERICA SERIES TRUST** 

**AMENDMENT TO INVESTMENT SUBADVISORY AGREEMENT BETWEEN** 

**TRANSAMERICA ASSET MANAGEMENT, INC. AND** 

**JANUS HENDERSON INVESTORS US LLC** 

**THIS AMENDMENT** is dated as of August 1, 2022, to the Investment Subadvisory Agreement dated as of May 30, 2017, as amended, (the "Agreement"), between Transamerica Asset Management, Inc. and Janus Henderson Investors US LLC.

In consideration of the mutual covenants contained herein, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Schedule A.** Schedule A to the Agreement is hereby deleted entirely and replaced as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp; **PORTFOLIOS**<br>| **SUB-ADVISER COMPENSATION<sup>1</sup>** <br>|
| &nbsp;&nbsp; Transamerica Janus Balanced VP | 0.30% of the first $500 million;<br> 0.27% over $500 million up to $1 billion; and<br> 0.25% in excess of $1 billion |
| &nbsp;&nbsp; Transamerica Janus Mid-Cap Growth VP | 0.375% of the first $500 million;<br> 0.34% over $500 million up to $1 billion; and<br> 0.32% in excess of $1 billion |

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<sup>(1)</sup> As a percentage of average daily net assets on an annual basis. 

In all other respects, the Agreement dated May 30, 2017, as amended, is confirmed and remains in full force and effect.

*[signature page follows]*

------

**IN WITNESS WHEREOF,** each of the parties hereto has executed this amendment as of the date set forth above.

---

| | |
|:---|:---|
| **TRANSAMERICA ASSET MANAGEMENT, INC.** | **TRANSAMERICA ASSET MANAGEMENT, INC.** |
| By: | ![LOGO](g396518sp2aa.jpg) <br>|
| Name: | Christopher A. Staples |
| Title: | Senior Vice President |
| **JANUS HENDERSON INVESTORS US LLC** | **JANUS HENDERSON INVESTORS US LLC** |
| By: | ![LOGO](g396518sp2bbb.jpg) <br>|
| Name: | Russell P. Shipman |
| Title: | Head of Retirement Sales and Strategy |

---

## Ex-99.(D)(17)

**Exhibit (d)(17)** 

**INVESTMENT SUBADVISORY AGREEMENT** 

**THOMPSON, SIEGEL & WALMSLEY LLC** 

This Agreement, entered into as of January 23, 2023 by and between Transamerica Asset Management, Inc., a Florida corporation (referred to herein as "TAM") and Thompson, Siegel & Walmsley LLC, a Delaware limited liability company (referred to herein as the "Subadviser").

TAM is the investment adviser to Transamerica Series Trust (the "Trust"), an open-end investment company registered under the Investment Company Act of 1940 (collectively with the rules and regulations promulgated thereunder and any exemptive orders thereunder, the "1940 Act"). TAM wishes to engage the Subadviser to provide certain investment advisory services to each series of the Trust listed on <u>Schedule A</u> hereto (the "Fund"). The Subadviser desires to furnish services for the Trust and to perform the functions assigned to it under this Agreement for the considerations provided. Accordingly, the parties have agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Appointment.** In accordance with the Investment Advisory Agreement between the Trust and TAM (the "Advisory Agreement"), TAM hereby appoints the Subadviser to act as subadviser with respect to the Fund for the period and on the terms set forth in this Agreement. The Subadviser accepts such appointment and agrees to render or cause to be rendered the services set forth for the compensation herein specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Subadvisory Services.** In its capacity as subadviser to the Fund, the Subadviser shall have the following responsibilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the supervision of the Trust's Board of Trustees (the "Board") and TAM, the
Subadviser shall regularly provide the Fund with respect to such portion of the Fund's assets as shall be allocated to the Subadviser by TAM from time to time (the "Allocated Assets") with investment research, advice, management and
supervision and shall furnish a continuous investment program for the Allocated Assets consistent with the Fund's investment objectives, policies and restrictions, as stated in the Fund's current Prospectus and Statement of Additional
Information, and subject to such other restrictions and limitations as directed by the officers of TAM or the Trust by notice in writing to the Subadviser. The Subadviser shall, with respect to the Allocated Assets, determine from time to time what
securities and other investments and instruments will be purchased, retained, sold or exchanged by the Fund and what portion of the Allocated Assets will be held in the various securities and other investments in which the Fund invests, and shall
implement those decisions (including the negotiation and execution of investment documentation and agreements, including, without limitation, swap, futures, options and other agreements with counterparties, on the Fund's behalf as the
Subadviser deems appropriate from time to time in order to carry out its responsibilities hereunder, provided the Subadviser provides TAM prompt notice of any new investment agreements and any material amendments to existing investment agreements
and the opportunity for legal review), all subject to the provisions of the Trust's Declaration of Trust and By-Laws, as may be amended from time to time (collectively, the

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"Governing Documents"), the 1940 Act and the applicable rules and regulations promulgated thereunder by the Securities and Exchange Commission (the "SEC"), interpretive guidance issued thereunder by the SEC staff and any other applicable federal and state law, as well as the investment objectives, policies and restrictions of the Fund referred to above, any written instructions and directions of the Board or TAM provided to the Subadviser from time to time, and any other specific policies adopted by the Board and disclosed to the Subadviser. The Subadviser's responsibility for providing investment research, advice, management, and supervision to the Fund is limited to that discrete portion of the Fund represented by the Allocated Assets and the Subadviser is prohibited from directly or indirectly consulting with any other subadviser for a portion of the Fund's assets concerning Fund transactions in securities or other assets. The Subadviser is authorized to give instructions with respect to the Allocated Assets to the custodian of the Fund as to deliveries of securities and other investments and payments of cash for the account of the Fund. Subject to applicable provisions of the 1940 Act, the investment program to be provided hereunder may entail the investment of all or substantially all of the assets of the Fund in one or more investment companies. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subadviser will place orders pursuant to its investment detetminations for the Fund either directly with
the issuer or with any broker or dealer, foreign currency dealer, futures commission merchant or others selected by it. In connection with the selection of such brokers or dealers and the placing of such orders, subject to applicable law, brokers or
dealers may be selected who also provide brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) to the Fund and/or the other accounts over
which the Subadviser or its affiliates exercise investment discretion. The Subadviser is authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for the Fund which is
in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Subadviser determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and
research services provided by such broker or dealer. This determination may be viewed in terms of either that particular transaction or the overall responsibilities which the Subadviser and its affiliates have with respect to accounts over which
they exercise investment discretion. The Board may adopt policies and procedures that modify and restrict the Subadviser's authority regarding the execution of the Fund's portfolio transactions provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund hereby authorizes any entity or person associated with the Subadviser which is a member of a
national securities exchange to effect any transaction on the exchange for the account of the Fund which is permitted by Section 11(a) of the Exchange Act and Rule 11a2-2(T) thereunder, and the Fund hereby
consents to the retention of compensation for such transactions in accordance with Rule 11a2-2(T)(a)(2)(iv). Notwithstanding the foregoing, the Subadviser agrees that it will not deal with itself, or with
Trustees of the Trust or any principal underwriter of the Fund, as principals or agents in making purchases or sales of securities or other

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property for the account of the Fund, nor will it purchase any securities from an underwriting or selling group in which the Subadviser or its affiliates is participating, or arrange for purchases and sales of securities between the Fund and another account advised by the Subadviser or its affiliates, except in each case as permitted by the I 940 Act and in accordance with such policies and procedures as may be adopted by the Fund from time to time, and will comply with all other provisions of the Governing Documents and the Fund's then-current Prospectus and Statement of Additional Information relative to the Subadviser and its directors and officers. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless TAM advises the Subadviser in writing that the right to vote proxies has been expressly reserved to
TAM or the Trust or otherwise delegated to another party, the Subadviser shall exercise voting rights incident to any security purchased with, or comprising a portion of, the Allocated Assets, in accordance with the Subadviser's proxy voting
policies and procedures without consultation with TAM or the Fund. The Subadviser agrees to furnish a copy of its proxy voting policies and procedures, and any amendments thereto, to TAM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Subadviser will monitor the security valuations of the Allocated Assets. If the Subadviser believes that
the Fund's carrying value for a security does not fairly represent the price that could be obtained for the security in a current market transaction, the Subadviser will notify TAM promptly. In addition, the Subadviser will be available to
consult with TAM in the event of a pricing problem and to participate in the Trust's Valuation Committee meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) As reasonably requested by the Fund, the Subadviser will provide the Fund with information and advice
regarding assets in the Allocated Portion to assist the Fund in (i) determining the appropriate liquidity classifications of such assets and whether liquidity information provided by the Fund's liquidity classification agents is
reasonable; and (ii) risk identification, risk assessment, and monitoring of risk guidelines with respect to the Fund's derivatives risk management program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Activities of the Subadviser.** Nothing in this Agreement shall limit or restrict the right of any director, officer, or employee of the Subadviser 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 other business, whether of a similar nature or a dissimilar nature, nor to limit or restrict the right of the Subadviser to engage in any other business or to render services of any kind, including investment advisory and management services, to any other fund, firm, individual or association. If the purchase or sale of securities for the Fund and one or more other accounts of the Subadviser is considered at or about the same time, transactions in such securities will be allocated among the accounts in a manner deemed equitable by the Subadviser. Such transactions may be combined, in accordance with applicable laws and regulations, and consistent with the Subadviser's policies and procedures as presented to the Board from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Allocation of Charges and Expenses.** During the term of this Agreement, the Fund will bear all expenses not expressly assumed by TAM or the Subadviser incurred in the

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operation of the Fund and the offering of its shares. Without limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund shall pay its allocable share of (i) fees payable to TAM pursuant to the Advisory Agreement;
(ii) the cost (including brokerage commissions, if any) incurred in connection with purchases and sales of the Fund's portfolio securities; (iii) expenses of organizing the Fund; (iv) filing fees and expenses relating to
registering and qualifying and maintaining the registration and qualification of the Fund's shares for sale under federal and state securities laws; (v) the compensation, fees and reimbursements paid to the Trust's non-interested Trustees; (vi) custodian and transfer agent fees; (vii) legal and accounting expenses allocable to the Fund, including costs for local representation in the Trust's jurisdiction of
organization and fees and expenses of special counsel, if any, for the independent Trustees; (viii) all federal, state and local tax (including stamp, excise, income and franchise taxes) and the preparation and filing of all returns and reports
in connection therewith; (ix) cost of certificates, if any, and delivery to purchasers; (x) expenses of preparing and filing reports with federal and state regulatory authorities; (xi) expenses of shareholders' meetings and of
preparing, printing and distributing proxy statements (unless otherwise agreed to by the Trust and TAM); (xii) costs of any liability, uncollectible items of deposit and other insurance or fidelity bonds; (xiii) any costs, expenses or losses
arising out of any liability of, or claim for damage or other relief asserted against, the Trust for violation of any law; (xiv) expenses of preparing, typesetting and printing prospectuses and supplements thereto for existing shareholders and
of reports and statements to shareholders; (xv) fees and expenses in connection with membership in investment company organizations and 12b-l fees; and (xvi) any extraordinary expenses incurred by
the Trust on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) TAM shall pay all expenses incurred by it in the performance of its duties under this Agreement. TAM shall
also pay all fees payable to the Subadviser pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Subadviser shall pay all expenses incurred by it in the performance of its duties under this Agreement.
The Subadviser shall authorize and permit any of its directors, officers, and employees, who may be elected as Trustees or officers of the Trust, to serve in the capacities in which they are elected, and shall pay all compensation, fees and expenses
of such Trustees and officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Obligation to Provide Information.** Each party's obligation to provide information shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) TAM shall cause the Subadviser to be kept fully informed at all times with regard to the securities owned by
the Fund, its funds available, or to become available, for investment, and generally as to the condition of the Fund's affairs. TAM shall furnish the Subadviser with such other documents and information with regard to the Fund's affairs as
the Subadviser may from time to time reasonably request.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subadviser, at its expense, shall supply the Board, the officers of the Trust and TAM with all
information and reports reasonably required by them and reasonably available to the Subadviser relating to the services provided by the Subadviser hereunder, including such information the Fund's Chief Compliance Officer reasonably believes
necessary for compliance with Rule 38a-l under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Compensation of the Subadviser.** As compensation for the services performed by the Subadviser, TAM shall pay the Subadviser out of the advisory fee it receives with respect to the Fund, and only to the extent thereof, as promptly as possible after the last day of each month, a fee, computed daily at an annual rate set forth opposite the Fund's name on Schedule A annexed hereto. The first payment of the fee shall be made as promptly as possible at the end of the month succeeding the effective date of this Agreement and shall constitute a full payment of the fee due the Subadviser for all services prior to that date. If this Agreement is terminated as of any date not the last day of a month, such fee shall be paid as promptly as possible after such date of termination, shall be based on the average daily net assets of the Fund or, if less, the portion thereof comprising the Allocated Assets, in that period from the beginning of such month to such date of tennination, and shall be prorated according to the ratio that the number of business days in such period bears to the number of business days in such month. The average daily net assets of the Fund, or portion thereof comprising the Allocated Assets, shall in all cases be based only on business days and be computed as of the time of the regular close of business of the New York Stock Exchange, or such other time as stated in the Fund's then-current Prospectus or as may be determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Compensation of Trustees, Officers and Employees.** No Trustee, officer or employee of the Trust or the Fund shall receive from the Trust or the Fund any salary or other compensation as such Trustee, officer, or employee while he is at the same time a director, officer, or employee of the Subadviser or any affiliated company of the Subadviser, except as the Board may decide. This paragraph shall not apply to Trustees, executive committee members, consultants and other persons who are not regular members of the Subadviser's or any affiliated company's staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Term.** This Agreement shall continue in effect with respect to the Fund, unless sooner terminated in accordance with its terms, for two years from its effective date, and shall continue in effect from year to year thereafter, provided such continuance is specifically approved at least annually by the vote of a majority of the Trustees who are not parties hereto or interested persons of any such party, cast in person at a meeting called for the purpose of voting on the approval of the terms of such renewal, and by either the Board or the affirmative vote of a majority of outstanding voting securities of that Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Termination.** This Agreement may be terminated with respect to the Fund at any time, without penalty, by the Board or by the shareholders of the Fund acting by vote of at least a majority of its outstanding voting securities. This Agreement may also be terminated by TAM upon written notice to the Subadviser, without the payment of any penalty. The Subadviser may terminate the Agreement only upon giving 90 days' advance written notice to TAM. This Agreement shall terminate automatically in the event of its assignment by the Subadviser and shall not be assignable by TAM without the consent of the Subadviser. For the avoidance of doubt, it is understood that this Agreement may be amended, terminated, or not renewed as to one or more Funds without affecting the other Funds hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Liability of the Subadviser.** The Subadviser may rely on information reasonably believed by it to be accurate and reliable. The Subadviser assumes no responsibility under this Agreement other than to render the services called for hereunder, in good faith, and shall not be liable for any error of judgment or mistake of law, or for any loss arising out of any investment or for any act or omission in the execution of securities transactions for the Fund, provided that nothing in this Agreement shall protect the Subadviser against any liability to TAM or the Fund to which the Subadviser would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties hereunder. As used in this Section 11, the term the "Subadviser" shall include any affiliates of the Subadviser performing services for the Trust or the Fund contemplated hereby and the partners, shareholders, directors, officers, and employees of the Subadviser and such affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Registration Statement Disclosures.** The Subadviser represents, warrants and agrees that it has reviewed the Trust's current registration statement on Form N-1A with respect to the Fund as filed with the SEC and any amendments or supplements thereto, including without limitation any supplements filed pursuant to Rule 497 under the Securities Act of 1933 (as so amended and supplemented from time to time, the "Registration Statement") and agrees to promptly review future amendments or supplements to the Registration Statement that relate to the Subadviser or the Fund, filed with the SEC (or which will be filed with the SEC in the future) and represents and warrants that, solely with respect to the disclosure respecting or relating to the Subadviser, including any performance information the Subadviser provides that is included in or serves as the basis for information included in the Registration Statement, as of the date of this Agreement, and as of the date of any future amendments or supplements to the Registration Statement, the Registration Statement does not contain any untrue statement of any material fact or omit any statement of material fact which was required to be stated therein or necessary to make the statements contained therein not misleading.

The Subadviser further agrees to notify TAM and the Trust promptly of any statement respecting or relating to the Subadviser contained in the Registration Statement that becomes untrue in any material respect or if the Registration Statement omits any statement of material fact respecting or relating to the Subadviser that is required to be stated therein or necessary to make the statements contained therein not misleading.

With respect to the disclosure respecting the Fund, the Subadviser represents, warrants and agrees that the description in the Registration Statement, including the Fund's investment objective, investment strategies and risks (the "Description"), as of the date of this Agreement and as of the date of any future amendments or supplements to the Registration Statement, is consistent with the manner in which the Subadviser is managing the Fund, and the identification and description of risks in the Registration Statement is inclusive of, and accurately describes in all material respects, all material risks known to the Subadviser that may arise in connection with the management of the Fund by the Subadviser.

The Subadviser further agrees to notify TAM and the Trust promptly in the event that the Subadviser becomes aware that the Description for a Fund is inconsistent with the manner in which the Subadviser is managing the Fund, or in the event that the identification and description of risks in the Registration Statement fails to include, or accurately describe in all material respects, all

------

material risks known to the Subadviser that may arise in connection with the management of the Fund by the Subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. Use of Name.** TAM and the Trust are authorized to use the name of the Subadviser and any marks, symbols, or logos of the Subadviser in registration statements, advertising or otherwise. If this Agreement is terminated with respect to the Fund and the Subadviser no longer serves as subadviser to the Fund, the Fund and the Adviser shall cease using its name and its marks, symbols, or logos as soon as reasonably practicable, except to the extent that continued use is required by applicable laws, rules, and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Meanings of Certain Terms.** For the purposes of this Agreement, the Fund's "net assets" shall be determined as provided in the Fund's then-current Prospectus and Statement of Additional Information and the terms "assignment," "interested person," and "majority of the outstanding voting securities" shall have the meanings given to them by Section 2(a) of the 1940 Act, subject to such exemptions as may be granted by the SEC by any rule, regulation, or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. Amendments.** No provision of this Agreement may be changed, waived, discharged, or terminated orally with respect to the Fund, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge, or termination is sought. No material amendment of the Agreement shall be effective with respect to the Fund until approved, if so, required by the 1940 Act, by vote of the holders of a majority outstanding voting securities of that Fund. Schedule A hereto may be amended at any time to add additional series of the Trust as agreed by the Trust, TAM and the Subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. Books and Records.** The Subadviser agrees that it will keep records relating to its services hereunder in accordance with all applicable laws, and in compliance with the requirements of Rule 31a-3 under the 1940 Act, the Subadviser hereby agrees that any records that it maintains for the Fund are the property of the Fund, and further agrees to surrender promptly to the Fund any of such records upon the Fund's request. The Subadviser further agrees to arrange for the preservation of the records required to be maintained by Rule 31a-1 under the 1940 Act for the periods prescribed by Rule 31a-2 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. Notices.** Any notice herein required is to be in writing and is deemed to have been given to the Subadviser or TAM upon receipt of the same at their respective addresses set forth below. All written notices required or permitted to be given under this Agreement will be delivered by personal service, by postage mail return receipt requested, by electronic mail (which shall be deemed to be "in writing" for purposes of this Agreement) or by facsimile machine or a similar means of same delivery which provided evidence of receipt (with a conforming copy by mail as set forth herein).

All notices provided to TAM will be sent to the attention of:

Transamerica Asset Management, Inc.

1801 California Street, Suite 5200

Denver, CO 80202

Attention: TAM Legal

Fax No: 866-297-9928

Phone No: 720-482-8836

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Email: <u>TAM LegalManager@transamerica.com</u>

All notices to the Subadviser will be sent to the attention of:

Attn: W. Winborne Boyles

Thompson, Siegel & Walmsley LLC

6641 West Broad Street, Suite 600

wboyles@tswinvest.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. Independent Contractor.** In the performance of its duties hereunder, the Subadviser is and shall be an independent contractor and, unless otherwise expressly provided herein or otherwise authorized in writing, shall have no authority to act for or represent the Fund or TAM in any way or otherwise be deemed to be an agent of the Fund or TAM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. Miscellaneous.** This Agreement embodies the entire agreement and understanding between the parties hereto, and supersedes all prior agreements and understandings relating to the subject matter hereof. Should any part of this Agreement be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding on and shall inure to the benefit of the parties hereto and their respective successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. Third Party Beneficiaries.** The parties hereto acknowledge and agree that the Trust and the Fund are third-party beneficiaries as to the covenants, obligations, representations, and warranties undertaken by the Subadviser under this Agreement and as to the rights and privileges to which TAM is entitled pursuant to this Agreement, and that the Trust and the Fund are entitled to all of the rights and privileges associated with such third party-beneficiary status. This Agreement does not, and is not intended to, create any other third-party beneficiary, or otherwise confer any rights, privileges, claims or remedies upon any shareholder or other person other than the Trust, the Fund, and the parties and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. Governing Law and Forum Selection.** This Agreement shall be construed, and the provisions thereof interpreted under and in accordance with the laws of the State of New York without regard to conflicts of laws principles. Any legal suit, action or proceeding related to, arising out of, or concerning this Agreement shall be brought only in the U.S. District Court for the Southern District of New York, or if such action may not be brought in that court, then such action shall be brought in the New York Supreme Court (the "Designated Courts"). Each party (a) consents to jurisdiction in the Designated Courts; (b) waives any objection to venue in either Designated Court and (c) waives any objection that either Designated Court is an inconvenient forum. For any action commenced in the New York Supreme Court, application shall be submitted to the Commercial Division.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. Interpretation.** Nothing contained herein shall be deemed to require the Trust to take any action contrary to its Governing Documents, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Board of its responsibility for and control of the conduct of the affairs of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22. Further Assurances.** Each party agrees to perform such further acts and execute such further documents as are reasonably necessary to effectuate the purposes of this Agreement

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and the arrangements contemplated thereby, including without limitation concerning the winding down or liquidation of any Fund investments.

[signature page to follow]

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The parties hereto have caused this Agreement to be executed by their duly authorized signatories as of the date and year first above written.

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| | |
|:---|:---|
| **TRANSAMERICA ASSET MANAGEMENT, INC.** | **TRANSAMERICA ASSET MANAGEMENT, INC.** |
| By: | /s/ Christopher A. Staples |
| Name: | Christopher A. Staples |
| Title: | Senior Vice President |
| **THOMPSON, SIEGEL & WALMSLEY** | **THOMPSON, SIEGEL & WALMSLEY** |
| By: | /s/ W. Winborne Boyles |
| Name: | W. Winborne Boyles |
| Title: | Chief Compliance Officer |

---

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**Schedule A** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**FUNDS** | **INVESTMENT SUB-ADVISORY FEE\*** |
| &nbsp;&nbsp;&nbsp;Transamerica Small/Mid Cap Value VP\*\* | <br>0.275% of the first $750 million.<br> 0.27% over $750 million up to $1.5 billion.<br> 0.265% over $1.5 billion up to $2 billion; and<br> 0.26% over $2 billion |
| &nbsp;&nbsp;&nbsp;Transamerica TS&W International Equity VP\*\*\* | 0.30% of assets up to $1 billion.<br> 0.28% over $1 billion up to $2 billion; and<br> 0.265% over $2 billion |

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\* As a percentage of average daily net assets on an annual basis.

\*\* The average daily net assets for the purpose of calculating sub-advisory fees will be determined on a combined basis with Transamerica Mid Cap Value Opportunities, as well as with the portion of the assets of Transamerica Small/Mid Cap Value and Transamerica Small/Mid Cap Value VP that is sub-advised by Thompson, Siegel & Walmsley LLC.

\*\*\* The average daily net assets for the purpose of calculating sub-advisory fees will be determined on a combined bases with Transamerica International Equity.

## Ex-99.(D)(27(C)

**Exhibit (d)(27)(c)** 

**TRANSAMERICA SERIES TRUST** 

**AMENDMENT TO INVESTMENT SUBADVISORY AGREEMENT BETWEEN** 

**TRANSAMERICA ASSET MANAGEMENT, INC. AND** 

**GOLDMAN SACHS ASSET MANAGEMENT, L.P.** 

**THIS AMENDMENT** is dated as of November 1, 2022, to the Investment Subadvisory Agreement dated as of July 7, 2017, as amended, (the "Agreement") between Transamerica Asset Management, Inc. and Goldman Sachs Asset Management, L.P.

In consideration of the mutual covenants contained herein, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Schedule A.** Schedule A to the Agreement is hereby deleted entirely and replaced as follows:

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| | |
|:---|:---|
| **PORTFOLIOS** | **SUB-ADVISER COMPENSATION'** |
|  Transamerica Goldman Sachs 70/30 Allocation VP<br>Transamerica Goldman Sachs Managed Risk – Balanced ETF VP (formerly, Transamerica Managed Risk – Balanced ETF VP)<br>Transamerica Goldman Sachs Managed Risk – Conservative ETF VP (formerly, Transamerica Managed Risk – Conservative ETF VP)<br>Transamerica Goldman Sachs Managed Risk – Growth ETF VP (formerly, Transamerica Managed Risk – Growth ETF VP | 0.070% of the first $1 billion;<br> 0.055% over $1 billion up to $3 billion;<br> 0.050% over $3 billion up to $5 billion;<br> 0.045% over $5 billion up to $7 billion;<br> 0.0425% over $7 billion up to $9 billion; and<br> 0.035% in excess $9 billion |

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(I) The average daily net assets for the purpose of calculating sub-advisory fees will be determined based on the aggregate average daily net assets of Transamerica Goldman Sachs 70/30 Allocation VP, Transamerica Goldman Sachs Managed Risk – Balanced ETF VP,
Transamerica Goldman Sachs Managed Risk – Conservative ETF VP and Transamerica Goldman Sachs Managed Risk – Growth ETF VP. each a series of the Trust and Transamerica Asset Allocation – Conservative Portfolio, Transamerica Asset
Allocation – Growth Portfolio, Transamerica Asset Allocation – Moderate Growth Portfolio, Transamerica Asset Allocation – Moderate Portfolio, each a series of Transamerica Funds,.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Section 11 is hereby deleted entirely and replaced as follows:

**Liability of the Subadviser.** The Subadviser may rely on information reasonably believed by it to be accurate and reliable. The Subadviser assumes no responsibility under this Agreement other than to render the services called for hereunder, in good faith, and shall not be liable for any error of judgment or mistake of law, or for any loss arising out of any investment or for any act or omission in the execution of securities transactions for the Fund, provided that nothing in this Agreement shall protect the Subadviser against any liability to TAM or the Fund to which the Subadviser would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties hereunder As used in this Section 11, the term the "Subadviser" shall include any affiliates of the Subadviser performing services for the Trust or the Fund contemplated hereby and the partners, shareholders, directors, officers and employees of the Subadviser and such affiliates. Notwithstanding the foregoing and for the avoidance of doubt, with respect to each of the Transamerica Goldman Sachs Managed Risk – Balanced ETF VP, Transamerica Goldman Sachs Managed Risk – Conservative ETF VP, Transarnerica Goldman Sachs Managed Risk – Growth ETF VP (each, a "Managed Risk Fund"), in no event shall the Subadviser be liable for (i) any loss to the Fund or TAM resulting from a delay in the receipt of data used by the Subadviser to implement models used in the management of each Managed Risk Fund, and a corresponding delay in the implementation of such model and (ii) a delay in implementing the model of each Managed Risk Fund due to extreme market conditions. The Subadviser hereby acknowledges and agrees that, for each of the models used in the management of each Managed Risk Fund, the

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Subadviser will maintain access to at least two data sources from which to draw the data necessary to implement such model and will, at all times, maintain a backup model containing the inputs and calculations necessary to implement such model. Furthermore, with respect to each Managed Risk Fund, the Subadviser in no event shall be liable to the Fund or TAM resulting from any trading decision made by TAM in reliance on daily portfolio holdings data provided by the Subadviser to TAM.

TAM acknowledges and agrees that Subadviser has no duty or obligation with respect to the selection, monitoring or overseeing of the pooled investment vehicles (other than exchange-traded funds) in which the Fund may invest, including the managers of any such pooled investment vehicles, and that TAM will perform those duties (collectively, such duties "Underlying Fund and Manager Selection"). TAM further acknowledges and agrees that the Investment Guidelines and any Limitations may limit the investment options available to the Subadviser in implementing the Fund's investment program.

The Subadviser gives no warranty as to the performance or profitability of the Allocated Assets, nor any guarantee that the investment objectives, expectations or targets described in this Agreement and/or in the Registration Statement will be achieved, including without limitation any risk control, risk management or return objectives, expectations or targets.

In all other respects, the Agreement dated as of July 7, 2017, as amended, is confirmed and remains in full force and effect.

***[signature page follows]***

------

**IN WITNESS WHEREOF**, each of the parties hereto has executed this amendment as of the date set forth above.

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| | |
|:---|:---|
| **TRANSAMERICA ASSET MANAGEMENT, INC.** | **TRANSAMERICA ASSET MANAGEMENT, INC.** |
| By: | /s/ Christopher A. Staples |
| Name: | Christopher A. Staples |
| Title: | Senior Vice President |
| **GOLDMAN SACHS ASSET MANAGEMENT, LP.** | **GOLDMAN SACHS ASSET MANAGEMENT, LP.** |
| By: | /s/ Marci Green |
| Name. | Marci Green |
| Title: | Managing Director |

---

## Ex-99.(P)(1)

**Exhibit (p)(1)**![LOGO](g396518g0207103306406.jpg)

**CODE OF ETHICS** 

Transamerica Asset Management, Inc.

Transamerica Funds

Transamerica Series Trust

Transamerica Asset Allocation Variable Funds

Transamerica Capital, Inc.

As of September 1, 2022

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![LOGO](g396518g0207135604891.jpg)

**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  Section 1: | Code of Ethics at a Glance | Page 3 |
|  Section 2: | Standards of Conduct and Fiduciary Principles | Page 7 |
|  Section 3: | Conflicts of Interest | Page 8 |
|  Section 4 | Prohibition Against Insider Trading | Page 10 |
|  Section 5: | Protecting the Confidentiality of Client Information | Page 13 |
|  Section 6: | Personal Securities Transactions | Page 15 |
|  Section 7: | Gifts and Entertainment | Page 20 |
|  Section 8: | Political Contributions | Page 23 |
|  Section 9: | Outside Business Activities | Page 25 |
|  Section 10: | Sanctions | Page 26 |
|  Section 11: | Reporting Code Violations and Whistleblower Policy | Page 27 |
|  Section 12: | Effective Dates | Page 28 |
|  Appendix A: | Administration of the Code | Page 29 |
|  Appendix B: | Books and Records | Page 32 |
|  Appendix C: | Definition of Terms | Page 34 |

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*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 2*

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![LOGO](g396518g0207135604891.jpg)

**SECTION 1: CODE OF ETHICS AT A GLANCE** 

This Code has been adopted by Transamerica Asset Management, Inc. ("TAM"), Transamerica Funds, Transamerica Series Trust, Transamerica Asset Allocation Variable Funds, (the "Funds"), and Transamerica Capital, Inc. ("TCI") (collectively, the "Company"). It is intended to comply with Rule 17j-1 under the Investment Company Act and Rule 204A-1 under the Advisers Act. Additionally, this Code is meant to embody the spirit of the Transamerica Code of Conduct as well as the Aegon N.V. Code of Conduct.

The purpose of the Code is to ensure that you and the Independent Trustees apply high ethical standards in your daily performance and do not participate in activities which may lead to or give the appearance of conflicts of interest, insider trading, and other forms of prohibited or unethical business conduct.

The Code has been designed to ensure that you at all times:

&nbsp;&nbsp;&nbsp;&nbsp;• comply with applicable federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;• place the interests of our Clients first;

&nbsp;&nbsp;&nbsp;&nbsp;• conduct all personal trading consistent with the Code and in such a manner as to avoid any actual or potential conflict
of interest or any abuse of your position of trust and responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;• not use any material non-public information in securities trading.

The Code also establishes policies regarding protecting confidential client information, gifts and entertainment, political contributions, and outside business activities. Definitions for terms used through the Code can be found in the Definition of Terms section in Appendix C at the end of the Code. Information on the administration of the Code and the retention of books and records can be found in Appendix A and Appendix B, respectively.

All reporting and pre-clearance required by the Code is completed through Compliance Science, Inc. ("ComplySci"). Upon your employment with the Company, and once you are deemed subject to the Code, you will take part in an initial training session on the ComplySci system as well as periodic thereafter. If you have questions regarding any of the policies and procedures under the Code or the ComplySci system, please contact a Code of Ethics Administrator.

Adherence to this Code is a fundamental condition of employment, and we and Independent Trustees bear full responsibility for ensuring that we and members of our immediate families and persons within our households comply with the provisions and intent of this Code. Failure to satisfy the requirements under this Code could result in penalties up to and including termination. Only by careful adherence to the requirements outlined in the Code can we protect our reputation and avoid legal or regulatory actions.

*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 3*

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![LOGO](g396518g0207135604891.jpg)

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| | |
|:---|:---|
|  | *WHAT IS <u>REQUIRED</u> OF ME UNDER THE CODE?* |
| &nbsp;&nbsp;&nbsp;☐ | Comply with applicable law. (See pp. 3, 7) |
| &nbsp;&nbsp;&nbsp;☐ | Behave consistently with the Company's fiduciary obligations by putting Fund and Client interests first. See (pp. 7-8) |
| &nbsp;&nbsp;&nbsp;☐ | Periodically acknowledge that you understand and have complied with the Code. (See p. 6) |
| &nbsp;&nbsp;&nbsp;☐ | Report any potential Code violations to TAM Compliance. (See p. 8) |
| &nbsp;&nbsp;&nbsp;☐ | If you are a Supervised Person, report holdings and transactions in the Funds. (See pp. 15-16) |
| &nbsp;&nbsp;&nbsp;☐ | If you are an Access Person, disclose all covered accounts and report your personal securities transactions, as well as those of your Immediate Family Members within your household. (See pp. 16-17) |
| &nbsp;&nbsp;&nbsp;☐ | If you are an Access Person who is required to pre-clear, you must pre-clear all of your personal securities transactions, including initial public offerings and private offerings. (See p. 17) |
| &nbsp;&nbsp;&nbsp;☐ | Disclose conflicts of interest. (See pp. 8-9) |
| &nbsp;&nbsp;&nbsp;☐ | Report gifts and entertainment. (See pp. 20-23) |
| &nbsp;&nbsp;&nbsp;☐ | Report political contributions. (See pp. 23-25) |
| &nbsp;&nbsp;&nbsp;☐ | Report outside business activities. (See pp. 25-26) |

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| | |
|:---|:---|
|  | *WHAT AM I <u>PROHIBITED</u> FROM DOING UNDER THE CODE?* |
| &nbsp;&nbsp;&nbsp;☐ | Prohibited conduct. (See pp. 7-8) |
| &nbsp;&nbsp;&nbsp;☐ | Insider trading. (See pp. 10-13) |
| &nbsp;&nbsp; ☐ | Communicating non-public information in violation of a duty of confidentiality. (See pp. 13-15) |
| &nbsp;&nbsp;&nbsp;☐ | Personal securities transactions conducted through undisclosed brokerage or other accounts if you are an |
| &nbsp;&nbsp;&nbsp;☐ | Access Person. (See p. 16) |
| &nbsp;&nbsp;&nbsp;☐ | Giving gifts and entertainment to Officials of Government Entities, both domestic and foreign. (See p. 22) |
| &nbsp;&nbsp;&nbsp;☐ | Serving on a Board of Directors of a public company without pre-approval. (See p. 26) |
| &nbsp;&nbsp; ☐<br>| Running for public office without pre-approval. (See p. 25)<br>|

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*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 4*

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![LOGO](g396518g0207135604891.jpg)

*Who is Subject to the Code?* 

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| |
|:---|
| &nbsp;&nbsp; *CATEGORIES OF PERSONS SUBJECT TO THE CODE*<br>|
| &nbsp;&nbsp; The extent to which you are required to report and/or pre-clear under the Code depends upon your duties and responsibilities and the extent to which you have access to Fund and Client portfolio holding, transaction and activity information.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ All employees designated to TAM and Transamerica Fund Services<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Transamerica (non-TAM) employees and investment personnel who have access to TAM/Fund systems, non-public Fund information<br>&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons who Pre-Clear personal securities transactions<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ All members of the TAM Investment Management and Product Management Teams<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Transamerica (non-TAM) employees and investment personnel who have access to TAM/Fund systems, non-public Fund information, and portfolio holdings information of the Funds<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Any other individuals designated by the TAM Chief Compliance Officer ("CCO")<br>&nbsp;&nbsp;&nbsp;&nbsp;• TCI Access Persons<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Employees designated to TCI who have access to TAM/Fund systems, non-public Fund information<br>&nbsp;&nbsp;&nbsp;&nbsp;• TCI Supervised Persons<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ Any other employees designated to TCI as assigned by the TAM CCO and TCI CCO<br>&nbsp;&nbsp;&nbsp;&nbsp;• Independent Trustees of the Funds<br>&nbsp;&nbsp;&nbsp;&nbsp;• If you are not in any of these groups, you are considered a Supervised Person<br>|

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| |
|:---|
| &nbsp;&nbsp;&nbsp;*WHAT IF I AM A FUND TRUSTEE?* |
| &nbsp;&nbsp;&nbsp;If you are an Independent Trustee, you are subject to standards of conduct (See pp. 7-8); insider trading (See pp. 9-13); and the section under Personal Securities Transactions – *What Reports are Required if I am an Independent Trustee of the Funds?* (See p. 19.) If you are an Outside Trustee, you are subject to standards of conduct (See pp. 7-8); insider trading (See pp. 9-13); and personal securities transactions. (See pp. 16-17.) |

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| |
|:---|
| &nbsp;&nbsp;&nbsp;*WHAT IF I AM AN EMPLOYEE DESIGNATED TO TCI?* |
| &nbsp;&nbsp; Employees designated to TCI that are subject to the Code are classified as either a TCI Access Person or TCI Supervised Person. As the principal underwriter and distributor for Transamerica Funds, Transamerica Series Trust, and Transamerica Asset Allocation Variable Funds, TCI is a registered broker-dealer and member of the Financial Industry Regulatory Authority ("FINRA"). As such, sections 3, 7 & 9 of the Code are administered directly by TCI in accordance with TCI's written Compliance Policies and Supervisory Procedures pursuant to FINRA Rules. The reporting requirements for employees designated to TCI are detailed on page 6.<br>|

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*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 5*

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![LOGO](g396518g0207135604891.jpg)

*What are my Reporting Requirements under the Code?* 

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| |
|:---|
| &nbsp;&nbsp;&nbsp;ACCESS PERSONS WHO PRE-CLEAR |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;• Conflicts of Interest Questionnaire – annually<br>&nbsp;&nbsp;&nbsp;&nbsp;• Personal transactions and holdings in Reportable Securities, the Transamerica Funds – quarterly<br>&nbsp;&nbsp;&nbsp;&nbsp;• Personal transactions – pre- clear<br>&nbsp;&nbsp;&nbsp;&nbsp;• Personal holdings disclosure – annually<br>&nbsp;&nbsp;&nbsp;&nbsp;• Personal brokerage account disclosure – quarterly, annually<br>&nbsp;&nbsp;&nbsp;&nbsp;• Gifts Affirmation – quarterly and pre-clear<br>&nbsp;&nbsp;&nbsp;&nbsp;• Entertainment Affirmation – quarterly and pre-clear<br>&nbsp;&nbsp;&nbsp;&nbsp;• Political Contributions – quarterly and pre-clear<br>&nbsp;&nbsp;&nbsp;&nbsp;• Outside Business Activities – quarterly and pre-clear<br>&nbsp;&nbsp;&nbsp;&nbsp;• Board of Directors disclosure – annually<br>&nbsp;&nbsp;&nbsp;&nbsp;• Code of Ethics Certification – annually<br>|
| &nbsp;&nbsp;&nbsp;INDEPENDENT TRUSTEES |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;• Personal transactions affirmation – quarterly, annually<br>&nbsp;&nbsp;&nbsp;&nbsp;• Code of Ethics Certification — annually |

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| |
|:---|
| &nbsp;&nbsp;&nbsp;ACCESS PERSONS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;• Conflicts of Interest Questionnaire – annually<br>&nbsp;&nbsp;&nbsp;&nbsp;• Personal transactions and holdings in Reportable Securities, the Transamerica Funds – quarterly<br>&nbsp;&nbsp;&nbsp;&nbsp;• Personal holdings disclosure – annually<br>&nbsp;&nbsp;&nbsp;&nbsp;• Personal brokerage account disclosure – quarterly, annually<br>&nbsp;&nbsp;&nbsp;&nbsp;• Gifts Affirmation – quarterly and pre-clear<br>&nbsp;&nbsp;&nbsp;&nbsp;• Entertainment Affirmation – quarterly and pre-clear<br>&nbsp;&nbsp;&nbsp;&nbsp;• Political Contributions – quarterly and pre-clear<br>&nbsp;&nbsp;&nbsp;&nbsp;• Outside Business Activities – quarterly and pre-clear<br>&nbsp;&nbsp;&nbsp;&nbsp;• Board of Directors disclosure – annually<br>&nbsp;&nbsp;&nbsp;&nbsp;• Code of Ethics Certification – annually<br>|
| &nbsp;&nbsp;&nbsp;TCI ACCESS PERSONS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;• Personal transactions and holdings in Reportable Securities, the Transamerica Funds – quarterly<br>&nbsp;&nbsp;&nbsp;&nbsp;• Personal holdings disclosure – annually<br>&nbsp;&nbsp;&nbsp;&nbsp;• Personal brokerage account disclosure – quarterly, annually<br>&nbsp;&nbsp;&nbsp;&nbsp;• Political Contributions – quarterly and pre-clear<br>&nbsp;&nbsp;&nbsp;&nbsp;• Board of Directors disclosure – annually<br>&nbsp;&nbsp;&nbsp;&nbsp;• Code of Ethics Certification – annually<br>|

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| |
|:---|
| &nbsp;&nbsp;&nbsp;SUPERVISED PERSONS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;• Conflicts of Interest Questionnaire – annually<br>&nbsp;&nbsp;&nbsp;&nbsp;• Personal transactions and holdings in the Transamerica Funds – quarterly, annually<br>&nbsp;&nbsp;&nbsp;&nbsp;• Gifts Affirmation – quarterly and pre-clear<br>&nbsp;&nbsp;&nbsp;&nbsp;• Entertainment Affirmation – quarterly and pre-clear<br>&nbsp;&nbsp;&nbsp;&nbsp;• Political Contributions – quarterly and pre-clear<br>&nbsp;&nbsp;&nbsp;&nbsp;• Outside Business Activities – quarterly and pre-clear<br>&nbsp;&nbsp;&nbsp;&nbsp;• Code of Ethics Certification – annually<br>|
| &nbsp;&nbsp;&nbsp;TCI SUPERVISED PERSONS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;• Personal transactions and holdings in the Transamerica Funds – quarterly, annually<br>&nbsp;&nbsp;&nbsp;&nbsp;• Political Contributions – quarterly and pre-clear<br>&nbsp;&nbsp;&nbsp;&nbsp;• Code of Ethics Certification – annually<br>|

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*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 6*

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![LOGO](g396518g0207135604891.jpg)

**SECTION 2: STANDARDS OF CONDUCT AND FIDUCIARY PRINCIPLES** 

All of us are responsible for maintaining the highest ethical standards when conducting business. In keeping with these standards, we should adhere to the spirit as well as the letter of the law.

This Code is designed to help ensure that our actions are consistent with these high standards. Investment advisers are fiduciaries who owe their undivided loyalty to their clients. Investment advisers are trusted to represent their clients' interests, and advisers must hold themselves to the highest standard of fairness in all such matters.

As an employee or Independent Trustee, you owe a fiduciary duty to our Clients to conduct your affairs, including your own personal securities transactions, in such a manner as to avoid:

• putting your own personal interests ahead of our Clients;

• taking inappropriate advantage of your position with the Company; and

• any actual or potential conflicts of interest or any abuse of your position of trust and responsibility. However, the
Code also is designed to protect you in your role as an employee from possible sanctions and litigation.

Adherence to the Code is a basic condition of employment. Whether or not a specific

situation is addressed, you must conduct yourself in accordance with its general principles and in a manner that is designed to avoid any actual or potential conflicts of interest. Failure to comply could result in disciplinary action, up to and including termination.

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| |
|:---|
| &nbsp;&nbsp;&nbsp;GUIDING PRINCIPLES |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> In performing your duties, you should keep in mind the following principles:<br>&nbsp;&nbsp;&nbsp;&nbsp;• Place the interests of our Clients first;<br>&nbsp;&nbsp;&nbsp;&nbsp;• Do not use knowledge of transactions by a fund or Client for your own profit or advantage, or, directly or indirectly, take inappropriate advantage of your position with any Fund or Client;<br>&nbsp;&nbsp;&nbsp;&nbsp;• Conduct all personal trading consistent with the code and in such a manner as to avoid any actual or potential conflict of interest or any abuse of your position of trust and responsibility;<br>&nbsp;&nbsp;&nbsp;&nbsp;• Do not share confidential information regarding the actual or contemplated portfolio holdings and transactions of the Funds and Clients; and<br>&nbsp;&nbsp;&nbsp;&nbsp;• Do not accept any special favors, benefits or preferential treatment with any Fund or Client, except for the usual and ordinary benefits provided directly by TAM.<br>|

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*What Kind of Conduct is Prohibited?* 

You may not, in connection with the purchase or sale, directly or indirectly held or to be acquired by a Client:

*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 7*

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![LOGO](g396518g0207135604891.jpg)

• defraud the Client in any manner;

• mislead the Client, including by making any untrue statement of a material fact or making a statement that omits
materials facts;

• engage in any act, practice or course of conduct that operates or would operate as a fraud or deceit upon the Client;

• engage in any manipulative practice with respect to the Client; or

• engage in any manipulative practice with respect to securities, including price manipulation.

*How does the Code apply to me?* 

The provisions of the Code are not all-inclusive. Rather, they are intended as a guide for your daily conduct. In those situations where you may be

uncertain as to the intent or purpose of the Code, please consult TAM Compliance. The Code does not attempt to identify all possible conflicts of interest, and literal compliance with the Code does not shield you, as an employee, or the Company from liability.

It is important that you promptly report violations or potential violations of the Code to the CCO or the Code of Ethics Administrators.

The CCO has the authority to grant exceptions to certain provisions contained in the Code only in those situations when it is clear beyond dispute that the interests of our Clients will not be adversely affected or compromised. Additionally, all questions arising in connection with personal securities trading should be resolved in favor of the Client even at the expense of the interests of employees.

**SECTION 3: CONFLICTS OF INTEREST** 

Conflicts of interest may arise at any time given the dynamic environment in which the Company conducts business. One factor that defines a conflict of interest is the possibility that your decisions will be affected because of actual or potential differences among the interests of TAM, the Funds, or Clients and your personal interests.

The Company's policies and procedures have been designed to identify and properly disclose, mitigate, and/or eliminate applicable conflicts of interest.

However, the Code does not attempt to identify all possible conflicts of interest, and literal compliance with the Code does not shield you, as an employee, or the Company from liability.

Therefore, you must use good judgment in identifying and responding appropriately to actual or apparent conflicts.

You should promptly report to TAM Compliance any situation or transaction involving an actual or potential conflict of interest. TAM Compliance will determine

*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 8*

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![LOGO](g396518g0207135604891.jpg)

whether a conflict of interest exists and will prescribe any required mitigating actions.

*Do Conflicts exist between the Company, Employees, and Clients?* 

Conflicts of interest may exist between various individuals and entities, including the Company, employees, and current or prospective Clients, Funds and/or Fund shareholders. Failure to identify or properly address a conflict can have severe negative repercussions for TAM, employees, and/or Funds and Fund shareholders. In some cases the improper handling of a conflict could result in litigation and/or disciplinary action.

Conflicts of interest that involve TAM and/or employees on one hand, and the Funds on the other hand, will generally be fully disclosed and/or resolved in a way that favors the interests of the Funds over the interests of TAM and its employees. If you believe that a conflict of interest has not been identified or appropriately addressed, you should promptly bring the issue to the attention of TAM Compliance.

*Do Conflicts exist among the Funds?* 

In some instances, conflicts of interest may arise between Funds. Responding appropriately to these types of conflicts can be challenging and may require robust disclosures if there is any appearance that one or more Funds have been unfairly disadvantaged. You should notify TAM Compliance promptly if it appears that any actual or apparent conflict of interest

between Funds has not been appropriately addressed.

*Am I Required to Certify to Disclosing Conflicts of Interest?* 

You will be asked upon initial employment and annually thereafter to complete and submit to TAM Compliance a Conflict of Interest questionnaire aimed at identifying and documenting any actual or potential conflicts of interest. TAM Compliance will investigate any potential conflicts and the CCO will work with employees to mitigate actual conflicts that are identified.

*Are Sub-Advisers to the Funds Required to Report Conflicts of Interest?* 

On a quarterly basis, Sub-Advisers will report any new conflicts of interest that may have arisen during the previous quarter as part of their quarterly compliance reporting. TAM Compliance will work with the Sub-Advisers to address and mitigate conflicts of interest that materially impact the Funds.

*Does the CCO Report Conflicts to the Fund Boards?* 

Advisers have a duty to disclose all potential or actual material conflicts of interest to clients. Annually, the CCO will report to the Boards disclosing any potential or material conflicts of interest of those individuals covered by the Code. On a quarterly basis, the CCO will make a report to the Boards regarding any potential or actual conflicts of interest disclosed by Sub-Advisers pursuant

*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 9*

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to their quarterly compliance reporting obligations.

**SECTION 4: PROHIBITION AGAINST INSIDER TRADING** 

You may not engage, directly or indirectly, in any transaction (either a Personal Securities Transaction or a transaction for a Client or a third party) involving the purchase or sale of any security, including any securities issued by Aegon N.V., if you are aware of "material" "non-public" information about that company. You also may not communicate material non-public information to others in violation of the law.

*What is Insider Trading?* 

Insider trading is the acquiring or disposing of financial instruments while in possession of material non-public information, or improperly communicating that information to others. Criminal sanctions for insider trading may include fines and/or imprisonment. The SEC can recover profits gained or losses avoided through insider trading, impose a penalty of up to three times the illicit windfall and/or issue an order permanently barring you from the securities industry. Finally, you, independent trustees, and the Company may be sued by investors seeking to recover damages for insider trading violations.

*What Information is Material?* 

Information is "material" where there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions. Generally, this includes any information

which will have a substantial effect on the price of a company's securities.

Examples of potentially material information include:

• Quarterly and year-end earnings and significant changes in financial
performance, outlook or liquidity;

• Changes in debt ratings;

• Projections that significantly differ from external expectations;

• Stock splits, public or private securities offerings, or changes in dividend policies or amounts;

• Significant developments involving corporate relationships;

• Proposals, plans or agreements, even if preliminary in nature, of a pending or proposed merger, acquisition, divesture,
recapitalization, strategic alliance, licensing arrangement or purchase or sale of substantial assets;

• Actual or threatened major litigation or developments relating to the resolution of such litigation;

• Events having a significant regulatory effect or involving significant regulatory intervention;

• Events that may result in the creation of a significant reserve or write-off or
other significant adjustment to a company's financial statements; and

• Significant changes in senior management.

*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 10*

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You also should be aware of the SEC's position that the term "material non-public information" relates not only to issuers, but also the Company's client securities holdings and transactions.

*When is Information Non-Public?* 

Information is "non-public" when it is not known or available to the public. The fact that information has been disclosed to a few members of the public does not make it public for insider trading purposes. Information become "public" when:

• it is disclosed in a way designed to achieve broad dissemination to the investing public generally, without favoring any
special person or group; and

• there has been adequate time for the public to digest that information.

For example, information is public after it has become available to the general public through a public filing with the SEC or some other government agency, the Dow Jones "tape", or *The Wall Street Journal,* or Twitter, or some other publication of general circulation, and after sufficient time has passed so that the information has been disseminated widely. Limited disclosure, as for example, on a private wire service for institutional investors, is not sufficient.

*Who is an Insider?* 

Anyone can become an insider upon receiving material non-public information. The concept of "insider" is broad. It includes principles, associates, and employees of a company. A person can be a temporary

insider if he or she enters into a special confidential relationship in the conduct of a company's affairs and as a result is given access to information solely for the company's purpose.

Additionally, courts have found both "tippers" – an insider who gives an outsider material non-public information – and "tippees" – an outsider who trades on the information, who knew or should have known that the information was insider information – liable of insider trading.

*Is Insider Trading Limited to Stock Trades?* 

No. Insider trading can include transactions in all types of financial instruments including, but not limited to, stocks, bonds, warrants, options, futures, forwards, swaps, commercial paper, and government-issued securities.

*Can Information from Sub-Advisers be considered Non-Public Information?* 

The Sub-Advisers to the Funds may possess material non-public information. You are prohibited from trading on, or improperly utilizing, material non-public information obtained from Sub-Advisers. Access to such information could come as a result of, among other things:

• Dividend or earnings announcements

• Write-downs or write-offs of assets

• Additions to reserves for bad debts or contingent liabilities

• Expansion or curtailment of company or major division operations

*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 11*

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• Merger or joint venture announcements

• New product or service announcements

• Discovery or research developments

• Criminal, civil, and government investigations and indictments

• Pending labor disputes

• Debt service or liquidity problems

• Bankruptcy or insolvency problems

• Tender offers, stock repurchase plans, etc.

• Recapitalization

Individuals with access to material non-public information may have an incentive to disclose the information to you due to the potential for personal gain and the creation of additional conflicts of interest that the Company may not be able to mitigate. You should be extremely cautious about investment recommendations, or information about issuers, that it receives from the Funds' Sub-Advisers. You should consult TAM Compliance if there is any appearance that the recommendations or information are based on material non-public information.

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| |
|:---|
| &nbsp;&nbsp; HOW DO I PROTECT MYSELF FROM INSIDER TRADING?<br>|
| &nbsp;&nbsp; Before executing any trade for yourself or others, you must determine whether you have access to material non-public information as described above. Ask yourself the following questions:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Is the information material? Is this information that an investor would consider important in making his or her investment decisions? Is this information that would substantially affect the market price of the securities if generally disclosed?<br>&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?<br>If you think that you might have access to material non-public information, you should take the following steps:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Report the information and proposed trade immediately to TAM Compliance.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Do not purchase or sell the financial instruments of or related to the issuer on behalf of yourself, Clients or any third party.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Do not communicate the information inside or outside the Company, other than to TAM Compliance.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Do not conduct research, trading, or other investment activities relating to the material non-public information until TAM Compliance determines an appropriate course of action.<br>After TAM Compliance has reviewed the issue, it will determine whether the information is material and non-public and, if so, what action should be taken. The CCO may consult with outside counsel in this regard.<br>|

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*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 12*

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*May I Disclose Fund Information?* 

You may not share non-public information about investment strategies, trading, and Fund/Client holdings with third parties except as is necessary to implement investment decisions and conduct other legitimate business.

You also may not disclose proposed or pending trades or other sensitive information to any third party without the approval of TAM Compliance.

Additionally, you should be careful when disclosing the composition of any Fund portfolios without obtaining consent from TAM Compliance.

The inclusion of information regarding any of the Funds' portfolio holdings in marketing materials or Transamerica's website is subject to approval in accordance with the Funds' marketing and advertising policies and procedures.

Requests for information regarding a Fund's holdings from outside individuals or entities should be forwarded to TAM Compliance, who will consider, among other things, the timeliness and sensitivity of the information and the Funds' policies and procedures. Exceptions to the disclosure of portfolio holdings may only be granted by the CCO in accordance with the policies as stated in the Funds' Statement of Additional Information ("SAI").

*Should I discuss Market Rumors?* 

You may not knowingly circulate false rumors or sensational information that might reasonably be expected to affect market conditions for one or more securities, sectors, or markets, or improperly influencing any person or entity. Creating or passing false rumors with the intent to manipulate securities prices or markets may violate the antifraud provisions of Federal Securities Laws.

This policy is not intended to discourage or prohibit appropriate communications between you and other market participants and trading counterparties.

**SECTION 5: PROTECTING THE CONFIDENTIALITY OF CLIENT INFORMATION** 

*What is "Confidential Client Information"?* 

In the course of your daily activities, you gain access to non-public information about Clients. Such information may include:

• a person's or entity's status as a Client or investor;

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

• personal financial and account information;

• the allocation of assets in a Fund portfolio;

• the composition of investments in any Fund portfolio;

*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 13*

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• information relating to services performed for or transactions entered into on behalf of Funds; and

• advice provided by the Company to Clients and data or analyses derived from such non-public personal information (collectively, referred to as "Confidential Client Information").

All Confidential Client Information, whether relating to the Company's current or former clients, is subject to the Code's policies and procedures.

*When is Disclosure of Confidential Client Information allowed?* 

You may only disclose information when the disclosure is consistent with the Company policy and at Client direction. The Company does not share Confidential Client Information with any third parties, except in the following circumstances:

• As necessary to provide service that the Client requested or authorized, or to maintain and service the Client's
account. The Company will require that any financial intermediary, agent or other service provider utilized by the Company (such as broker-dealers or sub-advisers) comply with substantially similar standards
for non-disclosure and protection of Confidential Client Information and use the information provided by the Company only for the performance of the specific service requested by the Company.

• As required by regulatory authorities or law enforcement officials who have jurisdiction over the Company, or as
otherwise required by any applicable law.

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

• To the extent reasonably necessary to prevent fraud, unauthorized transactions, or liability.

• For the Funds, in accordance with the Portfolio Holdings Disclosure Policy.

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| |
|:---|
| &nbsp;&nbsp; HOW DO I KEEP CONFIDENTIAL CLIENT INFORMATION SECURE?<br>|
| &nbsp;&nbsp; The Company enforces the following policies and procedures for employees to protect the security of Confidential Client Information:<br>&nbsp;&nbsp;&nbsp;&nbsp;• access to Confidential Client Information is restricted to those employees who need to know such information to provide services to clients.<br>&nbsp;&nbsp;&nbsp;&nbsp;• If you have access to Confidential Client Information in connection with the performance of your duties and responsibilities, you are required to keep such information secure.<br>&nbsp;&nbsp;&nbsp;&nbsp;• you are required to protect all electronic or computer files containing any Confidential Client Information and to keep such files password secured and firewall protected from access by unauthorized persons.<br>&nbsp;&nbsp;&nbsp;&nbsp;• you must take care to discuss or conduct business involving Confidential Client Information, if appropriate at all, in private and avoid any unauthorized persons overhearing or intercepting conversations.<br>|

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*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 14*

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*What is My Responsibility regarding Confidential Client Information?* 

You are prohibited, both during and after the termination of your employment with the Company, from disclosing Confidential Client Information to any person or entity outside the Company, including family members, except under the circumstances described above.

You are permitted to disclose Confidential Client Information only to such other employees who need to have access to such information to deliver the Company's services to the client.

You also are prohibited from making unauthorized copies of any documents or files containing Confidential Client Information and, upon termination of your employment with the Company, you must return all such documents to the Company.

If you violate your duty to protect Confidential Client Information you will be subject to disciplinary action, including possible termination, whether or not you benefited from the disclosed information.

**SECTION 6: PERSONAL SECURITIES TRANSACTIONS** 

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|:---|:---|
| &nbsp;&nbsp; WHO IS REQUIRED TO REPORT PERSONAL HOLDINGS AND<br> PRE-CLEAR PERSONAL SECURITIES TRANSACTIONS? | &nbsp;&nbsp;&nbsp;&nbsp; You and your Immediate Family Members sharing your household are required to report all your Personal Brokerage Accounts and all transactions in your Personal Brokerage Accounts. If you have been designated an Access Person required to pre-clear, you also must pre-clear personal securities transactions, as well as those of your Immediate Family sharing your household. |
| &nbsp;&nbsp; The extent to which you are required to report and/or pre-clear depends upon your duties and responsibilities and the extent to which you have access to portfolio holding information.<br>&nbsp;&nbsp;&nbsp;&nbsp;• If you are designated an Access Person by the CCO, you are required to report all of your personal securities transactions and holdings, as well as those of your Immediate Family sharing your household.<br>&nbsp;&nbsp;&nbsp;&nbsp;• If you are a member of the Investment Management, Product Management Teams and Access Persons specifically designated by the CCO, you will be required pre-clear and report all of your personal securities transactions and holdings, as well as those of your Immediate Family sharing your household.<br>&nbsp;&nbsp;&nbsp;&nbsp;• Independent Trustees of the Funds need only to report transactions as discussed below.<br>&nbsp;&nbsp;&nbsp;&nbsp;• If you are not in any of these groups, you are designated a Supervised Person and you are required to report only your transactions and holdings in the Funds, as well as those of your Immediate Family sharing your household.<br>| &nbsp;&nbsp;&nbsp;&nbsp; You and your Immediate Family Members sharing your household are required to report all your Personal Brokerage Accounts and all transactions in your Personal Brokerage Accounts. If you have been designated an Access Person required to pre-clear, you also must pre-clear personal securities transactions, as well as those of your Immediate Family sharing your household. |

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*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 15*

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In conducting your personal investment activities, you as an Access Person are required to:

• Place the interests of Clients first at all times;

• Conduct all personal securities transactions such manner as to avoid any actual or potential conflicts of interest or
any abuses of your position of trust and responsibility;

• Not take inappropriate advantage of your position; and

• Not use your knowledge of transactions in or other accounts advised by the Company to profit by the market effect of
these transactions.

TAM Compliance will monitor employee trading to ensure that the principles of the Code are being upheld. Therefore, even if you are complying with the literal provisions of the Code, you may be sanctioned for improper trading activities. The CCO, in his/her discretion, may waive compliance with any particular provision of this Code if necessary or appropriate to avoid an unjust result.

*Are there Exceptions to Reporting?* 

You do not need to report the following:

• Any account over which the Access Person had no direct or indirect influence or control (*e.g.,* managed accounts);

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

• Any transactions effected pursuant to an Automatic Investment Plan;

• Any effected pursuant to a Systematic Withdrawal Plan;

• Where duplicate account statements or broker trade confirmations are provided through electronic feed to TAM Compliance,
so long as such confirmations or statements are received no later than 30 days after the end of the applicable calendar quarter; and

• Where you already submit reports otherwise required relating to personal securities transactions under the Funds'
principal underwriter code of ethics.

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| | | |
|:---|:---|:---|
| COVERED ACCOUNTS | COVERED ACCOUNTS | COVERED ACCOUNTS |
| Covered Accounts include but are not limited to the following: | Covered Accounts include but are not limited to the following: | Covered Accounts include but are not limited to the following: |
| Brokerage Accounts | Managed Accounts | Employee Stock Compensation Plans |
| Fund Accounts | Directly Held Securities | UTMAs or UGMAs |
| 401(k) Accounts | Directed Health Savings Accounts | Wrap Accounts |

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  <u>IRAs – including Roth, SEP, SIMPLE and Inherited</u>   <u>529 Accounts, in which you direct investments or invest in Funds</u> <br>         

*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 16*

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*Which Accounts Should I Report?* 

As an Access Person, you are required to report all investment accounts (*i.e.,* Covered Accounts) with which you, your spouse, domestic partner, child or any other Immediate Family Member who share your household have Beneficial Ownership or interests.

If you are not an Access Person but are a Supervised Person, you are only required to report only your transactions and holdings in the Funds, as well as those of your Immediate Family.

*What if I Open a New Account?* 

As an Access Person, you must promptly report any new Covered Account for yourself, your spouse, domestic partner, child or any other Immediate Family Members sharing your household. Unless the account has been

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|:---|
| &nbsp;&nbsp;&nbsp;REPORTING OF PERSONAL SECURITIES HOLDINGS |
| &nbsp;&nbsp; Initial Holdings Report: no later than 10 calendar days after you become an Access Person, you must submit to TAM Compliance an initial holdings report (which must be current as of a date no more than 45 days prior to the date the person became an Access Person).<br>Quarterly Transactions Report: Within 30 calendar days after the end of each calendar quarter, as an Access Person, you must submit a quarterly transaction report with respect to any transaction during the quarter in a Reportable Security in which you had any direct or indirect beneficial ownership.<br>Annual Holdings Report: At least annually, generally as of December 31<sup>st</sup>, you must as an Access Person submit within 30 days after year end an annual holdings report. Information must be current as of a date no more than 45 days before the report is submitted.<br>|

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reported, no personal securities transactions can occur within the account.

TAM Compliance will send a standard letter to US broker-dealer(s) or bank(s), requesting duplicate statements and confirmations. However, it is your responsibility to ensure that duplicate statements and confirmations are provided promptly. Confirmations should be provided within ten (10) calendar days.

*What Kind of Holdings Should I Report?* 

As an Access Person, you are required to report all personal securities holdings (*i.e.,* Reportable Securities) on a quarterly basis except for the following:

• Direct obligations of the US Government;

• Money market instruments: bankers' acceptances, bank certificates of deposit (CDs), commercial paper, and high
quality short-term debt instruments (including repurchase agreements);

• Money market mutual funds;

• Mutual funds unless it is a Transamerica mutual fund; and

• Unit investment trusts that are invested exclusively in non-Transamerica funds.

*How Long Must I Hold Reportable Securities after Purchase?* 

As an Access Person, you must hold all Reportable Securities for 60 days after purchase. Holding period

*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 17*

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determinations will be based on the last-in, first-out (LIFO) method. This standard also applies to derivatives securities related to the Reportable Security or Fund. This is to prohibit short-term and speculative trading.

However, exceptions to the holding period include:

• Transactions in which you do not exercise influence or control over the reportable security (managed accounts);

• Transactions in short-term investment vehicles; and

• Transactions automatically enacted due to the utilization of a stop-loss order strategy.

*Who is Required to Pre-Clear Transactions?* 

Members of the Investment Management Team, Mutual Fund Product Management Team and Access Persons specifically designated by the CCO or his/her delegate will be required to pre-clear all transactions in Reportable Securities with a few exceptions prior to trading in Reportable Securities. This includes Private Offerings and Initial Public Offerings.

In determining individuals required to pre-clear transactions in Reportable Securities, the CCO or his/her delegate will consider various factors including, but not limited to, the individual's job responsibilities, access to information, and/or trading patterns observed in quarterly transaction reports.

*How Long is a Pre-Clearance Valid?* 

If a pre-clearance transaction is not executed by the end of the business day following the date on which pre-clearance is granted, the pre-clearance will expire and the pre-clearance request must be made again unless otherwise indicated by TAM Compliance.

*Are there Blackout Periods or Restricted Lists?* 

If you are an Access Person who submits pre-clearance requests, you may not transact in Reportable Securities or Funds during blackout periods or on a restricted list.

• TAM Compliance will provide instructions regarding blackout periods.

• TAM Compliance will inform Access Person when a Reportable Security has been restricted from purchase and/or sale.

• You must use caution when transacting in any Reportable Security when you have knowledge of a pending or recent Fund
transaction involving the issuer of the Reportable Security.

*What if I hold Aegon N.V. stock?* 

If you are an Access Person, you are prohibited from purchasing or selling Aegon N.V. securities, including debt instruments, or exercising stock options or stock appreciation rights during designated blackout periods.

• Blackout periods begin at least 30 calendar days before the publication of

*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 18*

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the half and full year Aegon N.V. results.

• You are permitted to trade during the open periods provided you are not in possession of inside information.

• Trading restrictions are lifted the day following the public announcement, unless instructed otherwise by the Group
Compliance Officer of Aegon N.V.

*Can I Trade on Insider Information if I Pre-Clear with TAM Compliance?* 

Under specific circumstances as permitted by Rule 10b5-1 under the Exchange Act, you may be permitted to effect pre-planned trading in securities about which you possess material non-public information. This requires you to report and coordinate with TAM Compliance to document and show that trades were not made based on the material non-public Information. A 10b5-1 plan must be established in good faith prior to the receipt of material non-public information, must define specific trading parameters that will be followed consistently, and must be implemented by a third party. A 10b5-1 plan cannot be established without written pre-approval from TAM Compliance.

*Are there Exceptions to Trading Restrictions?* 

In cases of hardship, the CCO may grant an exception (or waiver) to the personal trading restrictions of the Code. The decision will be based on a determination that a hardship exists and the transaction for which the exception (or waiver) is requested would not

result in a conflict with our Clients' interests or violate any other policy embodied in the Code.

*Is My Reporting and Transaction Information Kept Confidential?* 

All personal securities transactions and holdings reports will be reviewed by TAM Compliance. The records and reports created or maintained pursuant to the Code are intended solely for internal use and are confidential unless required to be disclosed to a regulatory or governmental agency.

*What Reports are Required if I am an Independent Trustee of the Funds?* 

Independent Trustees of the Funds are deemed to be Access Persons. However, Independent Trustees are not subject to the same reporting, pre-clearance, or trading requirements as Access Persons.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> WHAT DOES <u>NOT</u> REQUIRE PRE-CLEARANCE? | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> WHAT DOES <u>NOT</u> REQUIRE PRE-CLEARANCE? |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;The pre-clearance requirements shall NOT apply to: | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;The pre-clearance requirements shall NOT apply to: |
| &nbsp;&nbsp;&nbsp;1. | Purchases and/or sales executed in any account for which an Access Person has Beneficial Ownership but over which the Access Person has no direct or indirect influence or control (managed accounts); |
| &nbsp;&nbsp;&nbsp;2. | Transactions executed pursuant to an Automatic Investment Plan including rebalance programs (i.e., where the Access Person does not determine the investment allocations) within 401(k) plans; |
| &nbsp;&nbsp;&nbsp;3. | Purchases and/or sales executed upon the exercise of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired; |
| &nbsp;&nbsp;&nbsp;4. | Purchases and/or sales of securities that are deemed to be securities futures; or |
| &nbsp;&nbsp;&nbsp;5. | Purchases and/or sales of securities on currencies. |

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*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 19*

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Independent Trustees of the Funds are not subject to the reporting requirements except to the extent the Independent Trustee knew or, in the ordinary course of fulfilling his or her duties as a Trustee, should have known that during the fifteen (15) days immediately before or after the Independent Trustee's transaction in a Covered Security, a Fund purchased or sold the Covered Security, or a Sub-Adviser considered purchasing or selling the Covered Security for a Fund.

Independent Trustees will be asked to affirm annually that they have read and understand the Code as it pertains to them.

**SECTION 7: GIFTS AND BUSINESS ENTERTAINMENT** 

You are prohibited from giving or receiving things of value that are designed to improperly influence the recipient or giver.

You should avoid doing anything that suggests that the Company's business decisions may be influenced by any irrelevant or inappropriate consideration, whether illegal (such as kickbacks and bribes) or legal but unprofessional (such as inappropriate favors and gifts).

You should not accept inappropriate gifts, favors, entertainment, special accommo-dations, or other things of material value that could influence your decision-making or make you feel beholden to a person or firm. Similarly, you should not offer gifts, favors, entertainment or other things of value that could be viewed as overly generous or aimed at influencing decision-making or making a Client feel beholden to the Company. You may generally give and receive gifts and entertainment, so long as such gifts

and entertainment are not lavish or excessive, and do not give the appearance of being designed to improperly influence the recipient. You should note that the receipt of any gifts and entertainment may constitute a violation under Section 17(e)(1) of the Investment Company Act if its receipt could be viewed as compensation for the purchase or sale of any property to or for the Company.

*What Gifts may I give or accept?* 

In general, you may give or accept gifts that do not exceed the annual aggregate amount of USD $100, without seeking pre-approval from TAM Compliance. You must be mindful that some Clients (or prospective clients) may be subject to additional regulatory restrictions or prohibitions on the acceptance of gifts or entertainment and may have to comply with related disclosure requirements. Therefore, you should inquire about any restrictions or disclosure

*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 20*

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requirements, prior to giving any gifts (or providing business entertainment).

The giving (or accepting) of all gifts and business entertainment must be reported and logged promptly. Please contact TAM Compliance for reporting details.

*What constitutes a Gift?* 

Gifts include tickets for events, gift baskets, meals and transportation. Gifts in this context include items that are accepted from, or given to, any person in connection with a current or prospective business relationship with the Company or Clients.

Trinkets or promotional items bearing a logo, such as golf balls, shirts, duffle bags, towels and pens, do not count toward the $100 limit as long as they are nominal in value. However, any trinket valued at $50 or higher is considered a gift and is required to be reported.

*What does not constitute a Gift?* 

These rules do not apply to gifts of a personal nature, such as wedding gifts or congratulatory gifts for the birth of a child, provided that such gift came from an individual and the individual was not reimbursed or otherwise compensated by the Client.

This policy does not apply to gifts or charitable donations made by you outside the scope of your responsibilities with the Company.

*What is Business Entertainment?* 

Business entertainment includes any event, meal or activity whose primary purpose is business and is offered by and attended by a person who has (either directly or through their employer or affiliate) a current or prospective business relationship with the Company. This also includes instances where you are offering the event, meal, or activity on behalf of a current or prospective Client or vendor.

*May I provide Business Entertainment?* 

You may provide business entertainment as long as it is appropriate and reported to TAM Compliance. Business entertainment provided to a current or a prospective client or vendor will be overseen by your supervisor through the expense reporting and approval process. If you anticipate that the business entertainment will exceed $100 per person, you will need to obtain pre-approval from TAM Compliance.

*What Business Entertainment may I Receive?* 

You may attend business meals, sporting events, theater, and other entertainment events at the expense of a giver as long as the entertainment is not lavish or extravagant in nature and is not otherwise intended to unduly influence the Company or Client. If the estimated cost or value of the business entertainment you receive is expected to exceed $300 per person, you will need to obtain pre-approval from TAM Compliance ahead of the event.

*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 21*

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*What Business Entertainment requires Pre-Approval?* 

You must seek pre-approval from TAM Compliance following types of business entertainment:

• If you are attending business-related events with an expected value in excess of $300 per person; and

• If you have received entertainment twice or more in a month from the same company.

*Can I provide Gifts and Entertainment Given to Unions and Union Officials?* 

You are required to report any gifts or entertainment you provide to labor unions or union officials, regardless of value. This is because special reporting rules apply when the Company or employees furnish any gift or entertainment in excess of USD $250 in any calendar year to labor unions, union officials, agents or consultants of a Taft-Hartley plan.

*May I give Gifts or provide Entertainment to Domestic or Foreign Governments and "Government Instrumentalities"?* 

The Foreign Corrupt Practices Act ("FCPA") prohibits the direct or indirect giving of, or a promise to give, "things of value" in order to corruptly obtain a business benefit from an officer, employee, or other "instrumentality" of a foreign government. Companies that are owned, even partly, by a foreign government may be considered an "instrumentality" of that government. In particular, government investments in foreign financial institutions

may make the FCPA applicable to those institutions. Individuals acting in an official capacity on behalf of a foreign government or a foreign political party may also be "instrumentalities" of a foreign government.

The FCPA includes provisions that may permit the giving of gifts and entertainment under certain circumstances, including certain gifts and entertainment that are lawful under the written laws and regulations of the recipient's country, as well as bona-fide travel costs for certain legitimate business purposes. However, the availability of these exceptions is limited and is dependent on the relevant facts and circumstances.

Civil and criminal penalties for violating the FCPA can be severe.

You are strictly prohibited from giving anything of value, including gifts and entertainment, to any government official (foreign or domestic).

Consult with TAM Compliance if you have any questions as to whether gifts or

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;COMMON GIFT AND ENTERTAINMENT QUESTIONS |
| &nbsp;&nbsp;&nbsp; • You may not accept tickets to sporting, cultural, or other events <u>at which the host is not present</u>. |
| &nbsp;&nbsp;&nbsp; • Gift baskets, wine, food items, clothing, merchandise, and any other items <u>over $100</u> in market value given to individuals or groups must be shared by the group and reported in ComplySci, or otherwise returned to the provider. Individual acceptance of any such gifts is prohibited. |
| &nbsp;&nbsp;&nbsp; • You should not accept gifts or entertainment for the benefit of non-employees (*e.g*., family members). |
| &nbsp;&nbsp;&nbsp; • Gifts that do not comply with guidelines or lavish gifts must be returned. |
| &nbsp;&nbsp;&nbsp;&nbsp; • Gift cards, gift certificates, and other cash equivalents must be returned to the provider.<br>|

---

*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 22*

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entertainment are subject to this policy or questions regarding government officials.

*May I give Gifts and Entertainment to ERISA Plan Fiduciaries?* 

You and the Company are prohibited from giving gifts or entertainment with an

aggregate value exceeding $250 per year to any ERISA plan fiduciary. Consequently, you must report to TAM Compliance all gifts and entertainment that you have provided to ERISA plan fiduciaries.

**SECTION 8: POLITICAL CONTRIBUTIONS** 

You may have important personal reasons for seeking public office, supporting candidates for public office, or making charitable contributions. However, those reasons must be weighed against the requirements placed upon the Company and the fiduciary duty that is owed to Clients.

Political contributions by you and the Company have the potential to be construed as payments to influence Government Officials' awards of advisory contracts. "Pay to play" practices distort the process by which advisers are selected, leading to possible higher fees or inferior services. Indeed, "pay to play" practices are inconsistent with the high standards of ethical conduct required of you and the Company.

The SEC's political contribution regulation, known as the "pay to play" rule, limits contributions by you and the Company to help ensure that adviser selection is based on the merits, not the amount of money given to a particular candidate for office, while respecting the rights of industry participants to participate in the political process. In addition, the Company is subject to a variety

of federal, state, and local restrictions regarding political contributions.

If you or the Company violate the "pay to play" rules, the Company would be prohibited from providing investment advisory services for compensation to a Government Entity within two years after a contribution to a Government Official of the Government Entity is made by you or the Company.

This policy applies to you and the Company to the extent that the Company solicits business from a Government Entity, such as by responding to a request for proposal or communicating with the Government Entity regarding that Entity's formal selection process for investment advisers.

*What kinds of Political Contributions are Prohibited?* 

You may not make a political contribution when the solicitation or request for such contribution implies that continued or future business with the Company is conditioned on making such contributions.

You and the Company are prohibited from making political contributions to politically

*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 23*

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connected individuals or entities with the intention of influencing such individuals or entities for business purposes.

You also should not make contributions that create the appearance that the Company stands to benefit in its business relations because of your contribution.

You are prohibited from making political or charitable contributions for the purpose of obtaining or retaining potential or existing public entity Clients.

*What kinds of Political Contributions are Permitted?* 

• Personal contributions of $150 per election in which you are not eligible to

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;WHAT POLITICAL CONTRIBUTIONS DO I REPORT AND PRE-CLEAR? |
| &nbsp;&nbsp;&nbsp;You are required to report all political contributions you make. |
| &nbsp;&nbsp;&nbsp;You must seek pre-clearance from TAM Compliance if you are considering making a: |
| &nbsp;&nbsp;&nbsp; • Political contribution to any state or local Government Entity, Official, candidate, political party or Political Action Committee. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☑ Note: You do not have to pre-clear contributions to national political candidates, parties, or action committees as long as the recipient is not otherwise associated with a state or local political office. |
| &nbsp;&nbsp;&nbsp; • Cash donation, as well as substantive donations of Company resources, such as the use of conference rooms or communications systems. |
| &nbsp;&nbsp;&nbsp;If pre-clearance is granted, it is valid for seven days before and after the intended contribution date. Any contributions outside of this date range require re-approval. |

---

vote, or $350 per election if you are eligible to vote in the election. Note that for purposes of calculating these contributions, primary and general elections are considered to be separate elections.

• Charitable donations to legitimate not-for-profit organizations, even at the request of an Official of a Government Entity are permissible. Donations by you or TAM to charities with the intention of influencing such charities to become Clients
or Investors are strictly prohibited.

• Political activities such as express support for candidates, volunteering, making speeches
or other related conduct. A donation of time by any individual is not considered to be a contribution provided that the Company has not solicited the individual's efforts. This Policy is not intended to impinge on the wide range of expressive
conduct available in connection with elections.

*Can I Return Contributions that I made in violation of the Code?* 

If you made a contribution in violation of the policy, contact TAM Compliance promptly.

If you made a contribution in excess of the $150 in an election where you are not eligible to vote, you may return the contribution

• as long as the contribution is less than $350,

*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 24*

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• is discovered within four months of being given, and

• is returned within 60 days of being discovered.

This option is available to the Company no more than three times per calendar year. Notwithstanding this, it can only be used once for any particular employee, irrespective of the period of time that passes between returned contributions.

*What if I would like to Run for Public Office?* 

You must obtain written pre-approval from TAM Compliance prior to running for any public office. You may not hold a public office if it presents any actual or apparent conflict of interest with Company business activities.

*Does this Policy Apply to New Employees and Applicants for Employment?* 

As a new employee to the Company, you will be required to report past political contributions for a period of the prior two years if you are involved in the solicitation of Clients or investors, or for a period of the

prior six months if you are not involved in the solicitation of Clients or investors.

Applicants for employment may also be required to report and complete a certification regarding their political contributions when they apply for a position with the Company. In deciding whether to hire an applicant, the Company will be entitled to consider, based on the applicant's responses to the certification, whether hiring the applicant would affect the relationship between the Company and a Government Entity and or/limit the Company's ability to pursue a client relationship with a Government Entity.

*What Reporting Obligations Apply to TAM?* 

Any political contribution by TAM must be pre-cleared by TAM Compliance, irrespective of the proposed amount or recipient of the contribution. The CCO will work with TAM's CEO/President to ensure that the TAM complies with the "pay to play" rules and this policy, and to document that compliance appropriately. Annually, TAM Compliance will request the CEO/President of TAM to certify the compliance with the policy.

**SECTION 9: OUTSIDE BUSINESS ACTIVITIES** 

You must avoid engaging in outside business activities that conflict with your duties to the Company. This includes securities related and non-securities related activities in which you are employed by, formally associated

with, and/or accept compensation from directly or indirectly any entity (including non-profit organization) or individual.

*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 25*

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*Why do I have to report Outside Business Activities?* 

Certain types of outside business activities may cause a conflict of interest or an appearance of a conflict of interest. There is no absolute prohibition on you participating in certain outside activities such as charitable foundations and endowments, provided your participation does not present a conflict of interest and you comply with the Code. However, as a practical matter there may be circumstances in which it would not be in the Company's best interest to allow you to participate in activities with an outside organization, even if your participation did not violate policies and procedures (such as whether the activity would absorb a good part of your time, potentially affecting your performance at the Company).

*What should I do if I have an opportunity to Serve on the Board of a Publicly Traded Company?* 

You may not serve on the governing board of any publicly traded companies without the prior written approval of the CCO or his/her delegate. Prior to granting any such approval, the CCO or his/her delegate will determine that such board service is

consistent with the interests of Clients and shall ensure that appropriate "Chinese Wall" or other procedures are in place to isolate such individual from persons making investment decisions as to securities of the Company.

*What is involved in the Approval Process?* 

Outside business activity requests will be evaluated on a case-by-case basis and approval will be granted only if it is determined that the activity does not present a significant conflict of interest. To obtain written approval from TAM Compliance, you will provide the position sought, the reason service is desired, and any possible conflicts of interest known at the time of the disclosure. If any additional information is required, TAM Compliance will reach out to you.

In instances where you receive authorization to serve as a director on an outside organization, you are expected to refrain from any direct (or indirect) involvement in the consideration by a Client of any purchase or sale for securities of that outside organization (or any affiliates of the outside organization) for which you serve as a director.

**SECTION 10: SANCTIONS** 

*What Sanctions do I face if I Violate the Code?* 

As a basic condition of your employment with the Company, you are expected to strictly comply with the provisions of the Code. Depending on the severity of the

*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 26*

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infraction, you may be subject to sanctions for violating the Code and related personal trading controls (*e.g*., failure to pre-clear transactions, report accounts, and submit statements and/or initial, quarterly and annual certification forms). Sanctions may include but are not limited to:

• verbal or written warnings;

• letters of reprimand;

• suspension of access to mutual fund information, websites, and/or software required for your position;

• suspension of personal trading activity;

• reversal of personal trade;

• disgorgement and forfeiture of profits;

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

• imposition of fine;

• referral to the SEC;

• suspension; and/or

• termination of employment.

*Who receives Reports of Sanctions under the Code?* 

Repeated immaterial violations will be communicated to your supervisor, Department Head and/or the CCO for corrective action. Material violations will be escalated to the CCO, Operational Risk Committee and/or Management Committee and may be subsequently reported to the Board of Directors of TAM and the Board of Trustees of the Funds as required.

SECTION 11: REPORTING CODE VIOLATIONS AND WHISTLEBLOWER POLICY

The Company is committed to fostering a culture of compliance. If you have any questions or concerns, or become aware of a violation or potential violation of the Code, you are required to report the matter.

You can report to any one of the following:

• the CCO;

• the Code of Ethics Administrator; and

• any member of TAM Compliance.

You can report:

• in person;

• by telephone;

• email TAM Compliance at <u>TAMCompliance@transamerica.com;</u> 

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

• written letter;

• anonymously through Transamerica's S.H.A.R.E. helpline at 1.866.263.7787; and

• anonymously through Transamerica S.H.A.R.E Intranet site:

<u>http://spa.us.aegon.com/corp/Share/SiteAssets/Home.aspx.</u>

All reported violations will be treated confidentially to the extent permitted by law and will be investigated promptly. Any problems identified during the review will be addressed in ways that reflect the Company's fiduciary duty to its Clients.

*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 27*

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Retaliation against any employee for reporting compliance-related issues is cause for appropriate corrective action up to and

including termination of the retaliating employee.

---

| |
|:---|
|  **Section12: Effective Dates** |
|  **Code of Ethics** |
|  Effective Date: November 13, 2009 |
|  Revision Dates: January 3, 2012 |
|  **Conflicts of Interest Policy** |
|  Effective Date: May 15, 2015 |
|  **Insider Trading Policy** |
|  Effective Date: December 8, 2004 |
|  Revision Dates: July 1, 2008 |
|  **Political Contributions Policy** |
|  Effective Date: March 14, 2011 |
|  Revision Dates: September 30, 2011 |
|  **Gifts and Entertainment Policy** |
|  Effective Date: April 1, 2008 |
|  Revision Dates: May 29, 2012 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 29, 2012 |
|  **Outside Business Activities Policy** |
|  Effective Date: July 1, 2015 |
|  **Combined Code** |
|  Revisions Dates: July 1, 2015 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 14, 2017 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 15, 2020 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 1, 2021 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 1, 2022 |

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Amended Policy shall be effective September 1, 2022

*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 28*

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**APPENDIX A: ADMINISTRATION OF THE CODE** 

*Administrator of the Code* 

The CCO may delegate administrative responsibilities under this Code. To the extent feasible, Code of Ethics administrative functions should be segregated in such a manner that one administrator's Code activities and violations are reviewed and addressed by another administrator. The CCO shall retain ultimate responsibility for the Code's administration.

*Lists of Supervised Persons and Access Persons* 

TAM Compliance shall update and maintain the lists of Supervised Persons and Access Persons and shall notify those persons of their Code obligations including their reporting obligations.

*Code of Ethics Monitoring* 

The CCO or his/her delegate shall periodically review such reports, duplicate confirmations and account statements, and maintain copies thereof as required by this Code, with a view to identifying any pattern of personal securities transactions that suggests any actual or potential conflict of interest, the appearance of a conflict of interest, or any abuse of such person's position of trust and responsibility with TAM, its Clients, or the Funds.

Prior to making a determination that a violation has been committed by any person or that any personal securities transaction is otherwise problematic under the Code and the purposes thereof, such person shall be given an opportunity to supply additional explanatory material. The CCO or his/her delegate will review the reports in light of such factors that he deems appropriate, which may include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;• An assessment of whether the Access Person followed any required internal procedures, such as pre-clearance;

&nbsp;&nbsp;&nbsp;&nbsp;• A comparison of personal trading to any restricted investments; and

&nbsp;&nbsp;&nbsp;&nbsp;• Periodically analyzing the Access Person's trading for patterns that may indicate abuse, including market timing.

*Maintaining Confidentiality* 

All reports of securities transactions and any other information filed pursuant to this Code shall be treated as confidential, except that the same may be disclosed to the Boards of the Funds and the Adviser, to any regulatory or self-regulatory authority or agency upon its request or as required by law or court or administrative order.

*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 29*

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*Code of Ethics Effectiveness* 

TAM Compliance will periodically test compliance with this Code and annually review the effectiveness of the Code's implementation and make updates as deemed necessary.

*Annual Compliance Certifications* 

TAM Compliance will reasonably ensure that employees subject to the Code receive a copy of the Code and sign the certification on an initial and annual basis, as well as for any material Code amendments.

*Training* 

TAM Compliance will periodically educate and/or train Supervised Persons regarding the Code and their responsibilities thereunder.

*Investigation of Violations* 

Upon learning of any violation or suspected Code violation, TAM Compliance shall promptly investigate any Code violations, including alleged and suspected violations, and take or prescribe appropriate actions to mitigate any conflicts of interest and to enforce the Code's principles.

*Hardship Exemptions* 

The policies set forth throughout the Code are intended to prescribe general standards of conduct and to address conflicts of interest. Based on specific circumstances and when deemed consistent with the spirit of the Code, TAM Compliance may grant hardship exemptions to certain code requirements. TAM Compliance will document its approval of these exemptions.

*Code of Ethics Review and Updates* 

TAM Compliance will update the Code as necessary as compliance demands, changes in TAM's business activities, or regulatory issues develop.

*Annual Report to Boards of Funds* 

TAM Compliance will furnish a written report at least annually to the Boards of Trustees of the Funds ("Boards") that summarizes the effectiveness of existing procedures for compliance with the Code, describes any issues arising under the Code since the last report (including, without limitation, reports of any material violations of the Code or its compliance procedures and any resulting sanctions), summarizes any changes in the procedures made during the past year, and identifies any recommended changes in existing restrictions or procedures based upon the Company's experience with the Code or developments in applicable laws or regulations. The annual report must certify that the Company has adopted procedures reasonably necessary to prevent Access Persons from violating the Code.

*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 30*

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*Quarterly Reports to Boards of Funds* 

TAM Compliance will report quarterly to the Boards of Trustees of the Funds with respect to any material violations requiring significant remedial action during the preceding calendar quarter. The quarterly report to the Board will also include a disclosure of any actual or potential conflicts of interest identified during the reporting period.

*Approval and Amendments to the Code* 

Following the initial approval of the Code by the Boards, any material change to the Code must be approved or ratified by the Funds Board within six (6) months of such amendment. The Board must base its approval of any material changes to the Code on a determination that the Code contains provisions reasonably necessary to prevent Access Person from engaging in any conduct prohibited by Rule 17j-1 of the Investment Company Act and Rule 204A-1 of the Advisers Act. (Investment Company Act Rule 17j-1(c)(1)(ii))

*Sub-Adviser Reporting* 

**Sub-Adviser Code of Ethics** *–* Each Sub-Adviser will adopt, maintain, and deliver to TAM Compliance a copy of, its code of ethics pursuant to Rule 17j-1 of the Investment Company Act. The Board will approve the Sub-Adviser's code of ethics and base its approval on a determination that the code contains provisions reasonably necessary to prevent Sub-Adviser access persons from engaging in unlawful conduct prohibited by Rule 17j-1. As part of its consideration, the Board must receive a certification from the Sub-Adviser that it has adopted procedures reasonably necessary to prevent its access persons from violating its code of ethics.

**Sub-Adviser Amendments** – Each Sub-Adviser will provide TAM Compliance a copy of all material amendments to its code of ethics for review and approval by the Boards of the Funds in accordance with Rule 17j-1. The CCO of the Funds will present material changes to the Boards of the Funds each quarter as they are reported to TAM Compliance.

**Sub-Adviser Quarterly Reporting** – Each Sub-Adviser will report to TAM Compliance on a quarterly basis any material violations to its code of ethics. The CCO of the Funds will present any reported material violations from the Sub-Advisers to the Boards.

**Sub-Adviser Annual Certification** – Each Sub-Adviser will certify on an annual basis to the Boards that the Sub-Adviser maintains a written Code of Ethics as required by Rule 17j-1 under the Investment Company Act and Rule 204A-1 under the Advisers Act, and, further, that procedures have been put in place to reasonably prevent its access persons from violating the Sub-Adviser's code of ethics.

*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 31*

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**APPENDIX B: BOOKS AND RECORDS** 

*Records Maintained under the Code of Ethics* 

TAM Compliance will maintain the following records for at least five (5) years from the end of the fiscal year recorded (a minimum of two (2) years on-site) or for longer periods as may otherwise be prescribed.

&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of this Code and any other code of ethics adopted by the Company pursuant to Rule 204A-1 and Rule 17j-1 that has been in effect during the past five (5) years;

&nbsp;&nbsp;&nbsp;&nbsp;2. A record of any violation of the Code, and any action taken in response to such violations shall be preserved for a
period of no less than five (5) years from the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;3. A record of all written acknowledgments for each person who is currently, or within the past five years was, a
Supervised Person.

&nbsp;&nbsp;&nbsp;&nbsp;4. A record of each report, including any brokerage confirmations and account statements submitted in lieu of these
reports, made by an Access Person shall be preserved for a period of no less than five years from the end of the fiscal year in which it was made including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Initial Holdings Reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Annual Holdings Reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Quarterly Transaction Reports

&nbsp;&nbsp;&nbsp;&nbsp;5. A record of the names of persons who are currently, or within the past five years were, Access Persons (or otherwise
required to submit reports under a code of ethics), and a record of persons who are or were responsible for reviewing such reports.

&nbsp;&nbsp;&nbsp;&nbsp;6. A record of any decision, and the reason supporting the decision, to approve participation by an Access Person who pre-clears in an Initial Public Offering or Private Placement for at least five years after the end of the fiscal year in which the approval is granted;

&nbsp;&nbsp;&nbsp;&nbsp;7. A record of all pre-clearance requests, supporting information, and
disposition of such request;

&nbsp;&nbsp;&nbsp;&nbsp;8. Other periodic Code of Ethics compliance reports, certifications, and approvals;

&nbsp;&nbsp;&nbsp;&nbsp;9. Any other such record as may be required under the Code shall be preserved for a period of no less than five years
from the end of the fiscal year in which it is generated.

*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 32*

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*Political Contribution Records Maintained under the Code* 

TAM Compliance will maintain all Certificates, Forms and other relevant documents required by the Political Contribution Rule and this Policy as part of the Company's books and records. TAM will make and keep the following records, in a manner consistent with its current recordkeeping policies as required by Rule 204-2 of the Adviser's Act:

&nbsp;&nbsp;&nbsp;&nbsp;1. The names, titles, and business and residential addresses of all employees that the Company deems to be "covered
associates" under the Political Contribution Rule.

&nbsp;&nbsp;&nbsp;&nbsp;2. All contributions made, whether directly or indirectly, by TAM or any of its covered associates to an Official of a
Government Entity.

&nbsp;&nbsp;&nbsp;&nbsp;3. All payments made, whether directly or indirectly, by TAM or any of its covered associates to a political party of a
state or political subdivision thereof, or to a Political Action Committee.

&nbsp;&nbsp;&nbsp;&nbsp;4. All Government Entities to which TAM provides or has provided investment advisory services, or which are, or were,
investors in any Fund or other covered investment pool to which TAM provides or has provided investment advisory services, in the past five years.

&nbsp;&nbsp;&nbsp;&nbsp;5. The name and business address of each "regulated person" to whom TAM provides or agrees to provide, directly
or indirectly, any payment to solicit a Government Entity for investment advisory services on TAM's behalf.

*Gifts and Entertainment Records Maintained under the Code* 

TAM Compliance will maintain any reports of Supervised Persons created under the Gifts and Entertainment Policy herein in a manner consistent with its current recordkeeping policies.

*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 33*

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**APPENDIX C: DEFINITION OF TERMS** 

The following definitions apply to the bold terms used throughout the Code:

**Access Person** means:

&nbsp;&nbsp;&nbsp;&nbsp;• Every member of the Fund Boards of Trustees (see definition of Independent Trustees and Outside Trustees);

&nbsp;&nbsp;&nbsp;&nbsp;• Every officer of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;• Every director and officer of TAM;

&nbsp;&nbsp;&nbsp;&nbsp;• Any officer or director of the Distributor who, in the ordinary course of business, makes, participates in or obtains
information regarding the purchase or sale of covered securities for any registered investment company for which the Distributor acts as the principal underwriter unless subject to a separate Rule 17j-1 code
of ethics approved by the Board of Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;• Any Transamerica employee who, in connection with his or her regular functions or duties relating to TAM or the Funds,
makes, participates in, or obtains information regarding the purchase or sale of covered securities, or other advisory clients for which TAM provides investment advice, or whose functions relate to the making of any recommendations with respect to
such purchases or sales;

&nbsp;&nbsp;&nbsp;&nbsp;• Any natural persons in a control relationship with one or more of the Funds or TAM who obtain information concerning
recommendations made to such Funds or other advisory clients with regard to the purchase or sale of covered securities, or whose functions or duties, as part of the ordinary course of their business, relate to the making of any recommendation to
Funds or advisory clients regarding the purchase or sale of covered securities; and

&nbsp;&nbsp;&nbsp;&nbsp;• Any Supervised Person (which may include contractors or consultants) who has access to non-public information regarding client securities transactions, research or portfolio holdings of any Funds or advisory clients.

(Advisers Act Rule 204A-1(e)(1))

**Automatic Investment Plan** means a Program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan. (Investment Company Act Rule 17j-1(a)(11), Advisers Act Rule 204A-1(e)(2))

**Beneficial Ownership** means when a person has or shares a direct or indirect pecuniary interest in Reportable Securities. Pecuniary interest means that a person has the ability to profit, directly or indirectly, or share in any profit from the transaction. It is presumed that you have beneficial ownership interests in any account held individually or jointly, by you or by your Immediate Family Member sharing your household or domestic partner (or an unrelated adult with whom you share

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your home and contribute to each other's support) including but not limited to family trusts and family partnerships (Securities Exchange Act of 1934, Rule 16a-1; 17 CFR 240.16a-1). Generally, a person would be considered to be the beneficial owner of Reportable Securities held by such person's spouse, minor children, a relative who shares such person's home, or other persons if by reason of any contract, understanding, relationship, agreement or other arrangement, he/she obtains from such Reportable Securities benefits substantially equivalent to those of ownership. A person could be considered the beneficial owner of securities if that person can vest or re-vest title in such person now or in the future. (Advisers Act Rule 204A-1(e)(3))

**Broker** means a broker, dealer, bank, or other intermediary, including 401(k) and retirement plans, through whom an Access Person has Beneficial Ownership and/or transacts in or holds Reportable Securities.

**CCO** means the Chief Compliance Officer of TAM or the Funds.

**Client** means any entity (*e.g.,* mutual fund, collective investment trust or corporation) or person for which TAM provides an investment advisory service or to which it has a fiduciary responsibility.

**Code** means this Code of Ethics administered and enforced by the CCO.

**Company** mean collectively, Transamerica Asset Management, Inc., Transamerica Funds, Transamerica Series Trust, and Transamerica Asset Allocation Variable Funds.

**Contributions** means any gift, subscription, loan, advance, or deposit of money or anything of value made for: (1) the purpose of influencing any election for Federal, State, or local office; (2) payment of debt incurred in connection with any such election; or (3) transition or inaugural expenses of the successful candidate for State or local office. (Advisers Act Rule 206(4)-5(f)(1))

**Covered Account** includes any account with a broker-dealer, investment adviser, bank or other financial institutions in which any Reportable Securities are held or the account has the ability to hold securities for the direct or indirect benefit of such Access Person.

**Funds** means the Transamerica Funds, Transamerica Series Trust, or Transamerica Asset Allocation Variable Funds.

**Government Entity** means (1) all state and local governments, their agencies, authorities, and instrumentalities; (2) all public pension plans and other collective pool of assets sponsored or established by the state or local government or their agencies, authorities, or instrumentalities thereof, including a "defined benefit plan", or a State general fund; (3) a plan or program of a Government Entity; and (4) officers, agents or employees of the state or local government, their agencies, authorities or instrumentalities, acting in their official capacity. (Advisers Act 206(4)-5(f)(5))

*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 35*

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**Immediate Family Member** means your 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.

**Independent Trustee(s)** means a director/trustee of the Transamerica Funds, Transamerica Series Trust, or Transamerica Asset Allocation Variable Funds who is not considered to be an "interested person" of the Funds within the meaning of Section 2(a)(19)(A) of the Investment Company Act.

**Initial Public Offering** means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934.

**Investment Company Act** means the Investment Company Act of 1940, as amended.

**Managed Account** means an account where an Access Person has Beneficial Ownership, but does not have the authority to exercise direct or indirect influence or control over the account. Typically, in these arrangements, the Access Person has assigned investment discretion authority to his/her Broker or investment adviser.

**Official** or **Government Official** means any person (including any election committee for the person) who was, at the time of the contribution, an incumbent, candidate, or successful candidate for elective office of a Government Entity, if the office: (1) Is directly or indirectly responsible for, or can influence, the outcome of, the hiring of an investment adviser by a Government Entity; or (2) Has authority to appoint any person who is directly or indirectly responsible for or can influence the outcome of, the hiring of an investment adviser by a Government Entity. (Advisers Act 206(4)-5(f)(6))

**Outside Trustee(s)** means a director/trustee of the Transamerica Funds, Transamerica Series Trust, or Transamerica Asset Allocation Variable Funds who is not employed by Transamerica and is considered to be an "interested person" of the Funds within the meaning of Section 2(a)(19)(A) of the Investment Company Act.

**Private Placement** means an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or Section 4(6) or pursuant to SEC Rules 504, 505 or 506 under the Securities Act of 1933, including hedge funds or private equity funds or similar laws of non-U.S. jurisdictions.

**Reportable Security** has the meaning set forth in Section 202(a)(19) of the Advisers Act and includes any derivative thereof, commodities, options or forward contracts. For example, Reportable Securities include 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

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undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing. Excluded from this definition are:

&nbsp;&nbsp;&nbsp;&nbsp;1. Securities issued by the government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;2. Short-term debt securities that are government securities within the meaning of Section 2(a)(16) of the
Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;3. Shares issued by money market funds; and

&nbsp;&nbsp;&nbsp;&nbsp;4. Bankers' acceptances, bank certificates of deposit, commercial paper, high quality short-term debt instruments
and such other instruments as may be designated from time to time by the CCO.

<u>IMPORTANT NOTES</u>:

&nbsp;&nbsp;&nbsp;&nbsp;a. Exchange-Traded Funds are covered under this definition of Security, and therefore **are subject** to the governing
rules.

&nbsp;&nbsp;&nbsp;&nbsp;b. 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 them, the lack of prohibition and our position on pre-clearance and/or reporting, will likely change.

(Advisers Act Rule 204A-1(e)(10))

**Solicit** means (1) With respect to investment advisory services, to communicate, directly or indirectly, for the purpose of obtaining or retaining a client for, or referring a client to, an investment adviser; and (2) With respect to a contribution or payment, to communicate directly or indirectly for the purpose of obtaining or arranging a contribution or payment. Advisers Act 206(4)-5(f)(10))

**Supervised Person** means any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of Transamerica or TAM, or other person who provides (i) investment advice on behalf of TAM and (ii) is subject to the supervision and control of TAM with respect to activities that are subject to the Advisers Act or the Investment Company Act. (Advisers Act §202(a)(25))

**TAM** means Transamerica Asset Management, Inc.

**TCI** means Transamerica Capital, Inc.

*Transamerica Asset Management, Inc.* *Transamerica Capital, Inc.* *Transamerica Family of Funds* *Code of Ethics* *Page 37*

## Ex-99.(P)(8)

**Exhibit (p)(8)**![LOGO](g396518dsp001.jpg)

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Contents

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|:---|:---|
| **1. Introduction** | **4** |
| **2. Scope and purpose** | **4** |
| **3. Definitions** | **4** |
| **4. Policy requirements** | **7** |
| **5. Monitoring** | **7** |
| **6. Roles and responsibilities** | **8** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1. Standards of Conduct** | **8** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2. Employee Expectations** | **8** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3. Fiduciary Duty** | **9** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4. Personal Securities Transactions** | **9** |
| **6.4.1. Personal Securities Trading Prohibitions** | **9** |
| **6.4.2. Managed Accounts** | **9** |
| **6.4.3. IPOs and Private Placements** | **10** |
| **6.4.4. Blackout Periods** | **10** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5. Reporting Requirements (Access Person Only)** | **10** |
| **6.5.1. Investment Account Disclosures** | **10** |
| **6.5.2. Outside Brokerage Accounts & Brokerage Trading Restrictions** | **10** |
| **6.5.3. Initial Holdings Reports** | **11** |
| **6.5.4. Quarterly Transaction Reports** | **11** |
| **6.5.5 Annual Holdings Reports** | **11** |
| **6.5.6 Exempt Transactions in Reportable Securities** | **12** |
| **7. Process and controls** | **12** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1. Confidentiality of Information** | **12** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2. Disclosure of Protected Information** | **12** |
| **7.2.1 General Exception** | **12** |
| **7.2.2 Sharing Among Employees** | **12** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3. Safeguarding Protected Information** | **12** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4. Reporting of Violations** | **13** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5. Sanctions** | **13** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6. Compliance / ownership** | **14** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7. Training and Awareness** | **14** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.8. Policy updates** | **14** |

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

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| **7.9. Record Retention** | **14** |
| **7.10. Exceptions and Waivers** | **14** |
| **7.11. Related key documents** | **14** |

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

1. Introduction

In conjunction with and further to the Aegon Code of Conduct, this Code of Ethics clearly outlines and explains our core values, business principles and rules. This Code sets forth uniform standards for ethical conduct amongst the Aegon AM Affiliates. It is therefore important that all employees fully understand their responsibilities under the Aegon Code of Conduct and the Aegon AM Code of Ethics and complies with them at all times.

The key requirements of this Policy are highlighted in boxes and need to be complied with. The key requirements are part of the Policy attestation process. All other requirements included in the Policy need to be adhered to on a "comply or explain" basis.

Capitalized terms used in this Policy are defined in section 3 below.

2. Scope and purpose

The purpose of this Policy is to ensure 1) a common code of high ethical standards is followed by all Affiliates, and 2) conflicts of interest are avoided or properly disclosed. To that end, this Policy describes:

a) Every Employee will be classified as either a Access Person, depending on their role and access to certain sensitive
information, or Supervised Person;

b) The standards of conduct applicable to the Employees; and

c) Requirements related to the Personal Securities Transactions as applied to Access Persons. Supervised Persons are exempt
from section 5, Personal Security Transactions.

Employees will have access to this Policy and must acknowledge receipt of this Policy and any related amendments, via ComplySci. The requirements of this Policy form part of the terms and conditions of an Employee's employment obligations.

Compliance is responsible for overseeing this Policy and providing training to staff on the requirements. All employees are responsible for maintaining appropriate process, controls and records. Failure to comply with this Policy may lead to disciplinary action and possible summary dismissal (subject to local requirements and processes).

3. Definitions

The terms below have the following meanings and any questions or interpretations regarding these terms should be directed to Compliance.

**Access Person:** Every Employee unless classified by Compliance as fitting within the definition of a Supervised Person. The Access Person designation is made based on the Employee's access to MNPI or sensitive client information. When an Employee's access to MNPI is limited to a specific local affiliate, Compliance may classify these individuals as Local Access Persons. This designation is used for reporting purposes.

**Affiliates:** A domestic or foreign entity that is controlled by, controls, or is under common control with Aegon Asset Management.

**Approved Brokers:** Brokerage Firms that provide an electronic feed into the designated Compliance system and approved by Compliance.

**Applicable Law:** For each Affiliate, the laws, rules, and regulatory interpretations that each Affiliate is subject to in the course of its activities.

**Automatic Investment Plan:** A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation (e.g., Aegon's employee stock purchase plan). An automatic investment plan includes a dividend reinvestment plan.

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**Beneficial Ownership:** Beneficial ownership will be deemed to exist if an Employee, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect interest in the securities (i.e., an opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the securities).<sup>1</sup>

Under this definition, Beneficial Ownership by a Access Person includes securities held by Immediate Family Members sharing the same household, securities held in certain trusts, and a general partner's proportionate interest in the portfolio securities held by a general or limited partnership.

**Broker:** A broker, dealer, bank, or other intermediary, including 401(k) and retirement plans, through whom an Employee transacts in or holds securities or Reportable Funds.

**Client:** Any natural or legal person to whom any Affiliate provides investment or ancillary services (e.g., investment advice, portfolio management, etc.). For purposes of an adviser/sub-adviser relationship, the "Client" of the sub-adviser is the investment adviser. The "Client" for purposes of an advisory relationship with a fund is the fund itself (and its board) and not underlying shareholders.

**Code:** The Code of Ethics Policy administered and enforced by the Global Head of Compliance.

**Compliance:** The global functions that administer and oversee compliance with this Policy.

**Connected Account:** An investment account that is subject to the Personal Securities Transaction restrictions and reporting requirements of this Policy because a Access Person is deemed to have Beneficial Ownership. All Personal Securities Transaction restrictions and requirements apply to Connected Accounts.

**Data Protection Laws:** SEC Regulation S-P, Privacy of Consumer Financial Information (17 CFR 248.30) ("Reg S-P"), the Gramm-Leach Bliley Act, Data Protection Directive (Directive 95/46/EC), General Data Protection Regulation (Regulation (EU) 2016/679), all relevant European Union member state laws or regulations giving effect to the Data Protection Directive or corresponding with the General Data Protection Regulation, and any judicial or administrative interpretation of any of the above, any guidance, guidelines, codes of practice, approved codes of conduct or approved certification mechanisms issued by any relevant supervisory authority and binding under applicable law.

**Employee**: All officers, directors, partners, and staff of an Affiliate who are under that Affiliates' supervision and control (which may also include temporary staff, interns and contractors).

**Global Head of Compliance**: The head of Aegon Asset Management's global Compliance Department who is responsible for administering and overseeing this Policy.

**Immediate Family Member:** A 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. For the avoidance of doubt, an immediate family member can also include a registered partner, partner (in accordance with national law) who has shared the same household for at least one year on the date of the transaction concerned, regardless of whether the Employee benefits directly or indirectly financially from the trading activity.

**Initial Coin Offerings (ICOs):** The cryptocurrency industry's equivalent to an Initial Public Offering (IPO). ICOs act as a way to raise funds, where a company looking to raise money to create a new coin, app, or service launches an ICO.

**Initial Public Offering ("IPO"):** The process of offering shares of a private corporation to the public in a new stock issuance to allow the company to raise capital from public investors.

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<sup>1</sup> This term will be interpreted in the same manner as it would be under Rule 16a-1(a)(2) of the U.S. Securities Exchange Act of 1934.

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**Inside Information:** Information of a precise nature about a security or issuer of a security (i) where there is a substantial likelihood that a reasonable investor would consider it important in making his/her investment decisions, (ii) that has not been released through a recognized and widespread medium like a press release or a regulatory filing; and (iii) that if it were made public, would likely have a significant effect on the prices of the security or issuer or on the price of related derivative financial instruments. For the avoidance of doubt, Pending Trade Information could also be deemed Inside Information due to its price sensitive nature.

**Managed Account**: An investment account where an Employee does not have the authority to exercise direct or indirect influence or control over the account or to implement or enforce investment recommendations. This includes but is not limited to adviser-managed accounts and discretionary brokerage accounts. Typically, in these arrangements, no investment authority exists or, if such authority exists, such authority has been assigned to a broker or investment advisor.

**Material Non-Public Information (MNPI):** Information about a Security or an issuer of a Security that is both material and non-public.

**Non-Public Affiliate Information:** means any Affiliates' non-public investment recommendations, and/or any composite holdings and related information.

**Pending Trade Information**: In-process trade orders or the conveyance of specific information indicating an intent to place a trade.

**Personal Data:** Any information relating to an identified or identifiable person.

**Personal Securities Transaction:** A transaction in a Security or other instrument included on Appendix A, in which a person has or thereby acquires Beneficial Ownership. A person is considered to be "engaging in" or "effecting" a Personal Securities Transaction if he/she, directly or indirectly, directs, participates in or receives advance notification or advice regarding such transactions.

**Policy:** this Global Code of Ethics Policy

**Pre-Clearance:** The submission of a request to transact in a Security or Reportable Fund before the transaction is executed.

**Private Placement**: A sale of stock shares or bonds to pre-selected investors and institutions rather than on the open market.

**Protected Information:** Non-public or confidential information or personal data of or about any Affiliate, Client, investor, business partner or person (including other Employees) (collectively).

**Purchase and/or Sales:** Includes, among other things, the writing of an option to purchase or sell a security or other asset.

**Reportable Fund:** Refer to Appendix A

**Reportable Security:** Refer to Appendix A

**Research:** material or services concerning financial instruments or other assets, or the issuers or potential issuers of financial instruments, or specific industry or market information that informs views on financial instruments, assets or issuers within that sector. Research explicitly or implicitly recommends or suggests an investment strategy and provides a substantiated opinion as to the present or future value or price of such instruments or assets, or otherwise contains analysis and insights and reaches conclusions based on new or existing information that could be used to inform an investment strategy and be relevant and capable of adding value to the Affiliate's decisions.

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For the avoidance of doubt, non-substantive materials or services consisting of generic commentary or information that may be treated as a minor non-monetary benefit and which are not considered to be an inducement are not deemed to be Research under this Policy. Examples include the latest economic statistics or company results, or generic descriptions of financial instruments.

This Policy refers to the Internally Generated Research and External Research. External Research should not be shared between Affiliates unless contractual arrangements are in place.

**Rules of the Road:** A short document that sets out how to determine information which can and cannot be shared. It is in addition to this Policy and should be used in conjunction with this Policy.

**Security:** Any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing

**Supervised Person:** An Employee who does not have access or potential access to MNPI or sensitive client information and are subject to informational barriers.

**Violation:** Includes both an affirmative act contrary to the provisions of this Policy and an active or passive disregard of the provisions of this Policy. A Violation may occur regardless of the Employee's intent and regardless of whether the Employee knows that the conduct is contrary to the provisions of this Policy.

4. Policy requirements

**Key Requirement 1:** 

**Personal Trading Requirement:** Employees must conduct their Personal Securities Transactions in a manner which does not violate Applicable Laws, interfere with Client transactions, or otherwise take unfair advantage of any Clients.

**Key Requirement 2:** 

**Reporting Violations:** Compliance shall timely record and report Access Persons violations.

**Key Requirement 3:** 

**Training:** Compliance should facilitate initial and periodic Global Code of Ethics training to all employees.

**Key Requirement 4:** 

**Recordkeeping:** Compliance shall ensure that records are maintained to evidence compliance with this Policy.

5. Monitoring

Compliance will provide Employees with information about ComplySci to assist in the administration of this Policy.

Compliance will conduct periodic testing to ensure that Employees are complying with Policy Key Requirements. Compliance reserves the right to request duplicate brokerage statements and individual trade confirmations for any

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Employee's investment accounts. Upon request, Employees will have ten business days to provide any such statements or confirmations to Compliance.

Compliance will monitor and flag instances of potential front-running, and report repeat offenders to the CCO and Global Head/MB Member where it relates to a Access Person and through governance arrangements where it relates to Covered Persons.

6. Roles and responsibilities

All Employees are required to comply with this Policy; it is also the responsibility of senior managers to support compliance with this policy. Employees are responsible for maintaining appropriate process, controls, and records. While on Leave of Absence (Maternity Leave, Gardening Leave etc) and legally still an employee of Aegon AM, you are still bound by the policy requirements.

Compliance is responsible for overseeing the Code of Ethics Policy. The Global Head of Compliance may delegate responsibilities to Compliance team members.

Aegon AM's senior leadership team is responsible for establishing and promoting a culture of compliance and conduct that comports with this Code and applicable law. Queries in relation to this Policy should be raised with Compliance.

**6.1. Standards of Conduct** 

This Policy sets forth requirements with respect to Employee duties, Personal Securities Transactions, confidentiality, and intra-Affiliate sharing of certain information. Employees must at all times adhere to both the letter and spirit of the standards, principles, requirements, and other provisions of this Policy. In this regard, Employees must diligently and prudently exercise proper judgment to ensure that ethical and legal standards are fulfilled. Technical compliance with the terms of this Policy will not insulate Employees from scrutiny and possible disciplinary action where his or her personal conduct displays a pattern of inappropriate activity or a failure to adhere to the spirit and concepts of this Policy.

Ethical standards to which Affiliates are committed, and for which Employees are accountable, include:

a) Placing the interests of Clients in front of Affiliates' Interests;

b) Complying with all Applicable Laws;

c) Complying with all applicable Data Protection Laws;

d) Avoiding, or, where applicable, disclosing conflicts of interest;

e) Sharing on an intra-Affiliate basis Internally Generated Research and Non-Public Affiliate Information in line with all specified rules of conduct provided by Compliance; and

f) Properly managing the receipt of all Inside Information and Non-Public Affiliate
Information.

**6.2. Employee Expectations** 

No Employee shall, directly or indirectly, take inappropriate advantage of his or her position by:

a) Defrauding or misleading any Client, including by making a statement that omits material facts;

b) Engaging in any act which could operate as fraud or deceit upon any Client;

c) Engaging in any manipulative practice with respect to securities, including price manipulation;

d) Profiting, or causing others to profit, based on Pending Trade Information, including knowledge of completed or
contemplated Client transactions;

e) Purchasing or selling any security related Inside Information or material Non-Public Affiliate Information, unless and until Compliance provides instructions that trading is permitted;

f) Personally benefiting by causing a Client to act, or fail to act, in making investment decisions;

g) Accepting any special favours, benefits or preferential treatment that, due to his or her relationship with any client or
third party, could be considered to be at odds with applicable law, internal policy, or otherwise inconsistent with acting in a Client's best interest;

h) Sharing with another Affiliate Internally Generated Research or Non-Public Affiliate Information if the Employee believes that doing so may be harmful to the Clients of any Affiliate; or

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i) Releasing to non-Affiliates or other unauthorized recipients any Inside
Information, Pending Trade Information or Non-Public Affiliate Information, except where the disclosure is required by law, or when the disclosure has been approved by Compliance.

**6.3. Fiduciary Duty** 

Aegon Asset Management (Aegon AM) owes a fiduciary duty to a Client with respect to securities-related investment advisory services provided to that Client. As a fiduciary, Aegon AM at all times must act in its Clients' best interests and is prohibited from overreaching or taking unfair advantage of a Client's trust. A fiduciary owes its clients more than mere honesty and good faith alone. A fiduciary must be sensitive to the conscious and unconscious possibility of providing less than disinterested advice, and it may be faulted even when it does not intend to injure a Client and even if the Client does not suffer a monetary loss. Aegon AM, and its employees must take great care to fully disclose all material facts and provide only suitable investment advice to its Clients.

**6.4. Personal Securities Transactions** 

Supervised Persons are required to comply with all sections of this policy, except for section 6.4, Personal Security Transactions, and 6.5, Reporting Requirements.

Affiliates are reliant upon the integrity and fair dealing of Employees in their disclosure of Personal Securities Transactions in order to ensure that regulatory responsibilities are met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.1. Personal Securities Trading Prohibitions** 

Employees must conduct their Personal Securities Transactions in a manner which does not violate Applicable Laws, interfere with Client transactions, or otherwise take unfair advantage of any Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. Pre-clearance, Holding Periods and Reporting (Access Persons only)** 

*<u>Pre-Clearance for Personal Securities Transactions</u>* 

Prior authorization for Personal Securities Transactions aims to prevent and detect potential insider dealing and manage front-running and other conflicts of interest with our Clients. In particular, no material non-public information, including Inside Information or Non-Public Affiliate Information, may be used to trade in front of a Client. Access Persons must seek Pre-Clearance before executing certain Personal Securities Transactions, (see Appendix A) by submitting a request via ComplySci. Access Persons will be asked to confirm that they do not have any Inside Information or potential Inside Information relevant to the security that they are proposing to transact. Access Persons must satisfy themselves that they do not have any material non-public information, including Inside Information or Non-Public Affiliate Information relevant to either the security or to Affiliates' Pending Trade Information for a Client's account. Pre-Clearance approvals will only be valid the day of the approval, plus the next calendar day after.

*<u>Holding Period Requirements</u>* 

Holding period requirements are intended to prohibit short-term and speculative trading activities in certain securities and Reportable Funds. The holding periods applicable to Access Persons are described in Appendix A. Holding periods are calculated using the date following the last transaction in a particular security. Access Persons may not execute any opposite trades in the security transacted or any other related investments (i.e. any investment whose value or price depends on the value or price of the initial investment) during the applicable holding period.

(Note: while the exercising of an option or taking delivery of a future will not require additional authorization, the subsequent sale of the underlying security will require authorization if it falls within the scope of Appendix A. Under no circumstance may any Employee enter into a naked short position in any security unless a cap is in place.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.2. Managed Accounts** 

Managed Accounts are accounts where you do not have any influences or control. Personal Securities Trading restrictions and requirements do not apply when such transactions are conducted through Managed Accounts. In

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order to rely upon this provision, Access Persons must submit documentation to Compliance to evidence that the account is a Managed Account. For the avoidance of doubt, investment accounts managed by Immediate Family Members cannot be considered Managed Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.3. IPOs and Private Placements** 

No Connected Account of any Access Person may acquire Beneficial Ownership in any security distributed in an Initial Public Offering (IPOs), Initial Coin Offerings (ICOs) or Private Placements unless and until the Access Person has obtained prior authorization from Compliance. Approval should be sought via ComplySci. The Access Person must provide information regarding the security proposed to be purchased and the name of the Broker through whom the transaction is proposed to be effected, if any.

In determining whether approval should be granted, Compliance will consider all of the pertinent facts, circumstances and factors including:

a) Whether the investment opportunity should be reserved for Clients; and

b) Whether the opportunity is being offered to a Access Person by virtue of his/her position with the Affiliates or the
Affiliates' relationship with a Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.4. Blackout Periods** 

Access Persons may not transact in securities, including Reportable Funds, when they are in possession of Inside Information or where they are knowingly trading in advance (front-running) of a client order. A reasonable period of time shall follow the execution of the Client orders to ensure the market has a reasonable opportunity to react to the Client Transactions. Compliance may prescribe specific restricted periods or blackout periods, depending on specific risks and or local market regulation.

Employees shall not purchase and/or sell, directly or indirectly, any Aegon N.V. financial instruments during closed periods designated by Aegon Group Compliance. Employees may continue to participate in Automatic Investment Plans related to Aegon N.V. stock during these closed periods, as long as the pre-set schedule or allocation is not overridden by the Employees during the blackout period. Employees are not required to comply with applicable blackout period requirements for transactions in securities conducted through Managed Accounts (see Section 6.4 above).

Additionally, from time-to-time, Employees may be restricted from transacting in other securities designated by Compliance.

**6.5. Reporting Requirements (Access Person Only)** 

All Access Persons are responsible for satisfying the personal securities reporting requirements set out below. Compliance may prescribe additional requirements depending on specific risks and or local market regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5.1. Investment Account Disclosures** 

Access Persons must disclose all Connected Accounts, including Managed Accounts, using ComplySci.

Investment accounts, including any 529 plans (college saving plans), or 401(k) accounts (pension/retirement accounts) that only hold Mutual Funds, unit investment trusts and variable annuities, do not have to be reported unless they are self-investment brokerage accounts, or hold any funds that are sub advised by an Aegon AM affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5.2. Outside Brokerage Accounts & Brokerage Trading Restrictions** 

Connected Accounts may only trade in Reportable Securities or Reportable Funds through Broker accounts that are required to be reported to Compliance (per section 6.5.1 above) prior to the transaction. Additionally, all US employees are required to maintain their non-Managed, Connected Accounts with Approved Brokers unless

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approved by Compliance (e.g., spousal 401(k) retirement accounts). A list of Approved Brokers can be provided upon request from Compliance. New Access Persons will have 90 days to transfer existing Connected Accounts to Approved Brokers. Exceptions: Temporary employees who will be employed for less than 6 months.

All non-US AAM employees are permitted to keep their accounts with their existing brokerages. Those employees who do not have accounts with an approved broker, including AAM US employees' exempt spousal 401(k) accounts, will be required to **(i)** upload the trade confirmation or contract note (legal record of any transaction carried out on a stock exchange through a stock broker) to the transaction, and **(ii)** upload their statement copies in ComplySci on a quarterly basis. **Failure to properly maintain these records will result in the forfeiture of the privilege to use non approved Brokers and will require use of an approved broker**. If feeds are available for employees' existing brokers, employees will be required to authorize the use of these feeds. All new brokerage accounts (globally) will be required to use an approved broker. Additionally, Connected Accounts that typically average 5 or more Reportable Securities transactions per month may be required to transfer to an Approved Broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5.3. Initial Holdings Reports** 

No later than ten calendar days after a person becomes a Access Person, they must submit to Compliance an initial holdings report, using ComplySci, that includes the following information (which must be dated within 45 days prior to the date the person became a Access Person):

a) The title and type of security, ticker symbol, CUSIP number, or ISIN, number of shares, and principal amount of each
security held. For Access Persons this would include any Connected Account;

b) The name and account number of any Broker with whom investment accounts are maintained; For Access Persons this would
include any Connected Account; and

c) The date that the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5.4. Quarterly Transaction Reports** 

Within 30 calendar days after the end of each calendar quarter (or earlier as prescribed by Compliance), each Access Person must submit a quarterly transaction report.

The report must contain a list of all Personal Securities Transactions (other than exempted transactions identified in Section 6.5.6 below) executed in any Security, including transactions that are made in Connected Accounts.

A quarterly transaction report, which may be generated electronically via ComplySci, must be verified by the Access Person submitting the report, and shall contain the following information:

a) The date of the transaction, the name of the security, the security identifier, and the number of shares, the interest
rate and maturity date (if applicable) and the principal amount of each security and Reportable Fund involved;

b) The nature of the transaction (e.g., purchase, sale, or any other acquisition or disposition);

c) The price at which the transaction was effected;

d) The name and account number of the Broker through whom the transaction was effected; and

e) The date that the report is submitted by the Access Persons.

If a Access Person did not engage in any Personal Securities Transactions in any Security or Reportable Fund during the period, the quarterly transaction report will still be generated to indicate that no transactions were executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5.5 Annual Holdings Reports** 

At least annually, generally as of December 31, Access Persons must submit, by a date established by Compliance, an annual holdings report that includes the following information (Information must be current as of a date no more than 45 days before the report is submitted):

a) The title and type of security, ticker symbol, CUSIP number, or ISIN, number of shares, and principal amount of each
security and Reportable Fund held, including reportable securities held in Connected Accounts;

b) The name and account number of any Broker holding investment accounts; and

c) The date that the report is submitted by the Access Person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5.6 Exempt Transactions in Reportable Securities** 

Pre-Clearance requirements and quarterly transaction reporting under this Policy will not apply to:

a) Transactions executed pursuant to an Automatic Investment Plan including rebalance programs (i.e. where the Access Person
does not determine the investment allocations) within Pension plans;

b) The acquisition of securities pursuant to a mandatory corporate action (e.g. stock splits and dividends);

c) Vesting of Aegon shares or Aegon-related funds in connection with a long-term incentive compensation grant;

d) Transactions in Managed Accounts subject to the standards set forth in Section 6.4.2; e) The acquisition of
securities pursuant to a gift or inheritance; or f) Gifts of securities to charitable organizations.

7. Process and controls

**7.1. Confidentiality of Information** 

The nature of each Affiliate's business is one of trust, respect, and personal commitment to Clients, investors, business partners and Employees, and in that context, it is the general policy of Aegon AM to maintain and protect the confidentiality of non-public or confidential information entrusted to it. Accordingly, no Employee may distribute, share, sell or otherwise disclose non-public or confidential information or personal data of or about any Affiliate, Client, investor, business partner or person (including other Employees) (collectively, "Protected Information" except in accordance with Section 7.2 below. Failure to adhere to this standard can subject to Aegon AM to regulatory, legal, financial and reputational risk.

**7.2. Disclosure of Protected Information** 

Notwithstanding the general prohibition described in Section 7.1, disclosures of Protected Information are permitted as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.1 General Exception** 

An Employee may distribute, share, sell or otherwise disclose Protected Information to the extent authorized by Compliance and Legal (and the Data Protection Office (insofar as the disclosure concerns personal data)). Situations where authorization may be granted include those where disclosure is (a) permitted under or required to comply with Applicable Law (including Data Protection Laws), agreements, and Aegon policies, procedures and standards or (b) requested or required by a court or regulator or other similar entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.2 Sharing Among Employees** 

In addition to the General Exception set forth above, an Employee may disclose Protected Information to another Employee to the extent necessary for a legitimate business purpose, subject to restrictions under Applicable Law (including Data Protection Laws), relevant agreements, and Aegon policies, procedures and standards (including policies that restrict sharing of Protected Information with Employees who are not Access Persons). Such policies, procedures and standards include those (such as the Aegon AM NA Insider Trading and Information Barriers Policy and the Aegon AM Data Privacy Policy) that restrict disclosure of certain types of Protected Information (such as certain MNPI and personal data) and those that establish a framework for sharing of Protected Information among Access Persons, such as the Rules of the Road for Cross Border Sharing and Rules of the Road for Research Sharing within Aegon AM.

**7.3. Safeguarding Protected Information** 

It is the policy of Aegon AM to adhere to agreements and Applicable Laws (including Data Protection Laws) with respect to, or in the absence thereof to use commercially-reasonable efforts with respect to, maintaining the confidentiality of Protected Information, protecting against threats and hazards to the security and integrity of Protected Information, protecting against unauthorized access to or use of Protected Information, and ensuring that the disposal of Protected Information is done in a manner reasonably designed to protect the confidentiality of such information. Safeguarding of Protected Information may include one or more of technical, contractual or organizational measures, including but

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not limited to the use of binding corporate rules or standard contractual clauses as may be required under Data Protection Laws with respect to transfers of personal data out of the European Economic Area or the United Kingdom. This is addressed further in other policies such as the Aegon Information Security Policy, the Aegon Information Technology Framework, the Aegon AM Data Privacy Policy, and the Aegon AM Data Handling Guidelines.

Heightened sensitivity exists with respect to safeguarding certain types of Protected Information, including Non-Public Affiliate Information. Non-Public Affiliate Information should not be stored in common areas where unauthorized personnel could have access to it. Such information, to the extent reasonably possible, should be stored in secure locations and not left exposed overnight on desks or in conference rooms. It should not, for example, be faxed to locations where unauthorized persons could read it. Soft copy information must be reasonably secured against access by unauthorized persons. Further, such information must be shared only with Access Persons with a legitimate business need for the information. Additional requirements relating to other types of sensitive Protected Information can be found in the policies referenced above.

Employee Personal Securities Transactions and any other Employee personal data shared among global Compliance team members pursuant to this Policy is necessary for the proper oversight of the permitted activities described herein. We will ensure that any sharing of employee personal data is made consistent with applicable Data Protection Laws, Aegon privacy policies and statements, and appropriate technical and organizational measures as may be required under applicable Data Protection Laws.

**7.4. Reporting of Violations** 

All Employees shall promptly report all apparent violations of the Policy through ComplySci or to Compliance directly. Any retaliation for the reporting of a violation under this Policy will constitute a violation of the Policy. All reported violations will be treated confidentially to the extent permitted by law and will be investigated promptly and may be reported to local regulators. Compliance shall timely report Access Persons violations.

**7.5. Sanctions** 

All Employees who commit a violation of this Code of Ethics Policy may be subject to sanctions imposed by Aegon AM. Violations may also be reported to an Employees' direct supervisor, senior leader and to Affiliate Heads of Compliance and Aegon AM Global Head/MB Member. The filing of any false, incomplete, or untimely reports/affirmations may be considered a violation of this Policy and subject to disciplinary action. Hardship and other exceptions may be granted on a case-by-case basis, at the Global Head of Compliance's discretion. The Global Head of Compliance will use the following guidelines for recommending and approving remedial actions for Employees who violate this Policy. The guidelines are designed to promote consistency and uniformity of sanctions and disciplinary matters. The severity of the disciplinary action taken will vary based on all the facts and circumstances related to the Violation, including whether:

● The Violation was the result of an inadvertent oversight or an intentional act;

● The Violation was made with wilful, purposeful, or reckless disregard of this policy;

● The Violation was due to the employee's actions or that of a family member;

● There has been a pattern of Violations involving the individual; and

● The Violation has or will expose the company to significant business, economic, financial, legal or operational risk.

Aegon AM has full discretion to impose sanctions it deems appropriate, except as may be limited by applicable law. These sanctions may include, without limitation:

a) A memorandum of warning or reprimand that generally reinforces the Employee's responsibilities related to this
policy, educates the individual on the severity of the Violation, and informs the individual of the possible penalties for future Violations;

b) Attendance at a meeting with the Employee's manager, Global Head of Compliance or local Head of Compliance, and a
Compliance team representative;

c) Withholding of unearned bonus payments or other monetary sanctions, suspension of personal trading privileges; and d)
Termination of employment.

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In addition to the above disciplinary sanctions, this policy may require the surrender of any profits realized in connection with a Violation. A disciplined Employee shall pay any monetary sanctions to their selected charity with supporting documentation provided to Compliance.

**7.6. Compliance / ownership** 

Compliance is responsible for monitoring, recording, and mitigating Policy violations.

**7.7. Training and Awareness** 

All Aegon AM Employees must be familiar with this Policy, as well as any relevant procedures. Compliance should ensure appropriate training and awareness of this policy.

**7.8. Policy updates** 

This Policy is owned by Global Compliance and will be reviewed and updated at least annually.

**7.9. Record Retention** 

Affiliates are required to retain books and records in accordance with the Applicable Laws.

Affiliates are required to keep a record of the names of their Access Persons, the holdings and transaction reports made by Access Persons, and records of decisions approving Access Persons' acquisition of securities in IPOs and Private Placements.

Records will be retained in compliance with local regulatory requirements or in line with applicable local record retention policies.

**7.10. Exceptions and Waivers** 

Access Persons may request a waiver of a Policy requirement. A waiver may be granted when Compliance decides that it would be appropriate to do so in the circumstances (e.g. where a sale of securities is required to alleviate financial hardship or non-routine expenditures). Compliance may, in its sole discretion, also grant waivers related to an Employee's classification as an Access Person, or Supervised Person, as well as certain of the requirements related thereto where there are sufficient systems and controls in place. In deciding whether circumstances justify a waiver or special treatment, Compliance may require written information and approval from the Global Head of Compliance.

**7.11. Related key documents** 

**<u>Appendix A: Minimum Holding Period, Pre-Clearance and Reporting Requirements (Access Persons Only)</u>**

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| &nbsp;&nbsp;&nbsp; **Type of Security or**<br> **Instrument** | **Short Sales<br>Permitted?** | **Minimum**<br> **Holding Period** | **Pre-<br>Clearance<br>Required?** | **Quarterly<br>Reporting<br>Required?** | **Initial and Annual<br>Holding<br>Reporting<br>Required?** |
| &nbsp;&nbsp;&nbsp;Domestic or Foreign Listed Equity Securities, including but not limited to: | No | 30 Days | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;-Common Stocks; |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;-Preferred Stocks; |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;-ADRs, GDRs and REITs; |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;-Rights and Warrants |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;-Including stock of any |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AEGON Group company Including the sale of 'windfall shares' |  |  |  |  |  |

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| &nbsp;&nbsp;&nbsp; **Type of Security or**<br> **Instrument** | **Short Sales<br>Permitted?** | **Minimum**<br> **Holding Period** | **Pre-<br>Clearance<br>Required?** | **Quarterly<br>Reporting<br>Required?** | **Initial and Annual<br>Holding<br>Reporting<br>Required?** |
| &nbsp;&nbsp;&nbsp;Options on Individual Equities and Single Stock Futures including stock of any Aegon Group company. | Covered only | 30 Days - Expiration date must be greater<br> than 30 days at the<br> time the order is placed. | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Fixed Income Securities, including but not limited to: | No | 30 Days | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;-Corporate Bonds; |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;-Convertible Bonds; |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;-Sovereign Bonds; |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;-MBS and ABS; and |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;-U.S. Guaranteed or federally sponsored enterprises |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(FHLMC, FNMA, GNMA, etc.) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds (except for single-stock ETFs), trackers, both open and closed end, including options contracts | Yes |  | No | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Single-Stock ETFs including options contracts | No | 30 days | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Mutual Funds and other Registered Funds and collective investment vehicles that are Sub- Advised by an AAM Affiliate. | No | 30 Days | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Aegon AM NL UCITS & AIF's | No | 3 Months | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Aegon AM UK UCITS | No | 30 Days | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Aegon AM UK & CEE AIF's | No | 30 Days | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Mutual Funds Advised or Advised by Transamerica Asset Management or any other Transamerica entity | No |  | No | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Mutual Funds, Collective Investment Vehicles, Unit Trusts, and other offshore funds – Not Advised or Sub- Advised by an Affiliate | No |  | No | No | No |
| &nbsp;&nbsp;&nbsp;Open-ended liabilities, including contracts for differences, futures, options, warrants and spread betting on financial instruments where the underlying security or securities would require authorization. | No | 30 Days | Yes | Yes | Yes |

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Type of Security or**<br> **Instrument** | **Short Sales<br>Permitted?** | **Minimum**<br> **Holding Period** | **Pre-<br>Clearance<br>Required?** | **Quarterly<br>Reporting<br>Required?** | **Initial and Annual<br>Holding<br>Reporting<br>Required?** |
| &nbsp;&nbsp;&nbsp;Equity Index and Treasury Options Traded on Exchanges Regulated by SEC | Yes | None | No | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Equity Index Futures Contracts and Related Options on Exchanges Regulated by the CFTC | Yes | None | No | No | No |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bond and Note Futures Contracts and Options on Exchanges Regulated by the CFTC | Yes | None | No | No | No |
| &nbsp;&nbsp;&nbsp;Municipal Bonds | Yes | None | No | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Bonds and other direct debt instruments of the U.S. Government such as Treasury Bills, Treasury Notes and Treasury Inflation Protected Securities (TIPS), UK Government and other public securities, as defined by the FCA. Generally, that is loan stock, bonds or other instruments creating or acknowledging indebtedness issued by a UK, EU or other overseas Government or Local Authority | Yes | None | No | No | No |
| &nbsp;&nbsp;&nbsp;Short Term Investment Vehicles, including but not limited to: | Not applicable | None | No | No | No |
| &nbsp;&nbsp;&nbsp;-Bank Certificates of Deposit; |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;-Savings Certificates; |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;-Cash sweep instruments; and |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;-Commercial paper | | | | | |
| &nbsp;&nbsp;&nbsp;Commodity Futures Contracts and Related Options (e.g., Gold, Oil, Soybeans, Wheat, etc.) on Exchanges Regulated by the CFTC | Yes | None | No | No | No |
| &nbsp;&nbsp;&nbsp;Foreign Currency Options Transactions on Exchanges Regulated by the SEC | Yes | None | No | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Foreign Currency Futures and Options on Exchanges Regulated by the CFTC | Yes | None | No | No | No |

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| &nbsp;&nbsp;&nbsp; **Type of Security or**<br> **Instrument** | **Short Sales<br>Permitted?** | **Minimum**<br> **Holding Period** | **Pre-<br>Clearance<br>Required?** | **Quarterly<br>Reporting<br>Required?** | **Initial and Annual<br>Holding<br>Reporting<br>Required?** |
| &nbsp;&nbsp;&nbsp;Regular savings plan or investment trust savings scheme, regular investments into collective investment funds (e.g. company pension scheme, mutual funds, investment trusts, ISAs) that contain options to invest in US Mutual Funds advised or sub-advised by Transamerica Asset Management or any other Transamerica entity | Not applicable | 30 days | Yes | Yes | Yes |
| &nbsp;&nbsp;&nbsp;Regular savings plan or investment trust savings scheme, regular investments into collective investment funds (e.g. company pension scheme, mutual funds, investment trusts, ISAs) where the investment options do not include affiliated funds or funds offered by Transamerica | Not applicable |  | No | No | No |
| &nbsp;&nbsp;&nbsp;Spread betting on sporting or non-financial events. | N/A | N/A | No | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements | N/A | N/A | No | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Shares issued by money market funds | N/A | N/A | No | N/A | N/A |
| &nbsp;&nbsp;&nbsp;The exercise of any Stock Appreciation Right, options or awards granted under AEGON incentive schemes | N/A | N/A | No | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Variable Annuities where Sub-Advised Funds are included as an Investment Option | No | 30 Days | Yes | Yes | Yes |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17

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|:---|:---|
| ![LOGO](g396518dsp2a.jpg) | ![LOGO](g396518dsp2b.jpg) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Type of Security or**<br> **Instrument** | **Short Sales**<br> **Permitted?** | **Minimum**<br> **Holding Period** | **Pre-<br>Clearance<br>Required?** | **Quarterly<br>Reporting<br>Required?** | **Initial and Annual<br>Holding<br>Reporting<br>Required?** |
| &nbsp;&nbsp;&nbsp;Other Types of Securities or Instruments Not Listed | Compliance discretion | Compliance discretion | Yes | Compliance discretion | Compliance discretion |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18

## Ex-99.(P)(9)

**Exhibit (p)(9)** 

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| | |
|:---|:---|
| ![LOGO](g396518sp21.jpg) | ![LOGO](g396518sp21a.jpg) |

---

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| | |
|:---|:---|
| DOCUMENT |  |
| TITLE: | **Combined Code of Ethics** |
| FOR: |  |
|  | **ProFunds, ProShares Trust,** |
|  | **ProShare Advisors LLC,** |
|  | **ProFund Advisors LLC,** |
|  | **ProFunds Distributors, Inc.** |
| DATED: |  |
|  | **September 16, 2015** |
| AS REVISED: |  |
|  | **August 23, 2022** |

---

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**Combined Code of Ethics 09-16-15 as revised 8-23-22**

**ProFunds** 

**ProShares Trust** 

**ProFund Advisors LLC** 

**ProShare Advisors LLC** 

**ProFunds Distributors, Inc.** 

**Amended and Restated** 

**CODE OF ETHICS** 

**August 23, 2022** 

The following Combined Code of Ethics (the "Code") is adopted by ProFunds and ProShares Trust (each a "Trust" and jointly the "Trusts"), ProFund Advisors LLC and ProShare Advisors LLC (each an "Advisor" and jointly the "Advisors") and ProFunds Distributors, Inc. ("PDI"), (jointly the "Firm") pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and Rule 204A-1 under the Investment Advisers Act of 1940, as amended (the "Advisers Act") (unless specifically identified, Rule 17j-1 and Rule 204A-1 are collectively referred to as the "Rules"). The Advisors are investment advisors to registered investment companies and other persons or entities ("Clients").

This Code is designed to ensure that all acts, practices and courses of business engaged in by personnel of the Trusts, the Advisors and PDI reflect high standards of conduct and comply with the requirements of the federal securities laws. Please see the Chief Compliance Officer (the "CCO") should you have any questions about this Code. Other policies or forms may be incorporated into this Code by reference.

**I.** **Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. "*Access Person*" means:

any Investment Personnel; or

any director/trustee, officer, active general partner, managing member or employee of the Trusts (collectively ProFunds and ProShares), the Advisors or PDI (or of any company in a control relationship to the Trusts, the Advisors or PDI) who, in connection with his or her regular functions or duties, makes, participates in, obtains or has access to information regarding the purchase or sale of Covered Securities (as defined in this Code) by the Trusts whose functions relate to or provide access to the making of any recommendations with respect to such purchases or sales; or

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**Combined Code of Ethics 09-16-15 as revised 8-23-22**

any natural person in a control relationship to the Trusts, the Advisors or PDI who obtains information concerning recommendations made to the Trusts or Clients with regard to the purchase or sale of Covered Securities by the Trusts or Client; or

any Supervised Person with access to non-public information regarding any Clients' purchase or sale of securities, or non-public information regarding the portfolio holdings of any fund the Advisors or their control affiliates manage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. "*Beneficial Ownership*" shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) of the Securities Exchange Act of 1934 (the "Exchange Act") in determining whether a person is subject to the provisions of Section 16 of the Exchange Act and the rules and regulations there under.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. "*Control*" shall have the same meaning as that set forth in Section 2(a) (9) of the 1940 Act. Section 2(a) (9) provides that "control" generally means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. "*Covered Officers*" means any person serving as a named officer of any of the Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. "*Covered Security*" shall include any "security" as set forth in Section 2(a) (36) of the 1940 Act, subject to any modifications set forth in this Section I.E. of the Code. For avoidance of doubt, "Covered Security" shall include futures contracts on securities indices, options on such futures contracts, shares of exchange-traded funds and corporate bonds or debentures. The term "Covered Security" shall *not* include (i) direct obligations of the Government of the United States; (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; (iii) shares of registered open-end investment companies other than exchange-traded funds, investment companies advised or sub-advised by any of the Advisors, or investment companies whose investment advisor or principal underwriter is in a control relationship to any of the Advisors; (iv) such other securities as may be excepted under the provisions of the Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. "*Family/Household*" shall include (1) the Supervised Person's spouse or domestic partner (unless they do not live in the same household as the person and the person does not contribute in any way to their support); (2) the Supervised Person's children under the age of 18; (3) the Supervised Person's children who are 18 or older (unless they do not live in the same household as the person and the person does not contribute in any way to their support); (4) any of the following people who live in the person's household: stepchildren, grandchildren, parents, stepparents, grandparents, brothers, sisters, parents-in-law, sons-in-law, daughters-in-law,

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**Combined Code of Ethics 09-16-15 as revised 8-23-22**

brothers-in-law and sisters-in-law, including adoptive relationships, foster children and such custodial relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. An "*Initial Public Offering*" means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. "*Investment Personnel*" means: (1) any employees, officers and directors of the Trusts, the Advisors, and the Trusts' principal underwriters (or of any company in a control relationship to the Trusts, the Advisors or the Trusts' principal underwriters) who, in connection with their regular functions or duties, make or participate in making recommendations regarding the purchase or sale of securities by the Trusts; and (2) any natural person who controls the Trusts, the Advisors or PDI and who obtains information concerning recommendations made to the Trusts regarding the purchase or sale of securities by the Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. A "*Limited Offering*" means an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. "*Purchase or sale of a security*" for purposes of this Code and each report the Chief Compliance Officer designates as necessary to ascertain whether compliance with the Code has been met or other Appendix hereto includes, among other things, the writing of an option to purchase or sell a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. A "*Security held or to be acquired*" means: (1) any Covered Security which, within the most recent 15 days: (a) is or has been held by the Trust or a Client under the direction of the Advisors; or (b) is being considered by the Trusts, the Advisors or PDI for purchase or sale; and (2) any option to purchase or sell, and any security convertible into or exchangeable for a Covered Security described in Section (E) of the Code above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. "*Service Providers*" means Citi Fund Services Ohio, Inc., Fidelity National Information Systems ("FIS"), Foreside Financial Group, LLC, J.P. Morgan Investor Services Co., SEI Investments Distribution Co., SEI Investments Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. "*Supervised Person*" means: (1) any officer, director (or other person occupying a similar status or performing similar functions), or employee of the Advisors; (2) any other person who provides investment advice on behalf of the Advisors and is subject to the supervision and control of the Advisors; or (3) any person affiliated with PDI as a Registered Representative (a "PDI Registered Representative").

**II.** **Legal Requirement** 

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**Combined Code of Ethics 09-16-15 as revised 8-23-22**

The federal securities laws make it unlawful for any affiliated person of the Trusts, the Advisors or PDI in connection with the purchase or sale, directly or indirectly, by such person of a Covered Security held or to be acquired by the Trusts or Clients:

To employ any device, scheme or artifice to defraud the Trusts or Clients;

To make to the Trusts or Clients any untrue statement of a material fact or omit to state to the Trusts or Clients a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

To engage in any act, practice, or course of business that operates or would operate as a fraud or deceit upon the Trusts or Clients; or

To engage in any manipulative practice with respect to the Trusts or Clients.

In order to assure compliance with these restrictions, each of the Trusts, the Advisors and PDI adopts and agrees to be governed by the provisions contained in this Code.

**III.** **General Principles and Standards of Business Conduct** 

As an investment advisor, the Advisors owe a fiduciary duty to the Trusts and Clients. In relation to the Trust and Clients, a fiduciary is required to act in good faith, make full and fair disclosure of material facts relating to conflicts of interests, and employ care to avoid making misleading statements.

The following standards of business conduct shall govern personal investment activities and the interpretation and administration of the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The interests of Trust shareholders and Clients must be placed first at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. All personal securities transactions must be conducted consistently with the 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;&nbsp;&nbsp;&nbsp;&nbsp;C. All persons who acknowledge receipt of the Code should not create or trade on the basis of rumors that could materially affect the price of any security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. All persons who acknowledge receipt of the Code should not take inappropriate advantage of their positions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. All persons who acknowledge receipt of the Code must comply with applicable federal securities laws.

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**Combined Code of Ethics 09-16-15 as revised 8-23-22**

This Code does not attempt to identify all possible conflicts of interest, and literal compliance with each of its specific provisions will not shield an individual from liability for personal trading or other conduct that violates a fiduciary duty to the Trusts' shareholders or advisory Clients.

**IV.** **Substantive Restrictions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. *Restricted lists.* From time to time, the Chief Compliance Officer may publish a list of restricted securities. No Access Person may purchase or sell, or modify any prior order to purchase or sell, or place a limit order for the purchase or sale of any security on the restricted list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. *Short-Term Trading Restriction.* Access Persons are prohibited from engaging in a purchase and sale, or a sale and purchase, of the same Covered Securities (or any closely related security such as an option or a related convertible or exchangeable security or another security from the same issuer) within two (2) business days determined from the most recent purchase or sale. Access Persons may purchase or sell an option on a Covered Security position to hedge existing holdings within the two day period. If exercised, the purchase date of the underlying option is considered to be the purchase date of the security. Access Persons who are independent members of the Board of Trustees but who are not interested persons of the Trusts or the Advisors as defined in the 1940 Act, or employees whose accounts are exempt under Section IV.F of the Code, are not subject to the Short-Term Trading Restriction as long as they do not have knowledge of trading activities conducted by the Advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. *Use of Material Non-Public Information.* All Supervised Persons are required to comply with the **Insider Trading Policy,** as designated by the Chief Compliance Officer, when trading securities for their personal accounts. If any Supervised Person possesses material non-public information regarding an entity, its securities, or the market for such entity's securities, such Supervised Person generally may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● trade in that entity's securities, including options, puts, calls or other derivative securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● direct others to trade on his or her behalf,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● disclose the information or suggests trades to another individual.

In addition, any transactions found to be in violation of the **Insider Trading Policy** (or the Code of Ethics, if applicable) will be canceled and appropriate punitive action will be taken.

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**Combined Code of Ethics 09-16-15 as revised 8-23-22**

No Supervised Person may buy or sell fund shares while in possession of material, non-public information, including information concerning upcoming dividend payments or capital gains distributions. Note that out of an abundance of caution, the Advisors have adopted a blackout period for Access Persons with respect to sales of our funds, for two business days prior to the published dividend ex-date of any Fund. The dividend ex-date for all Funds may be found on the Funds' web site and Access Persons have the responsibility to monitor their trading activity to avoid selling shares during the blackout period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. *Initial Public Offerings and Limited Offerings.*

No Access Person may acquire any direct or indirect Beneficial Ownership in any securities in an Initial Public Offering ("IPO") or in a Limited Offering unless the Chief Compliance Officer has authorized the transaction **in advance.** 

Any Access Person who has been authorized to acquire securities in an IPO or in a Limited Offering must disclose his or her interest if he or she is involved in the Trusts' Advisors' or PDI's consideration of an investment in such issuer. Any decision to acquire such issuer's securities on behalf of the Trusts or Clients shall be subject to review by Access Persons with no personal interest in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. *Bitcoin and Bitcoin Derivatives*

All Access Persons must obtain pre-approval from the Chief Compliance Officer prior to purchasing or selling any direct or indirect Beneficial Ownership in Bitcoin or any derivative product tied to Bitcoin, such as, but not limited to Bitcoin futures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. *Service on Boards.* Investment Personnel shall not serve on the board of directors of publicly traded companies, or in any similar capacity, absent the prior approval of such service by the Chief Compliance Officer following the receipt of a written request for such approval. In the event such a request is approved, procedures shall be developed to avoid potential conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. *Exemptions.* The restrictions of Section IV of the Code shall not apply to the following transactions unless the Chief Compliance Officer determines that such transactions violate other provisions of the federal securities laws:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Reinvestments of dividends pursuant to a plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transactions in instruments that are excepted from the definition of Covered Security in this Code of Ethics;

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**Combined Code of Ethics 09-16-15 as revised 8-23-22**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transactions in which direct or indirect Beneficial Ownership is not acquired or disposed of;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transactions in accounts as to which an Access Person has no investment control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transactions in accounts held at transfer agents or employee stock purchase accounts from previous employers
or spousal employee stock purchase plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. *Discretionary Accounts.* Transactions in accounts of an Access Person for which investment discretion is not maintained by an Access Person but is granted to any of the following that are unaffiliated with the Trusts, the Advisors or PDI: a registered broker-dealer, registered investment adviser or other investment manager acting in a fiduciary capacity, provided the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The terms of the account agreement (the "Agreement") must be in writing and furnished to the Chief
Compliance Officer **prior to any transactions**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any amendment to the Agreement must be furnished to the Chief Compliance Officer **prior to its effective date**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The exemption shall not be available for a transaction or class of transactions which is suggested or directed
by an Access Person or as to which an Access Person acquires material non-public ("insider") information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Access Persons shall agree to the Code of Ethics Access Person Discretionary Account Monitoring Policy as
designed by the Chief Compliance Officer.

**V.** **Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. *Reporting.* In order to provide each of the Trusts, the Advisors or PDI with information to enable it to determine with reasonable assurance whether the provisions of the Code are being observed by its Access Persons, each Access Person of the Trusts, the Advisors and PDI shall periodically submit reports in a format designed for the purpose, or through electronic feed when available, to the Chief Compliance Officer (or his or her delegate)

Each Access Person authorizes the Advisors, the Trusts and PDI to provide such necessary private information to third party vendors, and, to open and maintain data feeds of brokerage account information into automated systems to allow the Firm to monitor compliance with the Code. Additionally, each PDI Registered Representative shall submit information in a format the Chief Compliance Officer designates as necessary to ascertain whether compliance with

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**Combined Code of Ethics 09-16-15 as revised 8-23-22**

the Code has been met to the Chief Compliance Officer (or his or her delegate), unless such persons report substantially similar information pursuant to a separate code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *Initial Holdings Report.* Every Access Person, other than a trustee of the Trusts who is not an "interested person" within the meaning of the 1940 Act, or an employee whose accounts are considered exempt under Section IV.F. of the Code, shall submit to the Chief Compliance Officer (or his or her delegate), **no later than 10 calendar days** after that person becomes an Access Person, information (which must be current as of a date no more than 45 days prior to the date the person becomes an Access Person) in a format required by the Chief Compliance Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Quarterly Transactions Report.* Every Access Person, other than a trustee of the Trusts who is not an "interested person" within the meaning of the 1940 Act and who had no direct or indirect influence or control over transactions of the Trusts, or an employee whose accounts are considered exempt under Section IV.F. of the Code, shall report to the Chief Compliance Officer (or his or her delegate) no later than 30 days after the end of each calendar quarter information in a format the Chief Compliance Officer designates as necessary to ascertain whether compliance with the Code has been met.

&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 report will include any transactions during the quarter involving any Covered Securities in which the Access Person (or any members of the Access Person's Family/Household) has 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;(b) The report will list any account established by the Access Person (or any members of the Access Person's Family/Household) in which **any** Covered Securities were held for the direct or indirect benefit of the Access Person (or any members of the Access Person's Family/Household) during the quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A trustee who is not an "interested person" of the Trusts within the meaning of the 1940 Act shall not be required to submit the Quarterly Transactions Reports required above with respect to a transaction in a Covered Security unless he or she knew at the time of the transaction or, in the ordinary course of fulfilling his or her official duties as a trustee of the Trust, should have known, that during the 15-day period immediately before or after the date of the transaction, such Covered Security was purchased or sold by the Trusts, or was being considered for purchase or sale by the Trusts, the Advisors or PDI for purchase or sale by the Trusts. No report is required if the trustee had no direct or indirect influence or control over the transaction. No annual acknowledgement form for the Code is required to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Quarterly Transaction Report need be made if information contained in broker trade confirmations or periodic account statements timely received by the Trusts, the

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**Combined Code of Ethics 09-16-15 as revised 8-23-22**

Advisors or PDI includes all of the information that would be required in a Quarterly Transaction Report in accordance with the instructions on such Form. If electronic reporting services are not available, an Access Person, with respect to a brokerage account in which such Access Person has any beneficial interest, may arrange for the broker to mail directly to the Chief Compliance Officer at the same time they are mailed or furnished to such Access Person (a) duplicate copies of the broker's trade confirmation covering each transaction in securities in such account, or (b) copies of periodic statements with respect to the account. The Access Person may be required to verify the accuracy of data received through electronic reporting services from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Annual Holdings Report.* Every Access Person, other than a trustee of the Trusts who is not an "interested person" within the meaning of the 1940 Act, must report to the Chief Compliance Officer (or his or her delegate) on an annual basis, within 45 days after the end of each calendar year, information (which information must be current as of a date no more than 45 days prior to the date the person submits the report) in a format the Chief Compliance Officer designates as necessary to ascertain whether compliance with the Code has been met.

&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) *PDI Registered Representatives Securities Account Report.* Every PDI Registered Representative must report to the Chief Compliance Officer (or his or her delegate) within 30 days of opening a new securities account, pursuant to FINRA Rule 3050, information in a format the CCO designates as necessary to ascertain whether compliance with the Code has been met. In addition, each Registered Representative of PDI who is not an Access Person must complete The PDI Registered Representatives Securities Account Report as an annual report within 45 days after the end of each calendar year.

**VI.** **Administration of Code** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. *Generally.* The Trusts, Advisors and PDI must use reasonable diligence and institute procedures reasonably necessary to prevent violations of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. *Notification; Annual Certification.*

Each Access Person and Supervised Person, other than a Trustee of the Trusts who is not an "interested person" within the meaning of the 1940 Act, shall be provided with a copy of this Code and any material amendments hereto. The Chief Compliance Officer shall additionally notify each Access Person and PDI Registered Representative required to make reports pursuant to Section V. of the Code that such Access Person or PDI Registered Representative is subject to reporting requirements.

Each Access Person or Supervised Person must provide the Chief Compliance Officer or other designated compliance personnel with the Annual Certificate of Compliance, as acknowledgment of his or her receipt of this Code and any amendments, in a format the Chief Compliance Officer designates as necessary to ascertain whether compliance with the Code has

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**Combined Code of Ethics 09-16-15 as revised 8-23-22**

been met, that such Access Person or Supervised Person has received a copy of the Code and any material amendments hereto, is aware of his or her obligations under the Code, has complied with and will continue to comply with, the Code and, in the case of Access Persons and PDI Registered Representatives (as applicable), with the Code's reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. *Review and Reporting.*

The Chief Compliance Officer (or his or her delegate) shall review the reports and certifications submitted by Access Persons and Supervised Persons for compliance with the requirements of this Code.

Any Access Person or Supervised Person who is or becomes aware of any violation of the Code must promptly report any such violation to the Chief Compliance Officer. The Chief Compliance Officer must report such violations to the applicable Trusts' or Client's board if the Client is a registered investment company.

If the Chief Compliance Officer (or his or her delegate) determines that a violation of this Code may have occurred, before making a final determination that a material violation has been committed by an individual, the Chief Compliance Officer (or his or her delegate) may give such person an opportunity to supply additional information regarding the matter in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. *Enforcement.*

If the Chief Compliance Officer (or his or her delegate) determines that a material violation of this Code has occurred, he or she shall report the violation to the applicable Trust's board. The Chief Compliance Officer and/or the General Counsel shall take action, as they consider appropriate, including the recommendation to impose any sanctions they consider appropriate including termination of employment.

Any profits derived from securities transactions in violation of paragraphs IV.A–IV.D. of the Code, shall be forfeited and paid to a charity selected by the Trusts, the Advisors or PDI.

No person shall participate in a determination of whether he or she has committed a violation of this Code or in the imposition of any sanction against himself or herself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. *Reporting to the Trusts' Boards.* At least annually, the Chief Compliance Officer shall furnish to each Trusts' Board of Trustees, for their consideration, a written report that:

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**Combined Code of Ethics 09-16-15 as revised 8-23-22**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Describes 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Certifies that the Trusts, the Advisors and PDI have adopted procedures reasonably necessary to prevent their
Access Persons and Supervised Persons from violating this Code.

**VII.** **Records** 

Each of the Trusts, the Advisors and PDI shall maintain records at its principal place of business in the manner and to the extent set forth below and as described in Rule 17j-1(f), which records shall be available for appropriate examination by representatives of the Securities and Exchange Commission, FINRA or any other body with appropriate jurisdiction, at any time and from time to time for reasonable periodic, special, or other examination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A copy of this Code and any other code of ethics which is, or at any time within the past five years was in
effect shall be preserved in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A record of any violation of this Code and of any action taken as a result of such violation shall be
preserved in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A copy of each report made pursuant to this Code by an Access Person, including any information provided in
lieu of reports, shall be preserved by the Trusts, the Advisors and PDI for a period of not less than five years from the end of the fiscal year in which it is made or the information provided, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A list of all persons who are, or within the past five years have been required to make reports pursuant to
this Code, or who are or were responsible for reviewing these reports, shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A copy of each report to the Board shall be preserved by the Trusts, the Advisors and PDI for at least five
years after the end of the fiscal year in which it is made, the first two years in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Trusts, the Advisors and PDI shall preserve a record of any decision, and the reasons supporting the
decision, to approve the acquisition by Access Persons of securities under Section IV.D. of the Code for at least five years after the end of the fiscal year in which the approval is granted, the first two years in an easily accessible place.

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**Combined Code of Ethics 09-16-15 as revised 8-23-22**

**VIII.** **Confidentiality** 

All reports of securities transactions and any other information filed with the Trusts, the Advisors or PDI pursuant to the Code, shall be treated as confidential, except as regards appropriate examinations by representatives of the Securities and Exchange Commission, FINRA or any other body with appropriate jurisdiction.

**IX.** **Amendment: Interpretation of Provisions** 

The Trustees may from time to time amend the Code or adopt such interpretations for the Code as they deem appropriate.

**X.** **Incorporation of Other Service Providers' Codes of Ethics** 

The Codes of Ethics of the Service Providers are incorporated as Attachments by reference into the Code to the extent applicable to the relevant Covered Officers.

## Ex-99.(P)(11)

**Exhibit (p)(11)**![LOGO](g396518gra034a.jpg)

**CODE OF ETHICS** 

**January 2021** 

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<u> Madison Investment Holdings, Inc. - Madison Code of Eth... </u>   <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contents </u>

**Contents**

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| | | |
|:---|:---|:---|
| **Code of Ethics** | **Code of Ethics** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;I. | INTRODUCTION | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;II. | DEFINITIONS | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;III. | STANDARDS OF BUSINESS CONDUCT | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;IV. | PERSONAL TRADING REQUIREMENTS | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;A. | Requirements | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;B. Reporting Persons | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;B. Reporting Persons | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;V. | REPORTING OF PERSONAL SECURITIES TRANSACTIONS | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;A. Initial Personal Holdings Report/List of Brokerage Accounts | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;A. Initial Personal Holdings Report/List of Brokerage Accounts | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;B. Duplicate Brokerage Account Statements | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;B. Duplicate Brokerage Account Statements | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;C. Annual Personal Holdings Report | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;C. Annual Personal Holdings Report | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;D. Quarterly Transaction Reports | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;D. Quarterly Transaction Reports | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;E. Exemptions from Holdings and Transaction Reports | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;E. Exemptions from Holdings and Transaction Reports | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;F. Private Investments | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;F. Private Investments | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;VI. | EXPERT NETWORKS | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;VII. | CONSULTANTS OR INDIVIDUALS | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;VIII. CONFIDENTIALITY OF REPORTING UNDER CODE OF ETHICS | &nbsp;&nbsp;&nbsp;&nbsp;VIII. CONFIDENTIALITY OF REPORTING UNDER CODE OF ETHICS | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;IX. | INSIDER TRADING | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;A. Insider Trading Policy Statement | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;A. Insider Trading Policy Statement | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;B. What is Insider Trading? | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;B. What is Insider Trading? | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;C. Who is an Insider? | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;C. Who is an Insider? | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;D. What is Material Information? | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;D. What is Material Information? | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;E. What is Non-Public Information? | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;E. What is Non-Public Information? | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;F. What are the Penalties for Insider Trading? | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;F. What are the Penalties for Insider Trading? | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;X. | PROCEDURES DESIGNED TO DETECT AND PREVENT INSIDER TRADING | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;A. Identifying Insider Information | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;A. Identifying Insider Information | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;B. Identifying Insider Information Under Special Circumstances | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;B. Identifying Insider Information Under Special Circumstances | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;C. Relationships with Potential Insiders | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;C. Relationships with Potential Insiders | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;D. Restricted Access to Material Non-Public Information | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;D. Restricted Access to Material Non-Public Information | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;E. Rumor Control | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;E. Rumor Control | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;F. Anti-Fraud Rule | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;F. Anti-Fraud Rule | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;XI. GIFTS AND ENTERTAINMENT | &nbsp;&nbsp;&nbsp;&nbsp;XI. GIFTS AND ENTERTAINMENT | 18 |

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**Page 2 of 24**

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<u> Madison Investment Holdings, Inc. - Madison Code of Eth... </u>   <u> Contents </u>

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;XII. OUTSIDE BUSINESS ACTIVITIES | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;XIII. REPORTING OF VIOLATIONS OF THE CODE OF ETHICS | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;XIV. VIOLATIONS OF THE CODE OF ETHICS | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;XV. ADMINISTRATION OF THE CODE OF ETHICS | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;XVI. ANNUAL REVIEW AND AFFIRMATIONS APPLICABLE TO INVESTMENT COMPANIES | 21 |

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**Page 3 of 24**

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<u> Madison Investment Holdings, Inc. - Madison Code of Eth... </u>   <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Code of Ethics </u>

**Code of Ethics**<br>

**APPENDIX A** 

**CODE OF ETHICS** 

**MADISON INVESTMENT HOLDINGS, INC. AND AFFILIATES** 

**MADISON FUNDS** 

**ULTRA SERIES FUND** 

**MADISON COVERED CALL & EQUITY STRATEGY FUND** 

**I.** **INTRODUCTION** 

This Code of Ethics ("Code") establishes the standards of conduct and professionalism expected of the "Supervised Persons" (as defined herein) of the Madison Funds, the Ultra Series Fund, the Madison Covered Call & Equity Strategy Fund, and Madison Investment Holdings, Inc. and its affiliates and subsidiaries (collectively, "Madison" or the "Firm"). The Code covers all Firm employees and is designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Educate Supervised Persons about the Firm's expectations regarding their conduct and the laws and principles
governing their conduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Protect the Firm's clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Instill in Supervised Persons that they are fiduciaries, in a position of trust, and must act with complete propriety and
in the best interests of Madison's clients at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Protect the interests of clients by deterring misconduct by Supervised Persons of the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Protect the reputation of the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Guard against violations of the Federal Securities Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Establish procedures for Supervised Persons to follow in order to comply with the fiduciary and ethical principles
espoused by the Code.

Madison is committed to fostering a culture of compliance and, as such, requires all persons subject to this Code to comply with both the substance and the spirit of this Code. Therefore, Supervised Persons may not attempt to circumvent the policies and procedures set forth in this Code or otherwise do indirectly that which may not be prohibited directly by this Code.

**II.** **DEFINITIONS** 

Capitalized terms used, but not otherwise defined herein have the meanings ascribed to them in Madison's Compliance Manual.

**Blackout List** means the list of Securities in which trading by Supervised Persons is prohibited, and also includes options or derivatives on such Securities. The Blackout List may also be referred to as the "Restricted List" or "Watch List."

**Chief Compliance Officer** means the Chief Compliance Officer and persons designated to perform certain functions under the Code ("Designees"). The Designees list shall be periodically updated to reflect the addition or deletion of designated individuals.

**Immediate Family** means any of the following relationships sharing the same residence: child, stepchild, grandchild, parent, stepparent, grandparent, spouse, domestic partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships, as well as minor children not sharing the same residence (*e.g.*, at boarding school) or dependents not sharing the same residence.

**Initial Public Offering** or **IPO** means an offering of securities registered under the Securities Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act.

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**Page 4 of 24**

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<u> Madison Investment Holdings, Inc. - Madison Code of Eth... </u>   <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. DEFINITIONS </u>

**Investment Professional** means any employee of Madison who in connection with his/her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a Security. Investment Professional includes all Portfolio Managers and analysts at Madison, along with trading personnel and other executives that obtains information regarding the purchase or sale of a Security. All Investment Professionals are Supervised Persons, but not all Supervised Persons are Investment Professionals.

**Limited Offering** means an offering that is exempt from registration under the Securities Act pursuant to Section 4(2) or Section 4(6) thereof, or pursuant to Regulation D (Rules 504, 505 or 506). Securities issued by any private pooled investment vehicle, such as a private equity or hedge fund, are included within this term.

**Pecuniary Interest** means, with respect to a Security, the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in such Security. A Supervised Person has a Pecuniary Interest in the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Securities held by members of such Supervised Person's Immediate Family;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. His or her proportionate interest in the portfolio Securities of a general or limited partnership, the general partner of
which is such Supervised Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any right to dividends that is separated or separable from the underlying Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A trustee's Pecuniary Interest in Securities holdings of a trust and any Pecuniary Interest of any Immediate Family
member of such trustee (such Pecuniary Interest being to the extent of the beneficiary's pro rata interest in the trust); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A beneficiary of a trust if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The beneficiary shares investment control with the trustee (such Pecuniary Interest being to the extent of the
beneficiary's pro rata interest in the trust);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The beneficiary has investment control with respect to a trust transaction without consultation with the trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. There are remainder interests in the trust over which such Supervised Person has the power, directly or indirectly, to
exercise or share investment control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Such Supervised Person is a settlor or grantor, and such person reserves the right to revoke the trust without the consent
of another person and exercises or shares investment control over the Securities.

A Supervised Person will not be deemed to have a Pecuniary Interest in the portfolio Securities held by a corporation or similar entity in which such Supervised Person owns Securities if the Supervised Person is not a controlling shareholder of the entity and does not have or share investment control over the entity's portfolio.

**Personal Account** means a brokerage, bank or other account for holding and investing in a Reportable Security, in which the employee has Beneficial Ownership, in whole or in part. Personal Accounts also are deemed to include issuers in the case of a private Reportable Security or any other location where evidence of a Reportable Security may be held (such as safety deposit boxes or safes containing stock certificates).

**Pre-Clearance Officer** means the individual(s) designated to review proposed trades (transactions). Certain individuals shall be designated as the Pre-Clearance Officer for employees working in or for the Madison, Scottsdale and Ontario offices, and the designated Pre-Clearance Officer list shall be periodically updated to reflect the addition or deletion of designated individuals.

**Purchase or Sale of a Security** includes, among other things, the writing of an option to purchase or sell a Security.

**Reportable Security** means any Security, ***<u>however</u>***, the term Reportable Security excludes from pre-clearance and reporting under this Code the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Direct obligations of the U.S. government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Securities invested as part of an automatic investment plan, provided the transaction not override the pre-set schedule or allocations of the automatic investment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Shares as a result of a tender offer (other than a partial tender) or other corporate transactions made available
generally to all shareholders of the issuer;

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<u> Madison Investment Holdings, Inc. - Madison Code of Eth... </u>   <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. STANDARDS OF BUSINESS CONDUCT </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt instruments,
including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Shares issued by money market mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Shares issued by unaffiliated mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Shares issued by unit investment trusts that are invested exclusively in one or more unaffiliated mutual funds; and/or

***Note: A reportable security includes the Madison Funds. Transactions in the Madison Funds must be reported, however, such transactions do not require pre-clearance.***

**Reporting Persons** means employees of Madison that are **not** involved in day-to-day operations of the firm and are not involved in portfolio management or investment services on behalf of the firm. Reporting Persons typically encompasses part-time employees with limited employment duties. Reporting Persons will be treated as Supervised Persons and are subject to all the requirements of the Code of Ethics, except Reporting Persons are not subject to certain of the pre-clearance requirements and reporting under this Code of Ethics as described in Section IV herein.

**Retirement Plans** means the Madison retirements plans including the Schwab Personal Choice Retirement Account

**Security** generally will have the meaning set forth in Section 202(a) (18) of the Advisers Act, and includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any note, stock, treasury stock, future, bond, debenture or evidence of indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any certificate of interest or participation in any profit-sharing agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any collateral-trust certificate, pre-organization certificate or subscription,
transferable share, investment contract, voting-trust certificate or certificate of deposit for a Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any fractional undivided interest in oil, gas or other mineral rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any put, call, straddle, option or privilege (including a certificate of deposit) or on any group or index of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Any put, call straddle, option or privilege entered into on a national securities exchange relating to foreign currency;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. In general, 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.

**Supervised Persons** means all employees, officers, and designated Investment Professionals of Madison that are not designated as Reporting Persons (as defined herein) under this Code of Ethics.

**Third Party Manager** means a third party who manages investment account(s) on behalf of a Supervised Person or a Supervised Person's Immediate Family. A Third Party Manager exercises discretion over the trading and direction of the Supervised Person and/or his or her Immediate Family and can be a private wealth manager or a trustee.

**529 Plan(s)** means a plan established under Section 529 of the Internal Revenue Code of 1986, as amended. A 529 Plan is a tax advantaged investment vehicle designed to encourage savings for future higher education expenses, and also includes expenses for K-12 public, private, and religious school tuition. 529 plans invest primarily in unaffiliated mutual funds.

**III.** **STANDARDS OF BUSINESS CONDUCT** 

Madison seeks to foster a reputation for integrity and professionalism. The Firm views its reputation as a vital business asset and values the trust placed in it by its clients. Madison has adopted this Code to further protect its reputation and to ensure compliance with Federal Securities Laws, as well as to meet the fiduciary duty owed to its clients. As a fiduciary, the Firm has an affirmative duty of care, honesty, loyalty and good faith to act in the best interests of its clients. Madison views its clients' interests as of paramount importance and believes that its clients' interests come before Madison's own interests. The Firm also strives to identify and avoid conflicts of interest; recognizing, however, that such conflicts may arise. All questions or comments regarding this Code should be directed to the CCO.

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<u> Madison Investment Holdings, Inc. - Madison Code of Eth... </u>   <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. STANDARDS OF BUSINESS CONDUCT </u>

All Supervised Persons must comply with this Code as well as with all applicable securities laws. Supervised Persons must not, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Employ any device, scheme or artifice to defraud any existing or prospective client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Make to any existing or prospective client any untrue statement of a material fact or omit to state to such person a
material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Engage in any act, practice or course of conduct that is fraudulent, deceptive or manipulative, including the making of
statements that omit material facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Use his or her position, or any investment opportunities presented by virtue of his or her position, to their personal
advantage or to the detriment of any existing or prospective client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Engage in any conduct or transaction that may result in a Supervised Person's interest being in conflict with the
interests of a client.

These practices do not represent an exhaustive list of prohibited activities. In order to detect possible prohibited practices, the CCO will conduct a required annual review under Rule 206(4)-7 and will review annually all client Complaints, if any, and the books and records required to be maintained by the Advisers Act. If a prohibited business practice is found to exist, the CCO will take action to remedy the situation and to prevent its reoccurrence. In addition, all Supervised Persons are prohibited from engaging in the following practices without approval of the CCO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Transact business, representing to be or being licensed as an investment adviser with a company other than Madison (or any
affiliate of the Firm), without the prior written consent of the CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Act as a custodian for money, securities or executed stock powers of a Madison client without the prior written consent of
the CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Knowingly buy or sell a Security requiring pre-approval unless the transaction is pre-approved, as set forth herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Provide any investment advice (*i.e.,* advice as to the value of Securities or as to the advisability of investing
in, purchasing or selling securities) or portfolio management services for compensation to any person, other than a Madison client, under any circumstances, unless such arrangement is disclosed to and approved by the CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Use any Advertising relating to his or her activities as a Supervised Person unless such Advertising has been approved by
the CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Initiate any oral or written communication with any Regulator or responding to any oral or written communication initiated
by any Regulator, unless authorized to do so by the CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. In his or her individual capacity, enter into a business transaction with a Madison client (existing or prospective),
including the purchase or sale of securities or other property or services, without the pre-approval of the CCO, unless as a general consumer of such client's services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Loan money to or borrowing money from a Madison client (existing or prospective) without the prior written consent of the
CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Receive any remuneration from a Madison client, other than remuneration to which such Supervised Person is contractually
entitled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Initiate any communication with Madison clients (existing or prospective), whether oral or written, unless authorized to
do so by the CCO or unless such communication is in connection with such Supervised Person's ordinary duties; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Responding to any client Complaint, either orally or in writing, unless authorized to do so by the CCO or other
supervisor.

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<u> Madison Investment Holdings, Inc. - Madison Code of Eth... </u>   <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. PERSONAL TRADING REQUIREMENTS </u>

**IV.** **PERSONAL TRADING REQUIREMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;**A. Requirements** 

As an investment adviser, Madison seeks to avoid personal securities trades by persons covered by Madison's Code of Ethics that create even the appearance of a conflict of interest with clients or that could create a question of whether a Supervised Person has traded while in possession of material, non-public information.

There exists a potential for a conflict of interest each time a Madison Supervised Person trades a Security for his or her account. This policy has been crafted, first and foremost, to ensure that the interests of Madison's clients are not adversely impacted by Supervised Person trading. It is the Firm's belief that during the day Supervised Persons should be focused on managing Madison clients' portfolios. However, the Firm also recognizes that personal investment activity may be an integral part of a Supervised Person's educational, retirement, estate and general financial security plan and Madison recognizes that many Supervised Persons may therefore wish to trade securities when managing their own finances. This policy is intended to create an appropriate and reasonable framework for Madison's Supervised Persons to manage and conduct their own investment affairs.

Madison encourages investment rather than trading by the Firm's Supervised Persons. Supervised Persons must avoid personal trading that involves an excessive amount of risk and personal time and/or attention at work that can reasonably be considered to interfere with the performance of their duties at Madison. As a result, Madison reserves the right to restrict Supervised Persons' trading privileges at any time, if upon review the Firm deems the frequency of a Supervised Person's trades (*i.e.*, related sales and purchases of the same or equivalent securities) to be excessive. In addition, as more fully described below, Madison is required to review on a periodic basis Madison Supervised Person personal trades and holdings.

Madison believes that this Code of Ethics not only helps fulfill the Firm's regulatory and fiduciary obligations, but also protects the Firm's reputation and instills in Supervised Persons the Firm's commitment to honesty, integrity and professionalism. In the event there is any uncertainty of the propriety of any trade being contemplated, Supervised Persons should consult with the CCO. The following rules govern securities trading by all Supervised Persons and their Immediate Families:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Front Running Strictly Prohibited</u>: Supervised Persons (including Reporting Persons) may not enter an order or make
an investment that anticipates (*i.e*., front runs) or competes with a client order or investment if the Supervised Person is aware or should be aware that: (i) there is a pending buy order in the securities of that same issuer for any
client; or (ii) a purchase of the Securities of that same issuer can reasonably be anticipated for a client in the next five days. As a general rule, a Supervised Person of the Firm may not effect for himself or herself any transactions in a
security with a view toward making a profit from a change in price of such security resulting from anticipated transactions by or for clients. Except as set forth in the de minimis exception below, clearance will not be granted for any security that
is currently being held in the Firm's model portfolios or that is being actively considered. The Firm's CCO will consider any unusual circumstances that would justify an exception to the pre-clearance rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Pre-Clearance Requirement</u>: Supervised Persons (but not Reporting Persons)
may not engage in the purchase or sale of a Reportable Security without pre-approval. Where necessary (typically, transactions in excess of the de minimis limit), the Pre-Clearance Officer shall document pre-clearance, which documentation shall be forwarded to the Compliance Department for verification against broker confirms and
quarterly statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Grandfathered Reportable Securities</u>: New employees who have existing holdings in their accounts not conforming to
the personal trading requirements or who hold Securities on the Firm's Blackout List are permitted to hold onto their positions. However, new employees with existing holdings in their account are required to seek pre-approval from the Pre-Clearance Officer prior to any add-on or sale of an existing position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Insider Trading Strictly Prohibited</u>: Supervised Persons (including Reporting Persons) may not engage

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<u> Madison Investment Holdings, Inc. - Madison Code of Eth... </u>   <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Requirements </u>

in any trade, order activity or investment if such activity is the result of exposure to material non-public information, *i.e.*, inside information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Pre-Clearance Period</u>: Approvals of Securities transactions granted by the Pre-Clearance Officer will be effective for that trading day following such approval. A "trading day" means the hours of operation of the New York Stock Exchange (except for business holidays, these hours
are typically 8:30 am Central Time through 3:00 pm Central Time, Monday through Friday). In certain circumstances, the Pre-Clearance Officer may specify an extended period. Supervised Persons who receive
approval with respect to a Securities transaction but do not effect a purchase or a sale on that trading day must submit a new pre-clearance request to the Pre-Clearance Officer to complete that Securities transaction. Supervised Persons should not communicate any denial by the Pre-Clearance Officer of any trade to any person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Frequent Trading of Proprietary Mutual Funds</u>: Supervised Persons (including Reporting Persons) may generally buy
and sell the Madison-managed mutual funds without pre-clearance. Further, Supervised Persons (including Reporting Persons) may generally buy and sell the Madison-managed mutual funds without restriction,
subject to any restrictions on trading set forth in the applicable fund prospectus. However, without regard to prospectus provisions, in no event may Supervised Persons engage in frequent trading or market timing of fluctuating value registered
funds advised or sub-advisor by the Firm. For purposes of this Code, "frequent trading or market timing" is considered making multiple "round-trips" in any fund within a thirty
(30) day period. A "round-trip" consists of one or more investments and correlating redemptions. Supervised Persons may not engage in more than one such "round trip" within any calendar quarter. However, a Supervised Person
that has established an automatic investment plan in any fund with a regularly scheduled investment of the same amount of money on a periodic (quarterly, monthly or more frequent) basis, such investments are not considered the front-end of a round-trip. Likewise, other investments over which Supervised Persons have no control of the timing (*e.g.* new retirement plan contributions made by the Firm or trustee-to-trustee transfers) are not subject to this prohibition. As a practical matter, employees are subject to the same frequent trading restrictions as other mutual fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Blanket Pre-Clearance</u>: The CCO or the Pre-Clearance Officers may grant blanket pre-clearance for certain types of Securities that will not be traded in client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Excessive Trading</u>: Excessive trading in employee accounts is strongly discouraged. The CCO may limit the number of
trades allowed in employee accounts during a given period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Employee Accounts and Internal Products</u>: When entered concurrently with client accounts, employee accounts and/or
internal products will always trade last in any rotation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>De Minimis Transactions</u>: Madison permits Supervised Persons to trade a de minimis amount of fixed income and equity
securities, provided the transaction is pre-cleared and the Supervised Person 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. "Being considered for purchase or sale" means a portfolio manager has indicated his or her intention to purchase or sell or an open order in the security exists on the trading desk.

**<u>NOTE</u>:** THE EMPLOYEE MUST SPECIFICALLY INDICATE THAT 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. ALL TRADES UNDER THE DE MINIMIS EXCEPTION MUST BE PRECLEARED BY THE PRECLEARANCE OFFICER IN ADVANCE OF BEING PLACED.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Fixed Income Securities: The following are the de minimis limits for fixed income securities: (i) fixed income
securities having a principal amount not exceeding $50,000.00 and (ii) non-convertible debt securities and non-convertible preferred stocks, which are rated by at
least one nationally recognized statistical rating organization ("NRSO") in one of the three highest investment grade rating categories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Equity Securities: Equity securities, excluding options, warrants, and rights, are permitted if the transaction does not
exceed 500 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Options. The de minimis limit for options contracts is the purchase or sale (call or put, covered

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<u> Madison Investment Holdings, Inc. - Madison Code of Eth... </u>   <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Requirements </u>

or uncovered) of five (5) options contracts. The assignment of options contract (under the de minimis limit) shall be treated as non-volitional, and not subject to pre-clearance under the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Securities Held in Client Accounts. Investment Professionals may not trade a Security in their Personal Account(s), beyond
the de minimis amount, where that Security is held in a client account (portfolio). Supervised Persons may trade in a Security held in a client account, above the de minimis amount, unless that Security is traded on the date of that Supervised
Person's pre-clearance request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Managed Accounts</u>: Managed Accounts include securities held in a discretionary account over which the Supervised
Person (including Reporting Persons) has no direct or indirect influence or control, but will typically have a pecuniary interest. Generally, Managed Accounts are not subject to the pre-clearance or reporting
requirements, provided, however, that the CCO is able to confirm:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The nature of relationship between the Third Party Manager and the Madison Supervised Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. That both the Madison Supervised Person and, if possible, the Third Party Manager provide materials to the CCO confirming
that the Supervised Person has no direct or indirect influence or control over the trading in the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. That the Supervised Person provided clear and direct instructions to the Third Party Manager regarding Madison's
policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Further, the CCO reserves the right to sample Managed Accounts for transactions. Finally, the CCO will annually require
certification from the Supervised Person that he or she did not exert any direct or indirect influence or control over the trading in the Supervised Person's managed account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Investment Professionals</u>. Supervised Persons that are designated as Investment Professionals may not trade in a
security, beyond the de minimis transaction amount, where that security is held in a client account or where that Security is traded on the date of that Investment Professional's pre-clearance request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>IPO Pre-Clearance</u>: Supervised Persons (including Reporting Persons) may not
acquire Beneficial Ownership in any Securities in an Initial Public Offering. This does not preclude the acquisition of securities in an initial public offering by the spouse or family member provided: (i) such spouse or family member is
employed by the company making the offering; and (ii) he or she is offered the securities as a bona fide employee benefit. Supervised Persons are not prohibited from acquiring any Securities in an IPO offered through promotional means (internet
giveaway, etc.) if the Supervised Person has not provided any money or services in exchange for receiving such promotional Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Limited Offering Pre-Clearance</u>: Supervised Persons (including Reporting
Persons) may not acquire Beneficial Ownership in any Securities in a Limited Offering without obtaining prior approval of the Pre-Clearance Officer. This includes any purchases of interest in private funds.
These Limited Offering Pre-Clearance requirements do not apply to the Madison employee stock option plan and other employee ownership in Madison and its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Blackout List (Restricted List) Pre-Clearance</u>: Supervised Persons
(including Reporting Persons) may not buy or sell any Security on the Blackout List without obtaining prior and express approval of the Pre-Clearance Officer. Madison maintains a Blackout List of Securities
about which it or its Supervised Persons may have material non-public information. In addition, the CCO may add to the Blackout List any public company of which a client is an officer or director, or any
public company where a Madison spouse is employed. The Securities of any company included on the Blackout List generally may not be purchased or sold by any Supervised Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Cryptocurrencies and Internet Coin Offerings</u>. Supervised Persons (including Reporting Persons) may purchase
cryptocurrencies. Cryptocurrencies are typically  **<u>not</u>** considered Securities. Cryptocurrencies are treated as cash (e.g. Bitcoin, Ethereum, Medicalchain, etc…) and are  **<u>not</u>** subject to reporting and pre-clearance requirements.  ***However*** , all investments in "Initial Coin Offerings" ("ICOs") must be pre-cleared to determine whether there is
an investment in a "Security."

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<u> Madison Investment Holdings, Inc. - Madison Code of Eth... </u>   <u> V. REPORTING OF PERSONAL SECURITIES TRANSACTIONS </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Reporting Persons** 

Reporting Persons are not required to pre-clear securities transactions, however, Reporting Persons must disclose all accounts and report all securities holdings and transactions.

**V.** &nbsp;&nbsp;&nbsp;&nbsp; **REPORTING OF PERSONAL SECURITIES TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Initial Personal Holdings Report/List of Brokerage Accounts** 

Within ten (10) days of becoming a Supervised Person, each Supervised Person must submit a list of all brokerage accounts held by him or her as well as accounts over which he or she maintains a beneficial interest. Private investments must be included in this disclosure. The CCO or her designee will then inform each Supervised Person which, if any, brokerage accounts require reporting under Madison's Code of Ethics. For example, accounts over which a Supervised Person has no discretion to direct an equity trade may not require reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Duplicate Brokerage Account Statements** 

Supervised Persons should direct their broker, dealer or bank to transmit contemporaneous electronic duplicate copies of all account statements relating to that account directly to the Firm. For Madison Investment Holdings, Inc., Madison Asset Management, LLC, Madison Investment Advisors, LLC (including its Arizona branch office) the address is:

Compliance Department

Attn: Code of Ethics

550 Science Drive

Madison, WI 53711

Any brokerage account statements must include, for each transaction: (i) the date of the transaction; (ii) the title and type of Security and, as applicable, the exchange ticker symbol or CUSIP number, interest rate and maturity date; (iii) the number of shares and principal amount of the Security, as well as the nature of the transaction (*i.e.,* purchase, sale or any other type of acquisition or disposition); (iv) the price of the Security at which the transaction was effected; and (v) the name of the broker, dealer or bank with or through which the transaction was effected. Supervised Persons brokerage account statements will be reviewed quarterly by either the CCO or the Pre-Clearance Officer. Each Supervised Person must advise the CCO of his or her intent to open, and receive authorization prior to opening, any new brokerage account over which the Supervised Person maintains Beneficial Ownership. The CCO's personal trading will be reviewed by a member of the executive team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Annual Personal Holdings Report** 

On an annual basis, each Supervised Person will confirm his or her brokerage accounts and private investments no later than February 14 of each year, which must be current as of a date no more than forty-five (45) days before the date on which the report is submitted, for the year-end, December 31. Except as otherwise provided below, the Initial and Annual Personal Holdings Reports should include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The title and type of Security, and as applicable the exchange ticker symbol or CUSIP number, number of shares and
principal amount of each Reportable Security in which the Supervised Person has any direct or indirect Beneficial Ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The name of any broker, dealer or bank with which the Supervised Person maintains an account in which any securities are
held for the Supervised Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The date the Supervised Person submits the report.

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<u> Madison Investment Holdings, Inc. - Madison Code of Eth... </u>   <u> V. REPORTING OF PERSONAL SECURITIES TRANSACTIONS </u>

Supervised Persons who submit monthly brokerage account statements do not need to submit an Annual Personal Holdings Report if all transactions in which the Supervised Person maintains a Beneficial Interest are reflected in the brokerage account statements that are submitted by the Supervised Person to the CCO. Limited Offering transactions are not usually reflected on brokerage account statements and accordingly Supervised Persons must make sure to also report to the CCO on an annual basis any pre-approved investments in private funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Quarterly Transaction Reports** 

Except as otherwise provided below, Supervised Persons will report to the Compliance, no later than thirty (30) days after the end of each calendar quarter, the following information with respect to all transactions during the quarter in any Reportable Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in a Reportable Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The date of the transaction, the title, and, as applicable, the exchange ticker symbol or CUSIP number, the number of
shares and principal amount of each Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. 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;3. The price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. 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;5. The date the report was submitted.

Supervised Persons who submit contemporaneous duplicate brokerage account statements to Compliance are not required to complete a Quarterly Transaction Report for Securities identified on these statements. Private investments, however, or other investments required to be reported and not identified on the duplicate statements, are required to be reported to the CCO on a quarterly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Exemptions from Holdings and Transaction Reports** 

Non-volitional transactions are typically not subject to pre-clearance. A Supervised Person need not make holding or transaction reports with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Transactions effected pursuant to an automatic investment plan. Supervised Persons may have an automatic investment plan
("AIP") in securities that need not be reported. However, any transaction that overrides the pre-set schedule or allocations of the automatic investment plan is not considered part of the automatic
investment plan and must be cleared and reported as described below.

Supervised Persons do not have to provide duplicate statements for AIPs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Sales as a result of a tender offer (other than partial tender offers which require pre-clearance) or other corporate action made available generally to all shareholders of the issuer are exempt transactions and do not require pre-clearance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Securities held in an account over which the Supervised Person does not: (i) exercise any investment discretion;
(ii) receive notice of transactions prior to their execution; and (iii) otherwise have direct or indirect influence or control (*e.g*., blind pool accounts), providing the above requirements are met; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Information that would duplicate information contained in broker trade confirmations or account statements that Madison
holds in its records, so long as Madison receives such confirmations or statements no later than thirty (30) days after the end of the applicable calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Private Investments** 

Supervised Persons must obtain pre-approval before investing in any Private Placement or Limited Offering. Supervised Persons must report all Private Placements on at least an annual basis. Supervised Persons are required to report to the CCO or his/her designee all subsequent Private Placement transactions (typically, mandatory capital contributions or other non-volitional corporate actions), including private placements in hedge fund and private equity fund vehicles. New investments require pre-approval or pre-clearance.

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<u> Madison Investment Holdings, Inc. - Madison Code of Eth... </u>   <u> VI. EXPERT NETWORKS </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Blackout (Restricted) List Procedures** 

The CCO or his/her designee will place a security on the Blackout List if it becomes known to the CCO or his/ her designee that any Supervised Person is in possession of any material non-public information relating to such security. A company or issuer, however, may be placed on the Blackout List for a number of reasons. Therefore, no inferences should be drawn concerning a company or its securities due to its inclusion on the Blackout List. The Blackout List will note the date and time the security or securities were placed on such list and other relevant information relating to such restriction. While a security is on the Blackout List, the CCO shall closely monitor trading to assure that no trades are entered into with respect to such security. Any Supervised Person who has information suggesting that any company or issuer should be placed on, or removed from, the Blackout List should promptly notify the CCO.

The contents of the Blackout List are proprietary to the Firm and should not be disclosed to persons outside the Firm. The Restricted List will generally be maintained by the CCO (or his/her designee) and provided to Firm Supervised Persons engaged in its securities trading activities. Additions to, or deletions from, the Restricted List may be made only by the CCO (or his/her designee).

**VI.** **EXPERT NETWORKS** 

Supervised persons may consult with paid industry experts through an approved expert network as part of the firm's research process. Supervised persons who wish to speak with a paid industry expert through an approved expert network is required to follow the policies and procedures on expert networks fully described on APPENDIX H.

**VII.** **CONSULTANTS OR INDIVIDUALS** 

Supervised Persons may also consult with consultants, individuals, or industry veterans who are knowledgeable about a specific sector or company. A Supervised Person wishing to speak with such a person who, based on their functional role at current or former positions or engagements could have access to material non-public information, must seek pre-approval from the CCO prior to initiating such conversations. Supervised Persons who wish to speak with such individuals or consultants should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide biographical information about the consultant or individual to the CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Obtain written pre-clearance from the CCO prior to engaging in substantive
discussions with the consultant or individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Provide notice of meetings with experts to the CCO via calendar invitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Tell the consultant or individual at the beginning of the meeting about the topics that are likely to be discussed and
confirm that the consultant or individual allowed to discuss such topics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Tell the consultant or individual at the beginning of at least the first call that Madison does not want to receive any
information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. About the consultant or individual's employer or affiliated entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. About prior employers, or affiliated entities, of the consultant or individual during the past six months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. That the consultant or individual is prohibited from disclosing; or d. That may be material non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Ask the consultant or individual whether he or she is permitted by his or her employer to provide such consultations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Immediately report the receipt of any potentially material non-public information
to the CCO.

The CCO or his/her designee may also periodically attend meetings or sit in on phone calls with consultants or individuals in order to understand the types of information that are discussed, review sampled email correspondence involving such consultants or individuals, monitor the frequency with which various consultants are being used and/or compare particularly profitable trading to Madison's past contacts with such consultants or individuals.

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<u> Madison Investment Holdings, Inc. - Madison Code of Eth... </u>   <u> VIII. CONFIDENTIALITY OF REPORTING UNDER CODE OF ETHICS </u>

**VIII.** **CONFIDENTIALITY OF REPORTING UNDER CODE OF ETHICS** 

The CCO, Pre-Clearance Officer and other designated compliance employees receiving reports of Supervised Persons' holdings and transactions under this Code will keep such reports confidential, except to the extent that the CCO and designated compliance employees are required to disclose the contents of such reports to Regulators or otherwise deemed necessary in the discretion of the CCO.

**IX.** **INSIDER TRADING** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Insider Trading Policy Statement** 

Madison seeks to foster a reputation for integrity and professionalism. That reputation is a vital business asset. To further that goal, this Code implements procedures to deter misuse of material non-public information in securities transactions. Accordingly, Madison forbids Supervised Persons and members of their Immediate Family from trading a public Security, either personally or on behalf of others, while in possession of material non-public information or communicating material non-public information to others. This conduct is referred to as insider trading, and the policy prohibiting insider trading applies to every Supervised Person and extends to activities within and outside their duties at the Firm.

Trading Securities while in possession of material non-public information or improperly communicating that information to others may expose a Supervised Person to stringent penalties. Criminal sanctions may include a fine of up to $1 million and/or ten years imprisonment. The SEC can recover profits gained or losses avoided through trading on inside information, can impose a penalty of up to three times the illicit windfall and can issue an order barring a Supervised Person from the securities industry. A Supervised Person may also be sued personally by clients seeking to recover damages for insider trading violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. What is Insider Trading?** 

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 the communication of material non-public information to others. The law generally prohibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Trading by an insider while in possession of material non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Trading by a non-insider while in possession of material non-public 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;
and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Communicating material non-public information to others, without the approval of
the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Who is an Insider?** 

The concept of insider is broad. It includes officers, directors, managers 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. A Supervised Person who accepts a board seat as director of another company could be treated as a temporary insider of that company. In addition, the Firm may become a temporary insider of a company that it advises, for which it performs other services or in which it is considering an investment or acquisition.

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<u> Madison Investment Holdings, Inc. - Madison Code of Eth... </u>   <u> IX. INSIDER TRADING </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. What is Material Information?** 

Trading on inside information is not a basis for liability unless the information is material. Material information is generally defined as information for which there is a substantial likelihood that a reasonable client 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. No simple test exists to determine when information is material. Assessments of materiality involve a highly fact-specific inquiry. Supervised Persons should direct any questions about whether information is material to the CCO.

Material information often relates to a company's results and operations. The SEC has stated that advance information about the following is generally considered to be material:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Earnings information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mergers, acquisitions, tender offers or developments regarding clients or suppliers (*i.e.*, the acquisition or loss
of a contract);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Changes in control or in management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Changes in auditors, or auditor notification that the issuer may no longer rely on an auditor's audit report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Extraordinary management developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Debt service or liquidity problems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Impending change in debt rating by a statistical rating organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Criminal, civil and government investigations and indictments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Events regarding the issuer's Securities (*e.g.*, defaults on senior Securities, calls of Securities for
redemption, repurchase plans, stock splits or changes in dividends, changes to the rights of Security holders, public or private sales of additional Securities); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Bankruptcies or receiverships.

Material information also may relate to the market for a company's Securities. Information about a significant order to purchase or sell Securities may, in some contexts, be deemed material.

Material information does not have to relate to a company's business. For example, in *Carpenter v. U.S.*, 108 U.S. 316 (1987), the United States Supreme Court considered as material certain information about the contents of a forthcoming newspaper column that was expected to affect the market price of a Security. In that case, a *Wall Street Journal* reporter was found criminally liable for disclosing to others the dates that reports on various companies would appear in *The Wall Street Journal* and whether those reports would be favorable or unfavorable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. What is Non-Public Information?** 

Information is non-public until it has been effectively disseminated broadly to clients in the marketplace. One must be able to point to some fact to show that the information is generally public. For example, information is public after it has become available to the general public through a public filing with the SEC or some other governmental agency, the Dow Jones tape, Bloomberg, Reuters Economic Services, *The Wall Street Journal* or other publications of general circulation, and after sufficient time has passed so that the information has been disseminated widely. Supervised Persons should direct all questions or uncertainties to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. What are the Penalties for Insider Trading?** 

Penalties for trading on or communicating material non-public 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;1. Civil injunctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Treble damages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Disgorgement of profits;

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<u> Madison Investment Holdings, Inc. - Madison Code of Eth... </u>   <u> X. PROCEDURES DESIGNED TO DETECT AND PREVENT INSIDE... </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Jail sentences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Fines for the employer or other controlling person of up to the greater of $1 million or three times the amount of
the profit gained or loss avoided.

In addition to the above, violations of Madison's insider trading policy can also result in internal discipline, including censure or dismissal of the person or persons involved, and any other legal action.

**X.** &nbsp;&nbsp;&nbsp;&nbsp; **PROCEDURES DESIGNED TO DETECT AND PREVENT INSIDER TRADING** 

During the course of their employment, Supervised Persons may come into possession of material non-public information about various Securities. The following procedures are designed to help ensure that the Firm complies with the prohibition on insider trading by limiting the use and restricting the disclosure of material non-public information to persons within or outside the Madison organization who are in a position to trade on the basis of such information or to transmit it to others. These procedures are also designed to aid Madison in preventing, detecting or imposing sanctions against insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Identifying Insider Information** 

Before trading Securities, a Supervised Person should ask himself or herself the following questions regarding information in his or her possession:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>What was the source of the information?</u> Consider carefully whether the information was obtained from any insiders,
including any temporary insiders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>What is the nature of the information?</u> For example, does it involve a tender offer?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Is the information material?</u> Is this information that a client would consider important in making his or her
investment decision? Is this information that would substantially affect the market price of the Security if generally disclosed?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Is the information non-public?</u> To whom has this information been provided?
Has the information been effectively communicated to the marketplace by being published in Reuters, *The Wall Street Journal* or other publications of general circulation? Has the information been effectively communicated to the marketplace by
being filed with the SEC or the subject of an issuer press release?

If, after consideration of the above, any Supervised Person believes that the information is material and non-public, or if a Supervised Person has questions as to whether the information is material and non-public, he or she should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Report the information and proposed trade immediately to the CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Refrain from any purchase or sale of such Security in question on behalf of not only the Supervised Person, but also of
others, including family members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Do not further communicate the information inside or outside Madison other than to the CCO, except as necessary for the
performance with his or her job.

After the CCO has reviewed the issue, the Supervised Person will be instructed to either continue the prohibitions against trading and communication because the CCO has determined that the information is material and non-public (in which case the Security will be added to the Blackout List), or he or she will be allowed to trade the Security and communicate the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Identifying Insider Information Under Special Circumstances** 

If a Madison Supervised Person or a member of the Supervised Person's Immediate Family serves upon the board of directors of a publicly traded company or as an officer of such a company, such Madison Supervised Person must notify the CCO, who may then seek objective, third party review from outside counsel as to whether any information in his or her possession as a result of his or her role as a board member or officer of the company might be construed as material, non-public information.

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<u> Madison Investment Holdings, Inc. - Madison Code of Eth... </u>   <u> X. PROCEDURES DESIGNED TO DETECT AND PREVENT INSIDE... </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Relationships with Potential Insiders** 

Madison's clients, third party research providers and advisory board members may possess material non-public information. Access to such information could come as a result of, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Being employed by an issuer (or sitting on the issuer's board of directors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Working for an investment bank, consulting firm, supplier, or customer of an issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Sitting on an issuer's creditors committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Personal relationships with connected individuals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. An Immediate Family member's involvement in any of the preceding activities.

Individuals with access to material non-public information may have an incentive to disclose the information to Madison due to the potential for personal gain. Supervised Persons should be extremely cautious about investment recommendations, or information about issuers, that it receives from clients, third party research providers, and advisory board members. Supervised Persons should inquire about the basis for any such recommendations or information, and should consult with the CCO if there is any appearance that the recommendations or information is based on material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Restricted Access to Material Non-Public Information** 

Information in a Supervised Person's possession that is identified as material and non-public may not be communicated to anyone outside of Madison and should only be communicated within Madison to those Supervised Persons who have a reasonable business need to know such information and understand that such information is governed by this Policy. In addition, care should be taken so that such information is secure. For example, Supervised Persons should adhere to the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Files containing material non-public or sensitive information should be handled
with care. Such information should not be left lying in conference rooms or left out in offices or on desks but rather should be locked in file drawers or cabinets overnight or during an absence from the office.

Additionally, such sensitive information stored in computer systems and other electronic files should be kept secure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Appropriate controls for the reception and oversight of visitors to sensitive areas should be maintained. For example,
visitors should be accompanied while in Madison's offices and should not be left unattended in areas where access to non-public information or recommendations may be obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Document control procedures, such as shredding papers containing material non-public information, should be used where appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Business conversations should be avoided in public places, such as elevators, hallways, restrooms and public
transportation, or in any other situation where such conversations may be overheard; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Madison may not disclose contemplated portfolio transactions to third parties without proper authorization. The Firm
should avoid disclosing that it is considering increasing (or decreasing) exposure in particular industries or sectors, especially if such disclosures would logically implicate a particular security or securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Rumor Control** 

Madison strictly prohibits the use or misuse of false rumors. Supervised Persons should be aware that all company emails may be monitored for inappropriate or illegal communications, including the creation or dissemination of false market or Securities related rumors.

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<u> Madison Investment Holdings, Inc. - Madison Code of Eth... </u>   <u> XI. GIFTS AND ENTERTAINMENT </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Anti-Fraud Rule** 

Rule 206(4)-8 under the Advisers Act prohibits an investment adviser from: (i) making any untrue statement of material fact or omitting to state a fact necessary to make the statement made, in the light of the circumstances under which they were made, not misleading to any existing or prospective client; or (ii) otherwise engaging in any act, practice or course of business that is fraudulent, deceptive or manipulative with respect to any existing or prospective client.

As such, the CCO or his/her designee will coordinate annual reviews of the following types of communications to ensure that false or misleading statements are not made, and that other types of fraud are not committed, on any existing or prospective client, regardless of whether Madison is offering or selling securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Firm Advertising, in accordance with the review procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Other communications to prospective clients, including communications not ordinarily deemed to be Advertising; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Statements in reports and financial statements to existing clients, in accordance with the relevant investment management
agreement or other organizational document.

Among other things, the CCO will periodically review records such as emails, quarterly reports and Advertising to confirm that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The strategies pursued by the relevant investment matches those described in the communication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The risks associated with an investment match those described in the communication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The experience and credentials of the Firm are accurately portrayed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The performance of the relevant Madison client matches the data described in the communication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The methods of valuation of the relevant Madison client matches that described in the communication, and the terms of such
method of valuation are adequately disclosed to the clients; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Firm's methods of allocating investment opportunities follow those described in the communication.

**XI.** **GIFTS AND ENTERTAINMENT** 

The giving or receiving of Gifts or other items of value to or from persons or entities doing business or seeking to do business with the Firm, could call into question the independence of the Firm's judgment as a fiduciary of its clients.

"Gifts" are defined to include any gift, gratuity or item of value, including the giving and receiving of gratuities, merchandise and the enjoyment or use of property or facilities for weekends, vacations, trips, dinners and the like, and may include transportation and lodging costs (other than occasional non-lavish business meals and entertainment). As used in this Code, the term "Business Contacts" means other investment advisers and asset managers; brokers and securities salespersons; law firms; accounting firms; suppliers and Vendors; and any other individual or organization with whom the Firm has or is considering a business or other relationship, including members of the press and trade organizations. For purposes of this Code, multiple individuals employed by the same entity shall be considered a single Business Contact.

Gifts, favors, entertainment and other such inducements may be attempts to obtain favorable treatment.

Accepting such inducements could raise doubts about a Supervised Person's ability to make independent business judgments as well as the Firm's commitment to treating clients fairly. It is important to note that certain inducements could constitute bribes, payoffs or kickbacks, which are illegal.

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<u> Madison Investment Holdings, Inc. - Madison Code of Eth... </u>   <u> XII. OUTSIDE BUSINESS ACTIVITIES </u>

A Supervised Person may accept infrequent, nominal Gifts with a value of $100.00 or less. Gifts of more than $100.00 may be accepted if protocol, courtesy or other special circumstances exist, as sometimes happens with international transactions. However, all Gifts in excess of $100.00 must be reported to the CCO, who will determine if the Supervised Person may keep the Gift, whether it must be returned or whether it should more appropriately become Madison's property.

Supervised Persons may never accept cash (or cash equivalents, such as gift cards). Similarly, Supervised Persons may not benefit personally from any Madison activity, such as an investment for a client, selection or use of a firm as a broker or counterparty for client transactions or purchase of goods or services.

This prohibition does not apply to occasional dinners, sporting, concert or customary entertainment events and other activities which are part of the ordinary course of business, provided that the value of the item is consistent with customary business entertainment and not likely to raise a conflict of interest, violate applicable law or which would be likely to influence decisions made by a Supervised Person with respect to Madison's investment decisions. Further, personal contacts may lead to Gifts of a purely nominal value, which are offered on the basis of friendship and may not raise concerns related to conflicts of interest or influence a Supervised Person's decisions.

Additional restrictions on Gifts may apply to Supervised Persons who are registered as lobbyists in connection with their solicitation and client relations' activities with pension plans of certain states (*e.g.,* CalPERS, CalSTERS) or cities. Supervised Persons must consult the CCO prior to accepting Gifts from, or giving Gifts to, representatives of any state or city pension plan.

A Supervised Person may accept Gifts or entertainment, such as promotional items and business meals, if they are in line with accepted business practice, if they could not be construed as potentially influencing a Supervised Person's business judgment or creating an obligation and if public knowledge thereof would not embarrass the Supervised Person or Madison. When such business activities occur frequently, such costs should be shared or paid for on a reciprocal basis. If a Supervised Person is invited to a meeting or special event that involves similar offers to large numbers of people from the same type of business, he or she may attend only with prior approval from the CCO. Additionally, the Vendor, Business Contact or client must be present at the entertainment event; otherwise, the entertainment will be considered a gift and, as such, subject to dollar amount limitations as discussed below.

These policies apply equally to giving. Gifts and entertainment for current or prospective Madison clients should be consistent with customary business practice. They should be avoided where they might compromise the Firm's integrity; for example, where they might be viewed as intended to obtain business from prospective clients. Supervised Persons should limit business-related Gifts to items having a nominal value.

If a Supervised Person has any question regarding the giving or receiving of a Gift, he or she should contact the CCO prior to delivery or acceptance of such Gifts.

**XII.** **OUTSIDE BUSINESS ACTIVITIES** 

Madison Supervised Persons are expected to devote all or substantially all of their professional time and efforts to Madison business. Involvement in an outside business (*e.g.*, employment, consulting or serving as a director) could conflict with Madison's or its clients' interests. Accordingly, Supervised Persons must obtain the CCO's prior written approval of all such activity. It could also be a conflict if a Supervised Person's Immediate Family member is involved in a business that may conflict with Madison's or its clients' interests (*e.g.*, an employee's spouse works for a counterparty Madison trades with). Employees must report all such involvements to the CCO, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Being engaged in any other business, whether or not related to investments and trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Being employed or compensated by any other person for business-related activities of whatever kind or nature (other than
infrequent or de minimis activities, *e.g.*, being paid on a one-time basis to assist a neighbor to paint her house, etc.) without the pre-approval of the CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Serving as an employee of another organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Serving as general partner, managing member, manager or in similar capacity with limited or general partnerships, limited
liability companies, hedge funds or other privately offered funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Engaging in personal investment transactions to an extent that such transactions divert attention from or

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<u> Madison Investment Holdings, Inc. - Madison Code of Eth... </u>   <u> XIII. REPORTING OF VIOLATIONS OF THE CODE OF ETHICS </u>

impair the performance of duties in relation to the business of the Firm and its clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Having any direct or indirect financial interest or investment in any broker-dealer, investment adviser, Commodity Trading
Adviser, Commodity Pool Operator, other current or prospective supplier of goods or services to the Firm from which the employee might benefit or appear to benefit materially; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Serving on the board of directors (or in any similar capacity) of another company, whether public or private, without the pre-approval of the CCO.

While most outside business activities will not ordinarily present a concern to the Firm and will be allowed as a matter of course, employees are still required to report any and all outside business activities so that the Firm can make this determination. Routine charitable or volunteer work generally will not be required to be reported, unless it would present a material conflict of interest for the Firm.

Madison will maintain a record of all outside business activities, if any, of each employee. The CCO will review all reported employee outside business activities to confirm they continue to be consistent with the Firm's business activities and fiduciary duties. The CCO periodically may require all employees, or certain employees, to provide updated information regarding their outside business activities.

**XIII.** **REPORTING OF VIOLATIONS OF THE CODE OF ETHICS** 

Nothing in this Code prohibits a Supervised Person 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 U.S. 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. A Supervised Person does not need the prior authorization of the CCO or anyone at the Firm to make any such reports or disclosures and a Supervised Person is not required to notify the Firm that he or she has made such reports or disclosures. A Supervised Person must also report violations of this Code promptly to the CCO if he or she has any reason to believe that he or she may have failed to comply with (or has become aware of another person's failure to comply with) any of the policies and procedures set forth in this Compliance Program.

In order to promote the reporting of violations, reporting may be done anonymously through depositing a written description of the incident in question to the CCO or by mailing such description to the CCO. No Madison employee will be penalized in any respect for reporting a violation or suspected violation in good faith, even if no violation in fact has occurred. Failure to report a violation of the Code can be, in itself, a violation of the Code.

The CCO may, under circumstances that he/she deems appropriate and not opposed to the interests of the Firm's clients, create exceptions to requirements under this Code that are not expressly mandated under the Federal Securities Laws. The CCO shall consider reports of violations made hereunder and shall determine whether or not this Code has been violated and what sanctions, if any, should be imposed.

**XIV.** **VIOLATIONS OF THE CODE OF ETHICS** 

Upon discovering a violation of this Code, the CCO may report violations to upper management and/or impose such sanctions as he/she deems appropriate, including, among other things, a letter of censure, suspension, and/or termination of the employment of the violator.

**XV.** **ADMINISTRATION OF THE CODE OF ETHICS** 

The Firm will provide all Supervised Persons with a copy of this Code and with any amendments. Each Supervised Person must provide the CCO with a written acknowledgement of his or her receipt of the Code annually and upon an amendment of the Code. It is a fundamental business priority of Madison's that Madison employees cooperate to not only ensure literal compliance with all required policies and procedures but also to foster a comprehensive "culture of compliance."

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<u> Madison Investment Holdings, Inc. - Madison Code of Eth... </u>   <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XVI. ANNUAL REVIEW AND AFFIRMATIONS APPLICABLE TO INVES... </u>

**XVI.** **ANNUAL REVIEW AND AFFIRMATIONS APPLICABLE TO INVESTMENT COMPANIES** 

The Boards of Trustees of each registered investment company managed by the Madison organization shall annually review this Code and any procedures developed hereunder for compliance with Rule 17j-1. The CCO shall prepare for the Board an annual written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Describes any issues arising under the Code since the last written report to the Board, including, but not limited to,
information about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Material violations of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sanctions imposed in response to the material violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Waivers of Code provisions or restrictions and reasons for any such waiver, demonstrating that such waivers did not permit
an Access Person or Advisory Employee to engage in any fraud; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certifies that each Madison Fund, Ultra Series Fund, each Madison closed-end fund,
Madison Investment Holdings, Inc. and each of its affiliates have adopted procedures reasonably necessary to prevent Access Persons and Advisory Employees from violating this Code.

The CCO may prepare more frequent reports for the Funds' Board (e.g. quarterly reports), and such reports shall constitute the "annual written report."

**Additional Definitions and Special Provisions for Access Persons.** 

*Access Person.* The term "Access Person" shall mean any trustee, officer, general partner, director, or advisory person of the Funds. An Access Person generally refers to all Advisory Employees because we all may have access to a variety of portfolio specific information, either because we manage portfolios on a day-to-day basis or simply because we may periodically "overhear" information during the course of our employment.

The trading restrictions and reporting requirements contained in this Code shall not apply to an individual who is considered an Access Person because he is a trustee of the Funds but who is not an "interested person" of the Funds within the meaning of section 2(a)(19) of the Investment Company Act of 1940, except where such trustee knew or, in the ordinary course of fulfilling his official duties as a trustee of the Funds, should have known that, during the fifteen (15) day period immediately before or after any security transaction, such security is or was purchased or sold by the Funds or such purchase or sale by the Funds is or was considered by the Funds or their advisor, otherwise quarterly transactions reports would be required.

Similarly, the trading restrictions and reporting requirements contained in this Code shall not apply to non-employee directors of Madison Investment Holdings, Inc. (or any of its subsidiaries) unless (1) the director knew, or, in the course of fulfilling his official duties as a director of Madison, should have known that, during the fifteen (15) day period immediately before or after any security transaction, such security is or was purchased or sold by the Funds or such purchase or sale by the Funds is or was considered by the Funds or their advisor, or (2) the CCO has determined otherwise.

**Effective January 1, 2021** 

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<u> Madison Investment Holdings, Inc. - Madison Code of Eth... </u>   <u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XVI. ANNUAL REVIEW AND AFFIRMATIONS APPLICABLE TO INVES... </u>

**EXHIBIT A** 

**INITIAL AND ANNUAL** 

**SECURITIES HOLDING REPORT** 

**MADISON INVESTMENT HOLDINGS, INC. AND AFFILIATES** 

**[Note: The On-line Forms in Ascendant may replace the following Forms]** 

**Brokerage Accounts:** Please list all accounts over which you or a household member has Beneficial Ownership.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Employee Name** | **Account Type** | **Brokerage Firm** | **Account Number** |

---

**Holdings:** For new employees, the most recent calendar quarter or month-end brokerage statements should be used. Please list all securities held as of December 31 from your investment accounts below. Private investments must also be included in the information listed below. For brokerage accounts, annual brokerage account year-end summaries provided by the broker-dealer may be submitted in lieu of filling out the information below. For private investments, statements from the adviser may be provided in lieu of filling out the information below.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type of Investment**<br>**(i.e., public security,**<br>**private fund interest,**<br>**hedge fund interest,**<br>**private REIT)** | **Broker or Adviser** | **CUSIP** | **Principal Amount** |

---

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<u> Madison Investment Holdings, Inc. - Madison Code of Eth... </u>   <u> XVI. ANNUAL REVIEW AND AFFIRMATIONS APPLICABLE TO INVES... </u>

**EXHIBIT B** 

**QUARTERLY TRANSACTION REPORT** 

**MADISON INVESTMENT HOLDINGS, INC. AND AFFILIATES** 

**[Note: The On-line Forms in Ascendant may replace the following Forms]** 

In accordance with the Code of Ethics, you must report to the CCO, within thirty (30) days of the end of each calendar quarter, all transactions in Reportable Securities for which you have direct or indirect Beneficial Ownership.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Exchange Ticker**<br>**Symbol or CUSIP** | **Number of**<br> **Shares** | **Buy**<br> **or**<br> **Sell** | **Price**<br> **per**<br> **Share** | **Date of**<br> **Transaction** | **Broker<br>Dealer or Bank** | **Brokerage<br>Account No.** |

---

The following are private placement securities transactions that have not been reported and/or executed through a broker (*e.g.*, direct purchase of a Limited Offering) during the previous calendar quarter.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type of Investment (i.e., private fund interest, hedge fund**<br>**interest, private REIT)** | **Name of**<br> **Fund/Firm** | **Shares** | **Principal**<br> **Amount** |

---

This represents the Reportable Securities I have traded this quarter. This also represents all other private placement securities transactions that have not been reported and/or executed through a broker this quarter.

<u> </u> <u> </u> <br> Date Signature

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<u> Madison Investment Holdings, Inc. - Madison Code of Eth... </u>   <u> XVI. ANNUAL REVIEW AND AFFIRMATIONS APPLICABLE TO INVES... </u>

**EXHIBIT C** 

**LIMITED OFFERING REQUEST AND REPORTING FORM** 

**MADISON INVESTMENT HOLDINGS, INC. AND AFFILIATES** 

**[Note: The On-line Forms in Ascendant may replace the following Forms]** 

Please state the name of entity offering the private placement, general business and nature of the investment you wish to invest in through a private placement:

<u> </u>

1. Was this offer presented to you because of your position with Madison Investment Holdings and affiliates? Yes No If yes, please explain<u> </u>

2. Will you play any management role in the private placement or business and are you providing any service or advice to the business or issuer? Yes No If yes, what will your role and responsibilities consist of?

<u> </u>

3. Does the Private placement issuer have any dealings with Madison Investment Holdings or its affiliates? Yes No<u> </u> (If yes, please describe).

4. Would this be an appropriate investment for clients of the firm? Yes No To your knowledge, does any client of Madison presently hold securities of this issuer? Yes No

5. To the best of your knowledge, does the private placement issuer have plans to go public any time soon? If so, when? Yes No

6. Are you being given any preferential treatment in the deal? (If yes, please describe) Yes No

7. Will you have a controlling interest in the entity? Yes No If yes, what percentage?<u> </u>%

8. In light of your position and responsibilities at Madison, are you aware of any fact, issue or circumstance involving the private placement that might give rise to an actual or apparent conflict of interest?

Yes No Comments:<u> </u>

Requested by:<u> </u>

Date:<u> </u>

Preclearance Approved/Denied:<u> </u>

By:<u> </u>

Date:<u> </u>

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**Page 24 of 24**

## Ex-99.(P)(13)

**Exhibit (p)(13)** 

---

| | |
|:---|:---|
| ![LOGO](g396518g02m36.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g396518g53e77.jpg) <br>PERSONAL CODE OF ETHICS<br>● Personal Account Dealing<br>● Outside Business Activities<br>● Gifts, Entertainment and Other Benefits Received<br>● Political Activities<br>Initial Adoption: *August 1, 2017*<br>Effective: *January 1, 2023* <br>Last Revised: *November 11, 2022*<br>Version: *3.3* <br>|

---

Public

------

**Personal Code of Ethics** 

------

**Contents** 

---

| | | |
|:---|:---|:---|
|  [1 Overview](#ex_p13396518_1) | [1 Overview](#ex_p13396518_1) | 1 |
| [1.1 Policy Statement](#ex_p13396518_2) | [1.1 Policy Statement](#ex_p13396518_2) | 1 |
| 1.2 | &nbsp;&nbsp;&nbsp;&nbsp;[Scope](#ex_p13396518_3) | 1 |
| 1.3 | &nbsp;&nbsp;&nbsp;&nbsp;[Roles and Responsibilities](#ex_p13396518_4) | 1 |
| 1.4 | &nbsp;&nbsp;&nbsp;&nbsp;[References](#ex_p13396518_5) | 2 |
| 1.5 | &nbsp;&nbsp;&nbsp;&nbsp;[Escalation Requirements](#ex_p13396518_6) | 2 |
|  [2 Definitions](#ex_p13396518_7) | [2 Definitions](#ex_p13396518_7) | 2 |
|  [3 Policy Requirements](#ex_p13396518_8) | [3 Policy Requirements](#ex_p13396518_8) | 3 |
| 3.1 | &nbsp;&nbsp;&nbsp;&nbsp;[Personal Account Dealing ("PAD")](#ex_p13396518_9) | 3 |
| 3.1.1 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;[Key Principles](#ex_p13396518_10) | 3 |
| 3.1.2 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;[Approved Brokers](#ex_p13396518_11) | 3 |
| 3.1.3 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;[Disclosure](#ex_p13396518_12) | 3 |
| 3.1.4 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;[Preclearance Requirements for Dealing in Covered Securities](#ex_p13396518_13) | 4 |
| 3.1.5 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;[Restrictions on Dealing in Covered Securities](#ex_p13396518_14) | 5 |
| 3.1.6 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;[Exceptions](#ex_p13396518_15) | 6 |
| 3.1.7 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;[Trading in Janus Henderson Products](#ex_p13396518_16) | 6 |
| 3.1.8 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;[Trading in Janus Henderson Group plc Securities](#ex_p13396518_17) | 7 |
| 3.2 | &nbsp;&nbsp;&nbsp;&nbsp;[Outside Business Activities (OBA)](#ex_p13396518_18) | 8 |
| 3.2.1 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;[Key Principles](#ex_p13396518_19) | 8 |
| 3.2.2 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;[Disclosure and Approval Requirements](#ex_p13396518_20) | 8 |
| 3.2.3 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;[Approval Process](#ex_p13396518_21) | 9 |
| 3.3 | &nbsp;&nbsp;&nbsp;&nbsp;[Gifts, Entertainment and Meals Received](#ex_p13396518_22) | 9 |
| 3.3.1 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;[Key Principles](#ex_p13396518_23) | 9 |
| 3.3.2 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;[Disclosure and Approval Requirements](#ex_p13396518_24) | 10 |
| 3.3.3 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;[Approval and Exceptions Process](#ex_p13396518_25) | 10 |
| 3.4 | &nbsp;&nbsp;&nbsp;&nbsp;[Political Activities](#ex_p13396518_26) | 11 |
| 3.4.1 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;[Key Principles](#ex_p13396518_27) | 11 |
| 3.4.2 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;[Disclosure and Approval Requirements](#ex_p13396518_28) | 11 |
| 3.4.3 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;[Approval and Exceptions Process](#ex_p13396518_29) | 12 |
| 3.4.4 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;[Conditions and Prohibitions](#ex_p13396518_30) | 12 |
| 3.4.5 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;[Soliciting U.S. Government Entities on Behalf of SEC-Registered Advisers](#ex_p13396518_31) | 13 |
|  [Appendix 1 – Definitions](#ex_p13396518_32) | [Appendix 1 – Definitions](#ex_p13396518_32) | 14 |
|  [Appendix 2 – PAD Guidelines](#ex_p13396518_33) | [Appendix 2 – PAD Guidelines](#ex_p13396518_33) | 16 |
|  [Appendix 3 – Gifts, Entertainment and Meals Received Limits, Thresholds and Guidelines](#ex_p13396518_34) | [Appendix 3 – Gifts, Entertainment and Meals Received Limits, Thresholds and Guidelines](#ex_p13396518_34) | 18 |
|  [Appendix 4 – Policies for Independent Fund Trustees](#ex_p13396518_35) | [Appendix 4 – Policies for Independent Fund Trustees](#ex_p13396518_35) | 21 |

---

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**Personal Code of Ethics** 

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**1 Overview** 

**1.1 Policy Statement** 

Janus Henderson is entrusted with the assets of our clients for investment purposes. As a result, we have an obligation to place our clients' interests before our own and manage conflicts of interest fairly. The Personal Code of Ethics (the "Code") provides a set of rules and principles to ensure that we meet that obligation when we engage in personal account dealing, conduct outside business activities, receive gifts, entertainment and meals, and participate in political activities.

While the Code sets out a number of requirements, prohibitions and conditions, it does not cover every possible scenario and cannot be a replacement for your good judgment. Where the application of the Code is unclear, you should evaluate your proposed course of conduct against the following values and/or consult with Compliance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● We place the interests of our clients first.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● We are honest and forthright in words and actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● We avoid, mitigate and/or disclose relevant conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● We comply with applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● We hold each other accountable by reporting any violations of the Code.

The Code has been drafted to comply with laws, rules and regulations of the various jurisdictions where Janus Henderson operates.

**1.2 Scope** 

Except as otherwise noted, the Code applies to all Employees of Janus Henderson. The Code also applies to directors, trustees, officers and employees of funds sponsored by Janus Henderson to the extent those funds have adopted the Code as their own. The independent trustees of the Janus Investment Fund, Janus Aspen Series, Janus Detroit Street Trust and Clayton Street Trust are subject only to specific obligations and restrictions in <u>Appendix 4 – Policies for Independent Fund Trustees</u>.

**1.3 Roles and Responsibilities** 

Employees will attest to their receipt of the Code at hire, on an annual basis and anytime material amendments to the Code are made. In attesting to the Code, Employees agree to their understanding of the Code and agree to comply with the requirements of the Code.

Compliance administers and monitors adherence to the Code, including by reviewing disclosures, providing training and identifying violations. Compliance also maintains and oversees the maintenance of certain records in accordance with applicable legal and regulatory requirements.

The Ethics & Conflicts Committee provides oversight of the Code, including by reviewing exceptions and addressing violations. The Ethics & Conflicts Committee reviews the Code on a periodic basis in line with business changes and changes to regulation.

The Janus Investment Fund, Janus Aspen Series, Janus Detroit Street Trust and Clayton Street Trusts' Boards of Trustees must approve any material amendments to the Code.

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**Personal Code of Ethics** 

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**1.4 References** 

The Code is designed to ensure compliance with laws, rules and regulations applicable to Janus Henderson's business across the globe, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Section 206 of the US Investment Advisers Act of 1940

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Section 17(j) of the US Investment Company Act of 1940

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● SEC Rule 17j-1, Personal Investment Activities of Investment
Company Personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● SEC Rule 204-2, Books and Records To Be Maintained by
Investment Advisers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● SEC Rule 204A-1, Investment Adviser Codes of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● SEC Rule 206(4)-5, Political Contributions by Certain
Investment Advisers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● FINRA Rule 3320, Influencing or Rewarding the Employees of Others

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● FINRA Rule 3270, Outside Business Activities of Registered Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● FINRA Rule 3280, Private Securities Transactions of an Associate Person

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● FCA COBS 2.3 and 2.3A, Inducements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● FCA COBS 11.7 and 11.7A, Personal Account Dealing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Hong Kong SFC Code of Conduct for Persons Licensed by or Registered with the SFC Section 12.2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● IMAS Code of Ethics & Standards of Professional Conduct 2.12, Personal Conduct and Training

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● IMAS Code of Ethics & Standards of Professional Conduct 2.14, Gifts and Entertainment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ASX Listing Rules 12.9 et seq., Trading Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Section 38 and 166 of Financial Instruments and Exchange Act

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● NYSE Listing Rules 303A.10, Code of Business Conduct and Ethics Requirements

The Code complements and should be read in conjunction with other policies that address ethics and conflicts, such as the Code of Business Conduct, the Conflicts of Interest Policy, the Market Abuse Policy, the Share Trading Policy and the Anti-Bribery and Corruption Policy.

**1.5 Escalation Requirements** 

Failure to adhere to any of the requirements of the Code or report violations may result in a breach of the Code. The Company takes breaches very seriously. Any potential violation of the provisions of the Code will be investigated by Compliance and may be reported to the Ethics & Conflicts Committee. If a determination is made that a violation has occurred, Janus Henderson may impose appropriate sanctions, including but not limited to one or more of the following: a written warning, profit surrender, personal trading ban, and termination of employment or referral to civil or criminal authorities.

Material violations of our personal account dealing rules will be reported promptly to the respective boards of trustees/managers of the Janus Henderson Products or relevant committees of the boards.

To report suspected violations of the Code, you should contact Compliance. If you feel uncomfortable reporting directly to Compliance, you may also report suspected violations to our independent hotline provider on an anonymous or identified basis via web at <u>https://janushenderson.ethicspoint.com</u> or telephone at 844.765.6701 (U.S.), 0808.234.9715 (UK) or AT&T Direct Access Code + 844.765.6701 (Other). The Company will not tolerate any discrimination, harassment or retaliation against anyone who makes a good faith report or assists in an investigation.

**2 Definitions** 

See <u>Appendix 1 – Definitions</u>.

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**Personal Code of Ethics** 

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**3 Policy Requirements** 

**3.1 Personal Account Dealing ("PAD")** 

**3.1.1 Key Principles** 

Your Personal Account Dealing may present an actual, potential or apparent conflict or other risk that could harm the Company, its shareholders or its clients. In order for Janus Henderson to identify and manage these conflicts and risks, you must disclose brokerage accounts and holdings, disclose and receive approval for any Personal Account Dealing and conduct approved securities transactions in accordance with the requirements of this Code.

You must carefully consider the nature of your Janus Henderson responsibilities— and the type of information that you might be deemed to possess in light of any particular securities transaction—before engaging in any investment-related activity or transaction. In addition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● You may not improperly benefit by causing a client to act, or fail to act, in making investment
decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● You may not profit, or cause others to profit, based on your knowledge of completed or contemplated
client transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● You must preclear all of your personal trades and subsequently execute your trades in accordance with
stated timeframes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Where applicable, you must execute all of your personal trades with Approved Brokers as outlined
below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● No dealing is permitted that is in conflict with the interests of our clients, the parameters set by
the PADPAD policy, or the restrictions imposed by Janus Henderson restricted/embargo lists. This includes any dealing that can be interpreted as an attempt to circumvent the requirements of the PAD policy, such as "spread betting" on
Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● You may not deal on the basis of material non-public (inside)
information.

**3.1.2 Approved Brokers** 

All Employees located in the U.S. and the U.K. are required to maintain Reportable Accounts at, and execute all transactions in Covered Securities through, one or more Approved Brokers. All Reportable Accounts held with a non-Approved Broker must be moved to an Approved Broker within 90 days of your start date unless the account qualifies for an exception.

See <u>Approved Broker Guidelines</u> for the current list of Approved Brokers and exceptions.

**3.1.3 Disclosure Requirements** 

Within 10 calendar days of your start date, you must disclose (i) all Reportable Accounts and (ii) all Covered Securities and Janus Henderson Products in which you have Beneficial Ownership. Reportable Accounts are brokerage or other accounts in which you have Beneficial Ownership and that hold or **can** hold Covered Securities or Janus Henderson Products.<sup>1</sup>

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<sup>1</sup> See <u>Appendix 2 – PAD Guidelines</u> for more detailed information on Beneficial Ownership and Covered Securities.

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**Personal Code of Ethics** 

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On an ongoing basis, you must promptly disclose any newly opened Reportable Accounts before executing any transactions. Please note that any new accounts must be consistent with the Approved Broker Guidelines discussed in section 3.1.2 above. You must also timely disclose transactions in Covered Securities and holdings in Janus Henderson Products as outlined below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Electronic feeds – If you hold relevant accounts with an Approved Broker, you must allow your
broker to provide Compliance with transactions and holdings data via electronic feed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Employee uploads – If you hold relevant accounts with a non-Approved Broker, you must enter the trade details and upload the trade confirmation/contract notes into MCO within 7 days of executing a precleared trade. Additionally, you must complete periodic
attestations that you have disclosed all of your trades in Covered Securities and holdings in Janus Henderson Products as and when required by Compliance.

On an annual basis, you must attest that you have disclosed (i) all Reportable Accounts and (ii) all Covered Securities and Janus Henderson Products in which you have Beneficial Ownership. You may also be required to complete additional attestations to meet jurisdictional and regulatory requirements.

**3.1.4 Preclearance Requirements** 

You must preclear any transactions in Covered Securities in which you have Beneficial Ownership (i.e., generally any trades by you, your spouse or partner, your dependent children and other dependents living in your household) via MCO unless the transaction meets one of the exceptions noted in section 3.1.6.

You are prohibited from transacting in Covered Securities while in the possession of material non-public (inside) information, which may include knowledge of client transactions in the security. All preclearance requests are evaluated for potential client conflicts or market abuse, including by comparing against the Janus Henderson trade blotter and restricted/embargoed list. If you are requesting to trade a Covered Security that you cover or that is an eligible investment for client accounts you manage or advise, you must explain why the trade does not present any client conflicts via the preclearance form in MCO.

All approvals and denials will be communicated from MCO via email. Generally, most requests are approved or denied immediately and automatically through application of rules in MCO; however, some requests may take longer to evaluate depending on the specifics of the security and the transaction.

If your requested transaction is approved and you choose to transact, you must place and execute your transaction by the close of business on the day after you receive an approval email from MCO. If the day after the date of preclearance approval is a market holiday or a weekend, then you must place and execute the transaction by the close of business on the day you receive approval. If your trade has a delayed execution date (e.g., an illiquid or unlisted security), you should request an exception from Compliance.

If the transaction is not placed and executed within the approved timeframe, then you must submit a new preclearance request in MCO. Limit orders are allowed only if they are set to expire within the preclearance approval window.

**Private Placements and Limited Offerings** 

You must preclear transactions in Covered Securities offered as part of a private placement or limited offering, including transactions in private funds managed by Janus Henderson or other investment advisers, via the Private Placement/Limited Offering form in MCO. To allow sufficient time for your preclearance request to be evaluated, please submit your request at least two weeks in advance of the proposed transaction date. In determining whether approval should be given, Compliance will take into account, among other factors, whether the investment opportunity should be reserved for a client and whether the opportunity is being offered to the individual by virtue of his or her position with Janus Henderson. Contact Compliance for assistance with these requests.

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**Personal Code of Ethics** 

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**Initial Public Offerings (IPOs)** 

You are generally prohibited from participating in IPOs. Exceptions to this rule will be considered only under limited circumstances and only with prior approval from Compliance, in consultation with the Ethics & Conflicts Committee. Contact Compliance for advice and direction.

**3.1.5 Conditions and Restrictions** 

**Blackout Periods** 

Generally, you will not be granted preclearance to deal in a Covered Security when there is a pending buy or sell order for a client in that same security. Additionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Access Persons will generally not be granted preclearance to trade in a Covered Security within one
(1) business day after a client trade occurs in the same security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Investment Persons will generally not be granted preclearance to trade in a Covered Security within
seven (7) calendar days after a client trade occurs in the same security.

**Best Price Rule** 

In order to eliminate even the appearance of impropriety, if you (1) buy or sell a security within seven days before a client trade is executed in the same security and (2) receive a price advantage over the client's trade, you may be required to surrender the price advantage. The Best Price Rule is generally applied to all trades executed by portfolio managers, research analysts and traders. Additionally, it may be applied to any employee's trade that was not appropriately precleared. All applications of the Best Price Rule are reported to the Ethics & Conflicts Committee.

**Minimum Holding Periods** 

In order to prevent opportunistic or speculative trading, you must hold Covered Securities for certain minimum holding periods prior to profiting on the investment. The holding periods are applicable for any purchase and subsequent sale, or any sale then subsequent purchase (for short sales), of the same Covered Security (or its equivalent) where a profit will occur. With respect to derivatives, any transaction to close out a derivative position cannot be executed until the end of the holding period.

Minimum holding periods for Covered Securities are as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Profile** | **ETFs/ETNs**<br> **(Including Janus Henderson ETFs/ETNs)** | **All Other Covered Securities** |
| &nbsp;&nbsp;&nbsp; Access Person | One week (7 calendar days) | Three months (90 calendar days) |
| &nbsp;&nbsp;&nbsp; Investment Person | One week (7 calendar days) | Six months (180 calendar days) |

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The holding period starts the day after execution of your trade. Profit calculations are made using the "first-in, first-out" (FIFO) method.

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**Personal Code of Ethics** 

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**3.1.6 Exceptions** 

**Excluded Transactions** 

The following transactions in Covered Securities are excluded from the trading restrictions described in sections 3.1.4 and 3.1.5:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● In-kind transfers of securities other than JHG securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Acquisitions as a result of gift or inheritance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Acquisitions as a result of a corporate action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Acquisitions of an employer's securities through a stock grant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Purchases or sales that are not Employee-directed, including:

◾ Purchases of an employer's securities through that employer's retirement plan or stock purchase plan;

◾ Sales in response to broad-based tender offers;

◾ Broker-initiated transactions related to fees or other administrative actions;

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| | |
|:---|:---|
| ◾ | Purchases that are part of an automatic investment plan that has been disclosed to and approved by Compliance. Please note that any modifications to an automatic investment plan, including purchases that override the pre-set schedule or allocation, must also be disclosed to and approved by Compliance.  |

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Please note any Employee-directed transactions in securities acquired through the circumstances listed above are subject to all trading restrictions of the PAD policy.

**Discretionary Accounts** 

The trading restrictions outlined above do not apply to trades in Reportable Accounts over which you have no direct or indirect influence or control ("Discretionary Accounts"). In order to rely upon this provision, you must submit documentation to Compliance demonstrating that all trading in the account is under the sole discretion of your advisor or other designee and receive approval from Compliance.

On an ongoing basis, you must immediately inform Compliance if you terminate any approved advisory relationship, make management changes or otherwise exercise control over trading in the discretionary account. On an annual basis, you must acknowledge and attest that: (i) you have had no direct or indirect influence or control over the trading decisions in your discretionary account(s); and (ii) you did not suggest trades to the manager or in any way direct the manager to make any particular trades in securities for the discretionary account(s).

&nbsp;&nbsp;&nbsp; Please note that discretionary accounts still require disclosure in MCO and are still prohibited from participating in the purchase of IPOs. Additionally, transactions in Janus Henderson Group plc equity securities and participation in private placements and limited offerings still require preclearance.<br>

**Hardship** 

Where the restrictions outlined above would cause undue financial hardship due to your personal circumstances, you may request an exception. Any exception granted requires the review and approval from Compliance and will be reported to the Ethics & Conflicts Committee.

**3.1.7 Trading in Janus Henderson Products** 

Janus Henderson serves as the adviser or subadviser to a variety of investment products including U.S mutual funds, ETNs, ETFs, UCITS, OEICs, other open-end funds, investment trusts and private/commingled funds. Any Employee holdings in Janus Henderson Products must be disclosed in MCO. Unless they are also Covered Securities, transactions in Janus Henderson Products do not need to be precleared.

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**Personal Code of Ethics** 

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Please note that you are discouraged from engaging in short-term or speculative transactions in Janus Henderson Products where such trading is inconsistent with its intended use. You are also prohibited from trading in any Janus Henderson Products while in the possession of material non-public (inside) information concerning it. Such information may include knowledge of material liquidity challenges, material valuation actions, material redemptions or material changes to portfolio management. Please contact Compliance for advice and direction. Additional restrictions may apply to certain Janus Henderson Products as outlined below.

**Janus Henderson U.S. Mutual Funds** 

You are not required to preclear transactions in Janus Henderson U.S. Mutual Funds (specifically funds in the Janus Investment Fund or Janus Aspen Series); however, a minimum holding period of 90 days is required for all Employee trades in these funds. The holding period is applicable for any purchase and subsequent sale of the same fund where a profit will occur and starts the day after execution of the trade and lasts through the 90th day. The restriction is calculated using a "first in, first out" (FIFO) basis. The holding period does not apply to acquisitions or sales of a fund where it is executed without instruction from the Employee (e.g., automatic dividend reinvestments, share plan investing etc.).

**Janus Henderson Investment Trusts<sup>2</sup>** 

Janus Henderson investment trusts are treated the same as all other investment trusts under the Code. See sections 3.1.4 and 3.1.5. Please note that investment trusts may be placed on the restricted/embargoed list, including during any "closed periods." All preclearance requests for Janus Henderson investment trusts will be blocked pending checks for risks such as closed periods or involvement in buy-back programmes.

Fund managers of Janus Henderson investment trusts should be aware of the specific regulatory risks associated with personal investments in their trusts and should consult Compliance if they consider that there might be any potential conflict or market conduct risk associated with a proposed personal account trade.

**Janus Henderson Exchange Traded Products** 

Janus Henderson ETFs/ETNs are treated the same as all other ETFs/ETNs under the Code. See Sections <u>3.1.4</u> and <u>3.1.5</u>.

**Janus Henderson Private Funds or Commingled Pools** 

Janus Henderson private funds and commingled pools are treated the same as all other limited offerings and private placements under the Code. See sections <u>3.1.4</u> and <u>3.1.5</u>. As noted there, Preclearance requests should be submitted in MCO via the Private Placement/Limited Offering form at least two weeks in advance of the proposed investment date.

**3.1.8 Trading in Janus Henderson Group plc Securities** 

Your transactions in securities issued by Janus Henderson Group plc (JHG) ("JHG securities") are subject to all trading restrictions of the PAD policy and the <u>Janus Henderson Group Share Trading Policy</u>, including preclearance via MCO and minimum holding periods. You are prohibited from trading in any JHG securities while in the possession of material non-public (inside) information concerning it. You may also only transact in JHG equity securities during an open window period. The window period generally opens the day after Janus Henderson publicly announces its quarterly earnings and closes at each quarter end.

Please note that all of your trades in JHG securities will be closely monitored and scrutinized. You may not engage in transactions in JHG securities if they are speculative or short-term in nature (e.g., short sales, transactions in "put" or "call" options or similar derivative transactions). In addition, you may not engage in any

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<sup>2</sup> A list of these Investment Trusts can be found <u>here,</u>

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**Personal Code of Ethics** 

------

hedging or monetization transactions with respect to JHG securities or engage in other dealing that can be interpreted as an attempt to circumvent the requirements of the PAD policy. The <u>Janus Henderson Group Share Trading Policy</u> provides additional guidance on the trading of JHG securities.

Please note that you must obtain preclearance via MCO for all employee-directed acquisitions or dispositions of JHG equity securities, including in-kind transfers where ownership of the shares changes (e.g., charitable gift).

You must also obtain preclearance for transactions in JHG equity securities in "discretionary accounts."

Certain transactions are exempt from preclearance requirements as set out in section 3.1.6; however, any Employee-directed transactions which follow are subject to all other applicable restrictions of the PAD policy.

**3.2 Outside Business Activities (OBA)** 

**3.2.1 Key Principles** 

Your business activities outside of work may present a conflict or other risk that could harm the Company, its shareholders or its clients. In order for Janus Henderson to identify and manage these conflicts and risks, you must disclose and receive approval for OBA and conduct approved activities in accordance with the requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any OBA that involves a significant amount of time or provides a significant amount of income may
present a conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any OBA that is investment-related, including activities on behalf of a non-profit, may present a conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any OBA that involves service on the board of directors of a publicly traded company may present a
conflict and will generally not be permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● At all times, the interests of the Company and its clients take priority over the outside business
activities of Employees.

**3.2.2 Disclosure and Approval Requirements** 

You are required to disclose and seek pre-approval for any of the following OBAs:<sup>34</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Serving as an employee, independent contractor, sole proprietor, officer, director or partner of a for-profit business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Serving as a director, officer or executive management of a non-profit entity or performing investment-related functions on its behalf; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Engaging in any other outside employment or activity (paid or unpaid) that may give rise to a
conflict with the Company, its shareholders or clients, or other risk (e.g., operating a blog that provides financial advice).

You are not required to disclose uncompensated service as a non-director, non-officer, non-executive management employee or volunteer for a non-profit entity, including civic organizations (e.g., your local homeowners or resident association), unless you will be performing investment-related functions on its behalf.

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<sup>3</sup> FINRA obligation: If you are a FINRA-licensed person, please consult with Distribution Compliance on the disclosure obligations in relation to outside directorships and other business interests.

<sup>4</sup> Hong Kong SFC obligation: If you are a Hong Kong SFC-licensed person, please consult with local compliance on the disclosure obligations in relation to outside directorships and other business interests.

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**Personal Code of Ethics** 

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Upon joining the Company, you must submit a request for approval in MCO before continuing any existing OBA. Additionally, prior to commencing any new OBA, you must submit a request for approval in MCO.

You must abide by the Company's decision as to whether to permit an OBA and, if so, any conditions it places on your participation in the OBA.

You are required to keep your OBA disclosures current and accurate by promptly notifying Compliance of any relevant changes to your status (e.g., you are now serving on the investment committee) or the entity's status

(e.g., the company has become or is becoming publicly-traded). You must attest to the accuracy and completeness of your OBA disclosures in MCO annually.

**3.2.3 Approval Process** 

Compliance reviews and approves your OBA request if it does not present any actual or potential conflict or other risk. Compliance escalates your request to the Ethics & Conflicts Committee and your direct manager, as appropriate, if the activity presents perceived, actual or potential conflict. The Ethics & Conflicts Committee reviews and approves or denies any requests escalated by Compliance.

In deciding whether to approve the activity, Compliance, your direct manager and/or the Ethics & Conflicts Committee will consider whether the OBA presents any conflict or other risk and, if so, whether that conflict or risk can be effectively mitigated. Your request will not be denied without good cause. Compliance, your direct manager and/or the Ethics & Conflicts Committee may impose any conditions on your participation in the OBA reasonably necessary to manage any conflicts or risks, including but not limited to requiring periodic certifications.

As a general rule, you will not be allowed to serve on the board of directors of any company with publicly traded equity or debt.

**3.3 Gifts, Entertainment and Other Benefits Received** 

**3.3.1 Key Principles** 

Your receipt of Gifts, Entertainment or Other Benefits from Business Relationships may present an actual, potential or apparent conflict or other risk that could harm the Company, its shareholders or its clients. In order for Janus Henderson to identify and manage these conflicts and risks, you must disclose and receive approval for Gifts, Entertainment or Other Benefits received or intended to be accepted from a Business Relationship in accordance with the requirements of this Code.

You must follow the restrictions that apply to your jurisdiction and business as set forth in the relevant regional rules in Appendix 3. Employees located or doing business in the UK and Europe are generally limited to receiving certain minor non-monetary benefits, including hospitality of a reasonable de minimis value, such as food and drink during a business meeting or a conference, seminar or other training event.

Regardless of your business unit and location, you may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Receive cash, cash equivalents, loans or personal services on behalf of Janus Henderson, even if
these fall within the limits outlined in the Appendices. This includes gift cards or certificates if they can be redeemed for cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Receive special discounts unless they are available to all other Employees (e.g., a discount coupon
from a retail store).

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**Personal Code of Ethics** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Receive a Gift, Entertainment or Other Benefit if it could be perceived by others as a bribe or
consideration for a business favour.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Receive a Gift, Entertainment or Other Benefit that would be embarrassing to you or Janus Henderson
if made public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Request a Gift, Entertainment or Other Benefit from a Business Relationship.

**3.3.2 Disclosure and Approval Requirements** 

You are required to promptly disclose any Gifts, Entertainment or Other Benefits that you receive or wish to accept to the extent they exceed the relevant Disclosure Threshold described in the Appendices. You are also required to seek pre-approval for any Gifts, Entertainment or Other Benefits that you receive or wish to accept to the extent they exceed the relevant Individual or Annual Limit described in the Appendices or are otherwise restricted.

The Appendices outline for each jurisdiction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Prohibitions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Disclosure Thresholds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Individual Limits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Annual Limits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Other rules or guidelines.

The described thresholds and limits apply to the total, fair market value of the Gift, Entertainment or Other Benefits, including any associated meals, drinks, tickets, transportation, etc. For the avoidance of doubt, fair market value is the greater of the value at which it could be purchased in the open market and the face value or cost to the Business Relationship. Any Annual Limits per provider apply to the combined total of all Entertainment received from the Business Relationship, including Business Meals. All Individual and Annual Limits related to Business Meals are exclusive of tax and gratuity.

You are required to attest at least annually that you have disclosed all Gifts, Entertainment or Other Benefits required to be disclosed and that you have not received any Gifts, Entertainment or Other Benefits outside of the Code requirements.

**Industry Conferences, Seminars and Events** 

You may be invited to industry conferences, seminars and events where the event sponsor or another third party offers to pay for your travel, lodging, food, drink and conference fees. You must seek pre-approval in MCO for any accommodations you wish to accept to the extent the aggregate value exceeds the relevant Individual or Annual Limit described in the Appendices or the accommodations are otherwise restricted. Any offer of separate excursions or entertainment (e.g., golf outings, boating trips, etc.) associated with the conference/seminar/event should be detailed in the pre-approval request. Your request should also include the business rationale for accepting the accommodations vs. expensing the costs to JHI.

**3.3.3 Approval and Exceptions Process** 

Any Gift, Entertainment or Other Benefit whose value exceeds the relevant Individual or Annual Limit, or that is otherwise impermissible due to restrictions described in the Appendices constitutes an exception to the Code. Compliance and your direct manager will generally review and approve or deny any exceptions to the Code. The receipt of Gifts, Entertainment and Other Benefits in excess of the Individual or Annual Limits by the CEO is subject to review and approval by the Chairman of the Janus Henderson Board. The receipt of Gifts, Entertainment and Other Benefits in excess of the Individual or Annual Limits by other members of the Executive Committee is subject to review and approval by the CEO. In connection with the approval of an exception, the

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**Personal Code of Ethics** 

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Company may impose additional conditions or restrictions on the receipt of the Gifts, Entertainment or Other Benefits, including but not limited to requiring the Employee to reimburse the Business Relationship or donate to an appropriate charitable organization the amount by which the fair market value of the Gift, Entertainment or Other Benefit exceeds the relevant Individual Limit. Exceptions are reported to the Ethics & Conflicts Committee.

If, after you have received Gifts, Entertainment or Other Benefits, you or Compliance determine the value is over the relevant Individual or Annual Limit or is otherwise inappropriate, your direct manager and Compliance will work with you to resolve the issue and ensure that you remain compliant with the Code and local regulations. In the event an Employee receives a Gift over the applicable limit, the Employee will be required to return the Gift or, at the direction of Compliance and the Ethics & Conflicts Committee, (1) pay the fair market value of the Gift and keep it, (2) donate the Gift to charity or (3) dispose of the Gift.

**3.4 Political Activities** 

**3.4.1 Key Principles** 

Your participation in Political Activities and your making of Political Contributions may present an actual, potential or apparent conflict or other risk that could harm the Company, its shareholders or its clients. In order for Janus Henderson to identify and manage these conflicts and risks, you<sup>5</sup> must disclose and receive pre-approval for Political Activities and Political Contributions and conduct approved activities in accordance with the requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Only Covered Associates are allowed to solicit investment advisory services business from U.S.
Government Entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● You are prohibited from directly or indirectly using a third party to solicit investment advisory
services business from U.S. Government Entities without pre-approval from Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● You are prohibited from performing any act which would result in a violation of the Code whether
directly or through or by any other person or means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● No Employee may undertake any Political Activity (1) using the Company's name,
(2) during working hours, (3) on the Company's premises and/or (4) with the use of Company's equipment, property, funds or personnel without obtaining pre-approval from Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● At all times, the interests of the Company and its clients take priority over the personal political
interests of Employees.

**3.4.2 Disclosure and Approval Requirements** 

You are required to disclose and seek pre-approval for any Political Activities or Political Contributions of yourself or the Company. All executive officers of SEC-registered investment advisers are also required to disclose and seek pre-approval for any Political Activities or Political Contributions of their family members (i.e., a spouse, domestic partner or minor children). You should submit all requests for pre-approval to Compliance via MCO.

Any Political Contributions made by others (e.g., spouses, domestic partners, family members, friends, placement agents, consultants, attorneys, businesses, etc.) at the direction or suggestion of an Employee are considered to be made by that Employee for purposes of the Code.

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<sup>5</sup> For purposes of these Political Activities disclosure and pre-clearance rules alone, the terms "you" and "Employee" do not cover contractors.

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**Personal Code of Ethics** 

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**3.4.3 Approval and Exceptions Process** 

You must obtain written approval from Compliance prior to making any Political Contribution or engaging in any Political Activity on behalf of yourself or the Company. All officers must also obtain written approval from Compliance before a family member (i.e., a spouse, domestic partner or minor children) makes a Political Contribution or engages in any Political Activity.

Compliance, and Legal as necessary, will review all requests to determine whether they are permissible based on the requirements of the Code as well as applicable federal, state and local restrictions.

In general, you may make Political Contributions of $150 (U.S. or local equivalent) to a candidate per election, subject to Compliance approval. Primary and general elections are considered separate elections. You may request exceptions to the $150 limit, which may be reviewed by representatives of the Legal and Compliance departments. In certain cases, exception requests may be escalated to the CEO for approval. The Company's Political Activities and Political Contributions must be approved by the Executive Committee.

In general, contributions to and activities for charitable organizations, such as 501(c)(3)s, are not typically considered Political Activities or Contributions; however, you must keep in mind the anti-circumvention provisions of the Code (see Section 3.4.4). If you are unsure if a particular contribution or activity would comply with the Code and legal or regulatory requirements or require pre-approval, please consult with Compliance.

**3.4.4 Conditions and Prohibitions** 

You are expected to exercise good judgment when engaging in Political Activities, making Political Contributions or otherwise using political influence. You must consider any actual, potential or apparent conflicts of interests when engaging in Political Activities or making Political Contributions. Regardless of amount, all Political Contributions must be entirely voluntary and unlikely to influence the candidate's judgment regarding any continued or future investment advisory services business.

You are prohibited from making Political Contributions when the solicitation or request for such contribution implies that continued or future business depends on making such contributions. Similarly, no Political Activities should be performed nor Political Contributions made that create the appearance that the Company stands to receive preferential treatment in the selection of investment advisory services.

The Company and its Covered Associates are flatly prohibited from "bundling", pooling or otherwise facilitating contributions or soliciting, directly or indirectly, contributions on behalf of candidates for state and local office and payments to state or local political parties. This includes activities such as serving on a candidate's campaign finance committee, hosting fundraisers or otherwise engaging in political fundraising for Officials and state and local political parties, including political action committees (PACs) and inaugural and transitional expenses. For example, merely having one's name appear in letterhead or any other portion of a fundraising letters or sponsoring a meeting or conference that features a government official as an attendee or guest speaker and involves fundraising may be considered soliciting contributions for a candidate or party.

In addition, any payments and/or contributions to state and local parties made to a PAC controlled by an SEC-registered investment adviser or any of its Covered Associates, either directly or indirectly, are strictly prohibited. As a result, Covered Associates and, for executive officers of SEC-registered investment advisers, members of their households are strictly prohibited from establishing, controlling or being involved with a PAC or any other entity that makes Political Contributions.

You are prohibited from performing any act that would result in a violation of the Code directly or through or by any other person or means. This means that you may not use other persons or entities, including affiliated entities or unaffiliated PACs, as "conduits" to circumvent applicable laws, rules, regulations and/or the Code.

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**Personal Code of Ethics** 

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**3.4.5 Soliciting U.S. Government Entities on Behalf of SEC-Registered Advisers** 

Only Covered Associates are allowed to "solicit" investment advisory services business from U.S. Government Entities. Soliciting in this context means any direct or indirect communication with a U.S. Government Entity for the purpose of obtaining or retaining investment advisory services business. The following are examples of when such solicitation could result:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● leading, participating in or merely being present at a sales/solicitation meeting with a U.S.
Government Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● otherwise holding oneself out as part of the investment advisory services sales/solicitation effort
with a U.S. Government Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● signing a submission to a Request for Proposal in connection with investment advisory business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● receiving a sales commission, servicing trailer, finder's fee or other compensation for helping
an investment adviser obtain or retain investment advisory business with a U.S. Government Entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● making introductions between officials of a U.S. Government Entity and an investment adviser.

Compliance will notify individual Employees of his or her status as a Covered Associate and will maintain and update these lists as necessary. Compliance will work with Human Resources to screen potential hires and internal transfers who may be entering or exiting Covered Associate status to ascertain if their Political Contributions have or have not exceeded the applicable de minimis limits prescribed by any legal, regulatory or contractual limitations.

No Employee may directly or indirectly use a third party or an affiliate (i.e., anyone who is not an Employee of the SEC-registered investment adviser) to solicit investment advisory services business from U.S. Government Entities without pre-approval from Compliance. Among other things, Compliance will vet any potential third party to determine if it is a permissible placement agent under SEC Rules 206(4)-1 and 206(4)-5.

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**Personal Code of Ethics** 

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**Appendix 1 – Definitions** 

**Access Person**: Any Employee who has access to non-public information regarding any client's purchase or sale of securities or non-public information regarding the portfolio holdings of any client account. All persons covered by the Personal Account Dealing rules are deemed Access Persons.

**Annual Limit**: The maximum fair market value of Gifts, Entertainment or Other Benefits that can be received from a single provider over the course of a year, absent an exception. The Annual Limit is combined for Business Meals and Entertainment.

**Approved Brokers:** Those brokers that provide Compliance with transactions and holdings data via electronic feed into MCO. A current list of Approved Brokers can be found in the <u>Approved Broker Guidelines</u>.

**Beneficial Ownership**: You are the beneficial owner of any account or securities in which you have a direct or indirect financial interest. This includes accounts held in the name of your spouse or equivalent domestic partner, your minor children, and relatives living with you to whom you provide financial support and can include trusts for which you are a trustee or a beneficiary. See Appendix 2 for more detailed information on Beneficial Ownership.

**Business Meals**: A meal which the Business Relationship pays for and whose primary purpose is to discuss business. If the meal accompanies a form of Entertainment, it should be disclosed in conjunction with the Entertainment.

**Business Relationship**: Any person or entity that does or seeks to do business with or on behalf of Janus Henderson or any client.

**Closed Period**: The time period between the completion of a listed company's financial results and the announcing of these results to the public.

**Covered Associate**: Employees who are identified by Compliance based upon requirements of Rule 206(4)-5, including but not limited to members of sales teams, Compliance, Legal, Investments, Marketing, the Executive Committee and certain department heads.

**Covered Securities**: In general, any securities (and derivatives thereof), including but not limited to individual stocks and bonds, exchange-traded products (ETFs and ETNs), closed-end funds, private placements and limited offerings. See Appendix 2 for a detailed list of Covered and Non-Covered securities.

**Disclosure Threshold**: The fair market value above which Gifts, Entertainment or Other Benefits are required to be disclosed.

**Employees or You**: All employees of Janus Henderson, as well as certain contactors as identified by Compliance.

**Entertainment**: A sporting event, concert, theatre performance, outdoor activity, reception, cocktail party, Business Meal or any other event that the Business Relationship pays for. In order to qualify as Entertainment, the Business Relationship must attend the event with you.

**Ethics & Conflicts Committee**: Governance committee composed of senior leaders throughout Janus

Henderson Group. The Committee meets quarterly, or more often as needed, to review potential violations of the Personal Code of Ethics, our Code of Business Conduct and other related policies.

**FCA**: Financial Conduct Authority – a UK regulator.

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**Personal Code of Ethics** 

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**Gift**: Any item of value that is received from a current or prospective Business Relationship. Entertainment that the Business Relationship pays for, but does not attend, qualifies as a Gift.

**Individual Limit**: The maximum fair market value of Gifts, Entertainment or Other Benefits that can be received from a single provider in connection with a single event or single day, absent an exception.

**Investment Person**: An Access Person who also makes or participates in making, decisions regarding the trading of securities in any client account, has access to such decisions or assists in the trade process. Investment Persons generally can include PMs, research analysts, traders, trade operations, compliance, investments, product development and ExCo members.

**Janus Henderson or the Company**: Janus Henderson Group plc, its affiliates and its subsidiaries.

**Janus Henderson Products**: Any fund or product for which JHG acts as an investment adviser, sub-adviser or principal underwriter (e.g., mutual funds, exchange-traded products, UCITS funds, investment trusts, commingled pools, hedge funds or subadvised products)

**MyComplianceOffice (MCO)**: The monitoring system utilized for all personal compliance disclosures including Personal Account Dealing.

**Outside Business Activity (OBA)**: Any personal activities outside of work subject to the disclosure and pre- approval requirements described in sections 3.2.2.

**Other Benefit**: Any other non-cash value that is received from a current or prospective Business Relationship other than a Gift or Entertainment, such as conference or seminar fees.

**Personal Account Dealing (PAD)**: The personal transactions in Covered Securities held in accounts under the Beneficial Ownership of persons covered by the Code.

**Political Activity**: Any activity that directly or indirectly supports a candidate's campaign for governmental office, including but not limited to: (1) hosting fundraisers for candidates, committees and parties; (2) using your name or the Company's name on fundraising literature; (3) "bundling" or coordinating contributions on behalf of others; (4) volunteering to make phone calls or canvas neighbourhoods; (5) participating in a PAC; (6) giving endorsements; or (7) serving on a candidate's election committee.

**Political Contribution**: Any gift, subscription, loan, advance, or deposit of money or anything of value for: (1) the purpose of influencing any election for governmental office; (2) the payment of debt incurred in connection with any such election; or (3) transition or inaugural expenses incurred by the successful candidate for governmental office. Political Contributions include both monetary contributions and in-kind contributions. For example, if an Employee pays for services, provides facilities or a personal residence (e.g., to host a reception), or uses other resources to benefit any candidate, political party, political organization, inaugural committee or transition team, these activities could be considered Political Contributions.

**Reportable Accounts**: All brokerage accounts and any other accounts in which the Employee has Beneficial Ownership and that hold or **can** hold Covered Securities or Janus Henderson Products.

**SEC**: U.S Securities and Exchange Commission – a U.S. regulator.

**U.S. Government Entity**: Any U.S. state or local government; any agency, authority or instrumentality of a state or local government; any pool of assets sponsored by a state or local government (such as a defined benefit pension plan, separate account or general fund); and any participant-directed government plan (such as 529, 403(b), or 457 plans).

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**Personal Code of Ethics** 

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**Appendix 2 – PAD Guidelines** 

**Covered Securities** 

The following securities (and derivatives thereof) are considered Covered Securities and are therefore subject to the Code requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● equities – listed and unlisted shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● fixed income instruments

<sup>○</sup> corporate

<sup>○</sup> municipal

<sup>○</sup> closely held

<sup>○</sup> bonds and other direct debt instruments issued or guaranteed by governments of developing countries or in emerging markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ADRs, EDRs, GDRs or any other depository receipt

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● all ETFs/ETNs<sup>6</sup> (including Janus Henderson
ETFs/ETNs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● closed-end funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● hedge funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● special purpose acquisition companies (SPACs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● private placements and limited offerings (including private funds, venture capital trusts (VCTs), and
security token offerings or initial coin offerings related to crypto-currencies)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● investment trusts, including Janus Henderson-managed investment trusts and real estate investment
trusts (REITs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● investments listed above held in a wrapped product, such as an Individual Savings Account (ISA),
Self-Invested Personal Pension (SIPP), Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS), etc.

Any investment that you are unsure about should be precleared.

**Non-Covered Securities** 

The following securities, commodities, currencies and instruments (and derivatives thereof) are considered Non-Covered Securities and are not subject to the Code requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● bank and term deposits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● bonds and other direct debt instruments issued or guaranteed by the government of the UK, the US or
governments of other developed countries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Commercial paper and investment grade short-term debt instruments, including repurchase agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● premium bonds (UK specific)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● direct investment or derivatives trading (such as futures and options) in:

<sup>○</sup> physical commodities

<sup>○</sup> currencies

<sup>○</sup> interest rates

<sup>○</sup> broad-based indices

<sup>○</sup> crypto currencies (other than those in security token offerings or initial coin offerings)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● regulated open-end funds (UCITS, NURS, US mutual funds,
Australian managed investment schemes, etc.) unless Janus Henderson Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Non-Fungible Tokens (NFTs)

While the above securities, commodities, currencies and instruments are exempt from the specific preclearance requirements and investment restrictions set out in the Code, be aware that any type of trading that could result in a conflict arising is actively discouraged. This includes high levels of trading in Non-Covered Securities.

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<sup>6</sup> Any trade in a single-stock ETF/ETN will be treated as a trade in the underlying security.

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**Beneficial Ownership** 

**Definition of Beneficial Ownership** 

The Code applies to all accounts and securities beneficially owned by you as well as accounts under your direct or indirect influence or control. Essentially, this means that if you have the ability to profit, directly or indirectly, or share in any profit from a transaction, you have Beneficial Ownership. If you are unsure if an account or investment falls under your beneficial ownership (e.g., a share or investment club), please contact Compliance for further guidance.

**Practical Application** 

You live with your parents: If you live in your parents' house but do not financially support your parents, your parents' accounts and securities are not beneficially owned by you and do not require disclosure.

Your parent lives with you: If you provide financial support to your parent, your parent's accounts and securities are beneficially owned by you and require disclosure.

You have an adult child living in your home: If you provide financial support to your child, your child's accounts and securities are beneficially owned by you and require disclosure.

You have a college-age child: If your child is in college and you still claim the child as a dependent for tax purposes, you are the beneficial owner of their accounts and securities.

Your child has an UGMA/UTMA account: If you (or your spouse) are the custodian for the minor child, the child's accounts are beneficially owned by you. If someone other than you (or your spouse) is the custodian for your minor child's account, the account is not beneficially owned by you.

You have a domestic partner or similar cohabitation arrangement: If you contribute to the maintenance of a household and the financial support of a partner, your partner's accounts and securities are beneficially owned by you and require disclosure.

You have a roommate: Generally, roommates are presumed to be temporary and therefore you have no beneficial ownership in one another's accounts and securities.

You have power of attorney: If you have been granted power of attorney over an account, you are not the beneficial owner of the account until the time that the power of attorney has been activated.

You are the trustee and/or the beneficiary of a trust: Due to the complexity and variety of trust agreements, these situations require case-by-case review by Compliance.

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**Appendix 3 – Gifts, Entertainment and Other Benefits Limits, Thresholds and Guidelines** 

**U.S. and North America Requirements** 

**Limits and Thresholds** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Category** | **Disclosure**<br> **Threshold** | **Individual Limit**<br> **(per event)** | **Annual Limit**<br> **(per provider)** |
| &nbsp;&nbsp;&nbsp; Gifts | $50 | $100 | $100 |
| &nbsp;&nbsp;&nbsp; Business Meals | $50 | $300<sup>\*</sup> | $1,500<br> (combined) |
| &nbsp;&nbsp;&nbsp; Entertainment | $50 | $300<sup>\*</sup> | $1,500<br> (combined) |

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**Prohibitions** 

You may not receive any Entertainment that constitutes an "extraordinary" event, such as the Super Bowl, World

Series, College Football Playoff Semi-Final and Championship games, NBA Finals, NHL Finals, etc.

**Additional Restrictions for Traders and Trade Operations** 

Employees in Trading and Trade Operations may only accept Entertainment in the form of reasonable Business Meals. Participation in other Entertainment is allowed with permission from and subject to conditions imposed by the applicable Head of Trading and Compliance.

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**UK and Europe Requirements** 

**Limits and Thresholds** 

The FCA has prohibited the receipt of anything other than "acceptable minor non-monetary benefits" in connection with the provision of an investment service or an ancillary service. Therefore, Employees in the UK and Europe may receive Gifts or Entertainment that do not qualify as acceptable minor non-monetary benefits *only if* the Gift or Entertainment is unrelated to the provision of an investment service or an ancillary service. In making this determination, Compliance will evaluate all relevant factors, including the Employee's position, the nature of the Gifts or Entertainment and the nature of the Business Relationship. By way of example, a Gift or Entertainment, such as invitations to a sporting or social event, provided by a software vendor to a member of the Finance team would likely not be related to the provision of an investment service or an ancillary service. For any Gift or Entertainment that is determined to be unrelated to the provision of an investment service or an ancillary service, the limits and thresholds described below apply. For other Gifts or Entertainment, the stricter limits and thresholds outlined in the "Additional Restrictions" section apply. Regardless of how a Gift or Entertainment is categorized, the approver must consider the appropriateness of the receipt of the Gift or Entertainment by the Employee when reviewing for approval.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Category** | **Disclosure Threshold** | **Individual Limit**<br> **(per event)** | **Annual Limit**<br> **(per provider)** |
| &nbsp;&nbsp;&nbsp; Gifts | £10 | £75 | £75 |
| &nbsp;&nbsp;&nbsp; Business Meals | £30 | £225 | £1,125<br> (combined) |
| &nbsp;&nbsp;&nbsp; Entertainment | £30 | £225 | £1,125<br> (combined) |

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**Additional Restrictions for Front Office and Distribution Employees** 

The FCA has prohibited the receipt of anything other than "acceptable minor non-monetary benefits" in connection with the provision of an investment service or an ancillary service. Therefore, Employees in the Front Office and Distribution functions may only receive acceptable minor non-monetary benefits. Acceptable minor non-monetary benefits are those which are (1) capable of enhancing the quality of service provided to the client; (2) of a scale and nature that they could not be judged to impair Janus Henderson's duty to act honestly, fairly and professionally in the best interests of the client; and (3) reasonable, proportionate and of a scale that is unlikely to influence Janus Henderson's behaviour in any way that is detrimental to the interests of the relevant client.

For purposes of the Code, this is limited to participation in conferences, seminars and other training events on the benefits and features of a specific financial instrument or an investment service and hospitality of a reasonable de minimis value, such as food and drink during a business meeting or a conference, seminar or other training event. The following limits and thresholds apply.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Category** | **Disclosure Threshold** | **Individual Limit**<br> **(per event)** | **Annual Limit**<br> **(per provider)** |
| &nbsp;&nbsp;&nbsp;Gifts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not permitted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not permitted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not permitted |
| &nbsp;&nbsp;&nbsp;Business Meals | £30 | £125 | £750 |
| &nbsp;&nbsp;&nbsp;Entertainment\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not permitted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not permitted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not permitted |

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**\*** Includes golf days, cricket and football matches and attendance of concert or theatre events.

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**Asia Pacific Requirements** 

**Limits and Thresholds** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Category** | **Disclosure Threshold** | **Individual Limit**<br> **(per event)** | **Annual Limit**<br> **(per provider)** |
| &nbsp;&nbsp;&nbsp;**Australia** | &nbsp;&nbsp;&nbsp;**Australia** | &nbsp;&nbsp;&nbsp;**Australia** | &nbsp;&nbsp;&nbsp;**Australia** |
| &nbsp;&nbsp;&nbsp;Gifts | AUD 100 | AUD 299 | AUD 299 |
| &nbsp;&nbsp;&nbsp;Business Meals | AUD 100 | AUD 299 | AUD 1,500<br> (combined) |
| &nbsp;&nbsp;&nbsp;Entertainment | AUD 100 | AUD 299 | AUD 1,500<br> (combined) |
| &nbsp;&nbsp;&nbsp;**Hong Kong & PRC<sup>7</sup>** | &nbsp;&nbsp;&nbsp;**Hong Kong & PRC<sup>7</sup>** | &nbsp;&nbsp;&nbsp;**Hong Kong & PRC<sup>7</sup>** | &nbsp;&nbsp;&nbsp;**Hong Kong & PRC<sup>7</sup>** |
| &nbsp;&nbsp;&nbsp;Gifts | HKD 300 | HKD 1,000 | HKD 1,000 |
| &nbsp;&nbsp;&nbsp;Business Meals | HKD 1000 | HKD 1,500 | HKD 7,500<br> (combined) |
| &nbsp;&nbsp;&nbsp;Entertainment | HKD 300 | HKD 1,500 | HKD 7,500<br> (combined) |
| &nbsp;&nbsp;&nbsp;**Japan** | &nbsp;&nbsp;&nbsp;**Japan** | &nbsp;&nbsp;&nbsp;**Japan** | &nbsp;&nbsp;&nbsp;**Japan** |
| &nbsp;&nbsp;&nbsp;Gifts | JPY 5,000 | JPY 15,000 | JPY 15,000 |
| &nbsp;&nbsp;&nbsp;Business Meals | JPY 20,000 | JPY 30,000 | JPY 100,000<br> (combined) |
| &nbsp;&nbsp;&nbsp;Entertainment | JPY 5,000 | JPY 20,000 | JPY 100,000<br> (combined) |
| &nbsp;&nbsp;&nbsp;**Singapore** | &nbsp;&nbsp;&nbsp;**Singapore** | &nbsp;&nbsp;&nbsp;**Singapore** | &nbsp;&nbsp;&nbsp;**Singapore** |
| &nbsp;&nbsp;&nbsp;Gifts | SGD 50 | SGD 200 | SGD 200 |
| &nbsp;&nbsp;&nbsp;Business Meals | SGD 120 | SGD 250 | SGD 1,250<br> (combined) |
| &nbsp;&nbsp;&nbsp;Entertainment | SGD 50 | SGD 250 | SGD 1,250<br> (combined) |

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**Additional Restrictions for Traders and Trade Operations** 

Employees in Trading and Trade Operations may only accept Entertainment in the form of reasonable Business Meals. Participation in other Entertainment is allowed with permission from and subject to conditions imposed by the applicable Head of Trading and Compliance.

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<sup>7</sup> For PRC, the amount is RMB equivalent.

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**Personal Code of Ethics** 

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**Appendix 4 – Policies for Independent Fund Trustees** 

The following provisions apply to the Independent Trustees of the Janus Investment Fund (JIF), the Janus Aspen Series (JAS), the Janus Detroit Street Trust (DST) and the Clayton Street Trust (CST) (each a "Trust" and together the "Trusts") with respect to the Trusts they oversee.

You are a fiduciary to the Trusts you oversee and owe fiduciary duties of loyalty and care to them. In meeting those fiduciary duties, you are expressly prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● employing any device, scheme, or artifice to defraud the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● making to the Trusts any untrue statement of a material fact or omit to state to the Trusts a
material fact necessary in order to make the statements made, in light of circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● engaging in any act, practice, or course of business which operates or would operate as a fraud or
deceit upon the Trusts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● engaging in any manipulative practice with respect to the Trusts.

You are also required to adhere to the following more detailed requirements of the Code.

**Personal Account Dealing Requirements** 

**Account Disclosures** 

At the time of onboarding and annually thereafter, you must disclose any accounts which hold Janus Henderson Products and in which you have direct or Beneficial Ownership. You must certify annually that you adhered to this requirement.

**Trades in Covered Securities** 

While you are not required to preclear trades in Covered Securities, you are prohibited from discretionary trading of a Covered Security in accounts in which you have direct or Beneficial Ownership when you knew or should have known that during the 15-day period immediately before or after your transaction (a) one of the Trusts you oversee purchased or sold the Covered Security; or (b) one of the Trusts you oversee or Janus Henderson considered purchasing or selling the Covered Security. Additionally, you must certify annually that you adhered to this requirement.

In the event there is such a transaction in Covered Securities, you must contact the Chief Compliance Officer so that you can complete the quarterly transaction report required under SEC Rule 17j-1(d)(2).

**Trades in the Trusts** 

You are discouraged from engaging in short-term or speculative transactions in shares of the funds you oversee, where such trading is inconsistent with such fund's intended use. You are also prohibited from trading in shares of the funds you oversee while in the possession of material non-public (inside) information concerning such funds. As needed, please contact the Trusts' Chief Compliance Officer, Janus Henderson internal counsel, or your independent trustee counsel for advice and direction regarding the types of non-public information that may be considered material.

**Trades in JHG Securities** 

You are prohibited from having direct or Beneficial Ownership of equity securities issued by Janus Henderson Group plc (JHG).

**Communications with the Investment Team** 

You will receive regular information about the Trusts' investment activities in general board meetings, in Diligent and in ongoing communications between Janus Henderson and the Trustees. In addition, Janus Henderson personnel respond to inquiries from Trustees, particularly as they relate to general strategy considerations or

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**Personal Code of Ethics** 

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economic or market conditions affecting the funds you oversee. The U.S. Mutual Funds' holdings disclosure policy specifically provides that, for legitimate business purposes, the Trustees may receive non-public information regarding the funds' portfolio holdings. You should be sensitive to the potential conflicts of interest and reporting requirements (as noted above) that your receipt of that information may create with respect to your personal trading.

**Gifts and Entertainment Received Requirements** 

You are prohibited from soliciting Gifts or Entertainment from Janus Henderson. While you are not required to disclose or obtain preapproval for Gifts or Entertainment received from Janus Henderson, you may not receive more than $100 in Gifts from Janus Henderson in a calendar year. In addition, you may not receive more than $300 value (or $600 value for you and a guest) in Entertainment from Janus Henderson for a given event. The aggregate value of all such Gifts and Entertainment received may not exceed $1,500 per calendar year. The limits apply to the total fair market value cost (not face value) of the outing, including meals, travel (airfare/ hotels/ cars), tickets, limo rides, etc. These limitations do not apply to meals served in conjunction with board meetings.

## Ex-99.(P)(16)

**Exhibit (p)(16)** 

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I. PREAMBLE

This Code of Ethics ("COE") is adopted in compliance with requirements adopted by the United States Securities and Exchange Commission (the "SEC") under Rule 17j-1 of the Investment Company Act of 1940, as amended (the "Company Act"), and Section 204A and Rules 204-2 and 204A-1 of the Investment Advisers Act of 1940, as amended (the "Advisers Act"), to effectuate the purposes and objectives of the provisions contained therein. Rule 17j-1 of the Company Act requires that investment advisers to mutual funds adopt written codes of ethics; Section 204A of the Advisers Act requires the establishment and enforcement of policies and procedures reasonably designed to prevent the misuse of material non-public information by investment advisers; Rule 204-2 of the Advisers Act imposes recordkeeping requirements with respect to Personal Securities Transactions of Advisory Representatives (Capitalized terms are generally defined in Section IX); and Rule 204A-1 requires SEC registered investment advisers to adopt codes of ethics prescribing ethical standards under which they operate and also imposes recording and recordkeeping requirements with respect to Personal Securities Transactions of Access Persons. This COE of Thompson, Siegel & Walmsley LLC (the "Firm" or "TSW") is designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Protect the Firm's clients by deterring misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Educate Supervised Persons regarding the Firm's expectations and the laws governing their conduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Remind Supervised Persons that they are in a position of trust and must always act with complete propriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Protect the reputation of the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Guard against violation of the Federal Securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Establish procedures for Supervised Persons to follow so that the Firm may determine whether Supervised Persons are
complying with its ethical principles.

II. STANDARDS OF BUSINESS CONDUCT

TSW's Senior Management adopted the COE which sets forth standards of business conduct and fiduciary obligations that the Firm requires of its Supervised Persons. Supervised Persons are required to maintain the highest ethical standards in carrying out the Firm's business activities. The Firm's reputation is one of its most important assets and maintaining the trust and confidence of clients is a vital responsibility. This section sets forth the Firm's business conduct standards.

*Compliance Review: January 17, 2023* 

*Last Update: January 23, 2023* 

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General Principles

Our principles and philosophy regarding ethics stress the Firm's fiduciary duty to its clients and the obligation of Firm personnel to uphold that fundamental duty. In recognition of the trust and confidence placed in the Firm by its clients and to give effect to the belief that the Firm's operations should be directed to benefit its clients, the Firm has adopted the following general principles to guide the actions of its Supervised Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The interests of clients are paramount. All Supervised Persons must conduct themselves and their operations to give
maximum effect to this belief by at all times placing the interests of clients before their own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All personal transactions in Securities by Supervised Persons must be accomplished so as to avoid even the appearance
of a conflict of interest on the part of such Supervised Persons with the interests of any client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All Supervised Persons must avoid actions or activities that allow (or appear to allow) a Person to profit or benefit
from his or her position with respect to a client, or that otherwise bring into question the Supervised Person's independence or judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All information concerning the specific Security holdings and financial circumstances of any client is strictly
confidential. Supervised Persons are expected to maintain such confidentiality, secure such information and disclose it only to other Supervised Persons with a need to know that information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. All Supervised Persons will conduct themselves honestly, with integrity and in a professional manner to preserve and
protect the Firm's reputation.

Supervised Persons must comply with applicable Federal Securities laws and are prohibited from engaging in any of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To employ a device, scheme or artifice to defraud a client or prospective client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To make to a client or prospective client any untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements made, in light of the circumstances in which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To engage in any act, practice or course of conduct which operates or would operate as a fraud or deceit upon a client
or prospective client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To act as principal for his/her own account, knowingly to sell any Security to or purchase any Security from a client,
or acting as a broker for a Person

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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/she is acting and obtaining the consent of the client to such transaction. The prohibitions of this paragraph shall not apply to any transaction with a customer of a bank, broker or dealer if such broker or dealer is not acting as an investment adviser in relation to such transaction; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. To engage in any act, practice or course of business which is fraudulent, deceptive or manipulative, including with
respect to Securities (i.e., price manipulation); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. To originate or circulate, except as permitted below, in any manner a false or misleading rumor about a security or
its issuer for the purpose of influencing the market price of the security. Where a legitimate business reason exists for discussing a rumor, for example, where a client is seeking an explanation for an irregular share price movement which could be
explained by the rumor, care should be taken to ensure that the rumor is communicated in a manner that:

◾ Sources the origin of the information (where possible);

◾ Gives it no additional credibility or embellishment;

◾ Makes clear that the information is a rumor; and

◾ Makes clear that the information has not been verified.

This formulation has the benefit of allowing discussions of a rumor for legitimate purposes while including some safeguards against building to the rumor's credibility and effect on the market. These guidelines would permit, for example, a money manager to call an analyst or trader at another firm to report a rumor that the manager thinks are untrue and to ask if the analyst or trader has heard the rumor and has any relevant information. These conversations should be conducted with care, in a professional manner and without exaggeration.

This COE contains provisions reasonably necessary to prevent Supervised Persons of the Firm from engaging in acts in violation of the above standards and procedures reasonably necessary to prevent violations of the COE.

Federal law requires that this COE not only be adopted but that it will also be enforced with reasonable diligence. Failure to comply with the COE may result in disciplinary action, including termination of employment. Noncompliance with the COE has severe ramifications, including enforcement actions by regulatory authorities, criminal fines, civil injunctions and penalties, disgorgement of profits and sanctions on your ability to be employed in an investment advisory business or in a related capacity. This COE is based upon the principle that the Supervised Persons of the Firm, and certain Affiliated Persons of the Firm, owe a fiduciary duty to, among others, the clients of the Firm to conduct their affairs, including their Personal Securities Transactions, in such a manner as to avoid: (i) serving their own personal interests ahead of clients; (ii) taking inappropriate advantage of their position with

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the Firm; and (iii) any actual or potential conflicts of interest or any abuse of their position of trust and responsibility. This fiduciary duty includes the duty of the Review Officer of the Firm to report material violations of this COE to the TSW Executive Committee and to the Board of Directors of any U.S. registered investment company client advised or sub-advised by the Firm and of the actions taken as a result of such violations.

III. POLICY STATEMENT ON INSIDER TRADING

The Firm forbids any Supervised Person from trading, either personally or on behalf of 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. This conduct is frequently referred to as "insider trading." The Firm's policy applies to every Supervised Person and extends to activities within and outside their duties at the Firm. Any questions regarding the Firm's policy and procedures should be referred to the Review Officer. Trading Securities while in possession of material non-public information or improperly communicating that information to others may expose you to severe penalties. Any person who engages in insider trading or tipping can face a substantial jail term (up to 20 years), civil penalties of up to three times the profit gained (or loss avoided) by that person and/or his or her "tippee", and criminal fines of up to $5,000,000. In addition, if it is found that TSW failed to take appropriate steps to prevent insider trading, TSW or Perpetual Limited ("Perpetual") may be subject to significant criminal fines and civil penalties not to exceed the greater of $1,000,000 or three times the profit gained (or loss avoided) as a result of the insider trading. Regardless of whether a government inquiry occurs, the Firm views seriously any violation of its insider trading policies, and such violations constitute grounds for disciplinary sanctions, including immediate dismissal.

The term "material non-public information" relates not only to issuers but also to the Firm's Securities recommendations and client Securities holdings and transactions. 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 communications of material non-public information to others. Information about a significant order to purchase or sell Securities may, in some contexts, be deemed material. Similarly, prepublication information regarding reports in the financial press also may be deemed material.

While the law concerning insider trading is not static, it is generally understood that the law prohibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Trading by an insider while in possession of material non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Trading by a non-insider, while in possession of material non-public information, where the information either was disclosed to the non-insider in violation of an insider's duty to keep it confidential or was misappropriated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Communicating material non-public information to others.

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The concept of "insider" is broad. It includes officers, directors and associated persons 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 associated persons of such entities. The Firm's Review Officer will make the determination if a Person is to be deemed a "temporary insider." In addition, the Firm may become a temporary insider of a company it advises or for which it performs other services. For that to occur the company must expect the Firm to keep the disclosed non-public information confidential and the relationship must at least imply such a duty before the Firm will be considered an insider.

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 officers, directors and associated persons should consider material includes, but is not limited to: dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments.

Information is non-public until it has been effectively communicated to the marketplace. Tangible evidence of such dissemination is the best indication that the information is public. One must be able to point to some publicly available fact to show that the information is generally public. For example, information found in a report filed with the SEC or some other governmental agency, appearing in Dow Jones publications, Reuters, The Wall Street Journal, and other publications of general circulation, media broadcasts, over public internet websites and after sufficient time has passed so that the information has been disseminated widely would be considered public.

Before trading for yourself or others 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;1. 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 affect the market price of the Securities 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?

If, after consideration of the above, you believe that the information is material and non-public, or if you have questions as to whether the information is material and non-public, you should take the following steps:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Report the matter immediately to a member of the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Do not purchase or sell the Securities on behalf of yourself or others, including clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Do not communicate the information inside or outside the Firm, other than to the Firm's Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. After the Firm's Review 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.

Information in your possession that you identify as material and non-public may not be communicated to anyone, including Supervised Persons within the Firm, except as provided above. 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 and conversations containing or related to such information, if appropriate at all, should be conducted in private to avoid potential interception.

The role of the Firm's Review Officer is critical to the implementation and maintenance of the Firm's policy and procedures against insider trading. The Firm enforces prevention of insider trading and detection of insider trading.

To prevent insider trading, the Firm will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide, an educational program to familiarize Supervised Persons with the Firm's policy and procedures, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. When it has been determined that a Supervised Person of the Firm has material non-public information, the Firm will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) implement measures to prevent dissemination of such information, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) if necessary, restrict Supervised Persons from trading the Securities.

To detect insider trading, the Compliance Department will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Review the trading activity reports filed by each Supervised Persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Review the trading activity of accounts managed by the Firm.

IV. POLICY STATEMENT ON THE PAY-TO-PLAY RULE

TSW requires pre-approval by Compliance of all Political Contributions, political fundraising activities, and political volunteer activities by all Firm employees.

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However, many such activities may be approved if they are allowable or represent exemptions under the Pay-to-Play Rule as described below, and in the related policy in the Firm's Policy & Procedures Manual or "PPM" under the policies for Solicitor Arrangements and Pay-to-Play Rule. This policy is necessary to prevent the result of the Firm not being compensated for certain investment advisory services for two years if such rules are violated. See Appendix for definitions and further clarifications under the Pay-to-Play Rule.

Notwithstanding this policy, it is never permitted for TSW and its employees to make, or direct or solicit any other person to make, any Political Contribution or provide anything else of value for the purpose of influencing or inducing the obtaining or retaining of investment advisory services business.

TSW has adopted various procedures and internal controls to review, monitor and ensure the Firm's Solicitor Arrangements and Pay-to-Play policies are observed, implemented properly and amended or updated, as appropriate, which include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Political Contributions: All employees are required to obtain approval from Compliance prior to making any Political
Contribution of any value. Employees may obtain such pre-approval from Compliance by completing and submitting a "Political Contribution Request Form" via Schwab Compliance Technologies
("SCT"), the Firm's automated personal trading and compliance system. Compliance will review and evaluate each completed and submitted form to determine whether the Contribution is permissible based upon the requirements of Rule 206(4)-5 and Firm policy. Employees and their immediate supervisor(s) will be notified in writing and/or via the SCT system of Compliance's final determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Coordinating or Soliciting Political Contributions, and Political Fundraising: In addition, all employees need to
obtain approval from Compliance prior to engaging in Coordinating or Soliciting Political Contributions or engaging in any other political fundraising efforts. Employees should use the "Political Volunteering/Solicitation/Fundraising Form"
via SCT to request pre-approval for such activities. Coordinating or Soliciting Political Contributions, or political fundraising, may even include, for example, merely having one's name appear in the
letterhead or any other portion of a political fundraising letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Indirect Political Contributions: Employees are forbidden from performing any act which would result in a violation of
Rule 206(4)-5 and/or the provisions of the Code, whether directly or indirectly, or through or by any other person or means. Employees may not use other persons or entities, including family members or friends
or any other conduits to circumvent Rule 206(4)-5 and/or the Code. Activities conducted at the direction or suggestion of a Firm employee are considered to be made by the employee in the context of political
contributions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Annual Political Contributions Certification Form: At the end of each year, Compliance will distribute to all Firm
employees an Annual Political Contributions Certification Form also via SCT. This Form is intended to capture information regarding any Political Contribution made by each such employee, both directly and indirectly, during that calendar year.

Employees return the forms either (1) acknowledging that no Political Contributions were made, or (2) disclosing all Political Contributions made, including Contributions for which the employee received pre-clearance. In order to protect the privacy of employees, the records shall be treated as confidential and may only be accessed and/or reviewed by person(s) with a "need to know" or for purposes of making necessary disclosures to the SEC, if required.

In addition, a question is included on the quarterly reporting forms via SCT as well to be certain all such contributions and fundraising efforts are properly pre-cleared and reported.

Please consult TSW's PPM for definitions or more details on this issue.

V. PROHIBITED TRANSACTIONS AND ACTIVITIES

The following prohibitions apply to all Access Persons, unless indicated otherwise and unless exempted under Section VI. In addition to these prohibitions, the Review Officer may prohibit transactions other than those specifically indicated below if they determine that a proposed transaction presents a potential conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Access Persons are prohibited from directly or indirectly using any act, device, scheme, artifice, practice or course
of conduct to defraud, mislead or manipulate a client in connection with the Purchase or Sale of a Security held or to be acquired by the client. Access Persons are also prohibited from making any untrue statement of material fact to a client and
from omitting to state a material fact necessary in order to make the statement made to the client, under the circumstances, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Access Persons are generally prohibited from purchasing or selling, directly or indirectly, any Security (excluding
ETFs and other Securities excluded from pre-clearance under the Firm's COE) in which he/she has, or by reason of time of such purchase or sale:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) is on the Restricted List;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) is being purchased or sold by any Portfolio (Firm managed accounts, including WPS strategies, but excluding any WPS
limit orders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) was purchased or sold by any Portfolio during the previous trading day or the day following (thus violating the 3-day black-out period); or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) is less than $3.0 billion in market capitalization and held in a TSW Primary Product (or Primary Strategy which
includes any long-only equity strategy and fixed income strategies (and thus excludes long/short strategies) offered to outside clients and described in TSW's Form ADV).

Exemptions from the black-out period may be permitted in certain circumstances where the Chief Compliance Officer or their designee has determined there is no conflict of interest or appearance of impropriety. In such cases, this will not be considered a violation of the Firm's COE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Unless exempted under Section VI or otherwise above, Access Persons are prohibited from purchasing or selling a
Reportable Security without prior approval through the SCT automated system. However, even if exempted for prior approval/pre-clearance, all Securities will be reported on transactions statements or otherwise
as dictated under Section VIII Reporting Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Access Persons are prohibited from acquiring a beneficial interest in any Securities in a Limited Offering commonly
referred to as a private placement, without prior approval of the CCO. The CCO (or designee) will maintain a record of any decision, and the reasons supporting the decision to approve the Access Person's acquisition of a private placement.

Before granting such approval, the CCO should carefully evaluate such investment to determine that the investment could create no material conflict between the Access Person and any Portfolio. The Review Officer may make such determination by looking at, among other things, the nature of the offering and the particular facts surrounding the purchase. For example, the CCO may consider approving the transaction if he or she can determine that: (i) the investment did not result from directing Portfolio or Firm business to the underwriter or issuer of the Security; (ii) the Access Person is not misappropriating an opportunity that should have been offered to any Portfolio; and (iii) the Access Person's investment decisions for a Portfolio would not be unduly influenced by his or her personal holdings, and investment decisions are based solely on the best interests of that Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Access Persons are prohibited from acquiring Beneficial Ownership of a Security, excluding new issues of tax-exempt Securities or corporate bonds, as part of an Initial Public Offering. However, such new issues of tax-exempt Securities or corporate bonds, if purchased, should be pre-cleared and reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Access Persons and their family members are discouraged from accepting or giving any gift, favor, service, special
accommodation or other thing of more than de minimis material value from or to any Person or entity that does business with or seeks to do business with or on behalf of the Firm. Such gifts may be prohibited where they could be viewed as overly
generous or

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reasonably could be expected to compromise an Access Person's or another's independence and objectivity. For Gifts and Entertainment purposes under this COE, "de minimis" shall be considered to be the annual receipt/provision of gifts from or to the same source valued at $100 or less per individual recipient/source, when the gifts are in relation to the Firm's business. Gifts do not include business entertainment; however, entertainment, and the pre-clearance process for gifts and business entertainment, is addressed in more detail below in the next section. Any exceptions to this policy need to be approved by the Firm's Review Officer or CEO. Access Persons will acknowledge, quarterly, the receipt or gift of any business-related gifts, services or other things of material value via the SCT system. In addition, a gift log for all gifts, even those of de minimis value, will be maintained by the Review Officer or their designee via SCT. Finally, Political Contributions, discussed separately, are not considered gifts. <br>

**<u>Exception</u>: Promotional gifts of little intrinsic value such as coffee mugs, calendars, plaques, trophies or similar items solely for the purpose of presentation and display of a company's logo, where the estimated value of the item is under $10, are not required to be logged or reported quarterly, as such items are not included in the calculation of the aggregate value of gifts required to be reported by the DOL.** That said, this exception does not cover a gift that clearly has a value in excess of $10—for example, a $400 golf club embossed with a company logo would likely be prohibited, but should be pre-cleared and reported; a pen valued at $75 and embossed with a company logo would likely not be prohibited, but should be reported.

For accounts related to ERISA plans (involving increased fiduciary responsibility) or Taft-Hartley plans (involving union officials or labor unions) or for gifts to elected officials, any gifts considered at all value levels need to be pre- approved, logged and reported. Access persons should bear in mind that for Taft-Hartley plans, the DOL has established a $250 per person annual aggregate limit which should not be exceeded. This limit will be applied to ERISA plans as well due to the increased fiduciary responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Access Persons may host or attend a business entertainment event of reasonable value, such as a dinner or sporting
event that serves a legitimate and appropriate business purpose. Such business entertainment may be prohibited where it could be viewed as overly generous or reasonably could be expected to compromise an Access Person's or another's
independence and objectivity. Access Persons should seek prior approval or pre-clearance from the Firm's Review Officer or a CEO in cases where they are unsure of whether the entertainment (or a gift as
described above) may be viewed as overly generous, or in any case where a proposed gift is over $100 or business entertainment is over $250 in estimated value. What may constitute "overly generous" gifts or entertainment may be determined
on a case-by-case basis by the Review Officer or CEO. In cases where pre-approval is necessary, it will occur automatically via
the SCT system.

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It is acknowledged that such pre-clearances (as described above) will only be submitted and reviewed in cases where the entertainment event or gift is prospective in nature, quantifiable, and can be properly analyzed. In other cases, an approval may be obtained and reported after the gift is received or the event has taken place. **<u>Exceptions</u>: Where an entertainment event or gift is included as part of an educational conference, seminar, research conference or similar event which may entail multiple meals and entertainment events. In such cases, the employee will log the event and it must always be approved, but on the log and approval form, it is not necessary to include the value or estimated cost--just a description of the event and other details.** 

**Business entertainment of little intrinsic value, such as group lunches where the estimated value of the expense is under $10 per person, is not required to be logged or reported quarterly. However, this exception does not apply in cases involving ERISA plans or Taft-Hartley plans where any gifts or entertainment provided at all value levels need to be pre-approved, logged and reported.** 

Except for the exemptions described above, all business entertainment events (either hosted or attended by Access Persons) will be acknowledged and reported quarterly via the SCT system. Finally, an entertainment log for all business entertainment events (either hosted or attended) will also be maintained by the Review Officer or their designee via SCT.

For accounts related to ERISA plans (involving increased fiduciary responsibility) or Taft-Hartley plans (involving union officials or labor unions) or for business entertainment provided to elected officials, any entertainment considered at all value levels must be pre-approved, logged and reported. Access persons should bear in mind that for Taft-Hartley plans, the DOL has established a $250 per person annual aggregate limit which should not be exceeded. This limit will be applied to ERISA plans as well due to the increased fiduciary responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Access Persons are prohibited from profiting in the purchase and sale, or sale and purchase, of the same (or
equivalent) Reportable Securities, including Firm Managed Funds, within 30 calendar days. Trades made in violation of this prohibition should be unwound, if possible.

**<u>Exception</u>:** The Review Officer may allow exceptions to this policy on a case-by-case basis when the abusive practices that the policy is designed to prevent, such as front running or conflicts of interest, are not present and the equity of the situation strongly supports an exemption. An example is the involuntary sale of Securities due to unforeseen corporate activity such as a merger. The ban on short-term trading profits is specifically designed to deter potential conflicts of interest and front running transactions, which typically involve a quick trading pattern to capitalize on a short-lived market impact of

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a trade by one of the Portfolios. The Review Officer shall consider the policy reasons for the ban on short-term trades, as stated herein, in determining when an exception to the prohibition is permissible. The Review Officer may consider granting an exception to this prohibition if the Securities involved in the transaction are not being considered for purchase or sale by a Portfolio. The Review Officer shall retain a record in SCT of any exceptions granted and the reasons supporting the decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Access Persons are prohibited from serving on the Board of Directors of any publicly traded company without prior
authorization of the Review Officer of the Firm. Any such authorization shall be based upon a determination that the board service would be consistent with the interests of the Firm and any Portfolios. Authorization of board service shall be subject
to the implementation by the Firm of "Chinese Wall" or other procedures to isolate such Access Persons from making decisions about trading in that company's Securities.

VI. EXEMPTED TRANSACTIONS

Prohibited transactions described in Section V above, which appear upon reasonable inquiry and investigation to present no reasonable likelihood of harm to a Portfolio may be permitted within the discretion of the Review Officer on a case-by-case basis. Such exempted transactions may include the following, and even if not required to be pre-cleared, should be reported as dictated under Section VIII Reporting Requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchases or sales of securities which are not held by a Portfolio and which are not related economically to
Reportable Securities held by a Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Other exemptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) purchase or sale that is non-volitional on the part of the Access Person,
including (i) a purchase or sale upon the exercise of puts or calls written by the Access Person, (ii) sales from a margin account, pursuant to a bona fide margin call and (iii) a purchase or sale performed by an independent financial
professional acting with sole discretion and performed pursuant to an arrangement previously approved by the Review Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) purchase that is part of an automatic dividend reinvestment plan or other similar program, including any sale through
a systematic withdrawal plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) purchase effected upon the exercise of rights issued by an issuer pro rata to all holders of the Security, to the
extent such rights were acquired from the issuer, and sales of such rights so acquired;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) an acquisition of a Security through a gift or bequest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) a disposition of Security through gift.

The CCO may, on a case-by-case basis, exempt Reportable Accounts which appear upon reasonable inquiry and investigation to present no reasonable likelihood of harm to a Portfolio from pre-clearance requirements.

VII. COMPLIANCE PROCEDURES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Pre-Clearance Procedures for Personal Trading** 

Unless exempted under Section VI above or otherwise, all Access Persons need to receive prior approval from the Firm's Review Officer via SCT before purchasing or selling Reportable Securities in an account for which such Access Person has Beneficial Ownership. The Access Person should request pre-clearance by completing and submitting a personal trading Pre-Clearance Form via the SCT system to the Review Officer.

Pre-clearance approval will expire at the close of business on the trading date on which authorization is received. If the trade is not completed before such pre-clearance expires, the Access Person is required to again obtain pre- clearance for the trade. No Review Officer may pre-clear their own trades. In addition, if an Access Person becomes aware of any additional information with respect to a transaction that was pre-cleared, such Person is obligated to disclose such information to the Review Officer prior to executing the pre-cleared transaction.

Access Persons are excluded from pre-clearing Reportable Securities purchased, sold, acquired or disposed in the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. purchase or sale that is non-volitional on the part of the Access Person,
including (i) a purchase or sale upon the exercise of puts or calls written by the Access Person, (ii) sales from a margin account, pursuant to a bona fide margin call and (iii) a purchase or sale performed by an independent financial
professional acting with sole discretion and performed pursuant to an arrangement previously approved by the Review Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. purchase that is part of an automatic dividend reinvestment plan or other similar program, including any sale through
a systematic withdrawal plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. purchase effected upon the exercise of rights issued by an issuer pro rata to all holders of the Reportable Security,
to the extent such rights were acquired from the issuer, and sales of such rights so acquired;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. an acquisition of a Reportable Security through a gift or bequest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. a disposition of Reportable Security through a gift;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. purchase or sale of Exchange Traded Funds ("ETFs"), options on ETFs, indexes, commodities and currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. entry into futures contracts on ETFs, indexes, commodities and currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. purchase or sale of tax-exempt and corporate bonds (unless they are new
issues);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. purchase or sale of shares of foreign unit trusts and foreign mutual funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. purchase or sale of shares of open- and/or closed-end funds except Firm
Managed Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Pre-Clearance Procedures for Political Contributions, Fundraising Efforts, and Other Similar Actions** 

Political Contributions or Fundraising Efforts: All employees are required to obtain approval from Compliance prior to making any Political Contribution of any value or prior to participating in any fundraising efforts or similar actions.

Employees may obtain such pre-approval from Compliance by completing and submitting a "Political Contribution Request Form" or "Political Volunteering/Solicitation/Fundraising Form" via the SCT system. Compliance will review and evaluate each completed and submitted form to determine whether the Contribution is permissible based upon the requirements of Rule 206(4)-5 and Firm policy. Employees will be notified in writing and/or via the SCT system of Compliance's final determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Logging and Pre-Clearance Procedures for Gifts and Entertainment** 

All employees are required to obtain approval from the Firm's Review Officer or CEO prior to giving/receiving a gift valued at more than $100 or business entertainment valued at more than $250 per person (unless it is exempted from approval or reporting as described above). Employees may obtain pre-approval by completing and submitting a "Gift Request" or "Entertainment Request" via SCT. Employees will be notified in writing of the Review Officer or CEO final determination. Please note that for virtual events, consumable items provided or received in advance for use/consumption during the virtual event may, if used/consumed during the virtual event, be considered as part of a 'virtual' entertainment event. Non-consumable items provided or received in connection with a virtual event are deemed gifts. TSW Associates

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are encouraged to reach out to members of the Compliance Department with questions concerning virtual events.

All employees are required to log all gifts (except those described as promotional gifts under $10 as described above) and all business entertainment (except that which is exempted as described above), either given or received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Excessive Trading/Market Timing** 

The Firm understands that it is appropriate for Access Persons to participate in the public Securities markets as part of their overall personal investment programs. As in other areas, however, this should be done in a way that minimizes potential conflicts with the interests of any Portfolio. Further, it is important to recognize that otherwise appropriate trading, if excessive (measured in terms of frequency, complexity of trading programs, numbers of trades or other measures, as deemed appropriate by the Review Officer or senior management at the Firm, may compromise the best interests of any Portfolios if such excessive trading is conducted during work-time or using Firm resources. Accordingly, if personal trading rises to such a level as to create an environment that is not consistent with the COE, such personal transactions may not be approved or may be limited by the Review Officer of the Firm.

Each Firm Managed Fund is intended for long-term investment purposes only and does not permit "market timing" or other types of excessive short-term trading by Access Persons and other shareholders. Excessive short-term trading into and out of the Firm Managed Funds can disrupt Portfolio investment strategies and may increase fund expenses for all shareholders, including long-term shareholders who do not generate these costs. Each Firm Managed Fund reserves the right to reject any purchase request (including purchases by exchange) by any investor or group of investors for any reason without prior notice, including, in particular, if the fund reasonably believes that the trading activity would be disruptive to the fund. Access Persons shall not be permitted to make a "round trip" trade in any Firm Managed Fund within 30 calendar days without the direct approval of the Review Officer of the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Conflicts of Interest** 

Every Supervised Person shall notify the Review Officer of the Firm of any personal conflict of interest relationship which may involve a Portfolio, such as the existence of any economic relationship between their transactions and Securities held or to be acquired by any Portfolio. Such notification shall occur in the pre-clearance process.

VIII. REPORTING REQUIREMENTS

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Disclosure of Personal Holdings & Outside Business Activities** 

All Access Persons shall submit to the Review Officer:

A holdings report that includes: (1) information regarding all holdings in Securities in which Access Persons have Beneficial Ownership; and (2) the name of any broker, dealer, bank or other entity for any Reportable Account. All Securities accounts which hold or could hold Securities should be reported—those are all considered Reportable Accounts. New employees should submit these reports within 10 days of employment with the Firm. Information contained in the initial reports should be current as of a date not more than 45 days before the employee became an Access Person or prior to the date the report is submitted for annual reports.

In addition to reporting Securities holdings, every Access Person shall certify in their initial report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. They have received, read, and understand the COE and recognize that they are subject thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. They have no knowledge of the existence of any personal conflict of interest relationship which may involve a
Portfolio, such as any economic relationship between their transactions and Securities held or to be acquired by a Portfolio; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. They do not serve on the Board of Directors of any publicly traded company.

The initial report shall be made through affirmations via the SCT system and shall be delivered to the Review Officer/Compliance via SCT.

**Outside Business Activities** <br>

In accordance with Firm policy, employees must disclose and provide prior written notice of reportable Outside Business Activities ("OBAs"). An outside business activity is defined as any business activity outside the scope of the relationship with TSW. These include any activities that a Supervised Person may be engaged in outside of their employment with the Firm, including, but not limited to, service as an officer, director, partner, employee, consultant or independent contractor with any for profit or non-profit organization. A person may be engaged in an OBA if they are a) employed by any other person or entity; b) receiving compensation from any other person or entity; c) serving as an officer, director, or partner of another entity; or d) serving in a fiduciary capacity (e.g. trustee, executor or power of attorney) for someone other than a family member.

Prior approval from the CCO or designee is required prior to engaging in the activity. Associates are not permitted to participate in an OBA that would

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interfere with or otherwise compromise their responsibilities to TSW. No OBA will be allowed unless approved by the CCO. The Firm expects employees to devote their business day to the work of the Firm, and employees are expected to avoid any outside activity, employment, position, or association that might interfere or appear to interfere with the independent exercise of the employee's judgment regarding the best interests of the Firm and its clients. Violations of OBA protocols will result in disciplinary action which may include termination.

The initial and subsequent disclosure(s) shall be made through SCT and shall be delivered to the Review Officer/Compliance via SCT for review and pre-approval. In the event an existing activity changes or ceases, an updated disclosure is required in SCT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Quarterly Reporting Requirements** 

All Access Person shall disclose to the Review Officer/Compliance all transactions in Reportable Securities conducted during the period as of the calendar quarter ended within 30 calendar days after quarter-end. Access Persons do not need to pre-clear Personal Securities Transactions effected in any account over which the Access Person has no direct or indirect influence or Control; however, custodian statements in any such accounts must be sent to the Review Officer via SCT not less than quarterly.

In addition, on a quarterly basis via SCT, with respect to all Reportable Accounts, the Access Person must provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. not less than quarterly, a custodian statement disclosing the transactions for any Reportable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the name of the broker, dealer, bank or other entity that acts as custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. if a new Reportable Account, the date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the date the report is submitted by the Access Person.

This quarterly report shall be made through affirmations via the SCT system and shall be delivered to the Review Officer/Compliance via SCT. This quarterly affirmation also includes a section for Pay-to-Play Rule reporting and Gifts and Entertainment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Annual Report Certification of Compliance with Code of Ethics** 

All Access Persons shall disclose to the Review Officer via the SCT system all holdings in Reportable Securities as of the calendar year ended within 30 calendar days after year end. In addition to reporting Reportable Securities holdings, every Access Person shall certify annually via SCT that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. they have read and understand the COE and recognize that they are subject thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. they have complied with the requirements of the COE and that they have reported all Personal Securities Transactions
required to be reported pursuant to the requirements of the COE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. they do not serve on the Board of Directors of any publicly traded company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. they have not disclosed pending "buy" or "sell" orders for a Portfolio to any associate of any
other Management Company, except where the disclosure occurred subsequent to the execution or withdrawal of an order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. they have disclosed all Reportable Accounts-all Securities accounts which hold
or could hold Securities should be reported—those are all considered Reportable Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. they have no knowledge of the existence of any personal conflict of interest relationship which may involve any
Portfolio, such as any economic relationship between their transactions and Securities held or to be acquired by a Portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. they have not received any gift or other thing valued at more than $100 or $250 for business entertainment (de minimis
amount) in relation to the Firm's business and have disclosed all gifts and entertainment both given and received via the Firm's Gift and Entertainment Log; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. they have or have not made or previously pre-cleared any political
contributions or fundraising activities.

These annual reports shall be made via affirmations on the SCT system and shall be delivered to the Review Officer/Compliance via SCT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Confidentiality of Reports** 

Reports submitted pursuant to this COE shall be confidential and shall be provided only to those Supervised Persons of the Firm with a need to know and, upon appropriate request, Compliance Departments of Perpetual Limited

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("Perpetual", TSW's parent company) and any registered investment company the Firm advises or sub-advises, counsel, and/or regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Acknowledgement of Receipt of Code of Ethics** 

Each Supervised Person shall be provided with a copy of this COE or access to it, and any amendments, and Supervised Persons shall submit a written acknowledgment of their receipt of this Code and any amendments to this COE. Written acknowledgement of the Code will be made via affirmations on the SCT system, both initially and annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Review of Reports** 

The Review Officer shall review reports submitted under this COE. The Review Officer shall not review his/her own reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Duplicate Confirmation and Statements** 

The Review Officer of the Firm may require Access Persons to provide duplicate copies of confirmation of each disclosable transaction in their accounts and will require duplicate copies of account statements, all provided via the SCT system where possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Reporting of Violations to the TSW Executive Committee and Sanctions** 

Supervised Persons are required to report any violations of this COE promptly to the Review Officer. The Review Officer of the Firm shall report all violations (including non-material, technical violations) to the Compliance Committee and shall report material violations of this COE to the TSW Executive Committee. The TSW Executive Committee, and outside counsel, if deemed appropriate, shall consider reports made to it and shall determine whether or not there has been a violation of the Firm's COE and what sanctions, if any, should be imposed, including, among other things, a letter of censure or suspension, fines, or termination of the employment of the violator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Annual Reporting** 

The Review Officer of the Firm shall prepare an annual report relating to this COE to TSW Executive Committee and of any U.S. registered investment company client advised or sub-advised by the Firm that request such reporting. Such annual report shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. summarize existing procedures concerning personal investing and any changes in the procedures made during the past
year;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. identify any violations during the past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. identify any recommended changes in the existing restrictions or procedures based upon the Firm's experience
under its COE, evolving industry practices or developments in applicable laws or regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. state that the Firm had adopted procedures reasonably necessary to prevent Access Persons from violating the Code of
Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Retention of Records** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Firm shall maintain the following records via the SCT system as required under Rule 17j-1 under the Investment Company Act and Rule 204A-1 under the Advisers Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. a copy of any Code of Ethics in effect within the most recent five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. a list of all Supervised Persons required to make reports hereunder within the most recent five years and a list of
all Supervised Persons who were responsible for reviewing the reports, as shall be updated by the Review Officer of the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. a copy of each report made by an Access Person hereunder and submitted to the Firm's Review Officer for a period
of five years from the end of the fiscal year in which it was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. each memorandum made by the Review Officer of the Firm hereunder for a period of five years from the end of the fiscal
year in which it was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. a record of any violation under the Code of Ethics and 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 occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. a record of all written acknowledgements as required by Rule 204A-1(a)(5) for
each Person who is currently, or in the past five years was, a Supervised Person of the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. a record of any decision, and the reasons supporting the decision, to approve the acquisition of securities by Access
Persons under Rule 204A-1(c), for at least five years after the end of the fiscal year in which the approval is granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. a copy of every report provided to TSW's Executive Committee or a fund's Board which describes any issues
arising under the Code of

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Ethics and certifies that the Firm has adopted procedures reasonably necessary to prevent Access Persons from violating the Code of Ethics.

IX. DEFINITIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *"Access Person"* means any Manager, officer, general partner or Advisory Representative of the Firm.
As the nature and philosophy of the Firm tends to expose a large range of Supervised Persons to client information, all Supervised Persons are treated as Access Persons. Supervised Persons that are subject to another code of ethics that has been
reviewed and approved by the Review Officer are not subject to the Access Person requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *"Advisory Representative"* means any Supervised Person, who in connection with his or her regular
functions or duties, normally makes, participates in, or otherwise obtains current information regarding the Purchase or Sale of a Security by the Firm, or whose functions relate to the making of any recommendations with respect to such purchases or
sales, and any natural Person in a Control relationship to the Firm who obtains information concerning recommendations made concerning a Purchase or Sale of a Security. This definition includes but is not limited to the following: partner, officer,
Manager, investment person, Portfolio Manager and any other Supervised Person of the Firm designated as an "Advisory Representative" from time to time by the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *"Affiliated Person"* of another Person means (a) any Person directly or indirectly owning,
Controlling, or holding with power to vote, five percent (5%) or more of the outstanding voting securities of such other person; (b) any Person five percent (5%) or more of whose outstanding voting securities are directly or indirectly owned,
Controlled, or held with power to vote, by such other person; (c) any Person directly or indirectly Controlling, Controlled by, or under common Control with, such other person; (d) any officer, director, partner, copartner, or associate of
such other person; (e) if such other Person is an investment company, any investment adviser thereof or any member of an advisory board thereof; and (f) if such other Person is an unincorporated investment company not having a board of
directors, the depositor thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *"Affiliated Fund"* means any investment vehicle registered under the Investment Company Act which the
Firm or an Affiliated Person acts as manager, adviser or sub-adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *"Beneficial Ownership"* shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) of the Securities Exchange Act of 1934, as amended (the "1934 Act"), in determining whether a Person is the beneficial owner of a Security for purposes of Section 16 of the 1934 Act and
the rules and regulations thereunder, that, generally speaking, encompasses those situations where the beneficial owner has the right to enjoy a direct or

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indirect economic benefit from the ownership of the Security. A Person is normally regarded as the beneficial owner of securities held in (i) the name of his or her spouse, domestic partner, minor children, or other relatives living in his or her household; (ii) a trust, estate or other account in which he/she has a present or future interest in the income, principal or right to obtain title to the securities; or (iii) the name of another Person or entity by reason of any contract, understanding, relationship, agreement or other arrangement whereby he or she obtains benefits substantially equivalent to those of ownership. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.* *"Control"* means the power to exercise a Controlling influence over the management or policies of a
company, unless such power is solely the result of an official position with such company. Any Person who owns beneficially, either directly or through one or more Controlled companies, more than twenty-five percent (25%) of the voting securities of
a company shall be presumed to Control such company. Any Person who does not so own more than twenty-five percent (25%) of the voting securities of any company shall be presumed not to Control such company. A natural Person shall be presumed not to
be a Control person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *"Exchange Traded Fund ("ETF")" means a portfolio of securities that trades throughout the day on an exchange. A closed-end fund* is not an ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. *"Firm" means* TSW, an investment adviser registered with the SEC under the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. *"Firm Managed Fund"* means any investment company registered under the Investment Company Act or
pooled investment vehicle for which the Firm acts as investment adviser or sub-adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. *"Initial Public Offering"* means an offering of securities registered under the Securities Act of
1933, as amended (the "Securities Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. *"Investment Personnel"* means (a) any Portfolio Manager of the Firm; (b) any associate of
the Firm (or of any company in a Control relationship to a fund or the Firm) who, in connection with his regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Firm, including
securities analysts, traders and marketing Supervised Persons; or (c) any Person who Controls a fund or the Firm and who obtains information concerning recommendations made to any Portfolio regarding the purchase or sale of securities by the
Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. *"Limited Offering"* means an offering that is exempt from registration under the Securities Act
pursuant to Section 4(2) or Section 4(6) or Rules 504, 505 or 506 under the Securities Act. Limited offerings are commonly referred to as private placements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. *"Maintenance Trades"* (also called "*Non-Rotational Trades*") refer to any trades effected by Portfolio Managers for specific accounts including those in "SMA" accounts. Maintenance trades typically occur to get Portfolios in line with guidelines, raise cash for specific purposes,
etc. These are not to be confused with Firm-wide block trades (also called "Rotational Trades" which affect large numbers of accounts at one time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. *"Management Company"* refers to investment advisers that are subsidiaries of, or organizations
otherwise affiliated with, Perpetual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. *"Manager"* refers to individual member of the TSW Executive Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. *"Person"* means a natural Person or a company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. *"Personal Securities Transactions"* means any transaction in a Security pursuant to which an Access
Person would have a Beneficial Ownership interest with the exception of obligations of the U.S. Government, bankers' acceptances, bank certificates of deposit, money market fund shares, commercial paper, high quality short-term debt instruments
and registered open-end investment companies, none of which are funds advised or sub-advised by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. *"Portfolio"* means any account, trust or other investment vehicle over which the Firm has investment
management discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. *"Portfolio Manager"* means an associate of the Firm entrusted with the direct responsibility and
authority to make investment decisions affecting the Portfolios or Firm Managed Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. *"Primary Product"* or *"Primary Strategy"* means any long-only equity strategy and
fixed income strategy (and thus excludes long/short strategies) offered to outside clients and described in TSW's Form ADV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. *"Purchase or Sale of a Security"* includes, among other things, the writing of an option to purchase
or sell a Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. *"Reportable Account"* means any account held at a broker, dealer or bank with which an Access Person
maintains Beneficial Ownership in any Security and for any account held at a broker, dealer, bank or other entity for which an Access Person has the ability to obtain Beneficial Ownership of any Security. All Securities accounts which hold or could
hold Securities should be reported—those are all considered Reportable Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. *"Reportable Security"* shall include any Firm Managed Fund and commodities contracts as defined in
Section 2(a)(1)(A) of the Commodity Exchange Act. This definition includes but is not limited to futures contracts on equity indices.

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*"Reportable Security"* means any stock, bond, future, investment contract or any other instrument that is considered a "Reportable Security" or "Covered Security" under the Investment Company Act. The term "Reportable Security" is very broad and includes items you might not ordinarily think of as "Reportable Securities," including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options on securities, on indexes and on currencies (options on securities defined as one option contract covering 100
shares of stock);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All kinds of limited partnerships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign unit trusts and foreign mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private investment funds, hedge funds, and investment clubs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ETF's, iShares and unit investment trusts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closed-end Funds.

*"Reportable Security"* specifically does not include:

&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;• Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt obligations
(including repurchase agreements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by money market funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of open-end funds, none of which are Affiliated Funds or Firm Managed
Funds.

Any question as to whether a particular investment constitutes a "Reportable Security" should be referred to the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. *"Restricted List"* is an actively monitored list of Securities being considered for purchase or sale
by any equity and/or international Portfolios or funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. *"Review Officer"* refers to the personnel, appointed and approved by the TSW Executive Committee to
oversee its COE, or a designee appointed by the Chief Compliance Officer. In most cases, the Review Officer will be the CCO or a designee but will vary based on the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. "*Security(ies)*" means a security as defined in Section 2(a)(36) of the Investment Company Act
and includes any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of

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interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. "*Supervised Person"* means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any Manager or officer of the Firm (or other Person occupying a similar status or performing a similar function);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other associate of the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other Person who provides advice on behalf of the Firm and is subject to the Firm's supervision and Control;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any temporary worker, consultant, independent contractor, certain Supervised Persons of affiliates of the Firm or any
particular Person designated by the Review Officer.

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## Ex-99.(P)(17)

**Exhibit (p)(17)** 

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| ![LOGO](g396518gra065a.jpg) | *Effective January 23, 2023* |

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**MILLIMAN FINANCIAL RISK MANAGEMENT LLC** 

**CODE OF ETHICS** 

**I.** **Standard of Business Conduct** 

Milliman Financial Risk Management LLC (the "<u>Firm</u>") recognizes its fiduciary duty to its investment advisory clients and has adopted this Code of Ethics (the "<u>Code</u>") in order to outline certain prohibited conduct by investment advisory employees of the Firm, including under the federal laws, rules and regulations that govern the United States securities industry as cited herein. The Code contains provisions that are reasonably necessary to prevent such employees from engaging in prohibited conduct.

In addition to these specific prohibitions and reporting requirements, it is expected that each Firm employee will abide by Milliman, Inc.'s Code:

**<u>Milliman Code</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *Be honest in both your business and personal life.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Perform only those assignments for which you are, or can become, qualified.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *Provide independent advice and avoid conflicts of interest.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.* *Make every reasonable attempt to provide correct, complete and useful information, and to communicate it so that it can be understood and used appropriately.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.* *Make every reasonable attempt to be familiar with and follow any law, administrative ruling, or continuing education requirement applicable to your assignment as well as the standards of practice, the guidelines and rules of your professional organization, such as the American Academy of Actuaries.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.* *Keep confidential anything so required by your client relationship, subject to any overriding requirements of the law.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7.* *Strive to be cost effective in serving your client.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*8.* *Document all assignments in a manner that would allow another professional to follow your work.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.* *Conduct your business and personal affairs so that neither the Firm nor any individual in the Firm unknowingly assumes an unusual risk.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*10.* *Act to uphold the Firm's reputation and strive for good relationships with other professionals.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*11.* *Understand and follow the Firm's policies and procedures.* 

**II.** **Definitions** 

<u>Access Person</u>: a Supervised Person who has access to nonpublic information regarding clients' purchase or sale of securities, is involved in making securities recommendations to clients, or who

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has access to such recommendations that are nonpublic. Any Firm employee with approved professional standing or signature authority for the firm will be assumed to be an access person unless exempted by the Chief Compliance Officer.

<u>Supervised Person</u>: any employee of the Firm.

<u>Covered Security</u>: a security as defined in section 2(a)(36) of the Investment Company Act of 1940, except that it does not include direct obligations of the Government of the United States, bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and/or shares issued by open-end Funds.

<u>Firm-Advised Funds</u>: shares of an open-end Fund that is advised by the Firm, either as the primary adviser or as a sub-adviser.

<u>Fund</u>: an investment company registered under the Investment Company Act of 1940.

<u>Initial Public Offering</u> ("<u>IPO</u>"): an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934.

<u>Limited Offering</u>: an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2) or section 4(6) or pursuant to rule 504, rule 505, or rule 506 under the Securities Act of 1933.

**III.** **Adoption and Approval** 

This Code is effective as of February 1, 2005, as most recently revised/effective January 23, 2023.

The Code is approved by the Chief Compliance Officer and adopted by the Investment Oversight Committee of the Firm. Material revisions to this Code will be approved by the Chief Compliance Officer and adopted by the Investment Committee of the Firm. Upon material revision, a copy will be sent to all Supervised Persons.

**IV.** **Administration of the Code** 

The Firm will use reasonable diligence to prevent violations of this Code.

<u>Reporting</u>: No less frequently than annually, the Firm will provide a report to all Fund clients. Such report shall include a description of any issues that arise under this Code; including any material violations and sanctions imposed. Additionally, the report will include a certification that the Firm has adopted procedures reasonably necessary to prevent Access Persons from violating the Code.

<u>Training</u>: the Firm will provide this Code to all new Firm employees upon hire and will promptly provide material revisions of this Code to all employees. The Firm will provide additional training to employees as it deems necessary. Any questions relating to the Code should be directed to the Chief Compliance Officer.

<u>Annual Certification</u>: No less frequently than annually, each Supervised Person will certify in writing or electronically that they have received, read and understand the Code.

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It is the Firm's expectation that personal trading will be kept to a minimum during work hours.

**V.** **Unlawful Actions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. It shall be prohibited for any employee of the Firm to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employ any device, scheme or artifice to defraud any client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make any untrue statement of material fact to a client or omit to state a material fact necessary in order to
make the statements made to a client, in light of the circumstances under which they are made not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any act, practice or course of business that operates or would operate as a fraud or deceit on a
client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any manipulative practice with respect to a client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Insider Trading</u>: All officers, directors, and employees of the Firm are prohibited from trading
either personally or on behalf of others, on material non-public information or communicating material non-public information to others in violation of Milliman,
Inc.'s Policy on Insider Trading and/or Section 204A of the Investment Advisers Act of 1940. Any questions regarding the Policy on Insider Trading should be directed to the Chief Compliance Officer.

**VI.** **Reporting by Access Persons** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Notification of Reporting Requirement</u>: The Firm will identify and maintain a list of all employees
who are or become Access Persons. The Firm will notify all Access Persons of their obligations under this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Application</u>: These reporting requirements apply to all Access Persons and cover any account or
holding over which the Access Person has any direct or indirect beneficial ownership. These requirements also apply to the Access Person's immediate family member, such as a child, stepchild, spouse, and domestic partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Initial Holdings Report</u>: No later than 10 days after the person becomes an Access Person each Access
Person shall submit a report containing the following information which shall be current within 45 days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The date of the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The title, cusip or ticker symbol, number of shares and principal amount of each Covered Security or any of
the securities listed in Exhibit A or Firm-Advised Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The name of any broker, dealer or bank with whom the Access Person and/or immediate family member maintained
an account in which any securities were held for the direct or indirect benefit of the Access Person and/or immediate family member as of the date the person become an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Quarterly Transactions Report</u>: With respect to any transaction during the quarter in a Covered
Security or any of the securities listed in Exhibit A or Firm-Advised Fund in which

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the Access Person and/or immediate family member had any direct or indirect beneficial ownership the Access Person shall provide the following information no later than 30 days after the end of the calendar quarter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The date of the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The date of the transaction, the title, cusip or ticker symbol, the interest rate and maturity (if
applicable), the number of shares and the principal amount of each Covered Security or any of the securities listed in Exhibit A or Firm-Advised Fund involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The nature of the transaction (i.e., purchase or sale)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The price of the Covered Security or any of the securities listed in Exhibit A or Firm-Advised Fund at which
the transaction was effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. The name of the broker, dealer or bank through whom the transaction was effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Annual Holdings Report</u>: Annually, each Access Person will provide a report with the following
information which shall be current within 45 days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The date of the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The title, number of shares, cusip or ticker symbol, and principal amount of each Covered Security or any of
the securities listed in Exhibit A or Firm-Advised Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The name of any broker, dealer or bank with whom the Access Person maintained an account in which any
securities were held for the direct or indirect benefit of the Access Person as of the date the person become an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Reporting Exceptions</u>: From time to time, the Chief Compliance Officer may make exceptions to these
reporting requirements as allowable.

**VII.** **Review of Required Reporting** 

The Chief Compliance Officer or his/her delegate will review all provided reports and take any action deemed necessary in a timely manner.

An Access Person has 180 days after hire to divest themselves of any economic interest in any company which is related to a limitation on investing. Divestiture plans which exceed 180 days must be approved by the Chief Compliance Officer.

**VIII.** **Limitations on Investing** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Investments in Initial Public Offerings</u>: Employees of the Firm may not directly or indirectly obtain
beneficial ownership in an IPO without prior approval of the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Investments in Limited Offerings</u>: Employees of the Firm may not directly or indirectly obtain
beneficial ownership in a Limited Offering without prior approval of the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Investments listed on Exhibit A</u>: Individual members of the groups listed in Exhibit B (which may be
amended from time to time) may not purchase or sell any security listed in

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Exhibit A (which may be amended from time to time) without prior approval of the Chief Compliance Officer or his/her delegate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Chief Compliance Officer or his/her delegate may determine that, due to imminent client activity, the
purchase or sale may not be executed at the requested time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Exceptions to obtaining prior approval may be granted on a case-by-case basis.

The Chief Compliance Officer or his/her delegate will review written requests for exceptions and grant approval based on his/her judgement and discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. An Access Person is prohibited from investments in companies in the insurance industry or a Health
Maintenance Organization. A company is considered to be part of the insurance or health care industry if its revenue exceeds 20% in one of those industries. This prohibition shall not apply if the Access Person's spouse is employed by such
company and the investment is made through an employer-sponsored investment program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. An Access Person is prohibited from investments in shares of Covered Securities of clients of the Access
Person's practice group.

**IX.** **Violations of the Limitations of Investing** 

Upon discovery of an investment in any Covered Security or any of the securities that are listed in Exhibit A that is subject to a limitation on investing, the Chief Compliance Officer or his/her delegate will perform or cause to be performed an investigation. Any such investment may be deemed a material or immaterial violation of this Code.

Action may be taken at the conclusion of the investigation based on the determinations made. Such action may include censure, fines, prohibitions from trading, and/or reporting to the Board of Directors. Based on extreme situations, action may include termination of employment.

**X.** **Reporting of Violations** 

Access and Supervised Persons are required to report any violations of this Code promptly to the Chief Compliance Officer.

**XI.** **Record Keeping** 

The Firm will maintain the following records at its principal place of business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. A copy of the Code that is currently in effect for the Firm and all revisions to the Code made within the
last five (5) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A record of any violations of the Code and any action taken as a result of the violations will be maintained
for five (5) years following the end of the fiscal year in which the violation occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. A copy of all holdings and transactions reports will be maintained for five (5) years following the end
of the fiscal year in which the report was created.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. A list of all Access Persons of the Firm within the last five (5) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Exhibit B.

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| ![LOGO](g396518gra065a.jpg) | *Effective January 23, 2023* |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. A list of all approvals to purchase an IPO or a Limited Offering. Such list will be maintained for five
(5) years following the end of the fiscal year in which approval was granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. A list of all approvals to purchase securities listed in Exhibit A by individual members of the groups
listed in Exhibit B. Such list will be maintained for five (5) years following the end of the fiscal year in which approval was granted.

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![LOGO](g396518gra065a.jpg)

**<u>Exhibit A</u>** 

(as of January 23, 2023):

&nbsp;&nbsp;&nbsp;**Index Name**

The following funds:

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|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund Name** | **Ticker** |

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![LOGO](g396518gra065a.jpg)

**<u>Exhibit B</u>** 

(as of January 23, 2023):

Portfolio Management Group

ETF Group

Capital Markets Group

Trading Technology Group

## Ex-99.(P)(18)

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| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g396518g05a30.jpg)  | **Exhibit (p)(18)**<br>|

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PineBridge Code of Ethics

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The information contained herein is the property of PineBridge Investments and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording or otherwise) without the prior written permission of PineBridge Investments.

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Effective: January 2023

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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|:---|:---|
| **PineBridge Code of Ethics** | ![LOGO](g396518g44n53.jpg) |

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|:---|:---|
|  Definitions and Abbreviations | 3 |
| I. Introduction | 6 |
| II. Fiduciary Duties | 9 |
| III. Code of Conduct | 11 |
| IV. Insider Trading | 16 |
| V. Personal Securities Transactions | 21 |
| VI. Outside Business Activities | 31 |
| VII. Gifts & Entertainment | 34 |
| VIII. Political & Charitable Contributions | 37 |
|  Appendix A: Exempt Transactions | 39 |
|  Appendix B: Acknowledgement & Waiver Letter | 41 |

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&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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| **PineBridge Code of Ethics** | ![LOGO](g396518g44n53.jpg) |

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Definitions and Abbreviations

**Access Person**: For the purpose of this Code, all employees and Non-Executive Directors of PineBridge are considered Access Persons. Access Persons may also include consultants, temporary workers, and interns, (each a "Contingent Worker") who have direct or indirect access to sensitive information. Sensitive information includes, but is not limited to, client or trade (PineBridge or personal) information, non-public information per the Insider Trading Policy set out within this Code, litigation-related and any information that the Contingent Worker's direct supervisor reasonably believes should be determined to be sensitive. It is the responsibility of the employee with direct supervision of a Contingent Worker to (1) determine whether the Contingent Worker has direct or indirect access to sensitive information; and (2) notify the Compliance Department and Human Resources upon the hire and termination of a Contingent Worker.

*Note: For purposes of this Code, a prohibition or requirement applicable to any Access Person applies also to transactions in Securities or Related Securities for any account for which the Access Person or a Household Member has control and/or Beneficial Ownership.* 

**Beneficial Ownership**: A direct or indirect Pecuniary Interest in the securities or shares that an Access Person has. An Access Person is presumed to have a Beneficial Ownership interest in any Security held, individually or jointly, by the Access Person and/or a Household Member.

*Note: Access Persons should consult the Compliance Department if in doubt as to whether he/she has Beneficial Ownership of Securities.* 

**Client**: An entity that has signed an agreement with PineBridge for the provision of discretionary or non-discretionary investment management services.

**Closed-End Fund**: Type of fund that has a fixed number of shares usually listed on a major stock exchange. Unlike open-ended mutual funds, closed-end funds do not issue and redeem shares on a continuous basis.

**Consultant**: An individual or organization providing professional services to PineBridge Investments for a fee.

**Cryptocurrency:** A digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Examples include Bitcoin, Ethereum, Ripple, NEO and Litecoin.

**De Minimis Amount**: Gifts from any single individual representing an organization that in aggregate do not exceed $50 in value in a calendar month.

**Disinterested Director/Non-Employee Investment Committee Personnel**: A director of any Fund managed by PineBridge who is not in the position to influence the operations of a Client. Disinterested Directors are not subject to the requirements of this Code.

**Entertainment**: An event where a business contact, counterparty or vendor is present with the employee and where business matters can be discussed.

**Exchange Traded Funds (ETF)**: A fund that typically tracks an index, but can be traded like a stock. An ETF holds assets such as stocks, commodities or bonds, and trades close to its net asset value over the course of a

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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trading day. Because ETFs are traded on stock exchanges, they can be bought and sold at any time during the day (unlike most mutual funds).

**Fund**: Registered open-end and closed-end investment companies or commingled vehicles advised or sub-advised by PineBridge.

**Gift**: Anything of value that is received and/or offered from/to a business contact, vendor, counterparty or regulatory body.

**Household Member**: A member of an Access Person's family and/or legal dependent that shares the same residence as the Access Person.

**Investment Personnel**: Any employee entrusted with the direct responsibility and authority, either alone or as part of a co-manager team or group, to make investment decisions affecting a Client's investment plans and interests, as well as other personnel, such as research analysts, trading personnel, individuals who provide information or advice to portfolio managers and those individuals who execute portfolio manager decisions.

**Manager**: Any employee who has one or more other employees who report to him or her.

**Non-Executive Director:** Any person appointed as a Non-Executive Director of PineBridge Investments, L.P. or a member company.

**Pecuniary Interest**: The opportunity to profit directly or indirectly or share in any profit derived from a transaction in a security.

**PineBridge or the "Firm"**: Member company of PineBridge Investments, L.P.

**Private Placement**: The sale of a bond or other security directly to a limited number of investors in a private offering (e.g. hedge fund and private equity fund).

**Related Security**: Any instrument related in value to that Security, including, but not limited to, any option or warrant to purchase or sell that Security, and any Security convertible into or exchangeable for the Security.

**Robo-Adviser:** A type of managed account or financial adviser that provides financial advice or investment management, primarily online, with moderate to minimal human intervention. Robo-Advisors generally use algorithms to provide an automated portfolio management service based on a client's risk tolerance and time horizon. The account holder at a qualifying Robo-Adviser does not generally have the ability to direct the purchase or sale of any individual investments within the account. Typically, investment options will be limited to ETFs, mutual funds or other Exempt Securities. Examples include Betterment, Wealthfront, Acorns, MarketRiders, Creditease's Toumi RA, and Algebra.

**Securities**: Any REIT, note, stock (including ADRs), 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, futures contracts and options traded on a commodities exchange, including: currency futures; fractional undivided interest in oil, gas, or other mineral rights; any put, call, straddle, option or privilege on any security 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

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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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 security.

*For the purposes of the Code, please note the following:* 

*-* *Commodities <u>are not</u> considered Securities.* 

*-* *Futures and options on any group or index of Securities <u>are</u> considered Securities.* 

**StarCompliance**: A web based application used by Access Persons to submit all necessary forms/reports under the requirements of this Code. Access Persons must, whenever possible, use StarCompliance to comply with the reporting requirements of this Code. However, in cases where an Access Person does not have access to the system, the Access Person must receive approval from the Compliance Department prior to submitting any required forms/reports manually.

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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| **PineBridge Code of Ethics** | ![LOGO](g396518g05a37.jpg) |

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I. Introduction

***A. Purpose***

PineBridge believes that individual investment activities by its officers and employees should not be prohibited or discouraged. Nonetheless, the nature of the Firm's fiduciary obligations necessarily requires some restrictions on the investment activities of Access Persons and their Household Members.

Access Persons are agents of PineBridge. In managing assets for the Firm's Clients, Access Persons have a fiduciary responsibility to treat the Firm's Clients fairly. This duty requires a course of conduct, consistent with other statutory obligations, that seeks to be prudent and in the Client's best interest.

This Code of Ethics (the "Code") is intended to address three fundamental principles that must guide the personal investment activities of Access Persons in light of his or her fiduciary duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Place the interests of the Firm's Clients first.** As fiduciaries, Access Persons must avoid serving
personal interests ahead of the interests of the Firm's Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Avoid taking inappropriate advantage of one's position as an Access Person.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Conduct personal investing activities in such a way as to avoid even the appearance of a conflict of interest with investment activities undertaken for the Firm's Clients.** 

This Code, along with other PineBridge policies and procedures, is designed to be consistent with the ethical and professional principals of conduct as identified in the CFA Institute's Asset Manager Code of Professional Conduct for which the Firm has claimed compliance.

This Code has been adopted pursuant to applicable regulations, which require that every registered investment company and registered investment adviser adopt a code of ethics regarding personal investment activities of persons having access to information about portfolio transactions of the Firm's Clients. In addition, investment advisers must keep certain records regarding personal investment activities of Access Persons and make them available for regulatory inspection.

***B. Compliance with this Code***

Compliance with this Code and the applicable securities laws is a condition of employment or contract for services. A violation of this Code may be cause for disciplinary action by PineBridge, including termination of employment or service contract. Other disciplinary actions may include warnings, disgorgement of trading profits, and periods of "probation" during which all personal investment activities (except for specifically approved liquidation of current positions) are prohibited.

Meeting our responsibilities enables our business to succeed and grow, today and in the future. Each of us is expected to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Understand and act according to this Code and the Firm's policies, applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Seek guidance from management, compliance personnel or the Firm's legal counsel when you have questions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Promptly report concerns about possible violations of this Code or applicable laws and regulations to management.

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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| **PineBridge Code of Ethics** | ![LOGO](g396518g05a37.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Participate in training to keep up-to-date on current standards and expectations. All Access Persons, with the exception of Non-Executive Directors, will receive
an electronic mail requiring completion of Code of Ethics training.

No reason, including the desire to meet business goals, can ever be an excuse for violating laws or regulations.

**Manager/Supervisor Responsibility:** It is the responsibility of the employee with direct supervision of a Contingent Worker to: (1) determine whether the Contingent Worker has direct or indirect access to sensitive information; and (2) to notify the Compliance Department and Human Resources upon the hire and termination of a Contingent Worker.

Each Manager is expected to fulfill the following additional responsibilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Serve as a role model for the highest ethical standards and create and sustain a culture of trust, honesty, integrity
and respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Be a resource for Access Persons. Ensure that they are aware of, understand, and know how to apply this Code and the
Firm's policies, applicable laws and regulations in their daily work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Seek assistance from other Managers or the Firm's legal counsel, compliance officers or human resource
professionals when unsure of the best response to any given situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Be proactive. Take reasonable actions to prevent and identify misconduct. Report situations that might impact the
ability of Access Persons to act ethically on behalf of PineBridge.

Any transactions that appear to indicate a pattern of abuse of an Access Person's fiduciary duties to the Firm's Clients will be subject to scrutiny regardless of technical compliance with the Code.

**This Code shall be superseded by local regulatory practices as applicable. Each regional compliance officer shall communicate such exceptions to all Access Persons in their respective region.** 

**Access Persons are required to report any violations of this Code to the Chief Compliance Officer (or his or her designee). Most concerns can be resolved by talking to and working with management, Human Resources and/or Compliance. If further review and inquiry are required, the Chief Compliance Officer and/or other applicable parties will promptly investigate any reported items. Access Persons will not face retaliation if he/she reports violations of this Code. Retaliation itself constitutes a violation of this Code.** 

**In addition, Access Persons may ask questions, raise concerns or report instances of non-compliance with this Code, PineBridge policies or applicable laws and regulations by contacting their regional compliance officer.** 

***Note: To the extent that Access Persons are away from work on extended leave and will be accessing the Firm's email or computer systems, the Access Person is required to comply with the requirements outlined in the Code. Special arrangements regarding submission of pre-clearance requests should be cleared with the Compliance Department prior to the commencement of leave.***

&nbsp;&nbsp;&nbsp;&nbsp;**1. Certificate of Compliance** 

Access Persons will receive a copy of this Code and any amendments as they are made. New hires are required to certify that they have received a copy of the Code and that they understand its contents. All Access Persons are required to certify their receipt and understanding of amendments to the Code. In

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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| **PineBridge Code of Ethics** | ![LOGO](g396518g05a37.jpg) |

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addition, all Access Persons other than Non-Executive Directors, must make annual certifications within 30 days of the calendar year-end using StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Code Violations**

For the purpose of this policy, violations may include, but are not limited to, the failure to: (a) pre-clear a trade, (b) file a certification within established timeframes, (c) disclose a brokerage account, (d) complete any required training in the specified time period and (e) report a gift, entertainment, political contribution, or outside business activity in accordance with the Code. Violators of the Code may be reported to senior management and the Board of PineBridge Investments, L.P. and/or its subsidiaries. The Global Chief Compliance Officer and regional compliance officers have the ability to consider the application of the Code on a case-by-case basis including the ability to grant waivers, exceptions, or warnings as deemed appropriate, on the assumption that there is sufficient reason and any instances are appropriately documented.

• **First Violation** – Following assessment of all relevant facts, the Compliance Department may issue a
violation memo to the Access Person, with a copy sent to his or her direct supervisor and/or the senior manager of his or her business group. If deemed sufficiently serious, Human Resources may be consulted.

• **Second Violation** – The Access Person shall receive a disciplinary memo from the Compliance Department,
with a copy sent to his or her direct supervisor, the senior manager of his or her business group, and the Global Chief Compliance Officer. Using their discretion, Compliance may choose to include the Regional Head of Human Resources and the
Regional Chief Executive Officer ("CEO"). The Access Person will be required to meet with a Compliance Officer to discuss the importance of complying with this policy and may be required to complete additional training. An offending Access
Person may be excluded from the bonus pool for a second violation at the discretion of PineBridge senior management.

• **Third Violation** – In addition to the disciplinary actions applicable to second violations, the Access
Person shall be subject to disciplinary and/or monetary sanctions including but not limited to the following: suspension of trading privileges, disgorgement of trading profits and/or termination of employment or service contract. The sanction shall
be at the discretion of the senior manager of the Access Person's business group, the Global Chief Compliance Officer and the Firm's CEO.

Please note that any violation of the Insider Trading Policy included in this Code may lead to immediate termination.

Compliance will retire a Code of Ethics violation from an Access Person's record following two (2) years of activity without incurring any new violations.

Certain countries may have procedures for handling violations that differ from those discussed above. In those countries, PineBridge will follow the local procedures, which may be more stringent than those included in this Code.

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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| **PineBridge Code of Ethics** | ![LOGO](g396518g05a37.jpg) |

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II. Fiduciary Duties

***A. Fraudulent Practices***

If an Access Person purchases or sells, directly or indirectly, a Security or commodity, which is held or is to be acquired by a Client, the Access Person may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) employ any device, scheme or artifice to defraud a Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) make any untrue statement of a material fact or omit to state to a Client a material fact which makes the statement misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) engage in any act, practice or course of business which would operate as a fraud or deceit upon a Client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) engage in any manipulative practice with respect to such Client.

***B. Conflicts of Interest***

Your position at PineBridge cannot be used for inappropriate personal gain or advantage to you or a member of your family. Any situation that creates, or even appears to create, a conflict of interest between personal interests and the interests of PineBridge and/or a Client must be avoided in the first instance or if avoidance is not possible the senior manager of the Access Person's business group and relevant compliance officer need to determine what steps should be taken to manage the conflict of interest and initiate any disclosures, for example to clients, which may be deemed necessary. Potential conflicts of interest should be reported to management, who will work with the compliance officer assigned to your business to determine how best to handle the situation.

**Corporate Opportunities** 

Access Persons are prohibited from taking for themselves or directing to a third party a business opportunity that is discovered through the use of PineBridge corporate property, information or position, unless PineBridge has already been offered and declined the opportunity. Access Persons are prohibited from using corporate property, information or position for personal gain to the exclusion of PineBridge and from competing with PineBridge.

**Personal Relationships** 

Immediate family members, members of your household and individuals with whom you have a close personal relationship should never improperly influence business decisions.

***C. Dispensing Information***

Access Persons must obtain prior written approval from the Compliance Department before dispensing any reports, recommendations or other information concerning securities holdings or securities transactions for Clients to anyone, other than the Clients themselves. No approval is needed if such persons have a business need for this information as a part of their normal duties and activities. Access Persons may disclose this information if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) there is a public report containing the same information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information is dispensed in accordance with compliance procedures established to prevent conflicts of interest between PineBridge and a Client; or

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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| **PineBridge Code of Ethics** | ![LOGO](g396518g05a37.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the information is reported to directors or trustees of a Client or to an administrator or other fiduciary of a Client and if these persons receive the information in the course of carrying out their fiduciary duties.

*Note: The above does not apply to certain information that is required to be dispensed by registered investment companies.* 

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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| **PineBridge Code of Ethics** | ![LOGO](g396518g05a37.jpg) |

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III. Code of Conduct

This section of the Code discusses general standards of conduct that must be followed. Any Access Person who has knowledge of, or in good faith suspects, a violation of any of these laws, regulations or policies must report them promptly to the compliance officer assigned to your business.

***A. Access Person Privacy***

PineBridge respects the personal information and property of Access Persons. Access to personal information or Access Persons property is only authorized for appropriate personnel with a legitimate reason to access such information or property. Nonetheless, from time to time, PineBridge may access and monitor Access Person internet usage and communications. Subject to local laws, Access Persons shall have no expectation of privacy with regard to workplace communication or use of PineBridge information technology resources.

***B. Customer Privacy and Data Security***

PineBridge Clients expect us to carefully handle and safeguard the business and personal information they share with us. Access Persons must never compromise a PineBridge Client's trust by disclosing private information other than to those with a legitimate business need to know.

The classification of information as personal information or business data may differ by country. Access Persons who handle customer information are responsible for knowing and complying with applicable information privacy and information security laws. In all cases Access Persons must maintain appropriate physical, administrative and technical safeguards for personal information and business data.

Access Persons must be especially vigilant in following laws, regulations and policies when transferring personal information and business data across country borders. Access persons should raise any questions about information privacy and/or data security they have to their manager, Legal, or Compliance.

***C. Relations with Business Partners***

The Firm's business partners1 serve as extensions of PineBridge. When working on behalf of PineBridge, business partners are expected to adhere to the spirit of the Code, and to any applicable contractual provisions. Access Persons must ensure that business partners do not exploit their relationship with PineBridge or use the Firm's name in connection with any fraudulent, unethical or dishonest transaction.

***D. Fair Dealing***

PineBridge seeks competitive advantages only through legal and ethical business practices. Access Persons must conduct business in a fair manner with customers, service providers, suppliers and competitors. Access Persons must not disparage competitors or their products and services. Improperly taking advantage of anyone through manipulation, concealment, abuse of privileged information, intentional misrepresentation of facts or any other unfair practice is not tolerated. (Please also refer to the Firm's Global Anti-Corruption Policy for additional information.)

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<sup>1</sup> Parties such as agents and consultants, who represent PineBridge to the public.

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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| **PineBridge Code of Ethics** | ![LOGO](g396518g05a37.jpg) |

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***E. Antitrust and Fair Competition***

PineBridge competes vigorously and fairly around the world. PineBridge seeks to maintain and grow its business through superior products and services, not through improper or anti-competitive practices. PineBridge strives to understand and comply with global competition and anti-trust laws. These laws are complex. Access Persons who are unsure of appropriate practices should consult with the compliance officer assigned to their business for additional information and clarification.

The following guidelines will help ensure fair business conduct and appropriate competition.

Do:

&nbsp;&nbsp;&nbsp;&nbsp;• Obtain information about the Firm's competitors only from lawful and appropriate sources.

&nbsp;&nbsp;&nbsp;&nbsp;• Comment on competitors or their products or services based only on factual information.

Do not:

&nbsp;&nbsp;&nbsp;&nbsp;• Agree formally or informally with a competitor to fix prices or other terms of sale, rig bids, set production or sales
levels, or allocate customers, markets, or territories.

&nbsp;&nbsp;&nbsp;&nbsp;• Discuss any of the following with a competitor: prices, bids, customer sales, commissions, terms of sale, profits,
margins, costs, production, inventories, supplies, marketing plans or other competitively sensitive information.

&nbsp;&nbsp;&nbsp;&nbsp;• Attend meetings with competitors at which competitively sensitive information, including the subjects mentioned in the
above two bullets, is discussed.

&nbsp;&nbsp;&nbsp;&nbsp;• Agree with others outside of PineBridge as to which suppliers or customers to do business with.

&nbsp;&nbsp;&nbsp;&nbsp;• Make unsubstantiated or untruthful comparisons to competitors or their products or services.

***F. Safeguarding PineBridge Resources***

To best serve our customers and shareholders, it is vital that Access Persons demonstrate proper care and use of our resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Physical Property** 

The Firm's property, including real estate, equipment and supplies, must be protected from misuse, damage, theft or other improper handling.

Generally, the Firm's property is meant solely for the Firm's business, though incidental personal use, such as local telephone calls, appropriately limited personal use of email, minor photocopying or computer use is permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Intellectual Property** 

The Firm's intellectual property consists of any business ideas or information that PineBridge owns, such as unique products and methodologies. PineBridge protects its intellectual property through

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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patents, trademarks and copyrights. Access Persons are required to safeguard the confidential information and trade secrets belonging to PineBridge and its business partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Funds** 

The Firm's funds are to be used responsibly and solely for the Firm's business. Corporate credit cards issued to employees for payment of business expenses may not be used for personal expenses. Access Persons have a responsibility to safeguard PineBridge funds from misuse or theft and ensure that PineBridge receives good value when spending the Firm's funds. You should only seek reimbursement for actual, reasonable and authorized business expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Information Technology Systems** 

The Firm's information technology systems include computers, networking resources, email systems, telephone, voice systems and other computer-processed information. Each of us has a responsibility to protect these systems and the data resident on these systems, from improper access, damage or theft.

Subject to applicable local laws, PineBridge may have the right to review all electronic mail and other electronic information to determine compliance with this Code, laws, regulations or the Firm's policy. Electronic information in this context includes without limitation, emails, instant messages, and voicemails sent or received from the Firm's computer, Blackberry or other handheld electronic device, or work station or to/from a PineBridge email address. All may be subject to review.

The electronic mail and messaging systems are the Firm's property and are intended for business purposes. Occasional, incidental, appropriate personal use of these systems may be permitted if the use does not interfere with any employee's work performance, have undue impact on the operation of the email system, or violate any other PineBridge policy, guideline, or standard.

Email messages and any other communications sent or received using the Firm's information technology systems are not to be used to create, store, or transmit information that is hostile, malicious, unlawful, sexually explicit, discriminatory, harassing, profane, abusive or derogatory. These systems also are not to be used to intentionally access web sites, which contain illegal, sexually explicit or discriminatory content.

***G. Money Laundering Prevention***

PineBridge is committed to meeting its responsibilities to help prevent money laundering and terrorist financing.These responsibilities generally include identifying clients, monitoring client activity and reporting suspicious or unusual activity consistent with applicable laws. Access Persons are required to familiarize themselves with and abide by anti-money laundering programs established by PineBridge and its business units. Suspicious activity reporting requirements are time sensitive. Access Persons should contact their manager or the compliance officer responsible for money laundering prevention as soon as they have a concern that an activity may be unusual or suspicious. (Please also refer to the Firm's anti-money laundering policies for additional information.)

***H. Economic Sanctions***

In compliance with U.S. and other applicable economic sanctions programs, Access Persons are prohibited from conducting business with or benefiting designated governments, individuals and entities (such as suspected

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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terrorists and narcotics traffickers), as well as individuals and entities that are located in, have certain dealings with or are nationals or agents of particular countries. To determine if a government, individual or entity is subject to these prohibitions, consult with a member of the Compliance Department. (Please also refer to the Firm's Global Economic Sanctions Policy for additional information.)

***I. Communicating with Regulators and Other Government Officials***

Inquiries from regulators, outside the normal course of the Firm's regulatory relationships, must be reported immediately to the regional compliance officer before a response is made. Financial reporting related inquiries may be responded to by authorized members of the Finance Department. Responses to regulators must contain complete, factual and accurate information. During a regulatory inspection or examination, documents must never be concealed, destroyed or altered, nor should lies or misleading statements be made to regulators. Requests from auditors are subject to the same standards.

***J. Government Business***

Doing business with governments may present different risks than business in the commercial marketplace. Laws relating to contracts with international, federal, state and local agencies generally are more stringent and complex. Certain conduct and practices that might be acceptable in the commercial setting are prohibited in the public sector. You should therefore consult with management, or the compliance officer assigned to your business before you make any decision about doing business with government entities.

***K. Former Government Officials***

PineBridge is committed to compliance with all laws and regulations applicable to any Access Person who has previously worked in government. Many jurisdictions have laws and regulations in place that are designed to prohibit former government officials from taking improper advantage of his or her previous position. Any Access Person who has served as a government official, in any capacity, must be aware of and comply with all laws and regulations applicable to former government officials.

***L. Anti-corruption and Bribery***

PineBridge is committed to compliance with all applicable laws and regulations designed to prevent violations of the Foreign Corrupt Practices Act ("FCPA") and other U.S. and international anti-bribery laws.

Access Persons must never use improper means to influence another's business judgment. No PineBridge employee, agent, or independent contractor may provide bribes or other improper benefits, financial or otherwise, to another person in order to obtain or retain business, bring about the improper performance of a relevant function or activity, or an unfair advantage in any business interaction that involves PineBridge, our customers, or employees. Applicable laws, regulations and government agencies define improper benefits very broadly and continue to expand the definition (e.g. the hiring of children of foreign government officials). Payments or promises to pay something of value to obtain or retain business or otherwise secure an improper advantage must never be made to a government official or employee, or other public officials who hold legislative, administrative or judicial positions. Government officials may include senior management of enterprises that are controlled or owned in whole or in part by a government.

Anti-corruption laws also prohibit the creation of inaccurate or false books and records and they require companies to develop and maintain adequate controls regarding corporate assets and accounting. All PineBridge employees

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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and officers are required to familiarize themselves with and comply with all applicable PineBridge policies and procedures. (Please also refer to the Firm's Global Anti-Corruption Policy for additional information.)

***M. Whistleblower Protection Policy***

PineBridge must adhere to all applicable laws and regulations. The support of all Access Persons is needed to assist PineBridge in achieving compliance with applicable laws and regulations. If any Access Person reasonably believes that a policy, practice, or activity of PineBridge, or of another individual or entity with which PineBridge has a business relationship is in violation of an applicable law or regulation, a report must be filed by that Access Person with the Compliance Department. PineBridge will seek to protect the identity of the individuals making the report and Access Persons may remain anonymous. Access Persons may submit such reports via the PineBridge Speak Up Program, which offers both phone and web reporting methods. The PineBridge Speak Up Program is available on the PineBridge Intranet homepage <u>here</u> (Source > Employee > PineBridge Speak Up Program).

A report submitted through the PineBridge Speak Up Program will be reviewed by the Firm's Global Chief Compliance Officer ("CCO"). The Global CCO is responsible for conducting a review or investigation of the report. The Global CCO may utilize all resources available to him in conducting the review or investigation including consultation with the General Counsel or another member of the Firm's Legal Department, or if deemed necessary, retain independent outside advisors or consultants.

PineBridge will not retaliate against an Access Person who, in good faith and with reasonable belief, has made a report with the Compliance Department or lawfully provided information to or assisted the Securities Exchange Commission ("SEC") or any other relevant regulator concerning some practice of PineBridge, or of another individual or entity with whom PineBridge has a business relationship, on the basis of a reasonable belief that the practice is in violation of an applicable law or regulatory requirement. Although internal reporting is encouraged, no one may take any action to impede an individual from communicating with the SEC or other regulatory body about a possible securities law violation. In addition, certain individuals reporting such practices (subject to restrictions and requirements) may be eligible for a reward. For further information, please contact the Compliance Department.

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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IV. Insider Trading

Insider trading refers to the buying and selling of a security, in breach of a fiduciary duty or other relationship of trust and confidence, while in possession of material, non-public information about the security.

Insider trading laws generally prohibit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Trading by an insider, while in possession of material, non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Trading by a non-insider, while in possession of material, non-public information, where the information was disclosed to the non-insider in violation of an insider's duty to keep it confidential; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Communicating material, non-public information to others in breach of a
fiduciary duty.

***A. Material Information***

Material information generally is information that an investor would consider important in making his or her investment decision or information that is reasonably certain to have a substantial effect on the price of a company's securities. Material information does not have to relate directly to a company's business.

Information is considered material if it relates to matters such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) dividend or earnings expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) write-downs or write-offs of assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) proposals or agreements involving a joint venture, merger, acquisition, divestiture or leveraged buy- out;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) criminal indictments, civil litigation or government investigations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) substantial changes in accounting methods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) major litigation developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) bankruptcy or insolvency; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) public offerings or private sales of debt or equity securities.

*Note: The above list of examples is non-exhaustive. Please contact the Legal or Compliance Department with any questions regarding the materiality of information.* 

Information provided by a company can be material because of its expected effect on a particular class of the company's securities, all of the company's securities, the securities of another company or the securities of several companies. This policy applies to all types of securities, as well as any option related to that security.

***B. Non-public Information***

Non-public information is information that has not generally been made available to investors. Information received in circumstances indicating that it is not yet in general circulation or where the recipient knows or should know that the information could only have been provided by an insider is also considered non-public information.

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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For non-public information to become public, it must be disseminated through recognized channels of distribution designed to reach the securities marketplace. Once the information has been distributed, it is no longer considered non-public. Disclosure in a national business and financial wire service (e.g., Dow Jones, Bloomberg or Reuters), a national news service (AP), a national newspaper (e.g., *The Wall Street Journal* or *The New York Times*), or a publicly disseminated disclosure document (a proxy statement or prospectus) constitutes public information.

*Note: Generally, information is considered non-public until 24 hours after public disclosure.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Information Provided in Confidence** 

Occasionally, one or more Access Persons may become temporary insiders because of a fiduciary (a person or entity to whom property is entrusted for the benefit of another) or commercial relationship.

As an insider, PineBridge has a fiduciary responsibility not to breach the trust of the party that has communicated the material, non-public information by misusing that information. The fiduciary duty arises because PineBridge has entered or has been invited to enter into a commercial relationship with the client or prospective client and has been given access to confidential information solely for the corporate purposes of that client. The obligation remains regardless of whether PineBridge ultimately participates in the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Information Disclosed in Breach of Duty** 

Even where there is no expectation of confidentiality, a person may become an insider upon receiving material, non-public information in circumstances where (i) a person knows, or should know, that a corporate insider or tipper is disclosing information in breach of the fiduciary duty he/she owes the corporation and its shareholders and (ii) the corporate insider or tipper is receiving a personal benefit, directly or indirectly, from the disclosure of the information. A prohibited personal benefit could include a present or future monetary gain, a benefit to one's reputation, an expectation of quid pro quo from the recipient or the recipient's employer by a gift of the inside information. The definition of a prohibited personal benefit continues to be litigated in the courts and the regulators seek to expand the definition.

A person may, depending on the circumstances, also become an insider when he/she obtains material, non-public information by happenstance. This includes information derived from social institutions, business gatherings, overheard conversations, misplaced documents and tips from insiders or other third parties.

***C. Guidance on Insider Trading***

Any Access Person who is uncertain as to whether the information he/she possesses is material, non-public information should take the following steps immediately:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Report the matter to the Compliance Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Refrain from purchasing or selling the securities on behalf of oneself or others, including Clients managed by the
Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Refrain from communicating the information inside or outside of PineBridge, other than to the Compliance Department.

The Compliance Department will instruct the Access Person on how to proceed.

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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***D. Penalties for Insider Trading***

The penalties for insider trading are severe, both for individuals involved in such unlawful conduct and their employers. A person can be subject to civil and/or criminal penalties even if he/she does not benefit personally from the violation.

***E. Procedures to Implement the Policy against Insider Trading***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Trading Restrictions and Reporting Requirements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) No Access Person who possesses material, non-public information relating to
PineBridge or any of its affiliates or subsidiaries, may buy or sell any securities of PineBridge or engage in any other action to take advantage of, or pass on to others, such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) No Access Person who obtains material, non-public information which relates to
any other company or entity in circumstances in which such person is deemed to be an insider or is otherwise subject to restrictions under the securities laws, may buy or sell securities of that company or otherwise take advantage of, or pass on to
others, such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Access Persons shall submit reports concerning each Securities transaction and should verify their personal ownership
of such Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Access Persons should not discuss any potentially material, non-public information concerning PineBridge or other companies except as specifically required in the performance of their duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Information Barrier Policy** 

Information barriers are designed to restrict the flow of inside information and to prevent Access Persons on the public side (e.g., trading desks) from gaining access to material, non-public information, which came from the private side.

Please refer to the PineBridge Compliance Manual for a more detailed description of the Information Barrier Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Cross-Barrier Procedures** 

A "cross-barrier communication" is a communication between an Access Person on the public side and Access Person on the private side. The communication can be in the form of a conversation, an email, a memo, a research report or any other communication of an Access Person's opinion about the value of a security.

Access Persons are permitted to have cross-barrier communications regarding (a) investments generally, which communications do not relate to any specific issuer (e.g. industry related investment communications) and (b) communications which are issuer specific, but which involve only public information (Legal or Compliance should be consulted prior to these conversations to determine if such communication should be monitored by the Legal or Compliance Department).

Access Persons on the private side of the information barrier are prohibited from communicating non-public information (including impressions or information derived from non-public information) regarding an issuer of public securities to any Access Person on the public side of the information

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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barrier unless the communication is notified in advance and monitored by the Compliance Department and the public side has agreed to receive the information prior to the information being communicated.

The Access Person who was brought across the barrier must maintain the confidentiality of the information received at all times and may use it only for the business purposes for which it was disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **The Watch List** 

The Watch List is a highly confidential list of companies about which PineBridge may have received or may expect to receive material, non-public information. The contents of the Watch List and any related restrictions imposed by the Compliance Department are extremely confidential therefore access to the Watch List is strictly limited and tightly controlled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***i.***  ***<u>Placement of Securities On/Off the Watch List</u>*** 

A company normally will be placed on the Watch List when PineBridge has received expects to received or expects to receive material, non-public information concerning that company. This usually occurs when PineBridge is involved in an assignment or transaction that has not been publicly announced or when PineBridge otherwise determines that there is need a to monitor the trading activity in such company.

A company will be removed from the Watch List at the request of the person who initiated placement on the list, usually when the company's involvement in the transaction relating to the company has ended. Companies also may be removed from the Watch List when they are moved to the Restricted List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***ii.***  ***<u>Implementation and Monitoring</u>*** 

The person who initially places a company on the Watch List is responsible for notifying the Compliance Department when it should be removed. The Compliance Department maintains the Watch List. In addition, the Compliance Department monitors trading activity in any company on the Watch List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **The Restricted List** 

The Restricted List is a confidential list of companies that are subject to restrictions in trading. Restrictions apply to trading for Advisory Clients, proprietary accounts, and trading for Access Person and related accounts.<sup>2</sup> Companies on the Restricted List are to be kept confidential and are not to be disclosed to anyone outside of PineBridge.

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<sup>2</sup> Certain issuers on the Restricted List that have been added by the Leveraged Finance team may not restrict the trading of leveraged loans for the issuer in question. The issuers for whom this is true will be designated as such on the Restricted List.

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***i.***  ***<u>Placement of Securities On/Off the Restricted List</u>*** 

The placement of a company on the Restricted List generally restricts all trading in the securities of that company. Since a company may be placed on the Restricted List for a number of reasons, no inferences should be drawn concerning a company or its securities due to its inclusion on such list.

A company will be removed from the Restricted List at the request of the person who initiated placement on the list, usually when the company's involvement in the transaction relating to the company has ended.

For public companies in which an Access Person (other than a Non-Executive Director) sits on the Board of Directors or acts in a similar capacity, the relevant issuer will be placed on the Restricted List upon notification to Compliance. Access Persons (other than Non-Executive Directors) are required to report their "outside business activities" or "related board level activities" in StarCompliance (see "Outside Business Activities" within this Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***ii.***  ***<u>Implementation and Monitoring</u>*** 

The Compliance Department is responsible for placing or removing a Security from the Restricted List and has the ultimate responsibility for maintaining the Restricted List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Confidentiality** 

In carrying out business activities, Access Persons often learn confidential or proprietary information about PineBridge, its customers, suppliers and/or third parties. Access Persons must maintain the confidentiality of all information entrusted to them, except where disclosure is authorized or legally required.

***F. Anti-Fraud and Anti-Manipulation***

In connection with the purchase or sale of any Securities, Access Persons shall not, directly or indirectly, (i) employ any device, scheme or artifice to defraud, (ii) make any untrue statement of a material fact or omit to state a material fact, (iii) engage in any act, practice or course of business which would operate as a fraud or deceit, (iv) engage in any manipulative practice, or (v) trade ahead of or in conflict with an investment recommendation.

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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**V. Personal Securities Transactions** 

The key purpose of this policy is to ensure that conflicts of interest between Access Persons and Clients arising from the personal securities transactions of Access Persons are limited. The main driver for the potential conflict of interest is the differential of information available to employees and Clients.

***A. Trading in General***

Access Persons may not knowingly engage in the purchase or sale of a Security or Related Security (other than an Exempt Security, as explained below) of which they have Beneficial Ownership (other than an Exempt Transaction, as explained in Appendix A) and which, within seven (7) calendar days before and after the transaction (also known as the "Blackout Period"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is being considered for purchase or sale by a Client, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is being purchased or sold by a Client.

The Blackout Period restriction applies on an issuer-level basis, such that an employee is prohibited from placing an equity trade where the Firm is placing a fixed-income trade in the same issuer3. In certain circumstances, the Compliance Department may provide an exception to an Access Person that permits the Access Person to trade within seven (7) calendar days of a Client transaction. If an Access Person has been unable to receive approval for a pre-clearance request for 30 calendar days due to Advisory Client transactions, the Access Person may contact the Compliance Department and the Compliance Department will undertake an analysis (which may include factors such as prior exceptions granted, the Access Person's group and its relation to the Security in question, and the Firm's current and prior trading of the Security), and may attempt to designate a day on which the Access Person may transact. Such an exception may only be given when closing a position (either in part or in full) and will typically be in instances where PineBridge has not transacted on the prior business day.

*S&P 500 Exemption to the Blackout Period:* 

The Blackout Period does not apply to Securities in the S&P 500 Index where the quantity of Securities requested for pre-clearance is 500 shares or fewer for the period described above as the Blackout Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Exempt Securities** 

Exempt Securities are Securities that do not have to be pre-cleared or reported to the Compliance Department and are not subject to the short-term trading limitation requirement of this Code.

The following are Exempt Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Securities that are direct obligations of the U.S. and foreign governments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Bankers' acceptances, bank certificates of deposit, commercial paper, money market funds and certain high quality
debt instruments (e.g., structured notes / deposits including

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<sup>3</sup> When the ultimate parent company for an issuer is a government entity, trading in one state-owned entity does not prohibit trading in all other state-owned entities controlled by that government.

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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currency linked notes, interest rate linked notes and index-linked notes), including repurchase agreements. ADRs do not fall into this category;

*Note: High quality debt instruments are interpreted to mean any instrument that is rated in one of the two highest rating categories by a Nationally Recognized Statistical Rating Organization.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Shares of unaffiliated registered open-end investment companies (e.g. open-end non-affiliated mutual funds), annuities, or other commingled vehicles.

*Note 1: Exchange Traded Funds ("ETFs"), options on ETFs and closed-end funds (including business development companies) do not require pre-clearance in StarCompliance, but accounts holding these instruments are not exempt from reporting under the Code and must be disclosed in StarCompliance.* 

*Note 2: Accounts that only have the ability to invest in Exempt Securities (such as unaffiliated mutual funds, certain 529 Plans investing in only Exempt Securities, as well as 401(k) plans investing in only Exempt Securities, such as the PineBridge 401(k) plan) are not required to be reported in StarCompliance.* 

*Note 3: Affiliated Funds4 are considered Non-Exempt and thus require pre-clearance prior to transacting. The* <u>Current List</u> *of Affiliated funds is available on SOURCE (excluding affiliated fund purchases in the PineBridge 401(k) plan).* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any transactions and/or holdings in Securities in a blind trust over which an Access Person has no direct or indirect
influence, control or knowledge. An Access Person must notify the Compliance Department of the establishment of such blind trust as part of their initial certifications on StarCompliance or of any opening of such blind trust thereafter.Documentation
must be provided to the Compliance Department as evidence that the Access Person has no direct or indirect influence, control or knowledge of the transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Investment linked insurance policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Compulsory savings plans for the retirement of residents (e.g. mandatory provident fund/occupational retirement
schemes in Hong Kong, central provident fund in Singapore, or equivalent in other jurisdictions).

*Note 1: In addition to the above, there are certain transactions designated by the Compliance Department as Exempt ("Exempt Transactions"), which are not required to be pre-cleared, but are required to be reported to Compliance. These transactions are discussed in Appendix A.* 

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<sup>4</sup> PineBridge employees in Taiwan do not require pre-clearance for affiliated fund purchases. Taiwan employees can invest in PineBridge Funds via a PineBridge omnibus account, provided they have opened a PineBridge brokerage account before investing. These transactions will be kept in the Taiwan fund administration system and meet compliance requirements.

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Circumstances Requiring Pre-clearance** 

All Access Persons must obtain pre-clearance via StarCompliance and/or from the Compliance Department prior to purchasing or selling a Security that is neither an Exempt Security nor can be bought or sold in an Exempt Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Pre-clearance Approval:** Once received, pre-clearance approval is valid for the same day and the next trading day through the market close in which the security is being traded (**the "Approval Period")**. For example, if a Hong Kong
based employee receives trading approval for a security traded on the Hong Kong exchange on Friday that approval is valid for Friday and Monday, up until the Hong Kong market close on Monday. If an approval is received after trading hours, the
approval remains valid only for the next trading day. For example, if a Hong Kong based employee receives trading approval for a security traded on the Hong Kong exchange after the Hong Kong market close on a Friday, the approval is still only valid
for Friday and through Monday's market close.

When determining the length of the approval period for securities traded on a foreign market, employees must look to the local market time in which the security is being traded and then apply the pre-approval rules. For the avoidance of doubt, an approval received by an Access Person in Asia relating to any transactions in US Securities is dependent on the US market in which the security is being traded. For example, if a Hong Kong employee receives trading approval for a security traded on a US exchange on Monday 10:00am (CHST), then the approval expires on Monday 4:30pm (EST), which is Tuesday 4:30am (CHST). Looking to the US Market, the trade was approved on Sunday at 10:00pm (EST) (the day the approval is granted) and is valid through Monday's market close local time.

To avoid confusion, the trade request approval generated from the system will contain a "Local Expiry Date/Time", indicating the end of the Approval Period. An order that is not executed within the Approval Period must be re-submitted for pre-clearance approval. Approval for a private placement purchase or initial public offerings ("IPOs") is valid until the closing of the private placement transaction or IPO period.

Access Persons wishing to enter a limit order for a Security that is neither an Exempt Security nor can be bought or sold in an Exempt Transaction are only permitted to enter limit orders that are good for the day they are entered ("Day Order"). **Access Persons may not enter limit orders with durations exceeding a day (e.g., good-til-cancelled, stop loss) for transactions other than Exempt Securities or Securities that can be bought or sold in an Exempt Transaction.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Procedures for Approval:** Access Persons must request pre-clearance electronically, using StarCompliance. Pre-clearance approval is granted if the purchase or sale complies with this Code and the foregoing restrictions.

Non-Executive Directors are not subject to the pre-clearance requirement referred to above unless at the time of the transaction, knew or, in the ordinary course of fulfilling the Non-Executive Director's official duties as a director of PineBridge, should have known that: (a) PineBridge engaged in a transaction in the same security within the last seven (7) calendar days or is engaging or going to engage in a transaction in the same security within the next seven (7) calendar days; or (b) PineBridge has within the last seven (7) calendar days considered a transaction in the same security or is considering a transaction in the same security within the

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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next seven (7) calendar days. In addition, the following requirements of this Policy, Sections V.A.3, 4, 5 and 7 do not apply to Non-Executive Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Initial Public Offerings<sup>5</sup>** 

The purchase of equity Securities in IPOs by Access Persons can create an appearance that such personnel have taken inappropriate advantage of their positions for personal benefit. Accordingly, Access Persons who are Investment Personnel are prohibited from purchasing an IPO. All other Access Persons must obtain pre-clearance from the Compliance Department prior to participating in an IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Private Placements** 

Access Persons must obtain prior approval through StarCompliance from the Compliance Department before acquiring Beneficial Ownership of any Securities offered in a Private Placement (other than a Private Placement sponsored by PineBridge). Access persons may be requested to supply to Compliance copies of any private placement memorandum, subscription documents, offer sheets, term sheets or other written documentation pertaining to the deal. Approval will be given only if it is determined that the investment opportunity should not be reserved for Advisory Clients and that the opportunity to invest has not been offered to the Access Person by virtue of his or her position.

Access Persons must disclose investments in a Private Placement if an investment in the issuer of the Private Placement is being considered for a Client and the Access Person is involved in the decision making process. A decision to make such an investment must be independently reviewed by the Access Person's manager or a Managing Director who does not have Beneficial Ownership of any Securities of the issuer.

The Private Placement must be reported in StarCompliance and confirmation of the purchase must be provided to the Compliance Department once complete. Investments by Access Persons in Private Placements sponsored by PineBridge are required to be reported in StarCompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Short-Term Trading** 

Access Persons are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Realizing profits from selling a Security fewer than 30 calendar days after the purchase of the position (i.e. trade
date + 30 days).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Realizing profits from closing a short position within 30 calendar days of opening the position (i.e. trade date + 30
days).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Realizing a profit on a put or call option (whether through expiration or through automatic execution) fewer than 30
calendar days after the purchase or sale of the underlying position (i.e. trade date + 30 days).

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<sup>5</sup> Exemptions to the Firm's policy on IPOs may be granted provided that PineBridge follows local regulatory requirements and the Compliance Department provides prior approval.

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To clarify with an example, if a trade is executed on January 1<sup>st</sup>,
it cannot be sold at a profit until February 1<sup>st</sup>. If that position is sold on January 31<sup>th</sup> or earlier, it will be considered a violation.

A last-in, first-out ("LIFO") methodology will be applied to a series of Securities purchases for determining compliance with this holding rule. (Note: gains are calculated differently under this rule than they would be for tax purposes.)

There are a few exceptions to this prohibition: (1) Exempt Securities; (2) ETFs that track an index; (3) futures and options on ETFs; (4) redemption of funds with a cooling off period; (5) non-volitional margin calls (employees receiving margin calls that result in hardship should contact their local Compliance Department); (6) hardship exemptions, which may be approved by the Compliance Department in extreme circumstances; and (7) any other special exemption approved by Compliance <u>prior</u> to the profit being realized. Hardship exemptions and special exemptions must be approved in advance of trading. Please contact the Compliance Department with any questions.

The Compliance Department will monitor short-term trading and address any abuses of short-term trading profits on a case-by-case basis. If an abuse is discovered, Access Persons may be required to disgorge any profits realized on personal trades executed within 30 days. Day trading by Access Persons is strictly prohibited.

Personal trading in unusually high frequency is discouraged. The Compliance Department may contact any Access Person and/or his or her supervisor deemed to be trading with excessive frequency. This principal applies to Exempt Securities as well.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Market Timing** 

Market Timing is the short-term trading in and out of predominantly US registered investment companies, generally those that are focused on non-US investments using information that is publicly known, but not yet reflected in the share price. Furthermore, more sophisticated market timers have taken advantage of disparities between the last quoted price of a Fund's underlying portfolio securities and potentially inaccurate fair valuation of those securities. Market timing by Access Persons is strictly prohibited whether or not the market timing relates to products advised or sub-advised by PineBridge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Gifting of Securities / Inheritance** 

The gifting of Securities or receiving of securities from an inheritance is permitted without pre-clearance. Nonetheless, these Securities must be disclosed in StarCompliance and reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Cryptocurrency** 

Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Also referred to as digital currencies, alternative currencies and virtual currencies, cryptocurrencies generally utilize blockchain technologies, which is a distributed ledger system. There are more than 1500 cryptocurrencies and popular examples include Bitcoin, Ethereum, Ripple, Litecoin, and NEO. PineBridge does not currently trade in cryptocurrencies for its Clients. Because there is no potential conflict with Client trading, Access Persons are permitted to trade in cryptocurrency without preapproval to Compliance and without disclosing their trading accounts subject to the compliance of

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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local laws and regulations. However, trading in cryptocurrencies is highly speculative and includes a high risk of loss. Additionally, the regulatory landscape concerning cryptocurrencies is still in its infancy and some nations and financial regulators may limit or restrict trading and actions that are perceived as criminal in nature (including money laundering). Any Access Person choosing to trade in cryptocurrencies should proceed with caution, especially to meet fit and proper criteria which includes financial soundness. Also they should ensure they are complying with any local laws and regulations adhering to all other sections of the Code, including high frequency or day-trading.

*Note 1: Although Cryptocurrencies do not generally trade on regulated exchanges, Access Persons still need to obtain pre-approval prior to trading derivative products (e.g. futures) where the underlying instrument is a cryptocurrency. For example, the Chicago Mercantile Exchange ("CME") currently offers trading on Bitcoin futures. If an Access Person wanted to trade in the Bitcoin future on the CME, they would need to obtain pre-approval and comply with the Code.* 

***B. Reporting***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Disclosure of Holdings and Accounts** 

Access Persons must disclose via the "Initial Holdings Report" or through direct registration in StarCompliance to the Compliance Department, whether they have a direct or indirect Beneficial Ownership and/or control of any Securities or affiliated fund accounts within 10 calendar days of commencement of employment (such information must be current as of a date no more than 45 days prior to employment).

If an Access Person subsequently opens a new account of which he/she has Beneficial Ownership and/or control (whether or not this account holds reportable Securities), the Access Person must notify the Compliance Department via StarCompliance within 10 calendar days following the opening of such account. Securities held in certificate form that are not held in street name must also be reported to the Compliance Department via StarCompliance. Accounts that only have the ability to invest in Exempt Securities (such as unaffiliated mutual funds, 529 Plans investing in only Exempt Securities, and 401(k) Plans investing in only Exempt Securities) as defined in the Exempt Securities section above are not required to be reported. All reports submitted to the Compliance Department will be treated as confidential. Accounts at qualifying Robo-Advisers are not required to be disclosed in StarCompliance if the Robo-Advisers investment options are pre-selected by the Robo-Adviser and the Access Person is not able to pick individual stocks and/or funds to invest in. Examples of qualifying Robo-Advisers include, but are not limited to, Betterment, Wealthfront, Acorns, MarketRiders, Creditease's Toumi RA, and Algebra. If there is a question regarding whether a Robo-Adviser qualifies under the Code, please consult Compliance.

Any Access Person who fails to report his or her holdings or the opening of a new brokerage account in accordance with this Code shall be deemed to be in violation of this Code.

*Note 1: An account with no holdings, and where the Access Person has no intent to use the account going forward,* ***must still be reported*** *to the Compliance Department and is still subject to this Code. By reporting the account to Compliance, any subsequent activity in such accounts will be reported.* 

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| **Annual** | **Holdings Report**  |

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&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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Access Persons must provide and certify on an annual basis, a report of their accounts and beneficial holdings within 30 days after the calendar year end. The information must be current as of a date no more than 45 days prior to the submission of the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Transactions for Access Persons** 

Access Persons must arrange for the Compliance Department to be provided all transactions electronically in an account that is Beneficially Owned and/or controlled by such Access Person. In order for the Access Person to arrange the delivery of electronic data, the Access Person must notify the Compliance Department of the broker-dealer(s) from which the Compliance Department will request the setup of the electronic transactional feed. The <u>Approved E-feedable Brokers</u> list is available on SOURCE. Access Persons must arrange for the Compliance Department to receive transaction data through electronic delivery directly from the broker-dealer.

*NOTE: For Access Persons located in Asia and EMEA where, due to regulatory requirements or market practice, electronic feeds of transactions are unavailable, Access Persons are required to provide the Compliance Department on a timely basis with duplicate copies of confirmations for all transactions and periodic broker statements in relation to account(s) that are Beneficially Owned and/or controlled by such Access Person.* 

*Note 1:* ***Electronic Broker Feeds*** 

*Access Persons employed by PineBridge entities in the Americas, and Household Members of those Access Persons, must maintain personal securities accounts in which they have a beneficial interest at brokerage firms that provide transaction data electronically to PineBridge. If an Americas Access Person maintains an account(s) prior to joining PineBridge with brokerage firms that do not provide data electronically to PineBridge, he/she will be asked to move the account(s) to a brokerage firm that does within 60 days of employment. The Approved Brokers list is available on SOURCE. Access Persons outside of the Americas should also endeavor to provide transaction data through electronic delivery where possible. If an Access Person outside of the Americas maintains an account at a broker where electronic feeds are available, the Access Person must enable the electronic feed to be delivered to StarCompliance. For certain brokers, this may require additional action by the Access Person. This requirement applies to all accounts, even if an account has no holdings or trading activity.* 

*Note 2:* ***Non-Discretionary / Managed Accounts,*** *in which an Access Person does NOT have trading discretion and the account is managed by a third party and who executes trades and manages an account on behalf of the Access Person,* ***are required to be reported.*** *Transactions in such accounts do not require pre-clearance and are not subject to the Blackout Period or Short-Term Trading rules, however reporting is still required. Therefore, for such discretionary / managed accounts, Access Persons must ensure they provide duplicate confirmations and statements to the Compliance Department, or for Access Persons located in the Americas, brokerage firms that provide transaction data electronically to PineBridge must be used (per Note 1 above). Accounts at Robo-Advisers are not subject to reporting, subject to the compliance of local laws and regulations.* 

**Quarterly Transactions Certification – For Access Persons Located Outside of the Americas** 

Access Persons who are located outside of the Americas are required, within 30 days after the calendar quarter, to complete a report of all transactions in Securities of which the Access Person had Beneficial Ownership and/or control (except for those Securities classified as Exempt Securities).

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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Access Persons who are located outside of the Americas must complete the report even if no reportable transactions occurred during the quarter.

**Exceptions to Reporting Requirements** 

A Non-Executive Director is not subject to the reporting requirements of B.1 or B.2 above; however, a quarterly report under B.2 is required if the Non-Executive Director, at the time of the transaction, knew or, in the ordinary course of fulfilling the Non-Executive Director's official duties as a director of PineBridge, should have known that: (a) PineBridge engaged in a transaction in the same security within the last seven (7) calendar days or is engaging or going to engage in a transaction in the same security within the next seven (7) calendar days; or (b) PineBridge has within the last seven (7) calendar days considered a transaction in the same security or is considering a transaction in the same security within the next seven (7) calendar days.

***C. Exceptions***

Compliance may grant exceptions to the above rules at their discretion. Any such exceptions will be approved by the Chief Compliance Officer and communicated to the relevant employee.

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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| &nbsp;&nbsp;&nbsp; Transactions & Securities Matrix | &nbsp;&nbsp;&nbsp; Transactions & Securities Matrix | &nbsp;&nbsp;&nbsp; Transactions & Securities Matrix | &nbsp;&nbsp;&nbsp; Transactions & Securities Matrix |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> **Type / Description** | **Pre-clearance<br>Required?**<br>| **Reporting**<br> **Required** | <br> **Additional Information** |
| &nbsp;&nbsp;&nbsp; **Transaction in Non-**<br> **Exempt Security**<br> (e.g. common stock)<br>| ✓ | ✓ | |
| &nbsp;&nbsp;&nbsp; **Transaction in an Exempt**<br> **Security**<br> (e.g. mutual fund)<br>| X | X | |
| &nbsp;&nbsp;&nbsp; **Exempt Transaction**<br> (e.g. ETF)<br>| X | ✓ | |
| &nbsp;&nbsp;&nbsp; **Transactions in**<br> **PineBridge Sponsored**<br> **Funds**<br>| X | ✓ | |
| &nbsp;&nbsp;&nbsp; **Transactions in IPOs** | ✓ | ✓ | **Investment Personnel** are prohibited from purchasing an IPO.<br>|
| &nbsp;&nbsp;&nbsp; **Private Placements** | ✓ | ✓ | <br> **Pre-clearance:** Submit request through StarCompliance Module **Reporting:** Signed subscription/deal documents must be provided through the StarCompliance system or via email to <u>StarCompliance@pinebridge.com.</u><br>|

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&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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| **PineBridge Code of Ethics** | ![LOGO](g396518g05a37.jpg) |

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| &nbsp;&nbsp;&nbsp; Brokerage Accounts Matrix | &nbsp;&nbsp;&nbsp; Brokerage Accounts Matrix | &nbsp;&nbsp;&nbsp; Brokerage Accounts Matrix | &nbsp;&nbsp;&nbsp; Brokerage Accounts Matrix | &nbsp;&nbsp;&nbsp; Brokerage Accounts Matrix |
| &nbsp;&nbsp;&nbsp;**Type / Description** | **Reporting<br>Required** | **E-feed<br>Connection<br>Available?** | **Paper Broker<br>Statements sent<br>to Local<br>Compliance<br>Department?** | **Additional Information** |
| &nbsp;&nbsp;&nbsp;Active Brokerage Account for Access Person located <u>in the Americas</u> | ✓ | ✓ | X | **Active Brokerage Account at Non-E-Feed Broker that Cannot be Transferred:** Certain accounts may not be able to switch brokers (e.g. a compensation plan); if this is the case, reporting is required by way of arranging for copies (paper or pdf) of broker statements to be sent to StarCompliance with the coordination of local Compliance Department. |
| &nbsp;&nbsp;&nbsp;Active Brokerage Account for Access Person located <u>outside the</u> <u>Americas</u> | ✓ | ✓ | ✓ | **Possible e-feed connection:** If the Non-U.S. Employee has an account at an e-feed broker, the Employee must authorize the e-feed connection. If not, duplicate copies (paper or pdf) of statements must be sent to your local Compliance department. |
| &nbsp;&nbsp;&nbsp;Active Brokerage Accounts that only invest in Exempt Securities (e.g. several 529 plans, several 401K plans, qualifying Robo-Advisers) | X | X | X | **Requirements:** An account holding only Exempt Securities, and where the Access Person has no ability to invest in non- Exempt securities, does not have to be reported. *Accounts at qualifying Robo-Advisers are not subject to reporting, subject to the compliance of local laws and regulations*. |
| &nbsp;&nbsp;&nbsp;Inactive Brokerage Account | ✓ | ✓ | ✓ | **Requirements**: An account with no holdings, and where the Access Person has no intent to use the account going forward, must be reported. |

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&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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VI. Outside Business Activities

"<u>Outside business activities</u>" include service as an employee, consultant, board member, partner, officer, director, owner or trustee of an organization that is not an affiliate of PineBridge.

Given the nature of the Firm's business, the Firm's duties to its clients and equity owners, and the role of investment and financial advisory professionals generally, Access Persons who engage in outside business activities may face numerous and significant potential conflicts of interest. Prior to pursuing any such outside business activities, Access Persons (other than Non-Executive Directors) must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receive written approval from the Access Person's supervising Managing Director or department head if the outside
business activity includes service on a board or similar body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• promptly complete a declaration under the Outside Activity section found on StarCompliance, which will be reviewed and
approved or disapproved (as appropriate) by the Compliance Department and the Access Person's supervisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the outside business activity includes service on a board of directors or similar body, obtain the Acknowledgment and
Waiver Letter described below if required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receive written approval from your Supervising Managing Director for a presentation, talk, or service on a panel in
which you are offered an honorarium.

Hiring managers must obtain information regarding Outside Business Activities from potential new hires prior to extending an offer to proactively identify any potential conflicts of interest. An initial disclosure of outside business activities must be made to the Compliance Department at the commencement of employment.

*Note: If the Board position is for a public company (i.e., the company is listed on an exchange), Compliance must be notified prior to such appointment. Public companies that have an Access Person as a Board member will be added to the Restricted List until the Access Person no longer serves in a capacity in which MNPI could be obtained.*

<u>General Guidelines</u>

When engaged in an approved outside business activity, Access Persons must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when a potential conflict of interest may arise, always make decisions in the best interest of PineBridge and our
customers – not to advance personal interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• remain aware of how personal activities can lead to potential conflicts, such as taking a second job with or making an
investment in a PineBridge customer, vendor or competitor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discuss with your manager any situation that could be perceived as a potential conflict of interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• proactively address situations that may put your interests or those of a family member or friend in potential conflict
with PineBridge or its customers.

<u>Service on Outside Boards</u>

&nbsp;&nbsp;&nbsp;**Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.

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The Compliance Department will determine procedures to prevent the misuse of material, non-public information, which may be acquired through service on the board of a company, as well as other procedures or investment restrictions, which may be required to prevent actual or potential conflicts of interest.

In certain circumstances, the corporation or other entity in which the board governs must provide the Access Person with written assurances (an "<u>Acknowledgment and Waiver Letter</u>") regarding potential conflicts that may arise from time to time. The Acknowledgement and Waiver Letter should include an acknowledgement by the company that potential conflicts may exist, that the Access Person will resolve those conflicts in favor of PineBridge, and that the Firm has waived any such conflicts. The Compliance Department may determine, based on the nature of the activity of serving on the Board, the position the Access Person holds on the board, the job function of the Access Person at PineBridge, among other things, whether the Acknowledgement and Waiver Letter is required. Depending on the facts and circumstances, the Compliance Department will notify the Access Person if the Acknowledgement and Waiver Letter is required. A form of Acknowledgement and Waiver Letter is attached to this Code of Ethics as Appendix B.

In addition to complying with the policies and procedures set forth in this Code, Access Persons must be vigilant in identifying and managing the potential conflicts of interest that may arise by virtue of their service on a board. Depending on the circumstances, these conflicts may require the Access Person to recuse him- or herself from deliberations of the board. In some cases, it may be necessary to resign from the board entirely. Access Persons should seek guidance from the Legal or Compliance Department as to how these potential conflicts may be best addressed.

<u>Insolvent companies</u>

Access Persons should also be aware that corporations that are insolvent or operating in the so-called "zone of insolvency" may present particular legal challenges for officials and directors, including expansion of fiduciary duties to include the corporation's creditors, as well as its shareholders. The case law relating to duties of directors of insolvent corporations is unsettled, and may vary considerably from jurisdiction to jurisdiction. Access Persons serving on a board that becomes insolvent or enters the vicinity of insolvency should seek legal guidance promptly from the board's legal counsel.

<u>Service as a Public Official</u><sup>6</sup>

Before serving as a public official or running for elected office, an Access Person must obtain prior written approval from the Firm's General Counsel or his or her designee. It is important that personal political activities or interests do not conflict with responsibilities at PineBridge or imply the support of PineBridge.

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<sup>6</sup> "Public Official" includes other related positions in a government capacity that may cause or appear to cause a conflict of interest with PineBridge.

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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Specifically:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Firm's name should never be used by employees running for a political office, other than to identify PineBridge
as their employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● holding or campaigning for political office by a PineBridge employee must not create, or appear to create, a conflict of
interest with the Firm's duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● PineBridge funds or other PineBridge assets are never to be used for political purposes, including political advocacy
("lobbying") without first consulting the Legal or Compliance Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● only authorized representatives can make corporate contributions to political candidates for public office on behalf of
PineBridge; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● because laws and regulations governing corporate political activities and contributions are complex, the Legal or
Compliance Department must be consulted regarding contributions to ensure such contributions and activities are permitted and consistent with the Firm's business strategy for the region.

To avoid even the appearance of any conflict with the Firm's interests, employees who participate in community support efforts outside of PineBridge sponsored programs should never imply the Firm's endorsement of the effort.

<u>Exceptions</u>

The term "outside business activities" generally is not intended to include service to any organization that is (i) a personal holding company or (ii) an entity identified in Section 501(c)(3) of the US Internal Revenue Code (provided that it is an unpaid position). A "<u>personal holding company</u>" is an entity that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● is wholly-owned by the Access Person and/or members of the Access Person's immediate family;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● is used solely for the Access Person's personal investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● is not actively managed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● does not have any dealings with PineBridge or its Clients; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● does not compete with PineBridge.

The approvals required for outside business activities are not required for activities relating to those exempted organizations. However, these activities must be reported in StarCompliance.

Activities such as ownership or directorship of a company whose sole purpose is to hold a property that generates passive rental income, membership on the board of a residence and other similar activities will not be considered outside business activities and are exempt from the approval and reporting requirements. If you have any questions on activities not specifically mentioned, please contact the Compliance Department.

In addition, Consultants or Contingent Workers deemed Access Persons are not required to disclose their primary employer as an Outside Business Activity. For example, if PineBridge hires a Consultant from ABC Consulting Firm and the Consultant is determined to be an Access Person, the Consultant is not required to disclose ABC Consulting Firm as an Outside Business Activity.

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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VII. Gifts & Entertainment

Modest Gifts and appropriate Entertainment can help strengthen business relationships, but these business courtesies, whether given or received by PineBridge employees, must never improperly influence business decisions or bring about the improper performance of a Relevant Function or Activity7. Accordingly, it is best practice to monitor the offer and receipt of Gifts and/or Entertainment. In all matters related to Gifts or Entertainment, it is the responsibility of the Access Person to exercise good judgment.

The below requirements related to Gifts and Entertainment apply in most regions; however local thresholds and reporting procedures may exist in certain jurisdictions. Additionally, certain clients or counterparties (e.g. government entities and/or plans) may have stricter rules and prohibitions regarding giving or receiving gifts and entertainment. Please consult your regional policies and procedures or discuss with your regional compliance officer. Please note that amounts are stated in US dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **General Guidelines:** 

Offering and/or accepting Gifts and Entertainment is appropriate provided there is a business purpose, the expense incurred is ordinary and necessary, and the Gift or Entertainment falls within this Code and all relevant laws and regulations. Special care must be taken when providing Gifts and Entertainment to officials or employees of governments or government owned or controlled enterprises or other officials who hold legislative, administrative or judicial positions. When providing Gifts or Entertainment to government officials or employees of government owned or controlled enterprises, you are required to abide by local law and the Firm's anti-corruption policies. Access Persons should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** never allow business Gifts and Entertainment, whether given or received, to improperly influence business decisions or
bring about the improper performance of a relevant function or activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** remember if the donor is not present<sup>8</sup>, then the Entertainment is
subject to Gift policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** respect local and cultural sensitivities when exchanging business Gifts and Entertainment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** never provide or accept extravagant Gifts or lavish Entertainment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5)** never offer or receive anything that could be considered a bribe or other improper payment or Gift;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6)** never solicit Gifts, favors or Entertainment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7)** ensure that Gifts and Entertainment are reasonable, ordinary, in good taste, customary and lawful in the country or
region where they are exchanged; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8)** never offer or accept cash or cash equivalent (i.e., gift cards) in any amount.

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<sup>7</sup> Relevant Function or Activity: Any function either of a public nature, connected with a business, performed in the course of a person's employment or performed on behalf of a company or another body of persons.

<sup>8</sup> In the case of PineBridge offering hotel lodging to prospective or existing clients, this is permitted for only the night(s) related to the event (no extra nights) and should be reported as "Entertainment Given" in StarCompliance. Hotel lodging requires Managing Director approval. See "Entertainment Given" on the next page for details.

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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Access persons are expected to consult with the Compliance Department if they have any questions regarding Gifts or Entertainment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Giving Gifts:** 

Access Persons (other than Non-Executive Directors) giving Gifts to prospective or existing clients or counterparties must submit a Gifts Disclosure in StarCompliance for all Gifts within 30 calendar days of giving the Gift.9 Access Persons may not provide Gifts to a prospective or existing client exceeding $100 in aggregate in any calendar year. Any exception to the $100 limit must be approved in writing by the Access Person's supervising Managing Director in advance of giving the Gift. Access Persons are generally prohibited from providing Gifts valued at more than $150, however, exceptions may be granted in certain instances provided that prior approval is received from the regional head of compliance and line of business supervisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Receiving Gifts:** 

All Gifts received10 by Access Persons (other than Non-Executive Directors) exceeding the De Minimis Amount must be reported via the Gifts and Entertainment Disclosure on StarCompliance within 30 calendar days of the date of receipt of such Gift. In addition, Gifts valued at more than $100 must be approved by the Access Person's supervisor within five (5) business days. While PineBridge has adopted a prohibition on Gifts valued at more than $150, certain Gifts in excess of $150 received by Access Persons may be accepted, provided that they be shared among the department receiving the Gift. The manager of the department receiving the gift is responsible for seeing that the gift is reported via StarCompliance. Where such a Gift cannot be reasonably shared amongst employees (as in the case of an item of clothing), the Gift may be accepted and subsequently donated to charity. This includes, among other things, gratuities and Gifts received by Access Persons for speaking engagements.

If you are offered a Gift that does not meet the above criteria, politely decline the Gift. If declining a Gift would be offensive or hurt a business relationship, accept the Gift on behalf of PineBridge and submit a written Gift report to your supervisor, and work with your supervisor and the Compliance Department to determine the appropriate disposition of the Gift.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Entertainment Given:** 

Any entertainment given, excluding client meals, by an Access Person (other than a Non-Executive Director) must be reported through StarCompliance within 30 business days of providing such Entertainment. If there are multiple Access Persons giving the Entertainment, then only one Access Person need to report the entertainment in StarCompliance so long as all Access Persons are named within the report.

Client meals must be disclosed in the Concur expense reporting system. On a quarterly basis Compliance will review expense reports related to client meals given by Access Persons for any prohibited activities.

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<sup>9</sup> Reporting requirements do not apply to gifts of minimal value (e.g., pens, notepads or modest desk ornaments) or to promotional items valued at less than $20 that display the PineBridge logo (e.g. umbrellas, tote bags or shirts).

<sup>10</sup> Employees that are Registered Representatives of PineBridge Securities LLC may not offer or receive gifts in excess of $100 and must report all gifts given or received, regardless of the amount.

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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outlined earlier in the policy. Access Persons must also comply with travel and entertainment policies developed by PineBridge. For any office that is not currently using the Concur system, please contact the PineBridge Accounts Payable Team to ensure that disclosure of a client meal is recorded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Entertainment Received:** 

Access Persons (other than Non-Executive Directors) must report through the StarCompliance system all Entertainment received within 30 business days of the receipt of such Entertainment.

Entertainment includes but is not limited to: meals, cocktails, outings (e.g. golf, theater tickets, concerts, sporting events) and holiday parties when the third party provider is in attendance.

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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VIII. Political & Charitable Contributions

***A. Political Contributions***

PineBridge is committed to complying with all applicable regulations related to political contributions. Certain of these regulations may disqualify PineBridge from seeking business from a potential client on the basis of a contribution made by an employee. Employees are required to familiarize themselves with and abide by policies and procedures covering political contributions established by PineBridge and regional compliance departments. Contact your manager or your local compliance officer if you have any questions on the policies that are applicable to you. For the purposes of this policy, a "Covered Associate" is defined as an employee of PineBridge Investments LLC or PineBridge Galaxy LLC (both US SEC registered investment advisers).

In order to avoid current or potential future conflicts of interest, Covered Associates, together with their spouse and dependent Household Members<sup>11</sup>, **must obtain <u>prior approval</u> from Compliance through the StarCompliance system <u>before</u> making any political contributions to any state or local US government official or candidate.** Covered Associates, together with their spouse and dependent Household Members, are prohibited from making political contributions to any state or local US government official, entity or political party (including incumbents, candidates or successful candidates for elected office, including any election committees) that in aggregate are in excess of the following limits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Up to $150 per candidate, per election to candidates for whom the Covered Associate is not entitled to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Up to $350 per candidate, per election to candidates for whom the Covered Associate is entitled to vote<sup>12</sup>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Up to $350 per Political Party, Political Action Committee ("PAC") or similar organization established in
support of a Political Party or particular candidate per election, as long as the contribution to the Political Party, PAC or similar organization is not used to indirectly exceed the limits in A. and B. above.

Please note that these limits apply to all states and political subdivisions of states (e.g. cities, counties, municipalities, etc.), including pools of assets sponsored or established by a state or local government (e.g. pension plans for government employees).

However, these limits and the requirement to obtain prior approval from Compliance do not apply to candidates for Federal office (US Senate, House of Representatives, or presidency) who do not currently hold any state or local government office. In addition, although this Policy is limited to also include dependent Household Members, it should be very clear that no Covered Associate may indirectly seek to circumnavigate the intent of this rule through other individuals or means, such as through privately owned corporations.

Covered Associates are prohibited from compensating (or coordinating or soliciting) any third party (such as a placement agent or PAC) to solicit advisory business from a US government official, entity or political party (as

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<sup>11</sup> Dependent Household Members for purposes of this policy include individuals who are either family members or with whom you share a residence whom you also claim as a dependent for tax purposes.

<sup>12</sup> A person is "entitled to vote" for an official if the person's primary residence is in the locality in which the official seeks election.

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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described in further detail above), unless the third party is registered as either a US broker-dealer or investment adviser and has certain similar restrictions in place. Americas Compliance must be consulted prior to: (1) hiring/using any such service; and (2) any change in the third party's activities, where the third party may solicit business in the US.

The policy also includes providing "in-kind" non-cash contributions to a political campaign. For example, the use of the Covered Associates' or Firm's time or resources to benefit any state or local US government official, entity or political party would be subject to the above limits.

Note for all Covered Associates: The SEC's adopting release (Release No. IA-3043) to the rule regarding "Political Contributions by Certain Investment Advisers" provides further guidance such that PineBridge Investments LLC and Covered Associates must never "funnel payments through third parties, including, for example, consultants, attorneys, family members, friends or companies affiliated with the adviser as a means to circumvent the rule."

Non-compliance with this section may result in disciplinary action, up to, and including termination of employment. Covered Associates may be required to certify their compliance with the above requirements on a periodic basis.

Any request for exceptions must be made to Americas Compliance prior to any contribution being made.

***B. Charitable Contributions to Government Related or Government Sponsored Charities***

PineBridge may, from time to time, provide sponsorship and/or assistance to bona fide charities, educational establishments, community groups and other organizations, whether in the form of funds, assets, services, or other types of support (collectively "Charitable Contributions").

All contributions must be for a bona fide charitable purpose, and must not conflict with the terms of the Code of Ethics, or any other PineBridge policy. Access Persons (other than Non-Executive Directors) must receive pre-approval for a Charitable Contribution through the StarCompliance system under "Outside Activity" for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Any Charitable Contribution, either personally or on behalf of PineBridge, requested by a government official (or by a
government official through the use of a third party).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Any Charitable Contribution on behalf of PineBridge to a non-US entity
(whether located in the US or abroad).

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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Appendix A: Exempt Transactions

**Introduction** 

The Firm's Code provides that no Access Person may knowingly engage in the purchase or sale of a Security (other than an Exempt Security) or Related Security of which he/she has Beneficial Ownership and/or control (other than an Exempt Transaction), and which, within seven (7) calendar days before and after the transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. is being considered for purchase or sale by a Client, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. is being purchased or sold by a Client.

The Code provides further that classes of transactions may be designated as Exempt Transactions by the Compliance Department.

**Designation of Exempt Transactions** 

In accordance with the Code, the Compliance Department has designated the following classes of transactions as Exempt Transactions, based upon a determination that the transactions do not involve any realistic possibility of a violation of applicable regulations. Unless otherwise noted, the following transactions do not require pre-clearance, **but are subject to the reporting requirements of the Code** (i.e., reported in StarCompliance via an electronic broker feed or by way of the Compliance Department receiving paper or pdf confirms and statements from the broker). Exempt Transactions are subject to the 30 day short-term trading limitation, unless otherwise noted:

1. Purchases or sales of Securities that are not eligible for purchase or sale by Advisory Clients, for example, shares
in closely held or family held companies. (Note: Not subject to the 30 day short term trading limitation.)

2. Purchases of Securities under automatic or dividend reinvestment plans. (Note: Not subject to the 30 day short term
trading limitation.)

3. Purchases of Securities by exercise of rights issued to the holders of a class of Securities pro-rata, to the extent they are issued with respect to Securities of which an Access Person has Beneficial Ownership. (Note: Not subject to the 30 day short term trading limitation.)

4. Purchases of Securities by exercise of rights granted to employees under employee stock ownership plan.

5. Acquisitions or dispositions of Securities as a result of a stock dividend, stock split, reverse stock split, merger,
consolidation, spin-off or other similar corporate distribution or reorganization applicable to all holders of a class of Securities of which an Access Person has Beneficial Ownership. (Note: Not subject to
the 30 day short term trading limitation.)

6. Acquisitions of Securities by the exercise of rights which are granted to borrowers/policyholders of financial
institutions which apply for a public listing of their shares and offer "Free" shares to existing borrowers/policyholders.

7. Transactions in ETFs and Exchange Traded Notes. (Note: The 30 day short-term trading limitation does NOT apply to
ETFs.)

8. Transactions in closed-end funds.

9. Foreign Currency transactions. (Note: The 30 day short-term limitation does not apply. There is no requirement to
report or pre-clear any normal foreign exchange transactions (e.g. converting Euros for US Dollars) or report holdings in foreign currency.)

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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10. Futures, options trading and spread betting on broad based indices, such as the S&P 500. (Note: The 30 day
short-term limitation does not apply. All other spread betting must be pre-cleared.)

11. Acquisition of securities due to involvement in an approved Outside Business Activity (as defined in this Code).

12. The gifting of Securities or receiving securities from an inheritance (as mentioned in Section V on page 25 of this
Code).

&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

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Appendix B: Acknowledgement & Waiver Letter

**<u>BY FIRST CLASS MAIL</u>**

[Date]

[Address]

**Acknowledgement and Waiver** 

Dear [Board Member]:

This letter will confirm the understanding between [<u> </u>] (the "<u>Company</u>") and you regarding certain matters relating to your service on the Board of Directors of the Company (the "<u>Board</u>").

The Company has been informed by you that you are employed by a member company of PineBridge Investments, which provides investment advisory, financial and other related services to a range of clients. In that regard, you may owe certain fiduciary and other duties to such clients and to PineBridge Investments (collectively, the "<u>PineBridge Parties</u>"). From time to time, these duties may conflict with your duties to the Company, its shareholders or the Board (the "<u>Company Parties</u>") that may arise as a member of the Board.

To the extent permitted under applicable law, the Company hereby waives any conflicts arising from your duties to the PineBridge Parties. Without in any way limiting the foregoing, the Company acknowledges and agrees that (<u>i</u>) you will resolve any such conflict in all respects in favor of the relevant PineBridge Parties; (<u>ii</u>) such conflicts from time to time may cause you to recuse yourself from deliberations of the Board or any of its committees, or to withdraw from the Board; and (<u>iii</u>) you will be under no obligation or duty to the Company Parties (or any of them) with respect to business opportunities that you become aware of other than in connection with your service on the Board, including, without limitation, any such opportunities that you become aware of in connection with your employment by PineBridge Investments.

The Company acknowledges that you are serving on the Board strictly in your individual capacity and not as an agent or designee of any PineBridge Party.

To the extent practicable, the Company and the Board will undertake to inform you of any conflicts that exist or that may arise from time to time between the Company Parties, on one hand, and the PineBridge Parties, on the other hand.

Nothing in this letter is intended, nor shall it be deemed, in any way to limit any indemnity, release, exculpation or similar rights and protections to which you are entitled under applicable law, the Company's organizational documents or any other agreement or instrument.

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| Very truly yours, |
| [Name of the Company] |
| By: [Authorized Officer of the Company – Name /Title] |
| By: [Chairman of the Board of Directors – Name /Title] |

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&nbsp;&nbsp;&nbsp; **Important note:** Please always refer to the PineBridge Investments intranet site for the most up-to-date version of this Code of Ethics.<br>

## Ex-99.(P)(20)

**Exhibit (p)(20)** 

POLICY ON GSAM CODE OF ETHICS

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*Applicability: All GSAM* 

**GOLDMAN SACHS & CO. LLC** 

**GOLDMAN SACHS INTERNATIONAL** 

**GOLDMAN SACHS ASSET MANAGEMENT, L.P.** 

**GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL** 

**GOLDMAN SACHS HEDGE FUND STRATEGIES LLC** 

**GS INVESTMENT STRATEGIES, LLC** 

**GSAM STABLE VALUE, LLC** 

**APTITUDE INVESTMENT MANAGEMENT, L.P.** 

**ROCATON INVESTMENT ADVISERS, LLC** 

**GSAM STRATEGIST PORTFOLIOS, LLC.** 

**GOLDMAN SACHS INVESTMENT STRATEGIES CANADA INC.** 

**NEXTCAPITAL ADVISERS, INC.** 

**I.** **DEFINITIONS** 

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| A | "Access Person" with respect to Goldman Sachs & Co. LLC ("GS&Co.") and Goldman Sachs International ("GSI") the principal underwriters of any Investment Company (as defined below), means any director, officer or general partner who, in the ordinary course of business, makes, participates in or obtains information regarding the purchase or sale of Covered Securities by any Investment Company or whose functions or duties in the ordinary course of business relate to the making of any recommendation to the Investment Company regarding the purchase or sale of Covered Securities.  |

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"Access Person" with respect to Goldman Sachs Asset Management, L.P. and GSAM related entities other than GS&Co. and GSI ("GSAM") means any of their Supervised Persons (as defined below) who: (1) has access to (a) non-public information regarding any client's purchase or sale of securities, or (b) non-public information regarding the portfolio holdings of any Reportable Fund (as defined below) or (2) is involved in making securities recommendations to clients or who has access to such recommendations that are non-public. For these purposes, all GSAM directors, officers and partners are considered to be Access Persons. In addition, "Access Person" means (1) any employee of GSAM (and any director, officer, general partner or employee of any company in a control relationship to GSAM) 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 an Investment Company, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (2) any natural person in a control relationship to the Adviser who obtains information concerning the recommendations made to an Investment Company with regard to the purchase or sale of a Covered Security by an Investment Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. "Adviser" means each GSAM related entity so long as it serves as investment adviser, sub-adviser, or principal underwriter to any Investment Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. "Automatic Investment Plan" means a program in which regular periodic purchases or withdrawals are made
automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. "Beneficial Ownership" of a security shall be interpreted in the same manner as it would be under Rule 16a-1 (a) (2) under the Securities Exchange Act of 1934, as amended (the "Securities Exchange Act"), in determining whether a person is the beneficial owner of a security for purposes of
Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. "Board of Trustees" means the board of trustees, directors or managers, including a majority of the
disinterested trustees/directors/managers, of any Investment Company for which an Adviser serves as an investment adviser, sub-adviser or principal underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. "Control" shall have the same meaning as that set forth in Section 2(a)(9) of the Investment Company Act
of 1940, as amended (the "Investment Company Act"). Section 2(a)(9) generally provides that "control" means the power to exercise a controlling influence over the management or policies of a company, unless such power is
solely the result of an official position with such company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. "Covered Security" means a security as defined in Section 202(a)(18) of the Investment Advisers Act of
1940, as amended (the "Investment Advisers Act") or Section 2(a)(36) of the Investment Company Act, and open-end ETF shares and UIT ETF shares, except that it does not include: (1) direct
obligations of the Government of the United States; (2) banker's acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments (any instrument having a maturity at issuance of
less than 366 days and that is in one of the two highest rating categories of a nationally recognized statistical rating organization), including repurchase agreements; (3) shares issued by money market funds registered under the Investment
Company Act; (4) shares issued by open-end investment companies registered under the Investment Company Act other than Reportable Funds; and (5) shares issued by unit investment trusts that are
invested exclusively in one or more open-end investment companies registered under the Investment Company Act, none of which are Reportable Funds (6) qualified tuition programs established pursuant to
Section 529 of the Internal Revenue Code of 1986 ("529 Plans"), including interests in pre-paid tuition 529 plans and college savings 529 plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. "Exchange-traded fund (ETF)" means an investment company registered under the Investment Company Act as a unit
investment trust ("UIT ETF") or as an open-end investment company ("open-end ETF") that is comprised of a basket of securities

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to replicate a securities index or subset of securities underlying an index. ETFs are traded on securities exchanges and in the over-the-counter markets intra-day at negotiated prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. "Federal Securities Laws" means the Securities Act of 1933, the Securities Exchange Act, the Sarbanes-Oxley Act
of 2002, the Investment Company Act, the Investment Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Securities and Exchange Commission (the "Commission") under any of these statutes, the Bank Secrecy Act as it
applies to investment companies and investment advisers, and any rules adopted thereunder by the Commission or the Department of the Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. "Initial Public Offering" means an offering of securities registered under the Securities Act of 1933, the
issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. "Investment Company" means a company registered as such under the Investment Company Act, or any series
thereof, for which the Adviser is the investment adviser, sub-adviser or principal underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. "Investment Personnel" of the Adviser means (i) any employee of the Adviser (or of any company in a
control relationship to the Adviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by an Investment Company or (ii) any natural
person who controls the Adviser and who obtains information concerning recommendations made to an Investment Company regarding the purchase or sale of securities by an Investment Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. A "Limited Offering" means an offering that is exempt from registration under the Securities Act of 1933
pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505 or Rule 506 under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. "Purchase or sale of Covered Security" includes, among other things, the writing of an option to purchase or
sell a Covered Security or any security that is exchangeable for or convertible into another Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. "Reportable Fund" means any investment company registered under the Investment Company Act for which the
Adviser serves as an investment adviser as defined in Section 2(a)(20) of the Investment Company Act or any investment company registered under the Investment Company Act whose investment adviser or principal underwriter controls the Adviser,
is controlled by the Adviser or is under common control with the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. "Review Officer" means the officer of the Adviser designated from time to time by the Adviser to receive and
review reports of purchases and sales by Access

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Persons. The term "Alternative Review Officer" means the officer of the Adviser designated from time to time by the Adviser to receive and review reports of purchases and sales by the Review Officer, and who shall act in all respects in the manner prescribed herein for the Review Officer. It is recognized that a different Review Officer and Alternative Review Officer may be designated with respect to each Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. "Supervised Person" means any partner, officer, director (or other person occupying a similar status or
performing similar functions), or employee of GSAM or other person who provides investment advice on behalf of GSAM and is subject to the supervision and control of GSAM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. A security is "being considered for purchase or sale" when a recommendation to purchase or sell a security has
been made and communicated and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. With respect to an analyst of the Adviser, the foregoing period shall commence on the day that
he or she decides to recommend the purchase or sale of the security to the Adviser for an Investment Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S. A security is "held or to be acquired" if within the most recent 15 days it (1) is or has been held by the
Investment Company, or (2) is being or has been considered by the Adviser for purchase by the Investment Company, and (3) includes any option to purchase or sell and any security convertible into or exchangeable for a security described in
(1) or (2).

**II.** **LEGAL REQUIREMENTS** 

Section 17(j) of the Investment Company Act provides, among other things, that it is unlawful for any affiliated person of the Adviser to engage in any act, practice or course of business in connection with the purchase or sale, directly or indirectly, by such affiliated person of any security held or to be acquired by an Investment Company in contravention of such rules and regulations as the Commission may adopt to define and prescribe means reasonably necessary to prevent such acts, practices or courses of business as are fraudulent, deceptive or manipulative. Pursuant to Section 17(j), the Commission has adopted Rule 17j-1 which provides, among other things, that it is unlawful for any affiliated person of the Adviser in connection with the purchase or sale, directly or indirectly, by such person of a Covered Security held or to be acquired by an Investment Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To employ any device, scheme or artifice to defraud such Investment Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To make any untrue statement of a material fact to such Investment Company or omit to state a material fact necessary
in order to make the

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statements made to such Investment Company, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To engage in any act, practice, or course of business that operates or would operate as a fraud or deceit upon any
such Investment Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To engage in any manipulative practice with respect to such Investment Company.

Similarly, Section 206 of the Investment Advisers Act provides that it is unlawful for any investment adviser, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 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;(2) To engage in any transaction, practice or course of business which operates as a fraud or deceit upon any client or
prospective client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To engage in any act, practice or course of business which is fraudulent, deceptive or manipulative.

In addition, Section 204A of the Investment Advisers Act requires the Adviser to establish written policies and procedures reasonably designed to prevent the misuse in violation of the Investment Advisers Act or Securities Exchange Act or rules or regulations thereunder of material, non-public information by the Adviser or any person associated with the Adviser. Pursuant to Section 204A, the Commission has adopted Rule 204A-1 which requires the Adviser to maintain and enforce a written code of ethics.

**III.** **STATEMENT OF POLICY** 

It is the policy of the Adviser that the Adviser and its Supervised Persons shall comply with applicable Federal Securities Laws and that no Supervised Person shall engage in any act, practice or course of conduct that would violate the provisions of Rule 17j-1 under the Investment Company Act or Sections 204 and 206 of the Investment Advisers Act. No Supervised Person shall engage in, or permit anyone within his or her control to engage in, any act, practice or course of conduct which would operate as a fraud or deceit upon, or constitute a manipulative practice with respect to, an Investment Company or other investment advisory clients or an issuer of any security owned by an Investment Company or other investment advisory clients. In addition, the fundamental position of the Adviser is, and has been, that each Access Person shall place at all times the interests of each Investment Company and its shareholders and all other investment advisory clients first in conducting personal securities transactions. Accordingly, private securities transactions by Access Persons of the Adviser must be conducted in a manner consistent with this Code and so as to avoid any actual or potential conflict of interest or any abuse of an Access Person's position of trust and responsibility. Further, Access Persons should

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not take inappropriate advantage of their positions with, or relationship to, any Investment Company, any other investment advisory client, the Adviser or any affiliated company.

Without limiting in any manner the fiduciary duty owed by Access Persons to the Investment Companies under the provisions of this Code, it should be noted that purchases and sales may be made by Access Persons in the marketplace of securities owned by the Investment Companies; provided, however, that such securities transactions comply with the spirit of, and the specific restrictions and limitations set forth in, this Code. Such personal securities transactions should also be made in amounts consistent with the normal investment practice of the person involved and with an investment, rather than a trading, outlook. Not only does this policy encourage investment freedom and result in investment experience, but it also fosters a continuing personal interest in such investments by those responsible for the continuous supervision of the Investment Companies' portfolios. It is also evidence of confidence in the investments made. In making personal investment decisions with respect to any security, however, extreme care must be exercised by Access Persons to ensure that the prohibitions of this Code are not violated. Further, personal investing by an Access Person should be conducted in such a manner so as to eliminate the possibility that the Access Person's time and attention is being devoted to his or her personal investments at the expense of time and attention that should be devoted to management of an Investment Company's or other investment advisory client's portfolio. It bears emphasis that technical compliance with the procedures, prohibitions and limitations of this Code will not automatically insulate from scrutiny personal securities transactions which show a pattern of abuse by an Access Person of his or her fiduciary duty to any Investment Company or other investment advisory clients.

Every Supervised Person shall promptly report any violation of this Code of Ethics to the Adviser's chief compliance officer and the Review Officer.

**IV.** **EXEMPTED TRANSACTIONS** 

The Statement of Policy set forth above shall be deemed not to be violated by and the prohibitions of Section V.A(1) and (2) of this Code shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Purchases or sales of securities effected for, or held 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;B. Purchases or sales of securities which are not eligible for purchase or sale by an Investment Company or other
investment advisory clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Purchases or sales of securities which are non-volitional on the part of the
Access Person, an Investment Company or other investment advisory clients;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Purchases or sales of securities which are part of an Automatic Investment Plan provided that no adjustment is made by
the Access Person to the rate at which securities are purchased or sold, as the case may be, under such a plan during any period in which the security is being considered for purchase or sale by an Investment Company or other investment advisory
clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Purchases of securities effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of
its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Tenders of securities pursuant to tender offers which are expressly conditioned on the tender offer's acquisition
of all of the securities of the same class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Purchases or sales of publicly-traded shares of companies that have a market capitalization in excess of
$5 billion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Chief Investment Officer ("CIO") signature approved de minimis per day purchases or sales ($50,000 or less)
of publicly traded shares of companies that have a 10-day average daily trading volume of at least $1 million, subject to the following additional parameters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Access Persons must submit a current (same day) printout of a Yahoo Finance, Bridge or Bloomberg (or similar service)
screen with the minimum 10-day average daily trading volume information indicated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No Access Person (together with related accounts) may own more than <sup>1</sup>⁄<sub>2</sub> of 1% of the outstanding securities of an issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Multiple trades of up to $50,000 on different days are permitted so long as each day the trade is approved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A security purchased pursuant to this exemption must be held for a minimum of 360 days prior to sale unless it appears
on the Adviser's "$5 billion" Self Pre-Clearance Securities List or normal pre-clearance pursuant to Section VII of this Code is obtained, in which case
the security must be held for at least 30 days prior to sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Purchases or sales of securities with respect to which neither an Access Person, nor any member of his or her
immediate family as defined in Rule 16a-1(c) under the Exchange Act, has any direct or indirect influence, control or prior knowledge, which purchases or sales are effected for, or held in, a "blind
account." For this purpose, a "blind account" is an account over which an investment adviser exercises full investment discretion (subject to account guidelines) and does not consult with or seek the approval of the Access Person, or
any member of his or her immediate family, with respect to such purchases and sales; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Other purchases or sales which, due to factors determined by the Adviser, only remotely potentially impact the
interests of an Investment Company or other investment advisory clients because the securities transaction involves a small number of shares of an issuer with a large market capitalization and high average daily trading volume or would otherwise be
very unlikely to affect a highly institutional market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Transactions within a 529 Plan

**V.** **PROHIBITED PURCHASES AND SALES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. While the scope of actions which may violate the Statement of Policy set forth above cannot be exactly defined, such
actions would always include at least the following prohibited activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) No Access Person shall purchase or sell, directly or indirectly, any Covered Security in which he or she has, or by
reason of such transaction acquires, any direct or indirect beneficial ownership and which to his or her actual knowledge at the time of such purchase or sale the Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is being considered for purchase or sale by an Investment Company or other investment advisory clients; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is being purchased or sold by an Investment Company or other investment advisory clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No Access Person shall enter an order for the purchase or sale of a Covered Security which an Investment Company or other
investment advisory clients is purchasing or selling or considering for purchase or sale until the later of (i) the day after the Investment Company's or other investment advisory clients' transaction in that Covered Security is
completed or (ii) such time as the Investment Company or other investment advisory clients is no longer considering the security for purchase or sale, unless the Review Officer determines that it is clear that, in view of the nature of the
Covered Security and the market for such Covered Security, the order of the Access Person will not adversely affect the price paid or received by the Investment Company or other investment advisory clients. Any securities transactions by an Access
Person in violation of this Subsection 2 must be unwound, if possible, and the profits, if any, will be subject to disgorgement based on the assessment of the appropriate remedy as determined by the Adviser.

The preceding restrictions of this Section V.A(2) are not applicable to particular Access Persons with respect to transactions by Investment

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Companies or other advisory clients whose trading and holdings information is unavailable to such Access Persons due to the presence of an information barrier. Access Persons in GSAM's AIMS group for example, are generally "walled off" from non-public trading and holdings information of GSAM's direct investing businesses, such as GSAM's Fixed Income or Fundamental Equity business. As a result, these Access Persons would not be subject to the restrictions of Section V.A(2) with respect to those particular client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) No Access Person shall, in the absence of prior approval by the Review Officer, sell any Covered Security that was
purchased, or purchase a Covered Security that was sold, within the prior 30 calendar days (measured on a last-in first-out basis).

B. In addition to the foregoing, the following provisions will apply to Access Persons of the Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) No Access Person shall reveal to any other person (except in the normal course of his or her duties on behalf of an
Investment Company or other investment advisory clients) any information regarding securities transactions by an Investment Company or other investment advisory clients or consideration by an Investment Company or other investment advisory clients
or the Adviser of any such securities transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Access Persons must, as a regulatory requirement and as a requirement of this Code, obtain prior approval before directly
or indirectly acquiring beneficial ownership in any securities in an Initial Public Offering or in a Limited Offering. In addition, Access Persons must comply with any additional restrictions or prohibitions that may be adopted by the Adviser from
time to time.

C. In addition to the foregoing, the following provision will apply to Investment Personnel of the Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) No Investment Personnel shall serve on the board of directors of any publicly traded company, absent prior written
authorization and determination by the Review Officer that the board service would be consistent with the interests of the Investment Companies and their shareholders or other investment advisory clients. Such interested Investment Personnel may not
participate in the decision for any Investment Company or other investment advisory clients to purchase and sell securities of such company.

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**VI.** **BROKERAGE ACCOUNTS** 

Access Persons are required to direct their brokers to supply for the Review Officer on a timely basis duplicate copies of confirmations of all securities transactions in which the Access Person has a beneficial ownership interest and related periodic statements, whether or not one of the exemptions listed in Section IV applies. If an Access Person is unable to arrange for duplicate copies of confirmations and periodic account statements to be sent to the Review Officer, he or she must immediately notify the Review Officer.

**VII.** **PRECLEARANCE PROCEDURE** 

With such exceptions and conditions as the Adviser deems to be appropriate from time to time and consistent with the purposes of this Code (for example, exceptions based on an issuer's market capitalization, the amount of public trading activity in a security, the size of a particular transaction or other factors), prior to effecting any securities transactions in which an Access Person has a beneficial ownership interest, the Access Person must receive approval by the Adviser. Any approval is valid only for such number of day(s) as may be determined from time to time by the Adviser. 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.

The Adviser will decide whether to approve a personal securities transaction for an Access Person after considering the specific restrictions and limitations set forth in, and the spirit of, this Code of Ethics, including whether the security at issue is being considered for purchase or sale for an Investment Company or other investment advisory clients (taking into account the Access Person's access to information regarding the transactions and holdings of such Investment Company or other investment advisory client). The Adviser is not required to give any explanation for refusing to approve a securities transaction.

**VIII.** **REPORTING** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Every Access Person shall report to the Review Officer the information: (1) described in Section VIII-C of this Code with respect to transactions in any Covered Security in which such Access Person has, or by reason of such transaction acquires or disposes of, any direct or indirect beneficial ownership in the
Covered Security, and (2) described in Sections VIII-D or VIII-E of this Code with respect to securities holdings beneficially owned by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Notwithstanding Section VIII-A of this Code, an Access Person need not make a
report to the extent the information in the report would duplicate information recorded pursuant to Rule 204-2(a)(13) under the Investment Advisers Act or if the report would duplicate information contained in
broker trade confirmations or account statements so long as the Adviser receives confirmations or statements no later than 30 days after the end of the applicable calendar quarter. The quarterly transaction reports required under Section VIII-A(1)
shall be deemed made with respect to (1)

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any account where the Access Person has made provision for transmittal of all daily trading information regarding the account to be delivered to the designated Review Officer for his or her review or (2) any account maintained with the Adviser or an affiliate. With respect to Investment Companies for which the Adviser does not act as investment adviser or sub-adviser, reports required to be furnished by officers and trustees or managers of such Investment Companies who are Access Persons of the Adviser must be made under Section VIII-C of this Code and furnished to the designated review officer of the relevant investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Quarterly Transaction and New Account Reports. Unless quarterly transaction reports are deemed to have been made under
Section VIII-B of this Code, every quarterly transaction report shall be made not later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and
shall contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The date of the transaction, the title, and as applicable the exchange ticker or CUSIP number, the interest rate and
maturity date, class and the number of shares, and the principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 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;(3) The price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The name of the broker, dealer or bank with or through whom the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The date that the report was submitted by the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) With respect to any account established by an Access Person in which any securities were held 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;(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;(b) The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The date that the report was submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. *Initial Holdings Reports.* No later than 10 days after becoming an Access Person, each Access Person must submit a
report containing the following information

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(which information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares and
principal amount of each 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;(2) The name of any broker, dealer or bank with which the Access Person maintained an account in which any securities (not
just Covered Securities) were held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. *Annual Holdings Reports.* On an annual basis, every Access Person shall submit the following information (which
information must be current as of a date no more than 45 days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares and
principal amount of each 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;(2) The name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities (not
just Covered Securities) are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. These reporting requirements shall apply whether or not one of the exemptions listed in Section IV applies except that:
(1) an Access Person shall not be required to make a report with respect to securities transactions effected for, and any Covered Securities held in, any account over which such Access Person does not have any direct or indirect influence or
control; and (2) an Access Person need not make a quarterly transaction report with respect to the transactions effected pursuant to an Automatic Investment Plan or a 529 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Any such report may contain a statement that the report shall not be construed as an admission by the person making such
report that (1) he or she has or had any direct or indirect beneficial ownership in the Covered Security to which the report relates (a "Subject Security") or (2) he or she knew or should have known that the Subject Security was
being purchased or sold, or considered for purchase or sale, by an Investment Company or other investment advisory clients on the same day.

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**IX.** **APPROVAL OF CODE OF ETHICS AND AMENDMENTS TO THE CODE OF ETHICS** 

The Board of Trustees of each Investment Company shall approve this Code of Ethics. Any material amendments to this Code of Ethics must be approved by the Board of Trustees of each Investment Company no later than six months after the adoption of the material change. Before their approval of this Code of Ethics and any material amendments hereto, the Adviser shall provide a certification to the Board of Trustees of each such Investment Company that the Adviser has adopted procedures reasonably necessary to prevent Access Persons from violating the Code of Ethics.

**X.** **ANNUAL CERTIFICATION OF COMPLIANCE** 

Each Supervised Person shall certify to the Review Officer annually on the form annexed hereto as Form A that he or she (A) has read and understands this Code of Ethics and any procedures that are adopted by the Adviser relating to this Code, and recognizes that he or she is subject thereto; (B) has complied with the requirements of this Code of Ethics and such procedures; and (C) if an Access Person, has disclosed or reported all personal securities transactions and beneficial holdings in Covered Securities required to be disclosed or reported pursuant to the requirements of this Code of Ethics and any related procedures.

**XI.** **CONFIDENTIALITY** 

All reports of securities transactions, holding reports and any other information filed with the Adviser pursuant to this Code shall be treated as confidential, except that reports of securities transactions and holdings reports hereunder will be made available to the Investment Companies and to the Commission or any other regulatory or self-regulatory organization to the extent required by law or regulation or to the extent the Adviser considers necessary or advisable in cooperating with an investigation or inquiry by the Commission or any other regulatory or self-regulatory organization.

**XII.** **REVIEW OF REPORTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Review Officer shall be responsible for the review of the quarterly transaction reports required under VIII-C, and the initial and annual holdings reports required under Sections VIII-D and VIII-E, respectively, of this Code of Ethics. In
connection with the review of these reports, the Review Officer or the Alternative Review Officer shall take appropriate measures to determine whether each reporting person has complied with the provisions of this Code of Ethics and any related
procedures adopted by the Adviser. Any violations of the Code of Ethics shall be reported promptly to the Adviser's chief compliance officer by the Review Officer, or Alternate Review Officer, as applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. On an annual basis, the Review Officer shall prepare for the Board of Trustees of each Investment Company and the Board
of Trustees of each Investment Company shall consider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A report which describes any issues arising under this Code or any related procedures adopted by the Adviser including
without limitation information about material violations of the Code and sanctions imposed in response to material violations. An Alternative Review Officer shall prepare reports with respect to compliance by the Review Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A report identifying any recommended changes to existing restrictions or procedures based upon the Adviser's
experience under this Code, evolving industry practices and developments in applicable laws or regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) A report certifying to the Board of Trustees that the Adviser has adopted procedures that are reasonably necessary to
prevent Access Persons from violating this Code of Ethics.

**XIII.** **SANCTIONS** 

Upon discovering a violation of this Code, the Adviser may impose such sanction(s) as it deems appropriate, including, among other things, a letter of censure, suspension or termination of the employment of the violator and/or restitution to the affected Investment Company or other investment advisory client of an amount equal to the advantage that the offending person gained by reason of such violation. In addition, as part of any sanction, the Adviser may require the Access Person or other individual involved to reverse the trade(s) at issue and forfeit any profit or absorb any loss from the trade. It is noted that violations of this Code may also result in criminal prosecution or civil action. All material violations of this Code and any sanctions imposed with respect thereto shall be reported periodically to the Board of Trustees of the Investment Company with respect to whose securities the violation occurred.

**XIV.** **INTERPRETATION OF PROVISIONS** 

The Adviser may from time to time adopt such interpretations of this Code as it deems appropriate.

**XV.** **IDENTIFICATION OF ACCESS PERSONS AND INVESTMENT PERSONNEL; ADDITIONAL DISTRIBUTION TO SUPERVISED PERSONS** 

The Adviser shall identify all persons who are considered to be Access Persons and Investment Personnel, and shall inform such persons of their respective duties and provide them with copies of this Code and any related procedures or amendments to this Code adopted by the Adviser. In addition, all Supervised Persons shall be provided with a copy of this Code and all amendments.

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All Supervised Persons (including Access Persons) shall provide the Review Officer with a written acknowledgment of their receipt of the Code and any amendments.

**XVI.** **EXCEPTIONS TO THE CODE** 

Although exceptions to the Code will rarely, if ever, be granted, a designated Officer of the Adviser, after consultation with the Review Officer, may make exceptions on a case by case basis, from any of the provisions of this Code upon a determination that the conduct at issue involves a negligible opportunity for abuse or otherwise merits an exception from the Code. All such exceptions must be received in writing by the person requesting the exception before becoming effective. The Review Officer shall report any exception to the Board of Trustees of the Investment Company with respect to which the exception applies at its next regularly scheduled Board meeting.

**XVII.** **RECORDS** 

The Adviser shall maintain records in the manner and to the extent set forth below, which records may be maintained using micrographic or electronic storage medium under the conditions described in Rule 204-2(g) of the Investment Advisers Act and Rule 31a-2(f)(1) and Rule 17j-1 under the Investment Company Act, and shall be available for examination by representatives of the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. A copy of this Code and any other code which is, or at any time within the past five years has been, in effect shall
be preserved for a period of not less than five years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. A record of any violation of this Code and of any action taken as a result of such violation shall be preserved in an
easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. A copy of each initial holdings report, annual holdings report and quarterly transaction report made by an Access
Person pursuant to this Code (including any brokerage confirmation or account statements provided in lieu of the reports) shall be preserved for a period of not less than five years from the end of the fiscal year in which it is made, the first two
years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. A record of the names of all persons who are, or within the past five years have been, required to make initial
holdings, annual holdings or quarterly transaction reports pursuant to this Code shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. A record of all written acknowledgements for each person who is currently, or within the past five years was, required
to acknowledge their receipt of this Code and any amendments thereto.

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All acknowledgements for a person must be kept for the period such person is a Supervised Person of the Adviser and until five years after the person ceases to be a Supervised Person of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. A record of the names of all persons, currently or within the past five years who are or were responsible for
reviewing initial holdings, annual holdings or quarterly transaction reports shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. A record of any decision and the reason supporting the decision to approve the acquisition by Access Person of Initial
Public Offerings and Limited Offerings shall be maintained for at least five years after the end of the fiscal year in which the approval is granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. A copy of each report required by Section XII-B of this Code shall be
maintained for at least five years after the end of the fiscal year in which it was made, the first two years in an easily accessible place.

**XVIII.** **SUPPLEMENTAL COMPLIANCE AND REVIEW PROCEDURES** 

The Adviser may establish, in its discretion, supplemental compliance and review procedures (the "Procedures") that are in addition to those set forth in this Code in order to provide additional assurance that the purposes of this Code are fulfilled and/or assist the Adviser in the administration of this Code. The Procedures may be more, but shall not be less, restrictive than the provisions of this Code. The Procedures, and any amendments thereto, do not require the approval of the Board of Trustees of an Investment Company or other investment advisory clients.

*Pre-PLS Revision History* 

&nbsp;&nbsp;&nbsp;&nbsp;● November 17, 2010

&nbsp;&nbsp;&nbsp;&nbsp;● January 15, 2010

&nbsp;&nbsp;&nbsp;&nbsp;● May 12, 2009

&nbsp;&nbsp;&nbsp;&nbsp;● January 23, 2007

&nbsp;&nbsp;&nbsp;&nbsp;● June 15, 2006

&nbsp;&nbsp;&nbsp;&nbsp;● February 23, 2005 (first web posting)

&nbsp;&nbsp;&nbsp;&nbsp;● January 23, 1991 (original date)

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**REVISION HISTORY** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Version 9.4, September 07, 2022 (Current version: New or changed business products or processes; Updated to include the
acquisition of NextCapital Advisers, Inc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Version 9.3, February 26, 2021 (New or changed business products or processes; Removal of application to PWM ISG.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Version 9.2, October 07, 2020 (Routine review cycle; Reviewed and approved without change.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Version 9.1, November 26, 2019 (Other; Migration to GS Docs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Version 9.0, September 09, 2019 (Spelling error correction in title)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Version 8.0, August 29, 2019 (Updated to reflect the name change of Standard & Poor's Investment
Advisory Services to GSAM Strategies Portfolios, LLC)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Version 7.0, August 20, 2019 (Updated to specify additional GSAM related entities)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Version 6.0, February 15, 2019 (Revision)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Version 5.0, January 17, 2018 (Typo)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Version 4.0, May 10, 2017 (Entity change)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Version 3.0, December 04, 2014 (Reviewed and reapproved w/o change)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Version 2.0, March 13, 2012 (Revision of policy to address the ALGO entity.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Version 1.0, March 10, 2012 (New Document)

Effective Date: August 29, 2019 *For Internal Use Only* Page 17 of 17